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, 2009 |
Item 1. Reports to Stockholders
Fidelity's
Broadly Diversified International Equity
Funds
Fidelity® Diversified International Fund
Fidelity International Capital Appreciation Fund
(formerly Fidelity Aggressive International Fund)
Fidelity Overseas Fund
Fidelity Worldwide Fund
Semiannual Report
April 30, 2009
(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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
Diversified International
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Diversified International | 1.02% | | | |
Actual | | $ 1,000.00 | $ 971.00 | $ 4.98 |
Hypothetical A | | $ 1,000.00 | $ 1,019.74 | $ 5.11 |
Class K | .77% | | | |
Actual | | $ 1,000.00 | $ 972.50 | $ 3.77 |
Hypothetical A | | $ 1,000.00 | $ 1,020.98 | $ 3.86 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Diversified International
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
 | United Kingdom | 17.3% | |
 | Japan | 15.4% | |
 | Switzerland | 11.3% | |
 | United States of America | 8.6% | |
 | Germany | 7.9% | |
 | France | 7.7% | |
 | Canada | 6.4% | |
 | Spain | 4.0% | |
 | Italy | 2.9% | |
 | Other | 18.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom | 15.6% | |
| Switzerland | 12.7% | |
| United States of America | 12.2% | |
| Japan | 10.6% | |
| Germany | 9.7% | |
| France | 7.1% | |
| Canada | 6.9% | |
| Spain | 3.9% | |
| Australia | 3.1% | |
| Other | 18.2% | |
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 and Investment Companies | 97.2 | 94.1 |
Short-Term Investments and Net Other Assets | 2.8 | 5.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Reg.) (Switzerland, Food Products) | 2.4 | 2.9 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.9 | 1.7 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.9 | 2.0 |
E.ON AG (Germany, Electric Utilities) | 1.6 | 2.2 |
Toyota Motor Corp. sponsored ADR (Japan, Automobiles) | 1.6 | 1.5 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.5 | 1.8 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 1.4 | 1.7 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 1.3 | 1.3 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks) | 1.2 | 0.6 |
Anheuser-Busch InBev NV (Belgium, Beverages) | 1.2 | 0.8 |
| 16.0 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 16.6 | 17.3 |
Consumer Staples | 11.2 | 13.8 |
Health Care | 10.7 | 13.3 |
Industrials | 10.8 | 11.1 |
Consumer Discretionary | 10.5 | 6.9 |
Information Technology | 9.8 | 7.4 |
Energy | 9.5 | 7.7 |
Materials | 7.4 | 5.5 |
Telecommunication Services | 6.7 | 5.8 |
Utilities | 4.0 | 5.2 |
Semiannual Report
Diversified International
Investments April 30, 2009
Showing Percentage of Net Assets
Common Stocks - 96.8% |
| Shares | | Value |
Australia - 2.8% |
AMP Ltd. | 9,120,417 | | $ 34,417,253 |
BHP Billiton Ltd. sponsored ADR (d) | 5,901,000 | | 284,074,140 |
Brambles Ltd. | 4,000,000 | | 17,217,728 |
Computershare Ltd. | 2,000,000 | | 13,291,388 |
CSL Ltd. | 10,100,000 | | 252,770,498 |
Newcrest Mining Ltd. | 2,500,000 | | 54,423,435 |
QBE Insurance Group Ltd. | 7,578,885 | | 120,076,133 |
TOTAL AUSTRALIA | | 776,270,575 |
Belgium - 1.2% |
Anheuser-Busch InBev NV (d) | 10,332,600 | | 316,219,878 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 5,339,200 | | 13,955 |
TOTAL BELGIUM | | 316,233,833 |
Bermuda - 0.6% |
Clear Media Ltd. (a) | 22,325,000 | | 6,733,395 |
Covidien Ltd. | 1,950,000 | | 64,311,000 |
Huabao International Holdings Ltd. | 21,290,000 | | 15,048,901 |
Seadrill Ltd. | 8,625,000 | | 92,038,617 |
TOTAL BERMUDA | | 178,131,913 |
Brazil - 0.9% |
BR Malls Participacoes SA (a) | 3,161,900 | | 23,682,262 |
Itau Unibanco Banco Multiplo SA ADR | 4,900,000 | | 67,277,000 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 1,300,000 | | 43,641,000 |
Redecard SA | 2,710,600 | | 34,146,656 |
Vivo Participacoes SA sponsored ADR | 5,000,000 | | 79,800,000 |
TOTAL BRAZIL | | 248,546,918 |
Canada - 6.4% |
Agnico-Eagle Mines Ltd. (Canada) | 896,500 | | 39,631,573 |
Barrick Gold Corp. | 1,286,600 | | 37,252,906 |
Canadian Imperial Bank of Commerce | 550,000 | | 24,691,808 |
Canadian Natural Resources Ltd. | 5,700,000 | | 262,775,613 |
Canadian Pacific Railway Ltd. | 2,900,000 | | 103,775,403 |
EnCana Corp. | 4,500,000 | | 206,247,643 |
Flint Energy Services Ltd. (a) | 1,000,000 | | 5,631,678 |
Niko Resources Ltd. (e) | 3,885,100 | | 196,623,666 |
Open Text Corp. (a) | 750,000 | | 24,701,446 |
OZ Optics Ltd. unit (a)(f) | 102,000 | | 481,440 |
Petro-Canada | 500,000 | | 15,780,432 |
Petrobank Energy & Resources Ltd. (a)(e) | 5,475,000 | | 117,690,132 |
Research In Motion Ltd. (a) | 2,900,000 | | 201,550,012 |
Rogers Communications, Inc. Class B (non-vtg.) | 2,250,000 | | 55,285,984 |
Royal Bank of Canada | 700,000 | | 24,814,582 |
Shoppers Drug Mart Corp. | 600,000 | | 21,697,046 |
Silver Wheaton Corp. (a) | 4,408,000 | | 33,801,131 |
Sun Life Financial, Inc. | 1,200,000 | | 28,057,825 |
Suncor Energy, Inc. | 8,400,000 | | 211,399,120 |
Toronto-Dominion Bank | 600,000 | | 23,683,218 |
Trican Well Service Ltd. (e) | 7,425,000 | | 57,184,790 |
|
| Shares | | Value |
Ultra Petroleum Corp. (a) | 1,000,000 | | $ 42,800,000 |
Westernzagros Resources Ltd. (a) | 7,000,000 | | 4,634,402 |
Yamana Gold, Inc. | 2,945,900 | | 23,108,003 |
TOTAL CANADA | | 1,763,299,853 |
Cayman Islands - 0.0% |
China Medical Technologies, Inc. sponsored ADR | 300,000 | | 5,862,000 |
China - 0.2% |
China Coal Energy Co. Ltd. (H Shares) | 20,000,000 | | 17,069,033 |
China Shenhua Energy Co. Ltd. (H Shares) | 10,000,000 | | 27,648,178 |
Focus Media Holding Ltd. ADR (a)(d) | 2,300,000 | | 14,490,000 |
Global Bio-Chem Technology Group Co. Ltd. | 36,981,600 | | 5,020,510 |
TOTAL CHINA | | 64,227,721 |
Denmark - 1.2% |
Carlsberg AS Series B (d) | 1,589,433 | | 76,415,424 |
Genmab AS (a) | 750,000 | | 28,904,151 |
Novo Nordisk AS Series B | 3,346,800 | | 159,235,136 |
Vestas Wind Systems AS (a)(f) | 845,000 | | 55,756,012 |
TOTAL DENMARK | | 320,310,723 |
Finland - 0.4% |
Nokia Corp. sponsored ADR | 6,900,000 | | 97,566,000 |
Nokian Tyres PLC | 800,000 | | 12,630,287 |
TOTAL FINLAND | | 110,196,287 |
France - 7.7% |
Accor SA | 1,150,000 | | 48,645,472 |
Alstom SA | 1,562,270 | | 97,362,172 |
AXA SA sponsored ADR (d) | 9,000,000 | | 154,620,000 |
BNP Paribas SA | 2,264,876 | | 119,200,184 |
Bouygues SA (d) | 2,600,000 | | 110,886,235 |
Cap Gemini SA (d) | 6,300,000 | | 235,433,091 |
Carrefour SA (d) | 1,000,000 | | 40,536,253 |
CNP Assurances (d) | 400,000 | | 31,529,883 |
Credit Agricole SA | 82,000 | | 1,198,649 |
Danone | 599,550 | | 28,511,029 |
Dassault Aviation SA (d) | 36,265 | | 14,682,014 |
Electricite de France | 850,000 | | 39,362,229 |
Essilor International SA | 2,100,000 | | 90,452,954 |
Financiere Marc de Lacharriere SA (Fimalac) | 1,350,000 | | 63,991,716 |
GDF Suez (d) | 3,239,000 | | 115,560,206 |
L'Air Liquide SA | 14,500 | | 1,179,532 |
LVMH Moet Hennessy - Louis Vuitton | 900,000 | | 67,930,917 |
Neopost SA | 600,000 | | 50,795,910 |
Nexans SA | 500,406 | | 23,177,302 |
Pernod Ricard SA | 2,350,000 | | 138,770,858 |
Pernod Ricard SA rights 4/29/09 (a) | 2,350,000 | | 10,030,278 |
PPR SA (d) | 2,300,000 | | 176,163,251 |
Renault SA | 1,028,200 | | 32,960,221 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Sanofi-Aventis (d) | 1,150,000 | | $ 66,055,290 |
Schneider Electric SA (d) | 500,000 | | 38,039,149 |
Societe Generale Series A | 1,534,100 | | 78,384,842 |
Total SA Series B | 3,545,300 | | 177,344,818 |
Vallourec SA | 14,900 | | 1,628,163 |
Vivendi (d) | 2,500,000 | | 67,204,844 |
TOTAL FRANCE | | 2,121,637,462 |
Germany - 7.7% |
adidas AG (d) | 2,150,000 | | 80,416,062 |
Allianz AG sponsored ADR (d) | 16,000,000 | | 144,960,000 |
BASF AG (d) | 1,922,500 | | 71,781,297 |
Bayer AG (d) | 2,520,860 | | 123,904,413 |
Bayerische Motoren Werke AG (BMW) | 1,522,600 | | 52,233,586 |
Daimler AG (Reg.) | 1,018,000 | | 36,344,009 |
Deutsche Bank AG | 30,100 | | 1,578,171 |
Deutsche Boerse AG | 760,400 | | 55,649,959 |
E.ON AG (d) | 13,266,740 | | 444,546,250 |
Fresenius Medical Care AG & Co. KGaA (d) | 2,182,700 | | 84,862,482 |
Fresenius SE (d) | 3,000,000 | | 122,950,988 |
GEA Group AG | 4,500,000 | | 58,574,227 |
GFK AG | 1,600,000 | | 37,136,217 |
K&S AG | 10,350 | | 616,117 |
Linde AG | 2,715,100 | | 214,069,043 |
Munich Re Group (Reg.) (d) | 1,500,000 | | 205,107,810 |
RWE AG (d) | 1,190,000 | | 84,897,474 |
SAP AG | 500,000 | | 19,044,758 |
Siemens AG: | | | |
(Reg.) | 27,000 | | 1,807,189 |
sponsored ADR (d) | 3,700,300 | | 247,661,079 |
Volkswagen AG | 100,000 | | 31,264,418 |
TOTAL GERMANY | | 2,119,405,549 |
Hong Kong - 0.9% |
China Mobile (Hong Kong) Ltd. sponsored ADR | 1,350,000 | | 58,266,000 |
China Unicom (Hong Kong) Ltd. sponsored ADR | 1,750,000 | | 20,247,500 |
Esprit Holdings Ltd. | 7,000,000 | | 42,890,732 |
Hong Kong Exchange & Clearing Ltd. | 2,000,000 | | 23,036,762 |
Hutchison Whampoa Ltd. | 10,000,000 | | 58,899,658 |
Li & Fung Ltd. | 5,000,000 | | 14,047,066 |
Sun Hung Kai Properties Ltd. | 3,000,000 | | 31,013,267 |
TOTAL HONG KONG | | 248,400,985 |
India - 2.0% |
Bharti Airtel Ltd. (a) | 5,100,000 | | 77,728,879 |
HDFC Bank Ltd. | 400,000 | | 8,923,456 |
Infosys Technologies Ltd. | 5,800,000 | | 177,463,830 |
Reliance Industries Ltd. | 4,500,000 | | 164,933,016 |
Satyam Computer Services Ltd. | 18,000,000 | | 17,050,769 |
|
| Shares | | Value |
State Bank of India | 4,000,000 | | $ 103,877,211 |
Union Bank of India | 1,500,000 | | 4,989,948 |
TOTAL INDIA | | 554,967,109 |
Indonesia - 0.2% |
PT Indosat Tbk sponsored ADR | 1,198,644 | | 31,224,676 |
PT Perusahaan Gas Negara Tbk
Series B | 130,000,000 | | 31,811,884 |
TOTAL INDONESIA | | 63,036,560 |
Ireland - 1.2% |
CRH PLC | 5,808,713 | | 150,969,472 |
Ryanair Holdings PLC sponsored ADR (a)(d) | 6,225,000 | | 170,253,750 |
TOTAL IRELAND | | 321,223,222 |
Israel - 0.3% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,600,000 | | 70,224,000 |
Italy - 2.7% |
A2A SpA | 10,000,000 | | 16,432,531 |
ENI SpA | 47,800 | | 1,025,475 |
ENI SpA sponsored ADR | 5,200,000 | | 221,988,000 |
Fiat SpA | 26,357,100 | | 257,608,849 |
Finmeccanica SpA | 110,500 | | 1,556,220 |
Impregilo SpA | 8,000,000 | | 22,642,277 |
Intesa Sanpaolo SpA | 34,486,700 | | 109,840,695 |
Prysmian SpA | 2,000,000 | | 24,312,191 |
UniCredit SpA | 31,000,000 | | 75,464,175 |
TOTAL ITALY | | 730,870,413 |
Japan - 15.4% |
Canon, Inc. sponsored ADR (d) | 7,150,000 | | 216,001,500 |
Daiichi Sankyo Kabushiki Kaisha | 3,093,600 | | 51,741,012 |
Daiwa Securities Group, Inc. | 6,000,000 | | 31,441,064 |
Denso Corp. | 5,875,900 | | 138,934,842 |
East Japan Railway Co. | 1,350,000 | | 76,090,893 |
FamilyMart Co. Ltd. | 2,000,000 | | 55,048,866 |
Fanuc Ltd. | 1,700,000 | | 122,706,887 |
Fast Retailing Co. Ltd. | 400,000 | | 42,050,296 |
Honda Motor Co. Ltd. | 5,000,000 | | 146,571,804 |
Hoya Corp. | 1,999,500 | | 34,696,540 |
Ibiden Co. Ltd. | 1,000,000 | | 29,249,992 |
Japan Tobacco, Inc. | 35,575 | | 89,401,033 |
JSR Corp. | 4,000,000 | | 48,749,955 |
Kao Corp. | 1,300,000 | | 24,320,357 |
Keyence Corp. | 880,000 | | 155,444,310 |
Konica Minolta Holdings, Inc. | 6,500,000 | | 53,707,181 |
Kubota Corp. | 8,000,000 | | 48,095,662 |
Kyocera Corp. | 813,700 | | 63,211,562 |
Mitsubishi Corp. | 8,500,000 | | 130,843,512 |
Mitsubishi Estate Co. Ltd. | 3,500,000 | | 45,760,624 |
Mitsubishi UFJ Financial Group, Inc. | 62,250,000 | | 339,651,631 |
Mitsui & Co. Ltd. | 12,250,000 | | 129,963,332 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Mitsui Fudosan Co. Ltd. | 2,500,000 | | $ 31,464,129 |
Murata Manufacturing Co. Ltd. | 2,480,800 | | 100,568,902 |
NGK Insulators Ltd. | 5,500,000 | | 84,370,813 |
Nikon Corp. | 4,300,000 | | 57,003,417 |
Nintendo Co. Ltd. | 280,000 | | 75,375,999 |
Nippon Telegraph & Telephone Corp. | 1,600,000 | | 60,304,089 |
Nitto Denko Corp. | 2,570,100 | | 59,875,034 |
Nomura Holdings, Inc. | 18,000,000 | | 108,649,481 |
NTT DoCoMo, Inc. | 30,000 | | 41,872,298 |
Omron Corp. | 2,382,000 | | 35,610,705 |
Promise Co. Ltd. | 1,500,000 | | 19,825,655 |
Rakuten, Inc. | 85,000 | | 43,254,274 |
Ricoh Co. Ltd. | 4,000,000 | | 49,468,043 |
ROHM Co. Ltd. | 1,451,100 | | 89,016,439 |
Sankyo Co. Ltd. (Gunma) | 1,100,000 | | 55,814,849 |
Seven & i Holdings Co., Ltd. | 4,500,000 | | 101,710,638 |
Sharp Corp. | 5,894,000 | | 62,077,990 |
Shin-Etsu Chemical Co., Ltd. | 500,000 | | 24,307,557 |
Sony Corp. sponsored ADR | 2,000,000 | | 51,720,000 |
Sony Financial Holdings, Inc. | 38,379 | | 120,779,610 |
Sumitomo Corp. | 5,000,000 | | 43,533,691 |
Sumitomo Metal Industries Ltd. | 12,500,000 | | 29,289,084 |
Sumitomo Mitsui Financial Group, Inc. | 4,500,000 | | 156,104,860 |
TDK Corp. | 1,476,700 | | 67,361,813 |
THK Co. Ltd. | 5,000,000 | | 69,360,942 |
Tokai Carbon Co. Ltd. | 6,000,000 | | 26,913,974 |
Tokyo Electron Ltd. | 900,000 | | 41,167,065 |
Toyota Motor Corp. sponsored ADR (d) | 5,400,000 | | 427,464,000 |
Yahoo! Japan Corp. (d) | 100,000 | | 24,969,756 |
TOTAL JAPAN | | 4,232,917,962 |
Korea (South) - 1.3% |
Amorepacific Corp. | 139,531 | | 74,678,600 |
LG Household & Health Care Ltd. | 200,000 | | 27,621,297 |
NHN Corp. (a) | 1,000,000 | | 121,674,552 |
Samsung Electronics Co. Ltd. | 280,000 | | 129,702,724 |
TOTAL KOREA (SOUTH) | | 353,677,173 |
Luxembourg - 0.5% |
ArcelorMittal SA (NY Shares) Class A | 1,750,000 | | 41,265,000 |
SES SA FDR (France) unit | 5,630,000 | | 101,604,441 |
TOTAL LUXEMBOURG | | 142,869,441 |
Malaysia - 0.1% |
DiGi.com Bhd | 6,500,000 | | 40,716,292 |
Mexico - 0.6% |
America Movil SAB de CV Series L sponsored ADR | 2,925,000 | | 96,086,250 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 3,700,000 | | 57,276,000 |
TOTAL MEXICO | | 153,362,250 |
|
| Shares | | Value |
Netherlands - 0.8% |
Akzo Nobel NV | 755,800 | | $ 31,599,316 |
Gemalto NV (a) | 1,700,000 | | 53,514,277 |
Koninklijke KPN NV | 8,702,900 | | 104,601,299 |
Unilever NV (Certificaten Van Aandelen) | 2,000,000 | | 39,564,359 |
TOTAL NETHERLANDS | | 229,279,251 |
Netherlands Antilles - 0.5% |
Schlumberger Ltd. (NY Shares) | 2,890,200 | | 141,590,898 |
Norway - 0.6% |
DnB Nor ASA | 6,475,200 | | 40,297,133 |
Pronova BioPharma ASA (a) | 13,141,107 | | 32,959,719 |
Telenor ASA | 13,000,000 | | 80,835,986 |
TOTAL NORWAY | | 154,092,838 |
Papua New Guinea - 0.5% |
Lihir Gold Ltd. (a) | 66,000,000 | | 143,965,800 |
Russia - 0.0% |
Lukoil Oil Co. sponsored ADR | 17,000 | | 750,040 |
South Africa - 0.7% |
Impala Platinum Holdings Ltd. | 7,000,000 | | 133,788,744 |
MTN Group Ltd. | 4,500,000 | | 58,441,606 |
TOTAL SOUTH AFRICA | | 192,230,350 |
Spain - 4.0% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 2,641,935 | | 28,585,737 |
Banco Santander SA | 150,000 | | 1,425,149 |
Banco Santander SA sponsored ADR (d) | 9,700,000 | | 88,755,000 |
Enagas SA | 5,000,649 | | 86,917,637 |
Grupo Acciona SA | 290,000 | | 29,641,546 |
Grupo Ferrovial SA | 2,300,000 | | 66,677,924 |
Iberdrola SA | 7,000,000 | | 55,109,106 |
Inditex SA | 3,400,000 | | 144,930,011 |
Red Electrica Corporacion SA | 1,700,000 | | 71,130,510 |
Repsol YPF SA | 13,200 | | 250,835 |
Telefonica SA | 27,546,700 | | 521,765,288 |
TOTAL SPAIN | | 1,095,188,743 |
Sweden - 0.4% |
Assa Abloy AB (B Shares) | 2,499,600 | | 29,423,234 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 2,867,000 | | 27,638,452 |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) | 4,700,000 | | 40,091,000 |
TOTAL SWEDEN | | 97,152,686 |
Switzerland - 11.3% |
ABB Ltd. (Reg.) | 4,155,221 | | 58,807,271 |
Actelion Ltd. (Reg.) (a) | 4,327,040 | | 197,086,710 |
Alcon, Inc. | 1,400,000 | | 128,814,000 |
ARYZTA AG (a) | 2,000,000 | | 57,911,490 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Compagnie Financiere Richemont
Series A | 50,000 | | $ 894,845 |
Credit Suisse Group (Reg.) | 1,500,000 | | 57,421,548 |
Geberit AG (Reg.) | 8,500 | | 905,651 |
Julius Baer Holding Ltd. | 923,741 | | 30,295,073 |
Kuehne & Nagel International AG | 1,200,000 | | 90,165,474 |
Lonza Group AG | 613,900 | | 56,303,252 |
Nestle SA (Reg.) | 20,121,121 | | 655,710,425 |
Nobel Biocare Holding AG (Switzerland) | 1,600,000 | | 32,609,363 |
Novartis AG: | | | |
(Reg.) | 22,805 | | 862,904 |
sponsored ADR | 4,350,000 | | 164,908,500 |
Roche Holding AG (participation certificate) | 3,312,277 | | 417,582,054 |
Schindler Holding AG (Reg.) | 1,300,000 | | 67,198,980 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 132,800 | | 148,885,125 |
Sonova Holding AG | 2,300,000 | | 148,786,318 |
Sulzer AG (Reg.) | 885,300 | | 48,103,813 |
Swiss Reinsurance Co. (Reg.) | 28,500 | | 676,330 |
Syngenta AG: | | | |
sponsored ADR | 3,000,000 | | 127,950,000 |
(Switzerland) | 7,420 | | 1,583,683 |
Tecan Group AG (e) | 1,100,000 | | 34,930,201 |
Transocean Ltd. (a) | 1,400,000 | | 94,472,000 |
UBS AG (NY Shares) | 15,000,000 | | 204,600,000 |
Zurich Financial Services AG (Reg.) | 1,502,143 | | 279,070,670 |
TOTAL SWITZERLAND | | 3,106,535,680 |
Taiwan - 0.6% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 30,000,000 | | 86,581,007 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 8,000,000 | | 84,560,000 |
TOTAL TAIWAN | | 171,141,007 |
United Kingdom - 17.3% |
Aberdeen Asset Management PLC | 11,000,000 | | 21,323,818 |
AstraZeneca PLC (United Kingdom) | 4,800,000 | | 168,011,052 |
BAE Systems PLC | 5,652,600 | | 29,722,968 |
Barclays PLC | 12,900,000 | | 52,355,606 |
Bellway PLC | 2,450,000 | | 25,801,854 |
BG Group PLC | 7,657,000 | | 122,220,174 |
BHP Billiton PLC | 4,093,000 | | 84,918,373 |
Bovis Homes Group PLC (e) | 7,250,000 | | 49,080,936 |
BP PLC sponsored ADR | 4,003,300 | | 169,980,118 |
British American Tobacco PLC: | | | |
(United Kingdom) | 1,344,200 | | 32,405,702 |
sponsored ADR | 4,830,000 | | 234,834,600 |
British Land Co. PLC | 6,468,000 | | 40,797,441 |
Cadbury PLC | 9,000,000 | | 67,270,819 |
Capita Group PLC | 23,500,451 | | 236,858,081 |
Centrica PLC | 3,437,500 | | 11,488,506 |
|
| Shares | | Value |
easyJet PLC (a)(e) | 29,000,000 | | $ 134,765,321 |
Experian PLC | 16,500,000 | | 108,606,090 |
HSBC Holdings PLC: | | | |
(United Kingdom) (Reg.) | 345,271 | | 2,454,461 |
sponsored ADR (d) | 10,050,000 | | 357,780,000 |
Imperial Tobacco Group PLC | 5,696,600 | | 129,926,274 |
Inchcape PLC (d) | 121,790,000 | | 28,241,383 |
Informa PLC (e) | 27,000,000 | | 117,965,087 |
International Power PLC | 22,504,800 | | 82,212,545 |
Johnson Matthey PLC | 1,000,000 | | 17,652,031 |
Kingfisher PLC | 15,000,000 | | 40,817,990 |
Man Group PLC | 40,300,000 | | 148,903,514 |
Marks & Spencer Group PLC | 5,000,000 | | 24,761,985 |
Misys PLC | 15,000,355 | | 30,604,504 |
National Grid PLC | 8,000,000 | | 66,442,685 |
NEXT PLC | 1,500,000 | | 35,864,068 |
Pearson PLC | 7,000,000 | | 72,203,452 |
Persimmon PLC (d) | 4,200,000 | | 23,417,602 |
Prudential PLC | 15,300,000 | | 87,906,512 |
Reckitt Benckiser Group PLC | 9,540,500 | | 374,373,583 |
Redrow PLC | 4,650,000 | | 13,690,327 |
Rio Tinto PLC: | | | |
(Reg.) | 59,500 | | 2,416,660 |
sponsored ADR (d) | 1,000,000 | | 162,950,000 |
Royal Dutch Shell PLC: | | | |
Class A (United Kingdom) | 161,000 | | 3,705,258 |
Class A sponsored ADR | 1,900,000 | | 86,792,000 |
Class B ADR | 2,150,000 | | 97,825,000 |
SSL International PLC | 1,500,000 | | 10,512,450 |
Standard Chartered PLC (United Kingdom) | 10,129,600 | | 156,639,105 |
Tesco PLC | 59,000,000 | | 292,224,983 |
Vodafone Group PLC | 725,000 | | 1,332,029 |
Vodafone Group PLC sponsored ADR | 29,000,000 | | 532,150,000 |
Wolseley PLC | 2,027,000 | | 36,340,216 |
WPP PLC | 10,000,000 | | 68,393,760 |
Xstrata PLC | 7,500,000 | | 66,096,406 |
TOTAL UNITED KINGDOM | | 4,763,037,329 |
United States of America - 5.8% |
Allergan, Inc. | 3,350,000 | | 156,311,000 |
American Capital Ltd. | 1,937,926 | | 5,988,191 |
AMETEK, Inc. | 900,000 | | 28,989,000 |
Bank of New York Mellon Corp. | 1,977,700 | | 50,391,796 |
Baxter International, Inc. | 550,000 | | 26,675,000 |
C.R. Bard, Inc. | 900,000 | | 64,467,000 |
Coach, Inc. | 2,512,500 | | 61,556,250 |
Cummins, Inc. | 1,100,000 | | 37,400,000 |
Danaher Corp. | 450,000 | | 26,298,000 |
Express Scripts, Inc. (a) | 650,000 | | 41,580,500 |
Goldman Sachs Group, Inc. | 1,178,000 | | 151,373,000 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Google, Inc. Class A (sub. vtg.) (a) | 306,800 | | $ 121,483,596 |
Henry Schein, Inc. (a) | 900,000 | | 36,936,000 |
JPMorgan Chase & Co. | 4,434,900 | | 146,351,700 |
Medco Health Solutions, Inc. (a) | 800,000 | | 34,840,000 |
Morgan Stanley | 3,290,400 | | 77,785,056 |
Newmont Mining Corp. | 1,000,000 | | 40,240,000 |
Philip Morris International, Inc. | 4,000,000 | | 144,800,000 |
PNC Financial Services Group, Inc. | 992,600 | | 39,406,220 |
Synthes, Inc. | 1,129,968 | | 114,295,871 |
Titanium Metals Corp. (d) | 2,000,000 | | 13,580,000 |
Visa, Inc. | 1,800,000 | | 116,928,000 |
Wells Fargo & Co. | 2,531,180 | | 50,648,912 |
TOTAL UNITED STATES OF AMERICA | | 1,588,325,092 |
TOTAL COMMON STOCKS (Cost $30,335,931,663) | 26,619,677,955 |
Preferred Stocks - 0.4% |
| | | |
Convertible Preferred Stocks - 0.0% |
Canada - 0.0% |
MetroPhotonics, Inc. Series 2 (a)(f) | 198,000 | | 2 |
Nonconvertible Preferred Stocks - 0.4% |
Germany - 0.2% |
Bayerische Motoren Werke AG (BMW) (non-vtg.) | 792,000 | | 16,477,942 |
Porsche Automobil Holding SE | 499,520 | | 35,636,963 |
TOTAL GERMANY | | 52,114,905 |
Italy - 0.2% |
Fiat SpA | 2,209,000 | | 12,666,777 |
Intesa Sanpaolo SpA | 22,000,000 | | 48,845,177 |
TOTAL ITALY | | 61,511,954 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 113,626,859 |
TOTAL PREFERRED STOCKS (Cost $201,983,143) | 113,626,861 |
Government Obligations - 0.1% |
| Principal Amount | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.18% to 0.29% 5/14/09 to 5/28/09
(Cost $14,498,294) | | $ 14,500,000 | | 14,499,761 |
Money Market Funds - 9.9% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 653,110,639 | | $ 653,110,639 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 2,061,557,162 | | 2,061,557,162 |
TOTAL MONEY MARKET FUNDS (Cost $2,714,667,801) | 2,714,667,801 |
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $33,267,080,901) | 29,462,472,378 |
NET OTHER ASSETS - (7.2)% | (1,974,292,130) |
NET ASSETS - 100% | $ 27,488,180,248 |
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 $56,237,454 or 0.2% 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 |
Vestas Wind Systems AS | 4/29/09 | $ 48,547,670 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 7,200,999 |
Fidelity Securities Lending Cash Central Fund | 9,172,911 |
Total | $ 16,373,910 |
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 |
Bovis Homes Group PLC | $ 36,892,190 | $ 2,746,800 | $ - | $ - | $ 49,080,936 |
easyJet PLC | 149,638,996 | 4,142,767 | 8,126,292 | - | 134,765,321 |
European Capital Ltd. | 13,349,451 | - | - | - | - |
Flint Energy Services Ltd. | 20,173,329 | - | 11,966,493 | - | - |
Informa PLC | 91,463,882 | - | - | - | 117,965,087 |
Niko Resources Ltd. | 194,858,186 | - | 28,014,495 | 187,160 | 196,623,666 |
Petrobank Energy & Resources Ltd. | 89,650,025 | 13,088,112 | - | - | 117,690,132 |
Tecan Group AG | 49,374,624 | - | - | 730,944 | 34,930,201 |
Trican Well Service Ltd. | 69,582,435 | - | - | 258,213 | 57,184,790 |
Total | $ 714,983,118 | $ 19,977,679 | $ 48,107,280 | $ 1,176,317 | $ 708,240,133 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 29,462,472,378 | $ 12,541,135,737 | $ 16,920,855,199 | $ 481,442 |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 16,942,832 |
Total Realized Gain (Loss) | (72,993,522) |
Total Unrealized Gain (Loss) | 69,036,260 |
Cost of Purchases | - |
Proceeds of Sales | (12,504,128) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ 481,442 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the Fund had a capital loss carryforward of approximately $956,782,987 all of which will expire on October 31, 2016. |
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, 2009 |
Assets | | |
Investment in securities, at value (including securities loaned of $2,004,722,035) - See accompanying schedule: Unaffiliated issuers (cost $29,297,576,088) | $ 26,039,564,444 | |
Fidelity Central Funds (cost $2,714,667,801) | 2,714,667,801 | |
Other affiliated issuers (cost $1,254,837,012) | 708,240,133 | |
Total Investments (cost $33,267,080,901) | | $ 29,462,472,378 |
Foreign currency held at value (cost $14) | | 14 |
Receivable for investments sold | | 335,842,712 |
Receivable for fund shares sold | | 33,047,206 |
Dividends receivable | | 119,948,773 |
Distributions receivable from Fidelity Central Funds | | 5,327,939 |
Prepaid expenses | | 233,976 |
Other receivables | | 1,730,832 |
Total assets | | 29,958,603,830 |
| | |
Liabilities | | |
Payable for investments purchased | $ 334,506,403 | |
Payable for fund shares redeemed | 50,048,973 | |
Accrued management fee | 15,708,653 | |
Other affiliated payables | 6,530,476 | |
Other payables and accrued expenses | 2,071,915 | |
Collateral on securities loaned, at value | 2,061,557,162 | |
Total liabilities | | 2,470,423,582 |
| | |
Net Assets | | $ 27,488,180,248 |
Net Assets consist of: | | |
Paid in capital | | $ 36,863,613,209 |
Undistributed net investment income | | 175,752,318 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (5,744,787,135) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (3,806,398,144) |
Net Assets | | $ 27,488,180,248 |
Diversified International:
Net Asset Value, offering price and redemption price per share ($24,504,891,493 ÷ 1,167,775,505 shares) | | $ 20.98 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($2,983,288,755 ÷ 142,185,941 shares) | | $ 20.98 |
Statement of Operations
| Six months ended April 30, 2009 |
Investment Income | | |
Dividends (including $1,176,317 earned from other affiliated issuers) | | $ 376,844,069 |
Interest | | 55,380 |
Income from Fidelity Central Funds | | 16,373,910 |
| | 393,273,359 |
Less foreign taxes withheld | | (36,657,140) |
Total income | | 356,616,219 |
| | |
Expenses | | |
Management fee
Basic fee | $ 93,551,894 | |
Performance adjustment | (5,650,057) | |
Transfer agent fees | 38,219,708 | |
Accounting and security lending fees | 1,258,220 | |
Custodian fees and expenses | 2,047,960 | |
Independent trustees' compensation | 101,377 | |
Depreciation in deferred trustee compensation account | (184) | |
Registration fees | 102,877 | |
Audit | 113,202 | |
Legal | 87,553 | |
Miscellaneous | 281,503 | |
Total expenses before reductions | 130,114,053 | |
Expense reductions | (1,587,564) | 128,526,489 |
| | |
Net investment income (loss) | | 228,089,730 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (4,445,282,150) | |
Other affiliated issuers | (57,052,957) | |
Foreign currency transactions | 54,731,605 | |
Futures contracts | 2,433,055 | |
Total net realized gain (loss) | | (4,445,170,447) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 3,335,807,930 | |
Assets and liabilities in foreign currencies | (48,683,630) | |
Total change in net unrealized appreciation (depreciation) | | 3,287,124,300 |
Net gain (loss) | | (1,158,046,147) |
Net increase (decrease) in net assets resulting from operations | | $ (929,956,417) |
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,
2009 | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 228,089,730 | $ 752,597,206 |
Net realized gain (loss) | (4,445,170,447) | (1,222,596,476) |
Change in net unrealized appreciation (depreciation) | 3,287,124,300 | (27,541,183,667) |
Net increase (decrease) in net assets resulting from operations | (929,956,417) | (28,011,182,937) |
Distributions to shareholders from net investment income | (412,836,807) | (623,834,183) |
Distributions to shareholders from net realized gain | - | (3,411,186,315) |
Total distributions | (412,836,807) | (4,035,020,498) |
Share transactions - net increase (decrease) | (376,940,044) | 1,321,563,137 |
Redemption fees | 677,530 | 1,934,056 |
Total increase (decrease) in net assets | (1,719,055,738) | (30,722,706,242) |
| | |
Net Assets | | |
Beginning of period | 29,207,235,986 | 59,929,942,228 |
End of period (including undistributed net investment income of $175,752,318 and undistributed net investment income of $552,385,607, respectively) | $ 27,488,180,248 | $ 29,207,235,986 |
Financial Highlights - Diversified International
| Six months ended
April 30, | Years ended October 31, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 21.96 | $ 45.41 | $ 37.58 | $ 30.80 | $ 26.08 | $ 22.35 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .17 | .55 | .47 | .46 | .30 | .16 |
Net realized and unrealized gain (loss) | (.84) | (20.96) | 10.23 | 7.33 | 4.63 | 3.87 |
Total from investment operations | (.67) | (20.41) | 10.70 | 7.79 | 4.93 | 4.03 |
Distributions from net investment income | (.31) | (.47) | (.36) | (.28) | (.15) | (.30) |
Distributions from net realized gain | - | (2.57) | (2.51) | (.73) | (.06) | - |
Total distributions | (.31) | (3.04) | (2.87) | (1.01) | (.21) | (.30) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 20.98 | $ 21.96 | $ 45.41 | $ 37.58 | $ 30.80 | $ 26.08 |
Total Return B,C | (2.90)% | (48.04)% | 30.37% | 25.89% | 19.01% | 18.20% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.02% A | 1.04% | .93% | 1.01% | 1.10% | 1.15% |
Expenses net of fee waivers, if any | 1.02% A | 1.04% | .93% | 1.01% | 1.10% | 1.15% |
Expenses net of all reductions | 1.00% A | 1.02% | .91% | .97% | 1.07% | 1.12% |
Net investment income (loss) | 1.73% A | 1.53% | 1.20% | 1.32% | 1.02% | .66% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 24,504,891 | $ 28,274,961 | $ 59,929,942 | $ 43,965,189 | $ 29,637,193 | $ 19,902,063 |
Portfolio turnover rate F | 59% A | 49% | 51% | 59% | 41% | 55% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the 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 - Class K
| Six months ended
April 30, | Year ended
October 31, |
| 2009 | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 21.98 | $ 38.39 |
Income from Investment Operations | | |
Net investment income (loss) D | .19 | .16 |
Net realized and unrealized gain (loss) | (.83) | (16.57) |
Total from investment operations | (.64) | (16.41) |
Distributions from net investment income | (.36) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 20.98 | $ 21.98 |
Total Return B,C | (2.75)% | (42.75)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .77% A | .88% A |
Expenses net of fee waivers, if any | .77% A | .88% A |
Expenses net of all reductions | .75% A | .87% A |
Net investment income (loss) | 1.98% A | 1.45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,983,289 | $ 932,275 |
Portfolio turnover rate F | 59% A | 49% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009
1. Organization.
Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. After the commencement of Class K, the Fund began offering conversion privileges between Diversified International and Class K to eligible shareholders of Diversified International. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions 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. On January 15, 2009, the Board of Trustees of Fidelity Diversified International Fund approved the creation of an additional class of shares. The Fund will commence sale of shares of Class F on or about June 26, 2009.
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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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), 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, 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures and options transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 3,224,030,460 |
Unrealized depreciation | (7,157,766,666) |
Net unrealized appreciation (depreciation) | $ (3,933,736,206) |
Cost for federal income tax purposes | $ 33,396,208,584 |
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 Pronouncement. 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 reporting periods 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.
4. Operating Policies.
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. Losses may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts' terms. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a fund's custodian bank in accordance with the forward foreign currency agreement and, if required, is identified. The Fund could experience delays and costs in gaining access to the collateral even though it is held in the Fund's custodian bank.
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.
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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
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 $7,865,042,712 and $7,434,783,723, respectively.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Diversified International as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Diversified International | 37,689,238 | .31 |
Class K | 530,470 | .06 |
| $ 38,219,708 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $13,948 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $82,805 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 $9,172,911.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Diversified International operating expenses. During the period, this reimbursement reduced the Fund's expenses by $5,675.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,580,502 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
Semiannual Report
Notes to Financial Statements - continued
9. Expense Reductions - continued
period, these credits reduced the Fund's custody expenses by $55. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction |
Diversified International | $ 704 |
Class K | 628 |
Total | $ 1,332 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Diversified International | $ 394,538,604 | $ 623,834,183 |
Class K | 18,298,203 | - |
Total | $ 412,836,807 | $ 623,834,183 |
From net realized gain | | |
Diversified International | $ - | $ 3,411,186,315 |
A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Diversified International | | | | |
Shares sold | 145,742,639 | 306,179,666 | $ 2,859,261,444 | $ 10,595,590,795 |
Conversion to Class K | (94,364,077) | (43,282,557) | (1,839,040,793) | (933,288,874) |
Reinvestment of distributions | 20,012,396 | 95,512,855 | 380,636,705 | 3,896,924,337 |
Shares redeemed | (191,429,526) | (390,314,331) | (3,724,080,833) | (13,365,445,996) |
Net increase (decrease) | (120,038,568) | (31,904,367) | $ (2,323,223,477) | $ 193,780,262 |
Class K | | | | |
Shares sold | 16,406,130 | 1,216,070 | $ 319,032,817 | $ 245,180,524 |
Conversion from Diversified International | 94,417,311 | 43,251,317 | 1,839,040,793 | 933,288,874 |
Reinvestment of distributions | 963,570 | - | 18,298,203 | - |
Shares redeemed | (12,020,272) | (2,048,185) | (230,088,380) | (50,686,523) |
Net increase (decrease) | 99,766,739 | 42,419,202 | $ 1,946,283,433 | $ 1,127,782,875 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2009, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the period ended October 31, 2008. 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, 2009, 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, 2009, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the period ended October 31, 2008, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 15, 2009
Semiannual Report
International Capital Appreciation
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to April 30, 2009 |
Actual | .63% | $ 1,000.00 | $ 1,072.30 | $ 3.24 |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,021.67 | $ 3.16 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual report
International Capital Appreciation
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan | 15.0% | |
| United Kingdom | 14.2% | |
| United States of America | 13.4% | |
| France | 9.8% | |
| Canada | 6.1% | |
| Germany | 4.7% | |
| Switzerland | 3.7% | |
| Spain | 3.4% | |
| Italy | 3.1% | |
| Other | 26.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom | 15.4% | |
| United States of America | 10.8% | |
| Japan | 10.6% | |
| Germany | 7.8% | |
| Canada | 7.7% | |
| Switzerland | 7.3% | |
| France | 7.1% | |
| Russia | 4.9% | |
| Spain | 3.2% | |
| Other | 25.2% | |
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 | 96.0 | 96.0 |
Bonds | 0.0 | 1.1 |
Short-Term Investments and Net Other Assets | 4.0 | 2.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 3.0 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.6 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 1.6 | 2.4 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (Japan, Commercial Banks) | 1.5 | 1.6 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.4 | 1.6 |
Sanofi-Aventis sponsored ADR (France, Pharmaceuticals) | 1.4 | 0.0 |
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining) | 1.4 | 0.0 |
E.ON AG (Germany, Electric Utilities) | 1.4 | 2.0 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.4 | 0.0 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 1.4 | 0.0 |
| 14.8 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.5 | 24.3 |
Materials | 11.7 | 11.1 |
Consumer Discretionary | 10.8 | 3.1 |
Industrials | 9.9 | 13.0 |
Energy | 8.9 | 11.9 |
Telecommunication Services | 8.0 | 4.8 |
Consumer Staples | 7.4 | 9.9 |
Information Technology | 5.9 | 2.1 |
Health Care | 5.9 | 8.7 |
Utilities | 4.0 | 8.2 |
Semiannual Report
International Capital Appreciation
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.3% |
| Shares | | Value |
Australia - 1.3% |
CSL Ltd. | 60,199 | | $ 1,506,587 |
Woolworths Ltd. | 69,296 | | 1,346,290 |
TOTAL AUSTRALIA | | 2,852,877 |
Austria - 0.5% |
OMV AG | 33,400 | | 1,034,461 |
Belgium - 1.2% |
Anheuser-Busch InBev NV (d) | 84,000 | | 2,570,744 |
Bermuda - 0.7% |
Vostok Nafta Investment Ltd. SDR (a) | 509,500 | | 1,603,642 |
Brazil - 2.4% |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 164,400 | | 2,257,212 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) | 110,000 | | 2,967,800 |
TOTAL BRAZIL | | 5,225,012 |
Canada - 6.1% |
Addax Petroleum, Inc. | 47,500 | | 1,307,270 |
Agnico-Eagle Mines Ltd. (Canada) | 32,500 | | 1,436,727 |
Canadian Natural Resources Ltd. | 45,700 | | 2,106,815 |
Consolidated Thompson Iron Mines Ltd. (a) | 462,400 | | 972,658 |
First Uranium Corp. (a) | 194,400 | | 1,045,923 |
Goldcorp, Inc. | 68,400 | | 1,869,858 |
Sherritt International Corp. | 233,700 | | 1,004,719 |
Suncor Energy, Inc. | 100,100 | | 2,519,173 |
Teck Resources Ltd. Class B (sub. vtg.) | 115,900 | | 1,217,035 |
TOTAL CANADA | | 13,480,178 |
Cayman Islands - 0.9% |
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) | 135,300 | | 2,020,029 |
China - 0.5% |
NetEase.com, Inc. sponsored ADR (a) | 34,000 | | 1,026,120 |
Cyprus - 0.2% |
AFI Development PLC GDR (Reg. S) | 433,800 | | 558,940 |
Denmark - 1.7% |
Danske Bank AS (a) | 108,800 | | 1,193,273 |
Novo Nordisk AS Series B | 53,861 | | 2,562,616 |
TOTAL DENMARK | | 3,755,889 |
France - 9.8% |
Air France KLM (Reg.) | 110,100 | | 1,222,088 |
Atos Origin SA | 33,962 | | 1,046,726 |
AXA SA sponsored ADR | 121,900 | | 2,094,242 |
BNP Paribas SA | 45,700 | | 2,405,186 |
Bouygues SA (d) | 43,600 | | 1,859,477 |
Iliad Group SA | 10,500 | | 1,102,552 |
Laurent-Perrier Group | 19,200 | | 1,125,999 |
Nexity | 38,000 | | 1,225,440 |
Pernod Ricard SA | 21,954 | | 1,296,415 |
|
| Shares | | Value |
Renault SA | 39,900 | | $ 1,279,044 |
Saft Groupe SA | 57,900 | | 1,771,668 |
Sanofi-Aventis sponsored ADR (d) | 110,488 | | 3,173,215 |
Societe Generale Series A | 39,900 | | 2,038,691 |
TOTAL FRANCE | | 21,640,743 |
Germany - 4.7% |
Daimler AG | 51,900 | | 1,852,830 |
Deutsche Bank AG (NY Shares) | 30,500 | | 1,599,115 |
E.ON AG (d) | 91,300 | | 3,059,310 |
MAN AG | 22,700 | | 1,394,010 |
Metro AG (d) | 28,900 | | 1,216,154 |
Q-Cells SE (a)(d) | 56,800 | | 1,204,763 |
TOTAL GERMANY | | 10,326,182 |
Greece - 0.9% |
Public Power Corp. of Greece | 101,700 | | 1,959,922 |
Hong Kong - 0.7% |
CNOOC Ltd. | 1,457,000 | | 1,626,477 |
India - 1.9% |
Bharti Airtel Ltd. (a) | 73,085 | | 1,113,885 |
ICICI Bank Ltd. sponsored ADR | 62,100 | | 1,281,123 |
Reliance Industries Ltd. | 46,655 | | 1,709,989 |
TOTAL INDIA | | 4,104,997 |
Ireland - 1.0% |
CRH PLC sponsored ADR (d) | 89,600 | | 2,304,512 |
Israel - 1.3% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 66,400 | | 2,914,296 |
Italy - 1.9% |
Intesa Sanpaolo SpA | 543,700 | | 1,731,693 |
UniCredit SpA | 997,200 | | 2,427,512 |
TOTAL ITALY | | 4,159,205 |
Japan - 15.0% |
Canon, Inc. sponsored ADR | 54,400 | | 1,643,424 |
East Japan Railway Co. | 38,800 | | 2,186,909 |
Honda Motor Co. Ltd. sponsored ADR | 70,100 | | 2,037,106 |
Japan Retail Fund Investment Corp. | 353 | | 1,234,782 |
Komatsu Ltd. | 95,500 | | 1,191,792 |
Mazda Motor Corp. | 456,000 | | 1,135,828 |
Mitsubishi Corp. | 95,500 | | 1,470,065 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 628,942 | | 3,408,866 |
Mitsui & Co. Ltd. | 224,100 | | 2,377,533 |
Nintendo Co. Ltd. ADR | 49,300 | | 1,658,945 |
Nomura Holdings, Inc. | 234,200 | | 1,413,650 |
Ricoh Co. Ltd. | 84,000 | | 1,038,829 |
ROHM Co. Ltd. | 19,700 | | 1,208,479 |
Sharp Corp. | 128,000 | | 1,348,148 |
SHIMANO, Inc. | 27,500 | | 813,784 |
Shin-Etsu Chemical Co., Ltd. | 29,700 | | 1,443,869 |
Softbank Corp. | 81,500 | | 1,289,655 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sony Corp. sponsored ADR | 66,400 | | $ 1,717,104 |
Sumitomo Mitsui Financial Group, Inc. | 36,900 | | 1,280,060 |
Suzuki Motor Corp. | 61,100 | | 1,152,692 |
THK Co. Ltd. | 75,600 | | 1,048,737 |
Tokyo Ohka Kogyo Co. Ltd. | 62,800 | | 1,062,765 |
TOTAL JAPAN | | 33,163,022 |
Luxembourg - 2.5% |
ArcelorMittal SA (NY Shares) Class A | 64,400 | | 1,518,552 |
Evraz Group SA GDR | 111,788 | | 1,470,012 |
Millicom International Cellular SA | 24,200 | | 1,172,732 |
SES SA FDR (France) unit | 71,800 | | 1,295,772 |
TOTAL LUXEMBOURG | | 5,457,068 |
Netherlands - 1.3% |
Gemalto NV (a) | 32,100 | | 1,010,475 |
Koninklijke Ahold NV | 166,200 | | 1,820,427 |
TOTAL NETHERLANDS | | 2,830,902 |
Norway - 1.8% |
DnB Nor ASA | 199,300 | | 1,240,304 |
Renewable Energy Corp. AS (a)(d) | 159,300 | | 1,438,815 |
Telenor ASA | 192,500 | | 1,196,994 |
TOTAL NORWAY | | 3,876,113 |
Russia - 1.6% |
OAO TMK unit | 181,950 | | 1,276,343 |
PIK Group GDR (Reg. S) unit (a) | 352,800 | | 629,733 |
Vimpel Communications sponsored ADR | 165,900 | | 1,562,778 |
TOTAL RUSSIA | | 3,468,854 |
Singapore - 0.6% |
Olam International Ltd. | 1,058,000 | | 1,264,883 |
South Africa - 1.6% |
MTN Group Ltd. | 179,500 | | 2,331,171 |
Naspers Ltd. Class N | 63,700 | | 1,298,503 |
TOTAL SOUTH AFRICA | | 3,629,674 |
Spain - 3.4% |
EDP Renovaveis SA | 141,600 | | 1,154,251 |
Gas Natural SDG SA Series E | 68,700 | | 1,089,059 |
Iberdrola SA | 204,300 | | 1,608,399 |
Telefonica SA | 190,800 | | 3,613,965 |
TOTAL SPAIN | | 7,465,674 |
Switzerland - 3.7% |
Credit Suisse Group sponsored ADR | 55,800 | | 2,136,024 |
Nestle SA (Reg.) | 111,683 | | 3,639,548 |
UBS AG (NY Shares) | 169,900 | | 2,317,436 |
TOTAL SWITZERLAND | | 8,093,008 |
Taiwan - 2.0% |
HTC Corp. | 93,000 | | 1,258,936 |
|
| Shares | | Value |
MediaTek, Inc. | 128,000 | | $ 1,330,747 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,097,000 | | 1,855,744 |
TOTAL TAIWAN | | 4,445,427 |
United Kingdom - 14.2% |
AstraZeneca PLC sponsored ADR | 82,200 | | 2,874,534 |
Barclays PLC Sponsored ADR (d) | 165,000 | | 2,641,650 |
BG Group PLC | 200,600 | | 3,201,955 |
British Airways PLC | 466,200 | | 1,009,126 |
Cairn Energy PLC (a) | 53,200 | | 1,667,351 |
HSBC Holdings PLC sponsored ADR | 100,400 | | 3,574,240 |
Informa PLC | 293,500 | | 1,282,324 |
Reckitt Benckiser Group PLC | 52,700 | | 2,067,972 |
Rio Tinto PLC (Reg.) | 75,700 | | 3,074,641 |
Royal Bank of Scotland Group PLC sponsored ADR | 133,500 | | 1,634,040 |
Standard Chartered PLC (United Kingdom) | 108,100 | | 1,671,605 |
Vedanta Resources PLC | 72,800 | | 1,138,305 |
Vodafone Group PLC sponsored ADR | 165,700 | | 3,040,595 |
Xstrata PLC | 284,000 | | 2,502,851 |
TOTAL UNITED KINGDOM | | 31,381,189 |
United States of America - 8.9% |
Bank of America Corp. | 169,700 | | 1,515,421 |
Capital One Financial Corp. | 77,500 | | 1,297,350 |
Centex Corp. | 98,500 | | 1,077,590 |
D.R. Horton, Inc. | 176,300 | | 2,300,715 |
First Solar, Inc. (a) | 7,300 | | 1,367,217 |
Goldman Sachs Group, Inc. | 8,400 | | 1,079,400 |
JPMorgan Chase & Co. | 33,900 | | 1,118,700 |
Meritage Homes Corp. (a) | 97,104 | | 2,020,734 |
Morgan Stanley | 50,000 | | 1,182,000 |
NYSE Euronext | 48,100 | | 1,114,477 |
PNC Financial Services Group, Inc. | 36,800 | | 1,460,960 |
SunTrust Banks, Inc. | 79,900 | | 1,153,756 |
United States Steel Corp. | 56,400 | | 1,497,420 |
Wells Fargo & Co. | 77,000 | | 1,540,770 |
TOTAL UNITED STATES OF AMERICA | | 19,726,510 |
TOTAL COMMON STOCKS (Cost $199,953,593) | 207,966,550 |
Preferred Stocks - 1.7% |
| | | |
Convertible Preferred Stocks - 0.5% |
United States of America - 0.5% |
Citigroup, Inc. Series T, 6.50% | 35,600 | | 1,123,625 |
Preferred Stocks - continued |
| Shares | | Value |
Nonconvertible Preferred Stocks - 1.2% |
Italy - 1.2% |
Fiat SpA (Risparmio Shares) | 197,500 | | $ 1,192,464 |
Telecom Italia SpA (Risparmio Shares) | 1,558,500 | | 1,391,944 |
TOTAL ITALY | | 2,584,408 |
TOTAL PREFERRED STOCKS (Cost $3,401,774) | 3,708,033 |
Money Market Funds - 10.7% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 5,179,379 | | 5,179,379 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 18,299,693 | | 18,299,693 |
TOTAL MONEY MARKET FUNDS (Cost $23,479,072) | 23,479,072 |
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $226,834,439) | | 235,153,655 |
NET OTHER ASSETS - (6.7)% | | (14,723,534) |
NET ASSETS - 100% | $ 220,430,121 |
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 | $ 18,704 |
Fidelity Securities Lending Cash Central Fund | 404,943 |
Total | $ 423,647 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 235,153,655 | $ 118,702,052 | $ 116,451,603 | $ - |
Income Tax Information |
At October 31, 2008, the Fund had a capital loss carryforward of approximately $160,032,733 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
International Capital Appreciation
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $17,755,627) - See accompanying schedule: Unaffiliated issuers (cost $203,355,367) | $ 211,674,583 | |
Fidelity Central Funds (cost $23,479,072) | 23,479,072 | |
Total Investments (cost $226,834,439) | | $ 235,153,655 |
Foreign currency held at value (cost $31,917) | | 31,571 |
Receivable for investments sold | | 9,587,718 |
Receivable for fund shares sold | | 1,560,732 |
Dividends receivable | | 1,116,468 |
Distributions receivable from Fidelity Central Funds | | 65,204 |
Prepaid expenses | | 1,678 |
Other receivables | | 412,052 |
Total assets | | 247,929,078 |
| | |
Liabilities | | |
Payable for investments purchased | $ 8,931,476 | |
Payable for fund shares redeemed | 130,904 | |
Accrued management fee | 44,673 | |
Other affiliated payables | 56,247 | |
Other payables and accrued expenses | 35,964 | |
Collateral on securities loaned, at value | 18,299,693 | |
Total liabilities | | 27,498,957 |
| | |
Net Assets | | $ 220,430,121 |
Net Assets consist of: | | |
Paid in capital | | $ 476,145,139 |
Undistributed net investment income | | 1,794,051 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (265,764,909) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 8,255,840 |
Net Assets, for 27,819,808 shares outstanding | | $ 220,430,121 |
Net Asset Value, offering price and redemption price per share ($220,430,121 ÷ 27,819,808 shares) | | $ 7.92 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 2,704,832 |
Interest | | 226,635 |
Income from Fidelity Central Funds (including $404,943 from security lending) | | 423,647 |
| | 3,355,114 |
Less foreign taxes withheld | | (205,017) |
Total income | | 3,150,097 |
| | |
Expenses | | |
Management fee
Basic fee | $ 660,535 | |
Performance adjustment | (485,376) | |
Transfer agent fees | 261,742 | |
Accounting and security lending fees | 48,871 | |
Custodian fees and expenses | 35,329 | |
Independent trustees' compensation | 713 | |
Registration fees | 10,465 | |
Audit | 45,542 | |
Legal | 639 | |
Miscellaneous | 2,127 | |
Total expenses before reductions | 580,587 | |
Expense reductions | (38,197) | 542,390 |
Net investment income (loss) | | 2,607,707 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (103,331,011) | |
Foreign currency transactions | (112,849) | |
Total net realized gain (loss) | | (103,443,860) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $109,858) | 113,982,563 | |
Assets and liabilities in foreign currencies | (6,481) | |
Total change in net unrealized appreciation (depreciation) | | 113,976,082 |
Net gain (loss) | | 10,532,222 |
Net increase (decrease) in net assets resulting from operations | | $ 13,139,929 |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,607,707 | $ 6,093,619 |
Net realized gain (loss) | (103,443,860) | (151,658,059) |
Change in net unrealized appreciation (depreciation) | 113,976,082 | (155,008,762) |
Net increase (decrease) in net assets resulting from operations | 13,139,929 | (300,573,202) |
Distributions to shareholders from net investment income | (813,634) | (5,367,651) |
Distributions to shareholders from net realized gain | - | (91,658,633) |
Total distributions | (813,634) | (97,026,284) |
Share transactions
Proceeds from sales of shares | 31,224,096 | 80,650,507 |
Reinvestment of distributions | 789,571 | 93,225,308 |
Cost of shares redeemed | (28,656,933) | (318,648,389) |
Net increase (decrease) in net assets resulting from share transactions | 3,356,734 | (144,772,574) |
Redemption fees | 4,084 | 20,218 |
Total increase (decrease) in net assets | 15,687,113 | (542,351,842) |
| | |
Net Assets | | |
Beginning of period | 204,743,008 | 747,094,850 |
End of period (including undistributed net investment income of $1,794,051 and distributions in excess of net investment income of $22, respectively) | $ 220,430,121 | $ 204,743,008 |
Other Information Shares | | |
Sold | 4,392,890 | 5,806,116 |
Issued in reinvestment of distributions | 121,286 | 5,991,344 |
Redeemed | (4,295,562) | (22,909,358) |
Net increase (decrease) | 218,614 | (11,111,898) |
Financial Highlights
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.42 | $ 19.30 | $ 18.14 | $ 17.19 | $ 15.21 | $ 14.36 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .19 | .20 | .24 | .20 | .04 |
Net realized and unrealized gain (loss) | .43 | (9.54) | 3.80 | 2.70 | 1.83 | .91 |
Total from investment operations | .53 | (9.35) | 4.00 | 2.94 | 2.03 | .95 |
Distributions from net investment income | (.03) | (.14) | (.20) | (.23) | (.05) | (.10) |
Distributions from net realized gain | - | (2.39) | (2.64) | (1.77) | - | - |
Total distributions | (.03) | (2.53) | (2.84) | (2.00) | (.05) | (.10) |
Redemption fees added to paid in capital D | - H | - H | - H | .01 | - H | - H |
Net asset value, end of period | $ 7.92 | $ 7.42 | $ 19.30 | $ 18.14 | $ 17.19 | $ 15.21 |
Total Return B, C | 7.23% | (55.30)% | 24.81% | 18.26% | 13.37% | 6.65% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .63% A | .89% | .85% | .87% | .97% | 1.24% |
Expenses net of fee waivers, if any | .63% A | .89% | .85% | .87% | .97% | 1.24% |
Expenses net of all reductions | .59% A | .72% | .79% | .75% | .84% | 1.16% |
Net investment income (loss) | 2.83% A | 1.39% | 1.11% | 1.36% | 1.20% | .27% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 220,430 | $ 204,743 | $ 747,095 | $ 476,147 | $ 695,714 | $ 721,144 |
Portfolio turnover rate F | 318% A | 387% | 138% | 176% | 185% | 161% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. H Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2009 (Unaudited)
1. Organization.
Fidelity International Capital Appreciation Fund (the Fund) (formerly Fidelity Aggressive International 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.
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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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 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.
Book-tax differences are primarily due to, 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 | $ 27,943,000 |
Unrealized depreciation | (31,286,340) |
Net unrealized appreciation (depreciation) | $ (3,343,340) |
Cost for federal income tax purposes | $ 238,496,995 |
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.
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
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $295,233,386 and $293,165,770, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .19% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .28% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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 $10,654 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $579 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 $37,730 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 $467.
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
Overseas
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Overseas | 1.03% | | | |
Actual | | $ 1,000.00 | $ 959.30 | $ 5.00 |
HypotheticalA | | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Class K | .78% | | | |
Actual | | $ 1,000.00 | $ 960.70 | $ 3.79 |
HypotheticalA | | $ 1,000.00 | $ 1,020.93 | $ 3.91 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Overseas
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United Kingdom | 23.2% | |
| Japan | 15.0% | |
| France | 14.3% | |
| Germany | 9.7% | |
| United States of America | 6.4% | |
| Switzerland | 6.3% | |
| Belgium | 5.5% | |
| Hong Kong | 4.2% | |
| Spain | 3.9% | |
| Other | 11.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom | 22.3% | |
| Japan | 16.0% | |
| France | 14.8% | |
| Germany | 10.2% | |
| Switzerland | 7.4% | |
| Hong Kong | 5.5% | |
| United States of America | 5.4% | |
| Italy | 4.3% | |
| Indonesia | 2.8% | |
| Other | 11.3% | |
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 | 95.6 | 99.0 |
Short-Term Investments and Net Other Assets | 4.4 | 1.0 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Anheuser-Busch InBev NV (Belgium, Beverages) | 5.5 | 0.0 |
China Unicom (Hong Kong) Ltd. sponsored ADR (Hong Kong, Diversified Telecommunication Services) | 3.3 | 4.7 |
Pernod Ricard SA (France, Beverages) | 2.9 | 3.3 |
Xstrata PLC (United Kingdom, Metals & Mining) | 2.0 | 0.0 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 2.0 | 1.1 |
Royal Dutch Shell PLC Class B ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.9 | 2.2 |
Deutsche Boerse AG (Germany, Diversified Financial Services) | 1.9 | 0.8 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.9 | 0.8 |
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining) | 1.8 | 1.2 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 1.4 |
| 24.9 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.2 | 19.2 |
Consumer Staples | 16.1 | 13.1 |
Telecommunication Services | 10.5 | 13.5 |
Consumer Discretionary | 10.1 | 10.5 |
Materials | 8.7 | 5.8 |
Health Care | 8.5 | 12.8 |
Energy | 7.6 | 8.2 |
Industrials | 6.6 | 5.4 |
Information Technology | 4.9 | 5.8 |
Utilities | 3.4 | 4.7 |
Semiannual Report
Overseas
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.6% |
| Shares | | Value |
Australia - 0.4% |
Qantas Airways Ltd. | 16,437,024 | | $ 23,663,693 |
Belgium - 5.5% |
Anheuser-Busch InBev NV (d) | 9,998,840 | | 306,005,452 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 6,312,640 | | 16,500 |
TOTAL BELGIUM | | 306,021,952 |
Bermuda - 0.9% |
Willis Group Holdings Ltd. | 1,706,200 | | 46,937,562 |
Brazil - 1.6% |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 1,055,900 | | 35,446,563 |
Vivo Participacoes SA sponsored ADR | 3,400,940 | | 54,279,002 |
TOTAL BRAZIL | | 89,725,565 |
Canada - 0.2% |
Harry Winston Diamond Corp. | 2,819,774 | | 11,839,152 |
Finland - 0.6% |
Nokia Corp. sponsored ADR (d) | 2,265,600 | | 32,035,584 |
France - 14.3% |
Accor SA | 374,000 | | 15,820,354 |
Alstom SA | 1,083,700 | | 67,537,228 |
AXA SA | 2,474,900 | | 41,571,491 |
BNP Paribas SA | 1,039,600 | | 54,714,038 |
Carrefour SA (d) | 1,299,300 | | 52,668,753 |
Compagnie de St. Gobain (d) | 990,084 | | 35,510,060 |
GDF Suez (d) | 1,055,000 | | 37,640,018 |
L'Oreal SA (d) | 273,200 | | 19,539,335 |
Lafarge SA (a)(d) | 115,056 | | 6,089,744 |
Lafarge SA (Bearer) (d) | 249,300 | | 14,063,880 |
Pernod Ricard SA (d) | 2,713,584 | | 160,241,013 |
Pernod Ricard SA rights 4/29/09 (a)(d) | 2,713,584 | | 11,582,128 |
PPR SA (d) | 510,700 | | 39,115,901 |
Sanofi-Aventis (d) | 896,900 | | 51,517,382 |
Societe Generale Series A | 666,400 | | 34,049,709 |
Sodexo SA ADR | 1,310,400 | | 62,637,120 |
Total SA Series B | 1,083,100 | | 54,179,385 |
Unibail-Rodamco | 252,500 | | 37,644,238 |
TOTAL FRANCE | | 796,121,777 |
Germany - 9.7% |
adidas AG (d) | 439,900 | | 16,453,500 |
Allianz AG (Reg.) (d) | 412,200 | | 37,344,221 |
BASF AG (d) | 939,900 | | 35,093,493 |
Bayer AG | 690,900 | | 33,958,871 |
Daimler AG | 1,983,400 | | 70,807,380 |
Deutsche Boerse AG | 1,454,983 | | 106,483,093 |
E.ON AG | 1,789,073 | | 59,948,841 |
Linde AG | 615,800 | | 48,552,067 |
Munich Re Group (Reg.) (d) | 268,376 | | 36,697,342 |
RWE AG | 155,000 | | 11,058,074 |
|
| Shares | | Value |
SAP AG | 1,812,300 | | $ 69,029,629 |
TUI AG (d) | 1,516,500 | | 16,518,961 |
TOTAL GERMANY | | 541,945,472 |
Hong Kong - 4.2% |
China Unicom (Hong Kong) Ltd. sponsored ADR (d) | 16,102,400 | | 186,304,768 |
Hutchison Whampoa Ltd. | 8,144,000 | | 47,967,882 |
TOTAL HONG KONG | | 234,272,650 |
Indonesia - 0.8% |
PT Indosat Tbk sponsored ADR (d) | 1,788,856 | | 46,599,699 |
Ireland - 0.3% |
CRH PLC | 637,100 | | 16,558,341 |
CRH PLC sponsored ADR | 50,000 | | 1,286,000 |
TOTAL IRELAND | | 17,844,341 |
Italy - 2.5% |
ENI SpA | 3,804,700 | | 81,623,976 |
ENI SpA sponsored ADR | 116,500 | | 4,973,385 |
Intesa Sanpaolo SpA | 10,040,200 | | 31,978,199 |
UniCredit SpA | 7,273,100 | | 17,705,113 |
TOTAL ITALY | | 136,280,673 |
Japan - 15.0% |
Bridgestone Corp. | 1,704,500 | | 25,413,442 |
Canon, Inc. sponsored ADR | 1,362,700 | | 41,167,167 |
Citizen Holdings Co. Ltd. | 3,576,000 | | 16,364,430 |
Daiichi Sankyo Kabushiki Kaisha | 2,456,800 | | 41,090,418 |
East Japan Railway Co. | 329,500 | | 18,571,814 |
Japan Tobacco, Inc. | 21,261 | | 53,429,525 |
JFE Holdings, Inc. | 631,500 | | 17,252,653 |
Komatsu Ltd. | 1,019,400 | | 12,721,598 |
Mazda Motor Corp. | 10,756,000 | | 26,791,603 |
Mitsubishi Corp. | 2,307,700 | | 35,523,244 |
Mitsubishi UFJ Financial Group, Inc. | 16,422,800 | | 89,606,920 |
Mitsui & Co. Ltd. | 4,308,400 | | 45,708,899 |
Nissan Motor Co. Ltd. | 4,242,500 | | 22,149,286 |
Nomura Holdings, Inc. | 7,960,900 | | 48,052,648 |
NTT DoCoMo, Inc. | 33,867 | | 47,269,637 |
Omron Corp. | 2,802,100 | | 41,891,165 |
Promise Co. Ltd. (d) | 1,229,500 | | 16,250,429 |
Ricoh Co. Ltd. | 3,932,000 | | 48,627,086 |
Sony Financial Holdings, Inc. | 7,256 | | 22,834,802 |
Sumitomo Mitsui Financial Group, Inc. | 908,500 | | 31,515,837 |
T&D Holdings, Inc. | 1,292,000 | | 38,637,335 |
THK Co. Ltd. | 1,291,500 | | 17,915,931 |
Toyota Motor Corp. sponsored ADR | 968,700 | | 76,682,292 |
TOTAL JAPAN | | 835,468,161 |
Luxembourg - 2.1% |
ArcelorMittal SA (NY Shares)
Class A (d) | 2,946,900 | | 69,487,902 |
Millicom International Cellular SA | 972,800 | | 47,141,888 |
TOTAL LUXEMBOURG | | 116,629,790 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.0% |
Akzo Nobel NV | 682,200 | | $ 28,522,167 |
Koninklijke Ahold NV | 2,450,000 | | 26,835,413 |
TOTAL NETHERLANDS | | 55,357,580 |
Netherlands Antilles - 0.5% |
Schlumberger Ltd. (NY Shares) | 564,000 | | 27,630,360 |
Russia - 0.6% |
Vimpel Communications sponsored ADR | 3,557,200 | | 33,508,824 |
Spain - 3.9% |
Banco Bilbao Vizcaya Argentaria SA | 1,677,019 | | 18,170,150 |
Gas Natural SDG SA Series E | 1,600,000 | | 25,363,826 |
Iberdrola SA | 6,714,100 | | 52,858,292 |
Repsol YPF SA sponsored ADR | 2,565,100 | | 48,326,484 |
Telefonica SA | 254,900 | | 4,828,091 |
Telefonica SA sponsored ADR | 1,183,100 | | 66,596,699 |
TOTAL SPAIN | | 216,143,542 |
Switzerland - 6.3% |
Actelion Ltd. (Reg.) (a) | 887,356 | | 40,417,023 |
Nestle SA (Reg.) | 2,855,330 | | 93,049,968 |
Novartis AG sponsored ADR | 1,060,800 | | 40,214,928 |
Roche Holding AG (participation certificate) | 717,507 | | 90,456,821 |
Sonova Holding AG | 349,830 | | 22,630,399 |
UBS AG (For. Reg.) | 2,805,320 | | 38,525,129 |
Zurich Financial Services AG (Reg.) | 123,661 | | 22,973,950 |
TOTAL SWITZERLAND | | 348,268,218 |
United Kingdom - 23.2% |
BAE Systems PLC | 7,236,300 | | 38,050,510 |
Barclays PLC | 11,547,500 | | 46,866,385 |
BG Group PLC | 2,687,800 | | 42,902,362 |
British Land Co. PLC | 6,353,300 | | 40,073,961 |
British Sky Broadcasting Group PLC (BSkyB) | 3,495,900 | | 24,878,021 |
Experian PLC | 4,923,800 | | 32,409,374 |
GlaxoSmithKline PLC | 4,056,300 | | 62,456,680 |
HSBC Holdings PLC: | | | |
(United Kingdom) (Reg.) | 1,831,183 | | 13,017,504 |
sponsored ADR (d) | 2,726,085 | | 97,048,626 |
Imperial Tobacco Group PLC | 2,989,200 | | 68,176,740 |
ITV PLC | 35,006,000 | | 16,430,169 |
Kingfisher PLC | 9,805,600 | | 26,682,992 |
Lloyds TSB Group PLC | 18,163,000 | | 29,449,417 |
Misys PLC | 11,932,200 | | 24,344,695 |
Pearson PLC | 1,592,900 | | 16,430,411 |
Prudential PLC | 2,389,100 | | 13,726,631 |
Rexam PLC | 4,242,700 | | 19,645,004 |
|
| Shares | | Value |
Rio Tinto PLC (Reg.) | 2,492,000 | | $ 101,215,389 |
Royal Dutch Shell PLC Class B ADR (d) | 2,352,000 | | 107,016,000 |
Shire PLC | 3,014,000 | | 37,672,165 |
Smith & Nephew PLC | 2,276,900 | | 16,013,453 |
Standard Chartered PLC (United Kingdom) | 2,748,332 | | 42,498,841 |
Unilever PLC | 3,260,700 | | 63,467,178 |
Vodafone Group PLC sponsored ADR | 5,795,700 | | 106,351,095 |
William Hill PLC (d) | 18,402,400 | | 59,067,512 |
WPP PLC | 4,879,500 | | 33,372,735 |
Xstrata PLC | 12,651,700 | | 111,497,587 |
TOTAL UNITED KINGDOM | | 1,290,761,437 |
United States of America - 2.0% |
Allergan, Inc. | 324,400 | | 15,136,504 |
Baxter International, Inc. | 431,900 | | 20,947,150 |
Estee Lauder Companies, Inc. Class A | 1,261,300 | | 37,712,870 |
Hess Corp. | 340,800 | | 18,672,432 |
Markel Corp. (a) | 65,800 | | 18,884,600 |
TOTAL UNITED STATES OF AMERICA | | 111,353,556 |
TOTAL COMMON STOCKS (Cost $5,864,965,734) | 5,318,409,588 |
Money Market Funds - 20.7% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 213,415,758 | | 213,415,758 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 939,464,237 | | 939,464,237 |
TOTAL MONEY MARKET FUNDS (Cost $1,152,879,995) | 1,152,879,995 |
TOTAL INVESTMENT PORTFOLIO - 116.3% (Cost $7,017,845,729) | | 6,471,289,583 |
NET OTHER ASSETS - (16.3)% | | (908,260,568) |
NET ASSETS - 100% | $ 5,563,029,015 |
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 | $ 1,040,469 |
Fidelity Securities Lending Cash Central Fund | 2,266,699 |
Total | $ 3,307,168 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 6,471,289,583 | $ 2,602,215,724 | $ 3,869,073,859 | $ - |
Income Tax Information |
At October 31, 2008, the Fund had a capital loss carryforward of approximately $859,201,568 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Overseas
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $904,910,497) - See accompanying schedule: Unaffiliated issuers (cost $5,864,965,734) | $ 5,318,409,588 | |
Fidelity Central Funds (cost $1,152,879,995) | 1,152,879,995 | |
Total Investments (cost $7,017,845,729) | | $ 6,471,289,583 |
Cash | | 41,889 |
Foreign currency held at value (cost $25) | | 29 |
Receivable for investments sold | | 45,761,813 |
Receivable for fund shares sold | | 5,360,032 |
Dividends receivable | | 26,291,999 |
Distributions receivable from Fidelity Central Funds | | 1,217,258 |
Prepaid expenses | | 43,513 |
Other affiliated receivables | | 321 |
Other receivables | | 577,730 |
Total assets | | 6,550,584,167 |
| | |
Liabilities | | |
Payable for investments purchased | $ 41,130,368 | |
Payable for fund shares redeemed | 2,356,185 | |
Accrued management fee | 3,010,177 | |
Other affiliated payables | 1,423,197 | |
Other payables and accrued expenses | 170,988 | |
Collateral on securities loaned, at value | 939,464,237 | |
Total liabilities | | 987,555,152 |
| | |
Net Assets | | $ 5,563,029,015 |
Net Assets consist of: | | |
Paid in capital | | $ 8,599,552,387 |
Undistributed net investment income | | 32,237,172 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,522,137,753) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (546,622,791) |
Net Assets | | $ 5,563,029,015 |
Overseas:
Net Asset Value, offering price and redemption price per share ($5,276,761,214 ÷ 219,879,111 shares) | | $ 24.00 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($286,267,801 ÷ 11,929,937 shares) | | $ 24.00 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 82,808,955 |
Interest | | 45,510 |
Income from Fidelity Central Funds | | 3,307,168 |
| | 86,161,633 |
Less foreign taxes withheld | | (7,327,872) |
Total income | | 78,833,761 |
| | |
Expenses | | |
Management fee
Basic fee | $ 18,360,377 | |
Performance adjustment | (1,285,711) | |
Transfer agent fees | 7,688,093 | |
Accounting and security lending fees | 799,918 | |
Custodian fees and expenses | 297,914 | |
Independent trustees' compensation | 19,521 | |
Depreciation in deferred trustee compensation account | (1,344) | |
Registration fees | 40,470 | |
Audit | 56,375 | |
Legal | 15,467 | |
Miscellaneous | 102,544 | |
Total expenses before reductions | 26,093,624 | |
Expense reductions | (721,476) | 25,372,148 |
Net investment income (loss) | | 53,461,613 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (1,617,769,397) | |
Foreign currency transactions | 718,510 | |
Total net realized gain (loss) | | (1,617,050,887) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,358,134,100 | |
Assets and liabilities in foreign currencies | 67,426 | |
Total change in net unrealized appreciation (depreciation) | | 1,358,201,526 |
Net gain (loss) | | (258,849,361) |
Net increase (decrease) in net assets resulting from operations | | $ (205,387,748) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 53,461,613 | $ 108,130,289 |
Net realized gain (loss) | (1,617,050,887) | (902,937,259) |
Change in net unrealized appreciation (depreciation) | 1,358,201,526 | (4,444,954,236) |
Net increase (decrease) in net assets resulting from operations | (205,387,748) | (5,239,761,206) |
Distributions to shareholders from net investment income | (81,536,915) | (93,919,303) |
Distributions to shareholders from net realized gain | - | (947,430,820) |
Total distributions | (81,536,915) | (1,041,350,123) |
Share transactions - net increase (decrease) | 340,719,434 | 2,246,479,755 |
Redemption fees | 56,076 | 456,294 |
Total increase (decrease) in net assets | 53,850,847 | (4,034,175,280) |
| | |
Net Assets | | |
Beginning of period | 5,509,178,168 | 9,543,353,448 |
End of period (including undistributed net investment income of $32,237,172 and undistributed net investment income of $101,205,874, respectively) | $ 5,563,029,015 | $ 5,509,178,168 |
Financial Highlights - Overseas
| Six months ended April 30,2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.43 | $ 58.39 | $ 47.08 | $ 37.65 | $ 32.21 | $ 29.19 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .24 | .55 | .70 | .63 | .39 | .17 G |
Net realized and unrealized gain (loss) | (1.30) | (27.19) | 15.80 | 9.37 | 5.35 | 3.15 |
Total from investment operations | (1.06) | (26.64) | 16.50 | 10.00 | 5.74 | 3.32 |
Distributions from net investment income | (.37) | (.57) | (.55) | (.41) | (.19) | (.30) |
Distributions from net realized gain | - | (5.75) | (4.64) | (.16) | (.11) | - |
Total distributions | (.37) | (6.32) | (5.19) | (.57) | (.30) | (.30) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 24.00 | $ 25.43 | $ 58.39 | $ 47.08 | $ 37.65 | $ 32.21 |
Total Return B, C | (4.07)% | (50.88)% | 38.79% | 26.83% | 17.90% | 11.45% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.03% A | 1.13% | .95% | 1.00% | .93% | 1.05% |
Expenses net of fee waivers, if any | 1.03% A | 1.13% | .95% | 1.00% | .93% | 1.05% |
Expenses net of all reductions | 1.00% A | 1.10% | .91% | .90% | .86% | 1.01% |
Net investment income (loss) | 2.08% A | 1.33% | 1.43% | 1.43% | 1.11% | .55% G |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 5,276,761 | $ 5,464,901 | $ 9,543,353 | $ 7,217,287 | $ 4,733,797 | $ 4,182,103 |
Portfolio turnover rate F | 105% A | 113% | 87% | 132% | 87% | 79% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .52%. H Expense ratios reflect operating expenses of the 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 25.45 | $ 45.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .26 | .13 |
Net realized and unrealized gain (loss) | (1.29) | (19.68) |
Total from investment operations | (1.03) | (19.55) |
Distributions from net investment income | (.42) | - |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 24.00 | $ 25.45 |
Total Return B, C | (3.93)% | (43.44)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | .78% A | .96% A |
Expenses net of fee waivers, if any | .78% A | .96% A |
Expenses net of all reductions | .75% A | .93% A |
Net investment income (loss) | 2.33% A | 1.08% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 286,268 | $ 44,277 |
Portfolio turnover rate F | 105% A | 113% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 9, 2008 (commencement of sale of shares) to October 31, 2008. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. After the commencement of Class K, the Fund began offering conversion privileges between Overseas and Class K to eligible shareholders of Overseas. 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. The Fund's investments in emerging markets can be subject to social, economic, regulatory and political uncertainties and can be extremely volatile. On January 15, 2009, the Board of Trustees of Fidelity Overseas Fund approved the creation of an additional class of shares. The Fund will commence sale of shares of Class F on or about June 26, 2009.
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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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), 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, 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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), 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 | $ 548,170,338 |
Unrealized depreciation | (1,212,430,655) |
Net unrealized appreciation (depreciation) | $ (664,260,317) |
Cost for federal income tax purposes | $ 7,135,549,900 |
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.
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 $2,770,948,649 and $2,638,346,685, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Overseas, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Overseas | $ 7,628,294 | .31 |
Class K | 59,799 | .06 |
| $ 7,688,093 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $15,992 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $15,977 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $2,266,699.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Overseas operating expenses. During the period, this reimbursement reduced the Fund's expenses by $3,625.
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 $714,199 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 $3,645. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction |
Class K | $ 7 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Overseas | $ 78,759,206 | $ 93,919,303 |
Class K | 2,777,709 | - |
Total | $ 81,536,915 | $ 93,919,303 |
From net realized gain | | |
Overseas | $ - | $ 947,430,820 |
A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 A | Six months ended April 30,
2009 | Year ended
October 31,
2008 A |
Overseas | | | | |
Shares sold | 30,646,628 | 76,040,831 | $ 688,095,653 | $ 2,985,572,846 |
Conversion to Class K | (10,319,878) | (1,789,301) | (238,320,481) | (50,752,081) |
Reinvestment of distributions | 3,481,398 | 20,825,405 | 78,087,784 | 1,030,024,482 |
Shares redeemed | (18,804,961) | (43,642,881) | (422,998,538) | (1,767,850,377) |
Net increase (decrease) | 5,003,187 | 51,434,054 | $ 104,864,418 | $ 2,196,994,870 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 A | Six months ended April 30,
2009 | Year ended
October 31,
2008 A |
Class K | | | | |
Shares sold | 1,029,652 | 23,823 | $ 23,030,461 | $ 671,729 |
Conversion from Overseas | 10,320,533 | 1,787,998 | 238,320,481 | 50,752,081 |
Reinvestment of distributions | 123,950 | - | 2,777,709 | - |
Shares redeemed | (1,283,630) | (72,389) | (28,273,635) | (1,938,925) |
Net increase (decrease) | 10,190,505 | 1,739,432 | $ 235,855,016 | $ 49,484,885 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Fidelity Freedom 2020 Fund was the owner of record of approximately 12% of the total outstanding shares of the Fund. The Fidelity Freedom Funds were the owners of record, in the aggregate of approximately 51% of the total outstanding shares of the Fund.
Semiannual Report
Worldwide
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees, 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009) for Worldwide and for the entire period (February 19, 2009 to April 30, 2009) for Class A, Class T, Class B, Class C and Institutional Class. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,125.90 | $ 3.10 B |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 C |
Class T | 1.74% | | | |
Actual | | $ 1,000.00 | $ 1,125.90 | $ 3.60 B |
HypotheticalA | | $ 1,000.00 | $ 1,016.17 | $ 8.70 C |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,125.00 | $ 4.65 B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 C |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,125.00 | $ 4.65 B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 C |
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Worldwide | 1.28% | | | |
Actual | | $ 1,000.00 | $ 928.00 | $ 6.12 B |
HypotheticalA | | $ 1,000.00 | $ 1,018.45 | $ 6.41 C |
Institutional Class | 1.23% | | | |
Actual | | $ 1,000.00 | $ 1,126.80 | $ 2.54 B |
HypotheticalA | | $ 1,000.00 | $ 1,018.70 | $ 6.16 C |
A 5% return per year before expenses
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Worldwide and multiplied by 71/365 (to reflect the period February 19, 2009 to April 30, 2009) for Class A, Class T, Class B, Class C and Institutional Class.
C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Worldwide
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United States of America | 47.8% | |
| Japan | 11.2% | |
| United Kingdom | 10.3% | |
| Germany | 5.3% | |
| France | 5.2% | |
| Switzerland | 5.1% | |
| Australia | 1.7% | |
| Netherlands | 1.4% | |
| China | 1.3% | |
| Other | 10.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United States of America | 54.0% | |
| United Kingdom | 11.6% | |
| Switzerland | 7.0% | |
| Japan | 6.9% | |
| Germany | 5.8% | |
| France | 2.9% | |
| Australia | 2.5% | |
| Spain | 1.9% | |
| Italy | 0.9% | |
| Other | 6.5% | |
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 and Equity Futures | 97.8 | 94.6 |
Bonds | 0.7 | 0.0 |
Short-Term Investments and Net Other Assets | 1.5 | 5.4 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services) | 2.3 | 2.2 |
Union Pacific Corp. (United States of America, Road & Rail) | 2.2 | 3.8 |
QUALCOMM, Inc. (United States of America, Communications Equipment) | 2.2 | 1.3 |
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels) | 2.2 | 0.0 |
JPMorgan Chase & Co. (United States of America, Diversified Financial Services) | 2.1 | 0.0 |
Apple, Inc. (United States of America, Computers & Peripherals) | 2.0 | 2.2 |
Gilead Sciences, Inc. (United States of America, Biotechnology) | 1.7 | 0.7 |
Temple-Inland, Inc. (United States of America, Containers & Packaging) | 1.6 | 0.0 |
Avnet, Inc. (United States of America, Electronic Equipment & Components) | 1.5 | 0.0 |
Oracle Corp. (United States of America, Software) | 1.3 | 2.0 |
| 19.1 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Information Technology | 19.7 | 12.6 |
Financials | 19.7 | 19.3 |
Consumer Discretionary | 12.0 | 8.9 |
Industrials | 9.4 | 8.9 |
Health Care | 8.7 | 15.6 |
Energy | 8.2 | 6.3 |
Materials | 7.8 | 4.2 |
Consumer Staples | 5.8 | 11.2 |
Telecommunication Services | 4.7 | 3.9 |
Utilities | 0.9 | 3.7 |
Semiannual Report
Worldwide
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% |
| Shares | | Value |
Australia - 1.7% |
ABB Grain Ltd. | 87,967 | | $ 557,738 |
Billabong International Ltd. | 233,401 | | 1,781,912 |
Commonwealth Bank of Australia | 95,320 | | 2,433,375 |
CSL Ltd. | 54,536 | | 1,364,861 |
Macquarie Group Ltd. | 49,400 | | 1,202,559 |
Newcrest Mining Ltd. | 13,087 | | 284,896 |
QBE Insurance Group Ltd. | 141,373 | | 2,239,844 |
Wesfarmers Ltd. | 203,618 | | 3,351,867 |
Woolworths Ltd. | 48,407 | | 940,457 |
TOTAL AUSTRALIA | | 14,157,509 |
Belgium - 0.4% |
Anheuser-Busch InBev NV | 121,600 | | 3,721,458 |
Bermuda - 0.1% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 81,666 | | 307,726 |
Huabao International Holdings Ltd. | 1,060,000 | | 749,264 |
TOTAL BERMUDA | | 1,056,990 |
Brazil - 0.7% |
BM&F BOVESPA SA | 182,298 | | 750,215 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 46,900 | | 1,574,433 |
Redecard SA | 125,500 | | 1,580,980 |
Vivo Participacoes SA sponsored ADR | 105,925 | | 1,690,563 |
TOTAL BRAZIL | | 5,596,191 |
Canada - 1.1% |
Canadian Natural Resources Ltd. | 48,100 | | 2,217,457 |
Niko Resources Ltd. | 32,300 | | 1,634,693 |
Open Text Corp. (a) | 44,600 | | 1,468,913 |
Petro-Canada | 27,200 | | 858,455 |
Petrobank Energy & Resources Ltd. (a) | 46,800 | | 1,006,009 |
Suncor Energy, Inc. | 64,800 | | 1,630,793 |
TOTAL CANADA | | 8,816,320 |
Cayman Islands - 0.5% |
Belle International Holdings Ltd. | 2,458,000 | | 1,872,697 |
China Dongxiang Group Co. Ltd. | 3,481,000 | | 1,690,527 |
Want Want China Holdings Ltd. | 1,008,000 | | 502,617 |
TOTAL CAYMAN ISLANDS | | 4,065,841 |
China - 1.3% |
BYD Co. Ltd. (H Shares) | 278,500 | | 731,636 |
Changyou.com Ltd. (A Shares) ADR | 37,500 | | 1,153,125 |
China Merchants Bank Co. Ltd. (H Shares) | 544,500 | | 972,872 |
China Telecom Corp. Ltd. (H Shares) | 3,790,000 | | 1,865,692 |
Industrial & Commercial Bank of China Ltd. | 1,793,000 | | 1,020,006 |
Li Ning Co. Ltd. | 473,500 | | 968,999 |
|
| Shares | | Value |
Tencent Holdings Ltd. | 197,200 | | $ 1,742,975 |
ZTE Corp. (H Shares) | 701,584 | | 2,365,312 |
TOTAL CHINA | | 10,820,617 |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a) | 583,060 | | 46,854 |
Denmark - 0.5% |
Novo Nordisk AS Series B | 62,700 | | 2,983,161 |
Vestas Wind Systems AS (a) | 15,800 | | 1,025,547 |
TOTAL DENMARK | | 4,008,708 |
Finland - 0.2% |
Nokia Corp. sponsored ADR | 133,500 | | 1,887,690 |
France - 5.2% |
Accor SA | 26,700 | | 1,129,421 |
Alstom SA | 37,600 | | 2,343,268 |
AXA SA | 177,900 | | 2,988,229 |
BNP Paribas SA | 97,782 | | 5,146,256 |
Cap Gemini SA | 39,200 | | 1,464,917 |
Iliad Group SA | 11,100 | | 1,165,555 |
LVMH Moet Hennessy - Louis Vuitton | 15,300 | | 1,154,826 |
Orpea (a) | 32,100 | | 1,312,243 |
PPR SA | 28,050 | | 2,148,426 |
Sanofi-Aventis | 26,900 | | 1,545,119 |
Schneider Electric SA (d) | 22,600 | | 1,719,370 |
Societe Generale Series A | 44,885 | | 2,293,399 |
Total SA: | | | |
Series B | 120,500 | | 6,027,713 |
sponsored ADR | 241,200 | | 11,992,464 |
Unibail-Rodamco | 6,800 | | 1,013,785 |
TOTAL FRANCE | | 43,444,991 |
Germany - 4.8% |
Allianz AG (Reg.) | 23,900 | | 2,165,276 |
Bayerische Motoren Werke AG (BMW) | 50,600 | | 1,735,859 |
Daimler AG (Reg.) | 58,300 | | 2,081,391 |
Deutsche Bank AG | 47,800 | | 2,506,198 |
Deutsche Bank AG (NY Shares) | 130,000 | | 6,815,900 |
Deutsche Boerse AG | 39,100 | | 2,861,538 |
E.ON AG | 180,400 | | 6,044,902 |
Fresenius Medical Care AG & Co. KGaA (d) | 58,100 | | 2,258,904 |
GEA Group AG | 134,400 | | 1,749,417 |
Gerresheimer AG | 36,700 | | 875,314 |
MAN AG | 41,700 | | 2,560,803 |
Munich Re Group (Reg.) | 33,900 | | 4,635,436 |
Siemens AG (Reg.) | 47,500 | | 3,179,314 |
Wincor Nixdorf AG | 10,700 | | 531,376 |
TOTAL GERMANY | | 40,001,628 |
Greece - 0.1% |
Public Power Corp. of Greece | 37,400 | | 720,758 |
Hong Kong - 0.4% |
Cheung Kong Holdings Ltd. | 224,000 | | 2,310,694 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Hang Lung Properties Ltd. | 237,000 | | $ 665,661 |
Techtronic Industries Co. Ltd. | 379,000 | | 224,140 |
TOTAL HONG KONG | | 3,200,495 |
India - 0.4% |
Bharti Airtel Ltd. (a) | 114,455 | | 1,744,404 |
Infosys Technologies Ltd. | 42,311 | | 1,294,599 |
Titan Industries Ltd. | 12,639 | | 191,259 |
TOTAL INDIA | | 3,230,262 |
Ireland - 0.4% |
CRH PLC | 68,200 | | 1,772,530 |
Paddy Power PLC (Ireland) | 82,700 | | 1,522,688 |
TOTAL IRELAND | | 3,295,218 |
Israel - 0.4% |
Nice Systems Ltd. sponsored ADR (a) | 52,600 | | 1,347,086 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 45,300 | | 1,988,217 |
TOTAL ISRAEL | | 3,335,303 |
Italy - 0.3% |
Fiat SpA | 232,500 | | 2,272,407 |
Japan - 9.6% |
Asics Corp. | 224,000 | | 1,456,528 |
Canon Marketing Japan, Inc. | 132,200 | | 1,598,970 |
Canon, Inc. | 110,450 | | 3,306,133 |
Daiwa Securities Group, Inc. | 401,000 | | 2,101,311 |
Denso Corp. | 83,900 | | 1,983,804 |
Eisai Co. Ltd. | 34,200 | | 918,009 |
Fanuc Ltd. | 19,200 | | 1,385,866 |
Fast Retailing Co. Ltd. | 7,600 | | 798,956 |
Honda Motor Co. Ltd. | 113,700 | | 3,333,043 |
JTEKT Corp. | 93,600 | | 903,008 |
Keyence Corp. | 5,100 | | 900,870 |
Misumi Group, Inc. | 28,800 | | 388,954 |
Mitsubishi Corp. | 93,300 | | 1,436,200 |
Mitsubishi UFJ Financial Group, Inc. | 1,316,200 | | 7,181,518 |
Mitsui & Co. Ltd. | 128,400 | | 1,362,228 |
Murata Manufacturing Co. Ltd. | 30,500 | | 1,236,436 |
NGK Insulators Ltd. | 91,000 | | 1,395,953 |
Nichi-iko Pharmaceutical Co. Ltd. | 15,200 | | 410,503 |
Nippon Building Fund, Inc. | 157 | | 1,275,905 |
Nippon Electric Glass Co. Ltd. | 115,000 | | 936,044 |
Nippon Steel Corp. | 277,000 | | 931,542 |
Nissan Motor Co. Ltd. | 397,600 | | 2,075,794 |
Nitori Co. Ltd. | 5,400 | | 303,926 |
Nomura Holdings, Inc. | 639,000 | | 3,857,057 |
NSK Ltd. | 187,000 | | 832,566 |
Omron Corp. | 56,800 | | 849,155 |
Point, Inc. | 12,340 | | 550,030 |
Promise Co. Ltd. | 156,100 | | 2,063,190 |
Rakuten, Inc. | 4,160 | | 2,116,915 |
|
| Shares | | Value |
Ricoh Co. Ltd. | 241,000 | | $ 2,980,450 |
Sawai Pharmaceutical Co. Ltd. | 9,100 | | 421,846 |
Seven & i Holdings Co., Ltd. | 51,800 | | 1,170,802 |
Shin-Etsu Chemical Co., Ltd. | 43,300 | | 2,105,034 |
SMC Corp. | 6,100 | | 598,542 |
Softbank Corp. | 142,000 | | 2,247,007 |
Sony Corp. sponsored ADR | 68,100 | | 1,761,066 |
Sony Financial Holdings, Inc. | 503 | | 1,582,953 |
Sumitomo Mitsui Financial Group, Inc. | 97,900 | | 3,396,148 |
THK Co. Ltd. | 100,600 | | 1,395,542 |
Tokio Marine Holdings, Inc. | 94,600 | | 2,495,546 |
Tokyo Electron Ltd. | 72,300 | | 3,307,088 |
Toyota Motor Corp. | 174,100 | | 6,892,410 |
Tsumura & Co. | 28,700 | | 786,174 |
USS Co. Ltd. | 18,810 | | 852,612 |
TOTAL JAPAN | | 79,883,634 |
Korea (South) - 0.3% |
NHN Corp. (a) | 12,068 | | 1,468,368 |
Samsung Electronics Co. Ltd. | 2,169 | | 1,004,733 |
TOTAL KOREA (SOUTH) | | 2,473,101 |
Luxembourg - 0.6% |
ArcelorMittal SA (NY Shares) Class A | 70,200 | | 1,655,316 |
SES SA (A Shares) FDR unit | 146,242 | | 2,597,793 |
Tenaris SA | 54,700 | | 687,837 |
TOTAL LUXEMBOURG | | 4,940,946 |
Mexico - 0.1% |
America Movil SAB de CV Series L sponsored ADR | 22,500 | | 739,125 |
Netherlands - 1.4% |
Akzo Nobel NV | 39,300 | | 1,643,098 |
ASML Holding NV: | | | |
(Netherlands) | 87,800 | | 1,841,914 |
(NY Shares) | 55,000 | | 1,163,250 |
Gemalto NV (a) | 61,300 | | 1,929,662 |
James Hardie Industries NV unit | 304,018 | | 1,016,837 |
Koninklijke Ahold NV | 130,600 | | 1,430,492 |
Koninklijke KPN NV | 85,400 | | 1,026,434 |
Royal DSM NV | 52,000 | | 1,612,208 |
TOTAL NETHERLANDS | | 11,663,895 |
Netherlands Antilles - 0.5% |
Schlumberger Ltd. (NY Shares) | 78,000 | | 3,821,220 |
Norway - 0.1% |
Pronova BioPharma ASA (a) | 296,200 | | 742,911 |
Papua New Guinea - 0.2% |
Oil Search Ltd. | 510,037 | | 1,902,450 |
Russia - 0.2% |
OAO Gazprom sponsored ADR | 85,400 | | 1,511,580 |
Common Stocks - continued |
| Shares | | Value |
Singapore - 0.2% |
Ascendas Real Estate Investment Trust (A-REIT) | 455,000 | | $ 411,820 |
Singapore Exchange Ltd. | 330,000 | | 1,397,568 |
TOTAL SINGAPORE | | 1,809,388 |
South Africa - 0.5% |
MTN Group Ltd. | 301,900 | | 3,920,782 |
Spain - 1.2% |
Banco Santander SA | 191,400 | | 1,818,491 |
Inditex SA | 23,800 | | 1,014,510 |
Red Electrica Corporacion SA | 16,400 | | 686,200 |
Telefonica SA | 333,900 | | 6,324,439 |
TOTAL SPAIN | | 9,843,640 |
Sweden - 0.3% |
H&M Hennes & Mauritz AB (B Shares) | 50,500 | | 2,247,876 |
Switzerland - 5.1% |
Actelion Ltd. (Reg.) (a) | 73,636 | | 3,353,950 |
BB BIOTECH AG | 20,274 | | 1,179,225 |
Credit Suisse Group sponsored ADR | 83,600 | | 3,200,208 |
Nestle SA (Reg.) | 214,177 | | 6,979,636 |
Nobel Biocare Holding AG (Switzerland) | 59,700 | | 1,216,737 |
Noble Corp. | 204,000 | | 5,575,320 |
Novartis AG sponsored ADR | 24,100 | | 913,631 |
Partners Group Holding | 14,770 | | 1,290,178 |
Roche Holding AG (participation certificate) | 50,315 | | 6,343,262 |
Sonova Holding AG | 32,712 | | 2,116,130 |
Syngenta AG (Switzerland) | 9,050 | | 1,931,581 |
UBS AG (For. Reg.) | 164,736 | | 2,262,300 |
Weatherford International Ltd. (a) | 201,000 | | 3,342,630 |
Zurich Financial Services AG (Reg.) | 16,380 | | 3,043,104 |
TOTAL SWITZERLAND | | 42,747,892 |
Taiwan - 0.6% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,711,000 | | 2,894,419 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 170,000 | | 1,796,900 |
TOTAL TAIWAN | | 4,691,319 |
United Kingdom - 10.3% |
Aberdeen Asset Management PLC | 1,207,400 | | 2,340,580 |
Aegis Group PLC | 435,400 | | 582,670 |
AstraZeneca PLC (United Kingdom) | 70,700 | | 2,474,663 |
Autonomy Corp. PLC (a) | 105,100 | | 2,204,084 |
BAE Systems PLC | 251,200 | | 1,320,881 |
Barclays PLC | 487,600 | | 1,978,961 |
BG Group PLC | 144,200 | | 2,301,704 |
BG Group PLC sponsored ADR | 11,900 | | 943,908 |
BHP Billiton PLC | 346,600 | | 7,190,987 |
BP PLC | 399,400 | | 2,821,364 |
|
| Shares | | Value |
British American Tobacco PLC (United Kingdom) | 64,435 | | $ 1,553,386 |
Capita Group PLC | 168,419 | | 1,697,474 |
Carphone Warehouse Group PLC | 320,600 | | 701,826 |
Compass Group PLC | 366,600 | | 1,742,524 |
Cookson Group PLC | 1,787,700 | | 510,468 |
DSG International PLC | 663,400 | | 417,683 |
DSG International PLC | 592,700 | | 262,945 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 73,238 | | 513,361 |
(United Kingdom) (Reg.) | 1,019,957 | | 7,250,665 |
Imperial Tobacco Group PLC | 93,500 | | 2,132,519 |
Informa PLC | 504,100 | | 2,202,452 |
InterContinental Hotel Group PLC | 121,900 | | 1,157,722 |
Man Group PLC | 761,300 | | 2,812,909 |
Misys PLC | 451,700 | | 921,582 |
NEXT PLC | 74,500 | | 1,781,249 |
Prudential PLC | 376,900 | | 2,165,488 |
Reckitt Benckiser Group PLC | 84,000 | | 3,296,198 |
Rio Tinto PLC (Reg.) | 106,600 | | 4,329,679 |
Royal Bank of Scotland Group PLC | 579,508 | | 353,544 |
Royal Dutch Shell PLC Class B | 308,300 | | 6,974,391 |
SSL International PLC | 282,500 | | 1,979,845 |
Standard Chartered PLC (United Kingdom) | 250,064 | | 3,866,866 |
Vodafone Group PLC | 3,488,500 | | 6,409,356 |
Vodafone Group PLC sponsored ADR | 69,412 | | 1,273,710 |
William Morrison Supermarkets PLC | 332,700 | | 1,204,693 |
Wolseley PLC | 137,952 | | 2,473,214 |
WPP PLC | 164,900 | | 1,127,813 |
Xstrata PLC | 44,000 | | 387,766 |
TOTAL UNITED KINGDOM | | 85,661,130 |
United States of America - 45.8% |
3M Co. | 45,000 | | 2,592,000 |
Albemarle Corp. | 25,000 | | 670,500 |
Amazon.com, Inc. (a) | 27,800 | | 2,238,456 |
American Eagle Outfitters, Inc. | 53,000 | | 785,460 |
American Express Co. | 32,000 | | 807,040 |
Apple, Inc. (a) | 131,600 | | 16,559,228 |
Applied Materials, Inc. | 92,000 | | 1,123,320 |
Ashland, Inc. | 35,000 | | 768,600 |
AutoNation, Inc. (a) | 39,000 | | 690,690 |
AutoZone, Inc. (a) | 2,000 | | 332,780 |
Avnet, Inc. (a) | 587,400 | | 12,858,186 |
Baker Hughes, Inc. | 13,000 | | 462,540 |
Bank of America Corp. | 257,900 | | 2,303,047 |
Bemis Co., Inc. | 13,000 | | 312,520 |
Biogen Idec, Inc. (a) | 49,900 | | 2,412,166 |
BorgWarner, Inc. | 313,800 | | 9,084,510 |
Boston Private Financial Holdings, Inc. | 35,000 | | 161,350 |
Burlington Northern Santa Fe Corp. | 48,000 | | 3,239,040 |
Caterpillar, Inc. | 51,000 | | 1,814,580 |
Celanese Corp. Class A | 242,000 | | 5,043,280 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Cephalon, Inc. (a)(d) | 82,200 | | $ 5,393,142 |
Charles Schwab Corp. | 48,000 | | 887,040 |
Chevron Corp. | 76,700 | | 5,069,870 |
Cisco Systems, Inc. (a) | 534,700 | | 10,330,404 |
CME Group, Inc. | 4,300 | | 951,805 |
Coach, Inc. | 64,000 | | 1,568,000 |
Comcast Corp. Class A (special) (non-vtg.) | 62,000 | | 910,160 |
CSX Corp. | 13,000 | | 384,670 |
Cummins, Inc. | 31,600 | | 1,074,400 |
Dendreon Corp. (a) | 40,000 | | 848,000 |
Dow Chemical Co. | 65,000 | | 1,040,000 |
Eaton Corp. | 129,000 | | 5,650,200 |
Express Scripts, Inc. (a) | 161,000 | | 10,299,170 |
Fidelity National Financial, Inc. Class A | 285,900 | | 5,183,367 |
FMC Corp. | 120,300 | | 5,862,219 |
Ford Motor Co. (a) | 210,000 | | 1,255,800 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 121,600 | | 5,186,240 |
General Electric Co. | 401,900 | | 5,084,035 |
Gilead Sciences, Inc. (a) | 309,000 | | 14,152,200 |
Goldman Sachs Group, Inc. | 36,000 | | 4,626,000 |
Google, Inc. Class A (sub. vtg.) (a) | 47,700 | | 18,887,768 |
Hewitt Associates, Inc. Class A (a) | 82,000 | | 2,571,520 |
Illinois Tool Works, Inc. | 38,000 | | 1,246,400 |
International Business Machines Corp. | 55,800 | | 5,759,118 |
JCPenney Co., Inc. | 24,000 | | 736,560 |
JPMorgan Chase & Co. | 517,400 | | 17,074,200 |
KLA-Tencor Corp. | 41,000 | | 1,137,340 |
Kohl's Corp. (a) | 67,000 | | 3,038,450 |
Lam Research Corp. (a) | 131,000 | | 3,652,280 |
Las Vegas Sands Corp. (a) | 70,000 | | 547,400 |
Louisiana-Pacific Corp. | 223,000 | | 907,610 |
Marriott International, Inc. Class A | 73,000 | | 1,719,880 |
McDonald's Corp. | 48,000 | | 2,557,920 |
McGraw-Hill Companies, Inc. | 64,000 | | 1,929,600 |
Mead Johnson Nutrition Co. Class A | 13,300 | | 375,725 |
Microsoft Corp. | 75,000 | | 1,519,500 |
Morgan Stanley | 435,000 | | 10,283,400 |
National Oilwell Varco, Inc. (a) | 7,000 | | 211,960 |
Nordstrom, Inc. | 33,000 | | 746,790 |
Norfolk Southern Corp. | 15,000 | | 535,200 |
Novellus Systems, Inc. (a) | 125,000 | | 2,257,500 |
O'Reilly Automotive, Inc. (a) | 39,000 | | 1,515,150 |
Occidental Petroleum Corp. | 12,000 | | 675,480 |
Omnicom Group, Inc. | 5,000 | | 157,350 |
Oracle Corp. | 576,900 | | 11,157,246 |
Owens-Illinois, Inc. (a) | 35,000 | | 853,650 |
PACCAR, Inc. | 139,800 | | 4,954,512 |
Packaging Corp. of America | 50,000 | | 793,500 |
Pactiv Corp. (a) | 13,000 | | 284,180 |
Parker Hannifin Corp. | 31,000 | | 1,405,850 |
Patterson-UTI Energy, Inc. | 58,000 | | 737,180 |
|
| Shares | | Value |
Philip Morris International, Inc. | 92,000 | | $ 3,330,400 |
PNC Financial Services Group, Inc. | 35,000 | | 1,389,500 |
Procter & Gamble Co. | 20,000 | | 988,800 |
Pulte Homes, Inc. | 49,390 | | 568,479 |
QUALCOMM, Inc. | 422,800 | | 17,892,896 |
Quidel Corp. (a) | 9,700 | | 112,908 |
Qwest Communications
International, Inc. | 150,000 | | 583,500 |
Regal-Beloit Corp. | 28,300 | | 1,149,829 |
Rock-Tenn Co. Class A | 26,000 | | 981,760 |
Rockwell Automation, Inc. | 13,000 | | 410,670 |
Rosetta Stone, Inc. | 2,000 | | 59,900 |
Sealed Air Corp. | 123,000 | | 2,344,380 |
Simon Property Group, Inc. | 41,000 | | 2,115,600 |
Southwestern Energy Co. (a) | 107,000 | | 3,837,020 |
Sprint Nextel Corp. (a) | 2,007,000 | | 8,750,520 |
Temple-Inland, Inc. | 1,093,300 | | 13,054,002 |
Tenet Healthcare Corp. (a) | 200,000 | | 450,000 |
Teradyne, Inc. (a) | 375,000 | | 2,227,500 |
The Coca-Cola Co. | 233,600 | | 10,056,480 |
The DIRECTV Group, Inc. (a) | 261,400 | | 6,464,422 |
The Travelers Companies, Inc. | 32,000 | | 1,316,480 |
The Walt Disney Co. | 30,000 | | 657,000 |
TJX Companies, Inc. | 122,000 | | 3,412,340 |
Union Pacific Corp. | 375,600 | | 18,456,984 |
Varian Semiconductor Equipment Associates, Inc. (a) | 60,649 | | 1,552,008 |
Visa, Inc. | 115,700 | | 7,515,872 |
Wal-Mart Stores, Inc. | 117,600 | | 5,927,040 |
Walgreen Co. | 62,000 | | 1,948,660 |
Wells Fargo & Co. | 467,900 | | 9,362,679 |
Wilmington Trust Corp., Delaware | 181,000 | | 2,626,310 |
Wyndham Worldwide Corp. | 25,000 | | 292,000 |
TOTAL UNITED STATES OF AMERICA | | 380,082,173 |
TOTAL COMMON STOCKS (Cost $824,929,216) | 792,362,302 |
Nonconvertible Preferred Stocks - 0.7% |
| | | |
Germany - 0.5% |
Fresenius SE (non-vtg.) | 79,700 | | 4,066,332 |
Italy - 0.2% |
Intesa Sanpaolo SpA | 864,400 | | 1,919,171 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,760,456) | 5,985,503 |
Convertible Bonds - 0.7% |
| Principal Amount | | |
Bermuda - 0.1% |
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12 | | $ 890,000 | | 1,238,613 |
Convertible Bonds - continued |
| Principal Amount | | Value |
Luxembourg - 0.1% |
ArcelorMittal SA 5% 5/15/14 | | $ 460,000 | | $ 475,028 |
United States of America - 0.5% |
Alcoa, Inc. 5.25% 3/15/14 | | 560,000 | | 883,400 |
Johnson Controls, Inc. 6.5% 9/30/12 | | 620,000 | | 1,115,450 |
Micron Technology, Inc. 4.25% 10/15/13 | | 320,000 | | 372,800 |
Sunpower Corp. 4.75% 4/15/14 | | 530,000 | | 623,969 |
Textron, Inc. 4.5% 5/1/13 | | 330,000 | | 357,819 |
United States Steel Corp. 4% 5/15/14 | | 770,000 | | 821,975 |
TOTAL UNITED STATES OF AMERICA | | 4,175,413 |
TOTAL CONVERTIBLE BONDS (Cost $4,543,650) | 5,889,054 |
Government Obligations - 0.2% |
|
United States of America - 0.2% |
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.22% 5/7/09 to 5/28/09 (e)
(Cost $1,594,804) | | 1,595,000 | | 1,594,965 |
Money Market Funds - 3.2% |
| Shares | | |
Fidelity Cash Central Fund, 0.53% (b) | 21,869,561 | | 21,869,561 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 4,665,950 | | 4,665,950 |
TOTAL MONEY MARKET FUNDS (Cost $26,535,511) | 26,535,511 |
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $866,363,637) | | 832,367,335 |
NET OTHER ASSETS - (0.3)% | | (2,618,775) |
NET ASSETS - 100% | $ 829,748,560 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
44 Nikkei 225 Index Contracts (Japan) | June 2009 | | $ 3,953,953 | | $ 424,780 |
106 TOPIX 150 Index Contracts (Japan) | June 2009 | | 9,041,635 | | 1,359,243 |
TOTAL EQUITY INDEX CONTRACTS | | $ 12,995,588 | | $ 1,784,023 |
|
The face value of futures purchased as a percentage of net assets - 1.6% |
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 $1,564,965. |
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 | $ 248,376 |
Fidelity Securities Lending Cash Central Fund | 41,797 |
Total | $ 290,173 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 832,367,335 | $ 495,271,826 | $ 337,095,509 | $ - |
Other Financial Instruments* | $ 1,784,023 | $ 1,784,023 | $ - | $ - |
* Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 336,547 |
Total Realized Gain (Loss) | (1,382,609) |
Total Unrealized Gain (Loss) | 1,180,463 |
Cost of Purchases | - |
Proceeds of Sales | (134,401) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the Fund had a capital loss carryforward of approximately $115,059,396 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $4,520,646) - See accompanying schedule: Unaffiliated issuers (cost $839,828,126) | $ 805,831,824 | |
Fidelity Central Funds (cost $26,535,511) | 26,535,511 | |
Total Investments (cost $866,363,637) | | $ 832,367,335 |
Foreign currency held at value (cost $46,089) | | 46,447 |
Receivable for investments sold | | 41,982,015 |
Receivable for fund shares sold | | 659,782 |
Dividends receivable | | 2,566,815 |
Interest receivable | | 11,081 |
Distributions receivable from Fidelity Central Funds | | 20,115 |
Receivable for daily variation on futures contracts | | 496,865 |
Prepaid expenses | | 7,408 |
Other receivables | | 117,651 |
Total assets | | 878,275,514 |
| | |
Liabilities | | |
Payable to custodian bank | $ 45,354 | |
Payable for investments purchased | 42,207,066 | |
Payable for fund shares redeemed | 720,562 | |
Accrued management fee | 576,475 | |
Distribution fees payable | 262 | |
Other affiliated payables | 231,529 | |
Other payables and accrued expenses | 79,756 | |
Collateral on securities loaned, at value | 4,665,950 | |
Total liabilities | | 48,526,954 |
| | |
Net Assets | | $ 829,748,560 |
Net Assets consist of: | | |
Paid in capital | | $ 1,198,985,391 |
Undistributed net investment income | | 3,220,558 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (340,183,429) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (32,273,960) |
Net Assets | | $ 829,748,560 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($148,111 ÷ 12,086 shares) | | $ 12.25 |
| | |
Maximum offering price per share (100/94.25 of $12.25) | | $ 13.00 |
Class T:
Net Asset Value and redemption price per share ($112,684 ÷ 9,199 shares) | | $ 12.25 |
| | |
Maximum offering price per share (100/96.50 of $12.25) | | $ 12.69 |
Class B:
Net Asset Value, offering price and redemption price per share ($121,437 ÷ 9,924 shares) | | $ 12.24 |
| | |
Class C:
Net Asset Value, offering price and redemption price per share ($124,855 ÷ 10,203 shares) | | $ 12.24 |
| | |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($829,128,774 ÷ 67,641,268 shares) | | $ 12.26 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($112,699 ÷ 9,191 shares) | | $ 12.26 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 10,902,640 |
Interest | | 13,849 |
Income from Fidelity Central Funds | | 290,173 |
| | 11,206,662 |
Less foreign taxes withheld | | (476,468) |
Total income | | 10,730,194 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,879,647 | |
Performance adjustment | 645,595 | |
Transfer agent fees | 1,239,076 | |
Distribution fees | 563 | |
Accounting and security lending fees | 192,708 | |
Custodian fees and expenses | 72,347 | |
Independent trustees' compensation | 2,924 | |
Registration fees | 87,482 | |
Audit | 39,162 | |
Legal | 2,564 | |
Miscellaneous | 8,851 | |
Total expenses before reductions | 5,170,919 | |
Expense reductions | (131,441) | 5,039,478 |
Net investment income (loss) | | 5,690,716 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (191,977,593) | |
Foreign currency transactions | (339,908) | |
Futures contracts | (1,613,932) | |
Total net realized gain (loss) | | (193,931,433) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 114,980,429 | |
Assets and liabilities in foreign currencies | (18,298) | |
Futures contracts | 1,784,023 | |
Total change in net unrealized appreciation (depreciation) | | 116,746,154 |
Net gain (loss) | | (77,185,279) |
Net increase (decrease) in net assets resulting from operations | | $ (71,494,563) |
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,690,716 | $ 12,367,196 |
Net realized gain (loss) | (193,931,433) | (143,763,130) |
Change in net unrealized appreciation (depreciation) | 116,746,154 | (564,532,626) |
Net increase (decrease) in net assets resulting from operations | (71,494,563) | (695,928,560) |
Distributions to shareholders from net investment income | (11,746,083) | (8,541,065) |
Distributions to shareholders from net realized gain | - | (169,398,247) |
Total distributions | (11,746,083) | (177,939,312) |
Share transactions - net increase (decrease) | (21,915,478) | 35,066,852 |
Redemption fees | 19,337 | 83,803 |
Total increase (decrease) in net assets | (105,136,787) | (838,717,217) |
| | |
Net Assets | | |
Beginning of period | 934,885,347 | 1,773,602,564 |
End of period (including undistributed net investment income of $3,220,558 and undistributed net investment income of $10,091,805, respectively) | $ 829,748,560 | $ 934,885,347 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) E | .04 |
Net realized and unrealized gain (loss) | 1.33 |
Total from investment operations | 1.37 |
Redemption fees added to paid in capital E, J | - |
Net asset value, end of period | $ 12.25 |
Total Return B, C, D | 12.59% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 1.50% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.48% A |
Net investment income (loss) | 1.87% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 148 |
Portfolio turnover rate G | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class T
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.37 |
Redemption fees added to paid in capital E, J | - |
Net asset value, end of period | $ 12.25 |
Total Return B,C, D | 12.59% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 1.74% A |
Expenses net of fee waivers, if any | 1.74%A |
Expenses net of all reductions | 1.72%A |
Net investment income (loss) | 1.59%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 113 |
Portfolio turnover rate G | 267%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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .02 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.36 |
Redemption fees added to paid in capital D, I | - |
Net asset value, end of period | $ 12.24 |
Total Return B, C | 12.50% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 2.25% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | 1.09% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 121 |
Portfolio turnover rate F | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class C
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .02 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.36 |
Redemption fees added to paid in capitalD, I | - |
Net asset value, end of period | $ 12.24 |
Total Return B, C | 12.50% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 2.25% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | 1.07% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 125 |
Portfolio turnover rate F | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.40 | $ 25.18 | $ 21.82 | $ 19.05 | $ 16.72 | $ 15.30 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .16 | .14 | .17 | .15 G | .05 H |
Net realized and unrealized gain (loss) | (1.05) | (9.44) | 6.05 | 3.74 | 2.30 | 1.44 |
Total from investment operations | (0.97) | (9.28) | 6.19 | 3.91 | 2.45 | 1.49 |
Distributions from net investment income | (.17) | (.12) | (.17) | (.10) | (.10) | (.07) |
Distributions from net realized gain | - | (2.38) | (2.66) | (1.04) | (.02) | - |
Total distributions | (.17) | (2.50) | (2.83) | (1.14) | (.12) | (.07) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 13.40 | $ 25.18 | $ 21.82 | $ 19.05 | $ 16.72 |
Total Return B, C | (7.20)% | (40.66)% | 31.87% | 21.31% | 14.71% | 9.77% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | 1.29% A | 1.21% | 1.04% | 1.08% | 1.07% | 1.23% |
Expenses net of fee waivers, if any | 1.28%A | 1.21% | 1.04% | 1.08% | 1.07% | 1.23% |
Expenses net of all reductions | 1.26%A | 1.19% | 1.02% | 1.02% | 1.01% | 1.19% |
Net investment income (loss) | 1.42%A | .84% | .66% | .85% | .82% G | .29% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 829,129 | $ 934,885 | $ 1,773,603 | $ 1,328,219 | $ 1,181,044 | $ 1,064,162 |
Portfolio turnover rate F | 267%A | 264% | 128% | 205% | 93% | 95% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E 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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .05 |
Net realized and unrealized gain (loss) | 1.33 |
Total from investment operations | 1.38 |
Redemption fees added to paid in capitalD, I | - |
Net asset value, end of period | $ 12.26 |
Total Return B, C | 12.68% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 1.23% A |
Expenses net of fee waivers, if any | 1.23%A |
Expenses net of all reductions | 1.21%A |
Net investment income (loss) | 2.10%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 113 |
Portfolio turnover rate F | 267%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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Worldwide 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. The Fund commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Worldwide on February 19, 2009. 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 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures and options transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 71,860,193 |
Unrealized depreciation | (136,640,711) |
Net unrealized appreciation (depreciation) | $ (64,780,518) |
Cost for federal income tax purposes | $ 897,147,853 |
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 Pronouncement. 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 reporting periods 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.
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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,026,526,266 and $1,028,074,738, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20 of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .88% 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, except for the Institutional Class. 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% | $ 55 | $ 50 |
Class T | .25% | .25% | 99 | 99 |
Class B | .75% | .25% | 203 | 202 |
Class C | .75% | .25% | 206 | 199 |
| | | $ 563 | $ 550 |
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 | $ 150 |
Class T | 3 |
Total | $ 153 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 65 | .29 |
Class T | 53 | .26 |
Class B | 57 | .28 |
Class C | 58 | .28 |
Worldwide | 1,238,794 | .31 |
Institutional Class | 49 | .24 |
| $ 1,239,076 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $38,238 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,569 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 is 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 $41,797.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Worldwide operating expenses. During the period, this reimbursement reduced the Fund's expenses by $57,475.
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 $73,426 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 $540.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Worldwide | $ 11,746,083 | $ 8,541,065 |
From net realized gain | | |
Worldwide | $ - | $ 169,398,247 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
Class A A | | | | |
Shares sold | 12,086 | - | $ 133,845 | $ - |
Class T A | | | | |
Shares sold | 9,199 | - | $ 100,097 | $ - |
Class B A | | | | |
Shares sold | 9,924 | - | $ 108,670 | $ - |
Class C A | | | | |
Shares sold | 10,203 | - | $ 111,994 | $ - |
Worldwide | | | | |
Shares sold | 5,281,716 | 15,425,394 | $ 61,622,080 | $ 303,265,276 |
Reinvestment of distributions | 959,834 | 7,926,720 | 11,413,264 | 172,247,752 |
Shares redeemed | (8,347,452) | (24,051,522) | (95,505,428) | (440,446,176) |
Net increase (decrease) | (2,105,902) | (699,408) | $ (22,470,084) | $ 35,066,852 |
Institutional Class A | | | | |
Shares sold | 9,191 | - | $ 100,000 | $ - |
A Share transactions are for the period February 19, 2009 (commencement of sale of shares) to April 30, 2009.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
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Semiannual Report
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Fidelity
Diversified International
Fund -
Class K
Semiannual Report
April 30, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
Report of Independent Registered Public Accounting Firm | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
Diversified International
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Diversified International | 1.02% | | | |
Actual | | $ 1,000.00 | $ 971.00 | $ 4.98 |
Hypothetical A | | $ 1,000.00 | $ 1,019.74 | $ 5.11 |
Class K | .77% | | | |
Actual | | $ 1,000.00 | $ 972.50 | $ 3.77 |
Hypothetical A | | $ 1,000.00 | $ 1,020.98 | $ 3.86 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Diversified International
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
 | United Kingdom | 17.3% | |
 | Japan | 15.4% | |
 | Switzerland | 11.3% | |
 | United States of America | 8.6% | |
 | Germany | 7.9% | |
 | France | 7.7% | |
 | Canada | 6.4% | |
 | Spain | 4.0% | |
 | Italy | 2.9% | |
 | Other | 18.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom | 15.6% | |
| Switzerland | 12.7% | |
| United States of America | 12.2% | |
| Japan | 10.6% | |
| Germany | 9.7% | |
| France | 7.1% | |
| Canada | 6.9% | |
| Spain | 3.9% | |
| Australia | 3.1% | |
| Other | 18.2% | |
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 and Investment Companies | 97.2 | 94.1 |
Short-Term Investments and Net Other Assets | 2.8 | 5.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Reg.) (Switzerland, Food Products) | 2.4 | 2.9 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.9 | 1.7 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.9 | 2.0 |
E.ON AG (Germany, Electric Utilities) | 1.6 | 2.2 |
Toyota Motor Corp. sponsored ADR (Japan, Automobiles) | 1.6 | 1.5 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.5 | 1.8 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 1.4 | 1.7 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 1.3 | 1.3 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks) | 1.2 | 0.6 |
Anheuser-Busch InBev NV (Belgium, Beverages) | 1.2 | 0.8 |
| 16.0 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 16.6 | 17.3 |
Consumer Staples | 11.2 | 13.8 |
Health Care | 10.7 | 13.3 |
Industrials | 10.8 | 11.1 |
Consumer Discretionary | 10.5 | 6.9 |
Information Technology | 9.8 | 7.4 |
Energy | 9.5 | 7.7 |
Materials | 7.4 | 5.5 |
Telecommunication Services | 6.7 | 5.8 |
Utilities | 4.0 | 5.2 |
Semiannual Report
Diversified International
Investments April 30, 2009
Showing Percentage of Net Assets
Common Stocks - 96.8% |
| Shares | | Value |
Australia - 2.8% |
AMP Ltd. | 9,120,417 | | $ 34,417,253 |
BHP Billiton Ltd. sponsored ADR (d) | 5,901,000 | | 284,074,140 |
Brambles Ltd. | 4,000,000 | | 17,217,728 |
Computershare Ltd. | 2,000,000 | | 13,291,388 |
CSL Ltd. | 10,100,000 | | 252,770,498 |
Newcrest Mining Ltd. | 2,500,000 | | 54,423,435 |
QBE Insurance Group Ltd. | 7,578,885 | | 120,076,133 |
TOTAL AUSTRALIA | | 776,270,575 |
Belgium - 1.2% |
Anheuser-Busch InBev NV (d) | 10,332,600 | | 316,219,878 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 5,339,200 | | 13,955 |
TOTAL BELGIUM | | 316,233,833 |
Bermuda - 0.6% |
Clear Media Ltd. (a) | 22,325,000 | | 6,733,395 |
Covidien Ltd. | 1,950,000 | | 64,311,000 |
Huabao International Holdings Ltd. | 21,290,000 | | 15,048,901 |
Seadrill Ltd. | 8,625,000 | | 92,038,617 |
TOTAL BERMUDA | | 178,131,913 |
Brazil - 0.9% |
BR Malls Participacoes SA (a) | 3,161,900 | | 23,682,262 |
Itau Unibanco Banco Multiplo SA ADR | 4,900,000 | | 67,277,000 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 1,300,000 | | 43,641,000 |
Redecard SA | 2,710,600 | | 34,146,656 |
Vivo Participacoes SA sponsored ADR | 5,000,000 | | 79,800,000 |
TOTAL BRAZIL | | 248,546,918 |
Canada - 6.4% |
Agnico-Eagle Mines Ltd. (Canada) | 896,500 | | 39,631,573 |
Barrick Gold Corp. | 1,286,600 | | 37,252,906 |
Canadian Imperial Bank of Commerce | 550,000 | | 24,691,808 |
Canadian Natural Resources Ltd. | 5,700,000 | | 262,775,613 |
Canadian Pacific Railway Ltd. | 2,900,000 | | 103,775,403 |
EnCana Corp. | 4,500,000 | | 206,247,643 |
Flint Energy Services Ltd. (a) | 1,000,000 | | 5,631,678 |
Niko Resources Ltd. (e) | 3,885,100 | | 196,623,666 |
Open Text Corp. (a) | 750,000 | | 24,701,446 |
OZ Optics Ltd. unit (a)(f) | 102,000 | | 481,440 |
Petro-Canada | 500,000 | | 15,780,432 |
Petrobank Energy & Resources Ltd. (a)(e) | 5,475,000 | | 117,690,132 |
Research In Motion Ltd. (a) | 2,900,000 | | 201,550,012 |
Rogers Communications, Inc. Class B (non-vtg.) | 2,250,000 | | 55,285,984 |
Royal Bank of Canada | 700,000 | | 24,814,582 |
Shoppers Drug Mart Corp. | 600,000 | | 21,697,046 |
Silver Wheaton Corp. (a) | 4,408,000 | | 33,801,131 |
Sun Life Financial, Inc. | 1,200,000 | | 28,057,825 |
Suncor Energy, Inc. | 8,400,000 | | 211,399,120 |
Toronto-Dominion Bank | 600,000 | | 23,683,218 |
Trican Well Service Ltd. (e) | 7,425,000 | | 57,184,790 |
|
| Shares | | Value |
Ultra Petroleum Corp. (a) | 1,000,000 | | $ 42,800,000 |
Westernzagros Resources Ltd. (a) | 7,000,000 | | 4,634,402 |
Yamana Gold, Inc. | 2,945,900 | | 23,108,003 |
TOTAL CANADA | | 1,763,299,853 |
Cayman Islands - 0.0% |
China Medical Technologies, Inc. sponsored ADR | 300,000 | | 5,862,000 |
China - 0.2% |
China Coal Energy Co. Ltd. (H Shares) | 20,000,000 | | 17,069,033 |
China Shenhua Energy Co. Ltd. (H Shares) | 10,000,000 | | 27,648,178 |
Focus Media Holding Ltd. ADR (a)(d) | 2,300,000 | | 14,490,000 |
Global Bio-Chem Technology Group Co. Ltd. | 36,981,600 | | 5,020,510 |
TOTAL CHINA | | 64,227,721 |
Denmark - 1.2% |
Carlsberg AS Series B (d) | 1,589,433 | | 76,415,424 |
Genmab AS (a) | 750,000 | | 28,904,151 |
Novo Nordisk AS Series B | 3,346,800 | | 159,235,136 |
Vestas Wind Systems AS (a)(f) | 845,000 | | 55,756,012 |
TOTAL DENMARK | | 320,310,723 |
Finland - 0.4% |
Nokia Corp. sponsored ADR | 6,900,000 | | 97,566,000 |
Nokian Tyres PLC | 800,000 | | 12,630,287 |
TOTAL FINLAND | | 110,196,287 |
France - 7.7% |
Accor SA | 1,150,000 | | 48,645,472 |
Alstom SA | 1,562,270 | | 97,362,172 |
AXA SA sponsored ADR (d) | 9,000,000 | | 154,620,000 |
BNP Paribas SA | 2,264,876 | | 119,200,184 |
Bouygues SA (d) | 2,600,000 | | 110,886,235 |
Cap Gemini SA (d) | 6,300,000 | | 235,433,091 |
Carrefour SA (d) | 1,000,000 | | 40,536,253 |
CNP Assurances (d) | 400,000 | | 31,529,883 |
Credit Agricole SA | 82,000 | | 1,198,649 |
Danone | 599,550 | | 28,511,029 |
Dassault Aviation SA (d) | 36,265 | | 14,682,014 |
Electricite de France | 850,000 | | 39,362,229 |
Essilor International SA | 2,100,000 | | 90,452,954 |
Financiere Marc de Lacharriere SA (Fimalac) | 1,350,000 | | 63,991,716 |
GDF Suez (d) | 3,239,000 | | 115,560,206 |
L'Air Liquide SA | 14,500 | | 1,179,532 |
LVMH Moet Hennessy - Louis Vuitton | 900,000 | | 67,930,917 |
Neopost SA | 600,000 | | 50,795,910 |
Nexans SA | 500,406 | | 23,177,302 |
Pernod Ricard SA | 2,350,000 | | 138,770,858 |
Pernod Ricard SA rights 4/29/09 (a) | 2,350,000 | | 10,030,278 |
PPR SA (d) | 2,300,000 | | 176,163,251 |
Renault SA | 1,028,200 | | 32,960,221 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Sanofi-Aventis (d) | 1,150,000 | | $ 66,055,290 |
Schneider Electric SA (d) | 500,000 | | 38,039,149 |
Societe Generale Series A | 1,534,100 | | 78,384,842 |
Total SA Series B | 3,545,300 | | 177,344,818 |
Vallourec SA | 14,900 | | 1,628,163 |
Vivendi (d) | 2,500,000 | | 67,204,844 |
TOTAL FRANCE | | 2,121,637,462 |
Germany - 7.7% |
adidas AG (d) | 2,150,000 | | 80,416,062 |
Allianz AG sponsored ADR (d) | 16,000,000 | | 144,960,000 |
BASF AG (d) | 1,922,500 | | 71,781,297 |
Bayer AG (d) | 2,520,860 | | 123,904,413 |
Bayerische Motoren Werke AG (BMW) | 1,522,600 | | 52,233,586 |
Daimler AG (Reg.) | 1,018,000 | | 36,344,009 |
Deutsche Bank AG | 30,100 | | 1,578,171 |
Deutsche Boerse AG | 760,400 | | 55,649,959 |
E.ON AG (d) | 13,266,740 | | 444,546,250 |
Fresenius Medical Care AG & Co. KGaA (d) | 2,182,700 | | 84,862,482 |
Fresenius SE (d) | 3,000,000 | | 122,950,988 |
GEA Group AG | 4,500,000 | | 58,574,227 |
GFK AG | 1,600,000 | | 37,136,217 |
K&S AG | 10,350 | | 616,117 |
Linde AG | 2,715,100 | | 214,069,043 |
Munich Re Group (Reg.) (d) | 1,500,000 | | 205,107,810 |
RWE AG (d) | 1,190,000 | | 84,897,474 |
SAP AG | 500,000 | | 19,044,758 |
Siemens AG: | | | |
(Reg.) | 27,000 | | 1,807,189 |
sponsored ADR (d) | 3,700,300 | | 247,661,079 |
Volkswagen AG | 100,000 | | 31,264,418 |
TOTAL GERMANY | | 2,119,405,549 |
Hong Kong - 0.9% |
China Mobile (Hong Kong) Ltd. sponsored ADR | 1,350,000 | | 58,266,000 |
China Unicom (Hong Kong) Ltd. sponsored ADR | 1,750,000 | | 20,247,500 |
Esprit Holdings Ltd. | 7,000,000 | | 42,890,732 |
Hong Kong Exchange & Clearing Ltd. | 2,000,000 | | 23,036,762 |
Hutchison Whampoa Ltd. | 10,000,000 | | 58,899,658 |
Li & Fung Ltd. | 5,000,000 | | 14,047,066 |
Sun Hung Kai Properties Ltd. | 3,000,000 | | 31,013,267 |
TOTAL HONG KONG | | 248,400,985 |
India - 2.0% |
Bharti Airtel Ltd. (a) | 5,100,000 | | 77,728,879 |
HDFC Bank Ltd. | 400,000 | | 8,923,456 |
Infosys Technologies Ltd. | 5,800,000 | | 177,463,830 |
Reliance Industries Ltd. | 4,500,000 | | 164,933,016 |
Satyam Computer Services Ltd. | 18,000,000 | | 17,050,769 |
|
| Shares | | Value |
State Bank of India | 4,000,000 | | $ 103,877,211 |
Union Bank of India | 1,500,000 | | 4,989,948 |
TOTAL INDIA | | 554,967,109 |
Indonesia - 0.2% |
PT Indosat Tbk sponsored ADR | 1,198,644 | | 31,224,676 |
PT Perusahaan Gas Negara Tbk
Series B | 130,000,000 | | 31,811,884 |
TOTAL INDONESIA | | 63,036,560 |
Ireland - 1.2% |
CRH PLC | 5,808,713 | | 150,969,472 |
Ryanair Holdings PLC sponsored ADR (a)(d) | 6,225,000 | | 170,253,750 |
TOTAL IRELAND | | 321,223,222 |
Israel - 0.3% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,600,000 | | 70,224,000 |
Italy - 2.7% |
A2A SpA | 10,000,000 | | 16,432,531 |
ENI SpA | 47,800 | | 1,025,475 |
ENI SpA sponsored ADR | 5,200,000 | | 221,988,000 |
Fiat SpA | 26,357,100 | | 257,608,849 |
Finmeccanica SpA | 110,500 | | 1,556,220 |
Impregilo SpA | 8,000,000 | | 22,642,277 |
Intesa Sanpaolo SpA | 34,486,700 | | 109,840,695 |
Prysmian SpA | 2,000,000 | | 24,312,191 |
UniCredit SpA | 31,000,000 | | 75,464,175 |
TOTAL ITALY | | 730,870,413 |
Japan - 15.4% |
Canon, Inc. sponsored ADR (d) | 7,150,000 | | 216,001,500 |
Daiichi Sankyo Kabushiki Kaisha | 3,093,600 | | 51,741,012 |
Daiwa Securities Group, Inc. | 6,000,000 | | 31,441,064 |
Denso Corp. | 5,875,900 | | 138,934,842 |
East Japan Railway Co. | 1,350,000 | | 76,090,893 |
FamilyMart Co. Ltd. | 2,000,000 | | 55,048,866 |
Fanuc Ltd. | 1,700,000 | | 122,706,887 |
Fast Retailing Co. Ltd. | 400,000 | | 42,050,296 |
Honda Motor Co. Ltd. | 5,000,000 | | 146,571,804 |
Hoya Corp. | 1,999,500 | | 34,696,540 |
Ibiden Co. Ltd. | 1,000,000 | | 29,249,992 |
Japan Tobacco, Inc. | 35,575 | | 89,401,033 |
JSR Corp. | 4,000,000 | | 48,749,955 |
Kao Corp. | 1,300,000 | | 24,320,357 |
Keyence Corp. | 880,000 | | 155,444,310 |
Konica Minolta Holdings, Inc. | 6,500,000 | | 53,707,181 |
Kubota Corp. | 8,000,000 | | 48,095,662 |
Kyocera Corp. | 813,700 | | 63,211,562 |
Mitsubishi Corp. | 8,500,000 | | 130,843,512 |
Mitsubishi Estate Co. Ltd. | 3,500,000 | | 45,760,624 |
Mitsubishi UFJ Financial Group, Inc. | 62,250,000 | | 339,651,631 |
Mitsui & Co. Ltd. | 12,250,000 | | 129,963,332 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Mitsui Fudosan Co. Ltd. | 2,500,000 | | $ 31,464,129 |
Murata Manufacturing Co. Ltd. | 2,480,800 | | 100,568,902 |
NGK Insulators Ltd. | 5,500,000 | | 84,370,813 |
Nikon Corp. | 4,300,000 | | 57,003,417 |
Nintendo Co. Ltd. | 280,000 | | 75,375,999 |
Nippon Telegraph & Telephone Corp. | 1,600,000 | | 60,304,089 |
Nitto Denko Corp. | 2,570,100 | | 59,875,034 |
Nomura Holdings, Inc. | 18,000,000 | | 108,649,481 |
NTT DoCoMo, Inc. | 30,000 | | 41,872,298 |
Omron Corp. | 2,382,000 | | 35,610,705 |
Promise Co. Ltd. | 1,500,000 | | 19,825,655 |
Rakuten, Inc. | 85,000 | | 43,254,274 |
Ricoh Co. Ltd. | 4,000,000 | | 49,468,043 |
ROHM Co. Ltd. | 1,451,100 | | 89,016,439 |
Sankyo Co. Ltd. (Gunma) | 1,100,000 | | 55,814,849 |
Seven & i Holdings Co., Ltd. | 4,500,000 | | 101,710,638 |
Sharp Corp. | 5,894,000 | | 62,077,990 |
Shin-Etsu Chemical Co., Ltd. | 500,000 | | 24,307,557 |
Sony Corp. sponsored ADR | 2,000,000 | | 51,720,000 |
Sony Financial Holdings, Inc. | 38,379 | | 120,779,610 |
Sumitomo Corp. | 5,000,000 | | 43,533,691 |
Sumitomo Metal Industries Ltd. | 12,500,000 | | 29,289,084 |
Sumitomo Mitsui Financial Group, Inc. | 4,500,000 | | 156,104,860 |
TDK Corp. | 1,476,700 | | 67,361,813 |
THK Co. Ltd. | 5,000,000 | | 69,360,942 |
Tokai Carbon Co. Ltd. | 6,000,000 | | 26,913,974 |
Tokyo Electron Ltd. | 900,000 | | 41,167,065 |
Toyota Motor Corp. sponsored ADR (d) | 5,400,000 | | 427,464,000 |
Yahoo! Japan Corp. (d) | 100,000 | | 24,969,756 |
TOTAL JAPAN | | 4,232,917,962 |
Korea (South) - 1.3% |
Amorepacific Corp. | 139,531 | | 74,678,600 |
LG Household & Health Care Ltd. | 200,000 | | 27,621,297 |
NHN Corp. (a) | 1,000,000 | | 121,674,552 |
Samsung Electronics Co. Ltd. | 280,000 | | 129,702,724 |
TOTAL KOREA (SOUTH) | | 353,677,173 |
Luxembourg - 0.5% |
ArcelorMittal SA (NY Shares) Class A | 1,750,000 | | 41,265,000 |
SES SA FDR (France) unit | 5,630,000 | | 101,604,441 |
TOTAL LUXEMBOURG | | 142,869,441 |
Malaysia - 0.1% |
DiGi.com Bhd | 6,500,000 | | 40,716,292 |
Mexico - 0.6% |
America Movil SAB de CV Series L sponsored ADR | 2,925,000 | | 96,086,250 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 3,700,000 | | 57,276,000 |
TOTAL MEXICO | | 153,362,250 |
|
| Shares | | Value |
Netherlands - 0.8% |
Akzo Nobel NV | 755,800 | | $ 31,599,316 |
Gemalto NV (a) | 1,700,000 | | 53,514,277 |
Koninklijke KPN NV | 8,702,900 | | 104,601,299 |
Unilever NV (Certificaten Van Aandelen) | 2,000,000 | | 39,564,359 |
TOTAL NETHERLANDS | | 229,279,251 |
Netherlands Antilles - 0.5% |
Schlumberger Ltd. (NY Shares) | 2,890,200 | | 141,590,898 |
Norway - 0.6% |
DnB Nor ASA | 6,475,200 | | 40,297,133 |
Pronova BioPharma ASA (a) | 13,141,107 | | 32,959,719 |
Telenor ASA | 13,000,000 | | 80,835,986 |
TOTAL NORWAY | | 154,092,838 |
Papua New Guinea - 0.5% |
Lihir Gold Ltd. (a) | 66,000,000 | | 143,965,800 |
Russia - 0.0% |
Lukoil Oil Co. sponsored ADR | 17,000 | | 750,040 |
South Africa - 0.7% |
Impala Platinum Holdings Ltd. | 7,000,000 | | 133,788,744 |
MTN Group Ltd. | 4,500,000 | | 58,441,606 |
TOTAL SOUTH AFRICA | | 192,230,350 |
Spain - 4.0% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 2,641,935 | | 28,585,737 |
Banco Santander SA | 150,000 | | 1,425,149 |
Banco Santander SA sponsored ADR (d) | 9,700,000 | | 88,755,000 |
Enagas SA | 5,000,649 | | 86,917,637 |
Grupo Acciona SA | 290,000 | | 29,641,546 |
Grupo Ferrovial SA | 2,300,000 | | 66,677,924 |
Iberdrola SA | 7,000,000 | | 55,109,106 |
Inditex SA | 3,400,000 | | 144,930,011 |
Red Electrica Corporacion SA | 1,700,000 | | 71,130,510 |
Repsol YPF SA | 13,200 | | 250,835 |
Telefonica SA | 27,546,700 | | 521,765,288 |
TOTAL SPAIN | | 1,095,188,743 |
Sweden - 0.4% |
Assa Abloy AB (B Shares) | 2,499,600 | | 29,423,234 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 2,867,000 | | 27,638,452 |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) | 4,700,000 | | 40,091,000 |
TOTAL SWEDEN | | 97,152,686 |
Switzerland - 11.3% |
ABB Ltd. (Reg.) | 4,155,221 | | 58,807,271 |
Actelion Ltd. (Reg.) (a) | 4,327,040 | | 197,086,710 |
Alcon, Inc. | 1,400,000 | | 128,814,000 |
ARYZTA AG (a) | 2,000,000 | | 57,911,490 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Compagnie Financiere Richemont
Series A | 50,000 | | $ 894,845 |
Credit Suisse Group (Reg.) | 1,500,000 | | 57,421,548 |
Geberit AG (Reg.) | 8,500 | | 905,651 |
Julius Baer Holding Ltd. | 923,741 | | 30,295,073 |
Kuehne & Nagel International AG | 1,200,000 | | 90,165,474 |
Lonza Group AG | 613,900 | | 56,303,252 |
Nestle SA (Reg.) | 20,121,121 | | 655,710,425 |
Nobel Biocare Holding AG (Switzerland) | 1,600,000 | | 32,609,363 |
Novartis AG: | | | |
(Reg.) | 22,805 | | 862,904 |
sponsored ADR | 4,350,000 | | 164,908,500 |
Roche Holding AG (participation certificate) | 3,312,277 | | 417,582,054 |
Schindler Holding AG (Reg.) | 1,300,000 | | 67,198,980 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 132,800 | | 148,885,125 |
Sonova Holding AG | 2,300,000 | | 148,786,318 |
Sulzer AG (Reg.) | 885,300 | | 48,103,813 |
Swiss Reinsurance Co. (Reg.) | 28,500 | | 676,330 |
Syngenta AG: | | | |
sponsored ADR | 3,000,000 | | 127,950,000 |
(Switzerland) | 7,420 | | 1,583,683 |
Tecan Group AG (e) | 1,100,000 | | 34,930,201 |
Transocean Ltd. (a) | 1,400,000 | | 94,472,000 |
UBS AG (NY Shares) | 15,000,000 | | 204,600,000 |
Zurich Financial Services AG (Reg.) | 1,502,143 | | 279,070,670 |
TOTAL SWITZERLAND | | 3,106,535,680 |
Taiwan - 0.6% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 30,000,000 | | 86,581,007 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 8,000,000 | | 84,560,000 |
TOTAL TAIWAN | | 171,141,007 |
United Kingdom - 17.3% |
Aberdeen Asset Management PLC | 11,000,000 | | 21,323,818 |
AstraZeneca PLC (United Kingdom) | 4,800,000 | | 168,011,052 |
BAE Systems PLC | 5,652,600 | | 29,722,968 |
Barclays PLC | 12,900,000 | | 52,355,606 |
Bellway PLC | 2,450,000 | | 25,801,854 |
BG Group PLC | 7,657,000 | | 122,220,174 |
BHP Billiton PLC | 4,093,000 | | 84,918,373 |
Bovis Homes Group PLC (e) | 7,250,000 | | 49,080,936 |
BP PLC sponsored ADR | 4,003,300 | | 169,980,118 |
British American Tobacco PLC: | | | |
(United Kingdom) | 1,344,200 | | 32,405,702 |
sponsored ADR | 4,830,000 | | 234,834,600 |
British Land Co. PLC | 6,468,000 | | 40,797,441 |
Cadbury PLC | 9,000,000 | | 67,270,819 |
Capita Group PLC | 23,500,451 | | 236,858,081 |
Centrica PLC | 3,437,500 | | 11,488,506 |
|
| Shares | | Value |
easyJet PLC (a)(e) | 29,000,000 | | $ 134,765,321 |
Experian PLC | 16,500,000 | | 108,606,090 |
HSBC Holdings PLC: | | | |
(United Kingdom) (Reg.) | 345,271 | | 2,454,461 |
sponsored ADR (d) | 10,050,000 | | 357,780,000 |
Imperial Tobacco Group PLC | 5,696,600 | | 129,926,274 |
Inchcape PLC (d) | 121,790,000 | | 28,241,383 |
Informa PLC (e) | 27,000,000 | | 117,965,087 |
International Power PLC | 22,504,800 | | 82,212,545 |
Johnson Matthey PLC | 1,000,000 | | 17,652,031 |
Kingfisher PLC | 15,000,000 | | 40,817,990 |
Man Group PLC | 40,300,000 | | 148,903,514 |
Marks & Spencer Group PLC | 5,000,000 | | 24,761,985 |
Misys PLC | 15,000,355 | | 30,604,504 |
National Grid PLC | 8,000,000 | | 66,442,685 |
NEXT PLC | 1,500,000 | | 35,864,068 |
Pearson PLC | 7,000,000 | | 72,203,452 |
Persimmon PLC (d) | 4,200,000 | | 23,417,602 |
Prudential PLC | 15,300,000 | | 87,906,512 |
Reckitt Benckiser Group PLC | 9,540,500 | | 374,373,583 |
Redrow PLC | 4,650,000 | | 13,690,327 |
Rio Tinto PLC: | | | |
(Reg.) | 59,500 | | 2,416,660 |
sponsored ADR (d) | 1,000,000 | | 162,950,000 |
Royal Dutch Shell PLC: | | | |
Class A (United Kingdom) | 161,000 | | 3,705,258 |
Class A sponsored ADR | 1,900,000 | | 86,792,000 |
Class B ADR | 2,150,000 | | 97,825,000 |
SSL International PLC | 1,500,000 | | 10,512,450 |
Standard Chartered PLC (United Kingdom) | 10,129,600 | | 156,639,105 |
Tesco PLC | 59,000,000 | | 292,224,983 |
Vodafone Group PLC | 725,000 | | 1,332,029 |
Vodafone Group PLC sponsored ADR | 29,000,000 | | 532,150,000 |
Wolseley PLC | 2,027,000 | | 36,340,216 |
WPP PLC | 10,000,000 | | 68,393,760 |
Xstrata PLC | 7,500,000 | | 66,096,406 |
TOTAL UNITED KINGDOM | | 4,763,037,329 |
United States of America - 5.8% |
Allergan, Inc. | 3,350,000 | | 156,311,000 |
American Capital Ltd. | 1,937,926 | | 5,988,191 |
AMETEK, Inc. | 900,000 | | 28,989,000 |
Bank of New York Mellon Corp. | 1,977,700 | | 50,391,796 |
Baxter International, Inc. | 550,000 | | 26,675,000 |
C.R. Bard, Inc. | 900,000 | | 64,467,000 |
Coach, Inc. | 2,512,500 | | 61,556,250 |
Cummins, Inc. | 1,100,000 | | 37,400,000 |
Danaher Corp. | 450,000 | | 26,298,000 |
Express Scripts, Inc. (a) | 650,000 | | 41,580,500 |
Goldman Sachs Group, Inc. | 1,178,000 | | 151,373,000 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Google, Inc. Class A (sub. vtg.) (a) | 306,800 | | $ 121,483,596 |
Henry Schein, Inc. (a) | 900,000 | | 36,936,000 |
JPMorgan Chase & Co. | 4,434,900 | | 146,351,700 |
Medco Health Solutions, Inc. (a) | 800,000 | | 34,840,000 |
Morgan Stanley | 3,290,400 | | 77,785,056 |
Newmont Mining Corp. | 1,000,000 | | 40,240,000 |
Philip Morris International, Inc. | 4,000,000 | | 144,800,000 |
PNC Financial Services Group, Inc. | 992,600 | | 39,406,220 |
Synthes, Inc. | 1,129,968 | | 114,295,871 |
Titanium Metals Corp. (d) | 2,000,000 | | 13,580,000 |
Visa, Inc. | 1,800,000 | | 116,928,000 |
Wells Fargo & Co. | 2,531,180 | | 50,648,912 |
TOTAL UNITED STATES OF AMERICA | | 1,588,325,092 |
TOTAL COMMON STOCKS (Cost $30,335,931,663) | 26,619,677,955 |
Preferred Stocks - 0.4% |
| | | |
Convertible Preferred Stocks - 0.0% |
Canada - 0.0% |
MetroPhotonics, Inc. Series 2 (a)(f) | 198,000 | | 2 |
Nonconvertible Preferred Stocks - 0.4% |
Germany - 0.2% |
Bayerische Motoren Werke AG (BMW) (non-vtg.) | 792,000 | | 16,477,942 |
Porsche Automobil Holding SE | 499,520 | | 35,636,963 |
TOTAL GERMANY | | 52,114,905 |
Italy - 0.2% |
Fiat SpA | 2,209,000 | | 12,666,777 |
Intesa Sanpaolo SpA | 22,000,000 | | 48,845,177 |
TOTAL ITALY | | 61,511,954 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 113,626,859 |
TOTAL PREFERRED STOCKS (Cost $201,983,143) | 113,626,861 |
Government Obligations - 0.1% |
| Principal Amount | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.18% to 0.29% 5/14/09 to 5/28/09
(Cost $14,498,294) | | $ 14,500,000 | | 14,499,761 |
Money Market Funds - 9.9% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 653,110,639 | | $ 653,110,639 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 2,061,557,162 | | 2,061,557,162 |
TOTAL MONEY MARKET FUNDS (Cost $2,714,667,801) | 2,714,667,801 |
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $33,267,080,901) | 29,462,472,378 |
NET OTHER ASSETS - (7.2)% | (1,974,292,130) |
NET ASSETS - 100% | $ 27,488,180,248 |
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 $56,237,454 or 0.2% 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 |
Vestas Wind Systems AS | 4/29/09 | $ 48,547,670 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 7,200,999 |
Fidelity Securities Lending Cash Central Fund | 9,172,911 |
Total | $ 16,373,910 |
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 |
Bovis Homes Group PLC | $ 36,892,190 | $ 2,746,800 | $ - | $ - | $ 49,080,936 |
easyJet PLC | 149,638,996 | 4,142,767 | 8,126,292 | - | 134,765,321 |
European Capital Ltd. | 13,349,451 | - | - | - | - |
Flint Energy Services Ltd. | 20,173,329 | - | 11,966,493 | - | - |
Informa PLC | 91,463,882 | - | - | - | 117,965,087 |
Niko Resources Ltd. | 194,858,186 | - | 28,014,495 | 187,160 | 196,623,666 |
Petrobank Energy & Resources Ltd. | 89,650,025 | 13,088,112 | - | - | 117,690,132 |
Tecan Group AG | 49,374,624 | - | - | 730,944 | 34,930,201 |
Trican Well Service Ltd. | 69,582,435 | - | - | 258,213 | 57,184,790 |
Total | $ 714,983,118 | $ 19,977,679 | $ 48,107,280 | $ 1,176,317 | $ 708,240,133 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 29,462,472,378 | $ 12,541,135,737 | $ 16,920,855,199 | $ 481,442 |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 16,942,832 |
Total Realized Gain (Loss) | (72,993,522) |
Total Unrealized Gain (Loss) | 69,036,260 |
Cost of Purchases | - |
Proceeds of Sales | (12,504,128) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ 481,442 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the Fund had a capital loss carryforward of approximately $956,782,987 all of which will expire on October 31, 2016. |
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, 2009 |
Assets | | |
Investment in securities, at value (including securities loaned of $2,004,722,035) - See accompanying schedule: Unaffiliated issuers (cost $29,297,576,088) | $ 26,039,564,444 | |
Fidelity Central Funds (cost $2,714,667,801) | 2,714,667,801 | |
Other affiliated issuers (cost $1,254,837,012) | 708,240,133 | |
Total Investments (cost $33,267,080,901) | | $ 29,462,472,378 |
Foreign currency held at value (cost $14) | | 14 |
Receivable for investments sold | | 335,842,712 |
Receivable for fund shares sold | | 33,047,206 |
Dividends receivable | | 119,948,773 |
Distributions receivable from Fidelity Central Funds | | 5,327,939 |
Prepaid expenses | | 233,976 |
Other receivables | | 1,730,832 |
Total assets | | 29,958,603,830 |
| | |
Liabilities | | |
Payable for investments purchased | $ 334,506,403 | |
Payable for fund shares redeemed | 50,048,973 | |
Accrued management fee | 15,708,653 | |
Other affiliated payables | 6,530,476 | |
Other payables and accrued expenses | 2,071,915 | |
Collateral on securities loaned, at value | 2,061,557,162 | |
Total liabilities | | 2,470,423,582 |
| | |
Net Assets | | $ 27,488,180,248 |
Net Assets consist of: | | |
Paid in capital | | $ 36,863,613,209 |
Undistributed net investment income | | 175,752,318 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (5,744,787,135) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (3,806,398,144) |
Net Assets | | $ 27,488,180,248 |
Diversified International:
Net Asset Value, offering price and redemption price per share ($24,504,891,493 ÷ 1,167,775,505 shares) | | $ 20.98 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($2,983,288,755 ÷ 142,185,941 shares) | | $ 20.98 |
Statement of Operations
| Six months ended April 30, 2009 |
Investment Income | | |
Dividends (including $1,176,317 earned from other affiliated issuers) | | $ 376,844,069 |
Interest | | 55,380 |
Income from Fidelity Central Funds | | 16,373,910 |
| | 393,273,359 |
Less foreign taxes withheld | | (36,657,140) |
Total income | | 356,616,219 |
| | |
Expenses | | |
Management fee
Basic fee | $ 93,551,894 | |
Performance adjustment | (5,650,057) | |
Transfer agent fees | 38,219,708 | |
Accounting and security lending fees | 1,258,220 | |
Custodian fees and expenses | 2,047,960 | |
Independent trustees' compensation | 101,377 | |
Depreciation in deferred trustee compensation account | (184) | |
Registration fees | 102,877 | |
Audit | 113,202 | |
Legal | 87,553 | |
Miscellaneous | 281,503 | |
Total expenses before reductions | 130,114,053 | |
Expense reductions | (1,587,564) | 128,526,489 |
| | |
Net investment income (loss) | | 228,089,730 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (4,445,282,150) | |
Other affiliated issuers | (57,052,957) | |
Foreign currency transactions | 54,731,605 | |
Futures contracts | 2,433,055 | |
Total net realized gain (loss) | | (4,445,170,447) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 3,335,807,930 | |
Assets and liabilities in foreign currencies | (48,683,630) | |
Total change in net unrealized appreciation (depreciation) | | 3,287,124,300 |
Net gain (loss) | | (1,158,046,147) |
Net increase (decrease) in net assets resulting from operations | | $ (929,956,417) |
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,
2009 | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 228,089,730 | $ 752,597,206 |
Net realized gain (loss) | (4,445,170,447) | (1,222,596,476) |
Change in net unrealized appreciation (depreciation) | 3,287,124,300 | (27,541,183,667) |
Net increase (decrease) in net assets resulting from operations | (929,956,417) | (28,011,182,937) |
Distributions to shareholders from net investment income | (412,836,807) | (623,834,183) |
Distributions to shareholders from net realized gain | - | (3,411,186,315) |
Total distributions | (412,836,807) | (4,035,020,498) |
Share transactions - net increase (decrease) | (376,940,044) | 1,321,563,137 |
Redemption fees | 677,530 | 1,934,056 |
Total increase (decrease) in net assets | (1,719,055,738) | (30,722,706,242) |
| | |
Net Assets | | |
Beginning of period | 29,207,235,986 | 59,929,942,228 |
End of period (including undistributed net investment income of $175,752,318 and undistributed net investment income of $552,385,607, respectively) | $ 27,488,180,248 | $ 29,207,235,986 |
Financial Highlights - Diversified International
| Six months ended
April 30, | Years ended October 31, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 21.96 | $ 45.41 | $ 37.58 | $ 30.80 | $ 26.08 | $ 22.35 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .17 | .55 | .47 | .46 | .30 | .16 |
Net realized and unrealized gain (loss) | (.84) | (20.96) | 10.23 | 7.33 | 4.63 | 3.87 |
Total from investment operations | (.67) | (20.41) | 10.70 | 7.79 | 4.93 | 4.03 |
Distributions from net investment income | (.31) | (.47) | (.36) | (.28) | (.15) | (.30) |
Distributions from net realized gain | - | (2.57) | (2.51) | (.73) | (.06) | - |
Total distributions | (.31) | (3.04) | (2.87) | (1.01) | (.21) | (.30) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 20.98 | $ 21.96 | $ 45.41 | $ 37.58 | $ 30.80 | $ 26.08 |
Total Return B,C | (2.90)% | (48.04)% | 30.37% | 25.89% | 19.01% | 18.20% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.02% A | 1.04% | .93% | 1.01% | 1.10% | 1.15% |
Expenses net of fee waivers, if any | 1.02% A | 1.04% | .93% | 1.01% | 1.10% | 1.15% |
Expenses net of all reductions | 1.00% A | 1.02% | .91% | .97% | 1.07% | 1.12% |
Net investment income (loss) | 1.73% A | 1.53% | 1.20% | 1.32% | 1.02% | .66% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 24,504,891 | $ 28,274,961 | $ 59,929,942 | $ 43,965,189 | $ 29,637,193 | $ 19,902,063 |
Portfolio turnover rate F | 59% A | 49% | 51% | 59% | 41% | 55% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the 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 - Class K
| Six months ended
April 30, | Year ended
October 31, |
| 2009 | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 21.98 | $ 38.39 |
Income from Investment Operations | | |
Net investment income (loss) D | .19 | .16 |
Net realized and unrealized gain (loss) | (.83) | (16.57) |
Total from investment operations | (.64) | (16.41) |
Distributions from net investment income | (.36) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 20.98 | $ 21.98 |
Total Return B,C | (2.75)% | (42.75)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .77% A | .88% A |
Expenses net of fee waivers, if any | .77% A | .88% A |
Expenses net of all reductions | .75% A | .87% A |
Net investment income (loss) | 1.98% A | 1.45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,983,289 | $ 932,275 |
Portfolio turnover rate F | 59% A | 49% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009
1. Organization.
Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. After the commencement of Class K, the Fund began offering conversion privileges between Diversified International and Class K to eligible shareholders of Diversified International. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions 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. On January 15, 2009, the Board of Trustees of Fidelity Diversified International Fund approved the creation of an additional class of shares. The Fund will commence sale of shares of Class F on or about June 26, 2009.
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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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), 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, 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures and options transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 3,224,030,460 |
Unrealized depreciation | (7,157,766,666) |
Net unrealized appreciation (depreciation) | $ (3,933,736,206) |
Cost for federal income tax purposes | $ 33,396,208,584 |
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 Pronouncement. 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 reporting periods 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.
4. Operating Policies.
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. Losses may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts' terms. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a fund's custodian bank in accordance with the forward foreign currency agreement and, if required, is identified. The Fund could experience delays and costs in gaining access to the collateral even though it is held in the Fund's custodian bank.
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.
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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
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 $7,865,042,712 and $7,434,783,723, respectively.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Diversified International as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Diversified International | 37,689,238 | .31 |
Class K | 530,470 | .06 |
| $ 38,219,708 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $13,948 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $82,805 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 $9,172,911.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Diversified International operating expenses. During the period, this reimbursement reduced the Fund's expenses by $5,675.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,580,502 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
Semiannual Report
Notes to Financial Statements - continued
9. Expense Reductions - continued
period, these credits reduced the Fund's custody expenses by $55. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction |
Diversified International | $ 704 |
Class K | 628 |
Total | $ 1,332 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Diversified International | $ 394,538,604 | $ 623,834,183 |
Class K | 18,298,203 | - |
Total | $ 412,836,807 | $ 623,834,183 |
From net realized gain | | |
Diversified International | $ - | $ 3,411,186,315 |
A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Diversified International | | | | |
Shares sold | 145,742,639 | 306,179,666 | $ 2,859,261,444 | $ 10,595,590,795 |
Conversion to Class K | (94,364,077) | (43,282,557) | (1,839,040,793) | (933,288,874) |
Reinvestment of distributions | 20,012,396 | 95,512,855 | 380,636,705 | 3,896,924,337 |
Shares redeemed | (191,429,526) | (390,314,331) | (3,724,080,833) | (13,365,445,996) |
Net increase (decrease) | (120,038,568) | (31,904,367) | $ (2,323,223,477) | $ 193,780,262 |
Class K | | | | |
Shares sold | 16,406,130 | 1,216,070 | $ 319,032,817 | $ 245,180,524 |
Conversion from Diversified International | 94,417,311 | 43,251,317 | 1,839,040,793 | 933,288,874 |
Reinvestment of distributions | 963,570 | - | 18,298,203 | - |
Shares redeemed | (12,020,272) | (2,048,185) | (230,088,380) | (50,686,523) |
Net increase (decrease) | 99,766,739 | 42,419,202 | $ 1,946,283,433 | $ 1,127,782,875 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2009, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the period ended October 31, 2008. 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, 2009, 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, 2009, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the period ended October 31, 2008, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 15, 2009
Semiannual Report
Investments
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
Fidelity Investments Japan Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
DIF-K-USAN-0609
1.863007.100
Fidelity®
Overseas
Fund -
Class K
Semiannual Report
April 30, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
Overseas
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Overseas | 1.03% | | | |
Actual | | $ 1,000.00 | $ 959.30 | $ 5.00 |
HypotheticalA | | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Class K | .78% | | | |
Actual | | $ 1,000.00 | $ 960.70 | $ 3.79 |
HypotheticalA | | $ 1,000.00 | $ 1,020.93 | $ 3.91 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Portfolio/Sector
Overseas
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United Kingdom | 23.2% | |
| Japan | 15.0% | |
| France | 14.3% | |
| Germany | 9.7% | |
| United States of America | 6.4% | |
| Switzerland | 6.3% | |
| Belgium | 5.5% | |
| Hong Kong | 4.2% | |
| Spain | 3.9% | |
| Other | 11.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom | 22.3% | |
| Japan | 16.0% | |
| France | 14.8% | |
| Germany | 10.2% | |
| Switzerland | 7.4% | |
| Hong Kong | 5.5% | |
| United States of America | 5.4% | |
| Italy | 4.3% | |
| Indonesia | 2.8% | |
| Other | 11.3% | |
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 | 95.6 | 99.0 |
Short-Term Investments and Net Other Assets | 4.4 | 1.0 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Anheuser-Busch InBev NV (Belgium, Beverages) | 5.5 | 0.0 |
China Unicom (Hong Kong) Ltd. sponsored ADR (Hong Kong, Diversified Telecommunication Services) | 3.3 | 4.7 |
Pernod Ricard SA (France, Beverages) | 2.9 | 3.3 |
Xstrata PLC (United Kingdom, Metals & Mining) | 2.0 | 0.0 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 2.0 | 1.1 |
Royal Dutch Shell PLC Class B ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.9 | 2.2 |
Deutsche Boerse AG (Germany, Diversified Financial Services) | 1.9 | 0.8 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.9 | 0.8 |
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining) | 1.8 | 1.2 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 1.4 |
| 24.9 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.2 | 19.2 |
Consumer Staples | 16.1 | 13.1 |
Telecommunication Services | 10.5 | 13.5 |
Consumer Discretionary | 10.1 | 10.5 |
Materials | 8.7 | 5.8 |
Health Care | 8.5 | 12.8 |
Energy | 7.6 | 8.2 |
Industrials | 6.6 | 5.4 |
Information Technology | 4.9 | 5.8 |
Utilities | 3.4 | 4.7 |
Semiannual Report
Overseas
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.6% |
| Shares | | Value |
Australia - 0.4% |
Qantas Airways Ltd. | 16,437,024 | | $ 23,663,693 |
Belgium - 5.5% |
Anheuser-Busch InBev NV (d) | 9,998,840 | | 306,005,452 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 6,312,640 | | 16,500 |
TOTAL BELGIUM | | 306,021,952 |
Bermuda - 0.9% |
Willis Group Holdings Ltd. | 1,706,200 | | 46,937,562 |
Brazil - 1.6% |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 1,055,900 | | 35,446,563 |
Vivo Participacoes SA sponsored ADR | 3,400,940 | | 54,279,002 |
TOTAL BRAZIL | | 89,725,565 |
Canada - 0.2% |
Harry Winston Diamond Corp. | 2,819,774 | | 11,839,152 |
Finland - 0.6% |
Nokia Corp. sponsored ADR (d) | 2,265,600 | | 32,035,584 |
France - 14.3% |
Accor SA | 374,000 | | 15,820,354 |
Alstom SA | 1,083,700 | | 67,537,228 |
AXA SA | 2,474,900 | | 41,571,491 |
BNP Paribas SA | 1,039,600 | | 54,714,038 |
Carrefour SA (d) | 1,299,300 | | 52,668,753 |
Compagnie de St. Gobain (d) | 990,084 | | 35,510,060 |
GDF Suez (d) | 1,055,000 | | 37,640,018 |
L'Oreal SA (d) | 273,200 | | 19,539,335 |
Lafarge SA (a)(d) | 115,056 | | 6,089,744 |
Lafarge SA (Bearer) (d) | 249,300 | | 14,063,880 |
Pernod Ricard SA (d) | 2,713,584 | | 160,241,013 |
Pernod Ricard SA rights 4/29/09 (a)(d) | 2,713,584 | | 11,582,128 |
PPR SA (d) | 510,700 | | 39,115,901 |
Sanofi-Aventis (d) | 896,900 | | 51,517,382 |
Societe Generale Series A | 666,400 | | 34,049,709 |
Sodexo SA ADR | 1,310,400 | | 62,637,120 |
Total SA Series B | 1,083,100 | | 54,179,385 |
Unibail-Rodamco | 252,500 | | 37,644,238 |
TOTAL FRANCE | | 796,121,777 |
Germany - 9.7% |
adidas AG (d) | 439,900 | | 16,453,500 |
Allianz AG (Reg.) (d) | 412,200 | | 37,344,221 |
BASF AG (d) | 939,900 | | 35,093,493 |
Bayer AG | 690,900 | | 33,958,871 |
Daimler AG | 1,983,400 | | 70,807,380 |
Deutsche Boerse AG | 1,454,983 | | 106,483,093 |
E.ON AG | 1,789,073 | | 59,948,841 |
Linde AG | 615,800 | | 48,552,067 |
Munich Re Group (Reg.) (d) | 268,376 | | 36,697,342 |
RWE AG | 155,000 | | 11,058,074 |
|
| Shares | | Value |
SAP AG | 1,812,300 | | $ 69,029,629 |
TUI AG (d) | 1,516,500 | | 16,518,961 |
TOTAL GERMANY | | 541,945,472 |
Hong Kong - 4.2% |
China Unicom (Hong Kong) Ltd. sponsored ADR (d) | 16,102,400 | | 186,304,768 |
Hutchison Whampoa Ltd. | 8,144,000 | | 47,967,882 |
TOTAL HONG KONG | | 234,272,650 |
Indonesia - 0.8% |
PT Indosat Tbk sponsored ADR (d) | 1,788,856 | | 46,599,699 |
Ireland - 0.3% |
CRH PLC | 637,100 | | 16,558,341 |
CRH PLC sponsored ADR | 50,000 | | 1,286,000 |
TOTAL IRELAND | | 17,844,341 |
Italy - 2.5% |
ENI SpA | 3,804,700 | | 81,623,976 |
ENI SpA sponsored ADR | 116,500 | | 4,973,385 |
Intesa Sanpaolo SpA | 10,040,200 | | 31,978,199 |
UniCredit SpA | 7,273,100 | | 17,705,113 |
TOTAL ITALY | | 136,280,673 |
Japan - 15.0% |
Bridgestone Corp. | 1,704,500 | | 25,413,442 |
Canon, Inc. sponsored ADR | 1,362,700 | | 41,167,167 |
Citizen Holdings Co. Ltd. | 3,576,000 | | 16,364,430 |
Daiichi Sankyo Kabushiki Kaisha | 2,456,800 | | 41,090,418 |
East Japan Railway Co. | 329,500 | | 18,571,814 |
Japan Tobacco, Inc. | 21,261 | | 53,429,525 |
JFE Holdings, Inc. | 631,500 | | 17,252,653 |
Komatsu Ltd. | 1,019,400 | | 12,721,598 |
Mazda Motor Corp. | 10,756,000 | | 26,791,603 |
Mitsubishi Corp. | 2,307,700 | | 35,523,244 |
Mitsubishi UFJ Financial Group, Inc. | 16,422,800 | | 89,606,920 |
Mitsui & Co. Ltd. | 4,308,400 | | 45,708,899 |
Nissan Motor Co. Ltd. | 4,242,500 | | 22,149,286 |
Nomura Holdings, Inc. | 7,960,900 | | 48,052,648 |
NTT DoCoMo, Inc. | 33,867 | | 47,269,637 |
Omron Corp. | 2,802,100 | | 41,891,165 |
Promise Co. Ltd. (d) | 1,229,500 | | 16,250,429 |
Ricoh Co. Ltd. | 3,932,000 | | 48,627,086 |
Sony Financial Holdings, Inc. | 7,256 | | 22,834,802 |
Sumitomo Mitsui Financial Group, Inc. | 908,500 | | 31,515,837 |
T&D Holdings, Inc. | 1,292,000 | | 38,637,335 |
THK Co. Ltd. | 1,291,500 | | 17,915,931 |
Toyota Motor Corp. sponsored ADR | 968,700 | | 76,682,292 |
TOTAL JAPAN | | 835,468,161 |
Luxembourg - 2.1% |
ArcelorMittal SA (NY Shares)
Class A (d) | 2,946,900 | | 69,487,902 |
Millicom International Cellular SA | 972,800 | | 47,141,888 |
TOTAL LUXEMBOURG | | 116,629,790 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.0% |
Akzo Nobel NV | 682,200 | | $ 28,522,167 |
Koninklijke Ahold NV | 2,450,000 | | 26,835,413 |
TOTAL NETHERLANDS | | 55,357,580 |
Netherlands Antilles - 0.5% |
Schlumberger Ltd. (NY Shares) | 564,000 | | 27,630,360 |
Russia - 0.6% |
Vimpel Communications sponsored ADR | 3,557,200 | | 33,508,824 |
Spain - 3.9% |
Banco Bilbao Vizcaya Argentaria SA | 1,677,019 | | 18,170,150 |
Gas Natural SDG SA Series E | 1,600,000 | | 25,363,826 |
Iberdrola SA | 6,714,100 | | 52,858,292 |
Repsol YPF SA sponsored ADR | 2,565,100 | | 48,326,484 |
Telefonica SA | 254,900 | | 4,828,091 |
Telefonica SA sponsored ADR | 1,183,100 | | 66,596,699 |
TOTAL SPAIN | | 216,143,542 |
Switzerland - 6.3% |
Actelion Ltd. (Reg.) (a) | 887,356 | | 40,417,023 |
Nestle SA (Reg.) | 2,855,330 | | 93,049,968 |
Novartis AG sponsored ADR | 1,060,800 | | 40,214,928 |
Roche Holding AG (participation certificate) | 717,507 | | 90,456,821 |
Sonova Holding AG | 349,830 | | 22,630,399 |
UBS AG (For. Reg.) | 2,805,320 | | 38,525,129 |
Zurich Financial Services AG (Reg.) | 123,661 | | 22,973,950 |
TOTAL SWITZERLAND | | 348,268,218 |
United Kingdom - 23.2% |
BAE Systems PLC | 7,236,300 | | 38,050,510 |
Barclays PLC | 11,547,500 | | 46,866,385 |
BG Group PLC | 2,687,800 | | 42,902,362 |
British Land Co. PLC | 6,353,300 | | 40,073,961 |
British Sky Broadcasting Group PLC (BSkyB) | 3,495,900 | | 24,878,021 |
Experian PLC | 4,923,800 | | 32,409,374 |
GlaxoSmithKline PLC | 4,056,300 | | 62,456,680 |
HSBC Holdings PLC: | | | |
(United Kingdom) (Reg.) | 1,831,183 | | 13,017,504 |
sponsored ADR (d) | 2,726,085 | | 97,048,626 |
Imperial Tobacco Group PLC | 2,989,200 | | 68,176,740 |
ITV PLC | 35,006,000 | | 16,430,169 |
Kingfisher PLC | 9,805,600 | | 26,682,992 |
Lloyds TSB Group PLC | 18,163,000 | | 29,449,417 |
Misys PLC | 11,932,200 | | 24,344,695 |
Pearson PLC | 1,592,900 | | 16,430,411 |
Prudential PLC | 2,389,100 | | 13,726,631 |
Rexam PLC | 4,242,700 | | 19,645,004 |
|
| Shares | | Value |
Rio Tinto PLC (Reg.) | 2,492,000 | | $ 101,215,389 |
Royal Dutch Shell PLC Class B ADR (d) | 2,352,000 | | 107,016,000 |
Shire PLC | 3,014,000 | | 37,672,165 |
Smith & Nephew PLC | 2,276,900 | | 16,013,453 |
Standard Chartered PLC (United Kingdom) | 2,748,332 | | 42,498,841 |
Unilever PLC | 3,260,700 | | 63,467,178 |
Vodafone Group PLC sponsored ADR | 5,795,700 | | 106,351,095 |
William Hill PLC (d) | 18,402,400 | | 59,067,512 |
WPP PLC | 4,879,500 | | 33,372,735 |
Xstrata PLC | 12,651,700 | | 111,497,587 |
TOTAL UNITED KINGDOM | | 1,290,761,437 |
United States of America - 2.0% |
Allergan, Inc. | 324,400 | | 15,136,504 |
Baxter International, Inc. | 431,900 | | 20,947,150 |
Estee Lauder Companies, Inc. Class A | 1,261,300 | | 37,712,870 |
Hess Corp. | 340,800 | | 18,672,432 |
Markel Corp. (a) | 65,800 | | 18,884,600 |
TOTAL UNITED STATES OF AMERICA | | 111,353,556 |
TOTAL COMMON STOCKS (Cost $5,864,965,734) | 5,318,409,588 |
Money Market Funds - 20.7% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 213,415,758 | | 213,415,758 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 939,464,237 | | 939,464,237 |
TOTAL MONEY MARKET FUNDS (Cost $1,152,879,995) | 1,152,879,995 |
TOTAL INVESTMENT PORTFOLIO - 116.3% (Cost $7,017,845,729) | | 6,471,289,583 |
NET OTHER ASSETS - (16.3)% | | (908,260,568) |
NET ASSETS - 100% | $ 5,563,029,015 |
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 | $ 1,040,469 |
Fidelity Securities Lending Cash Central Fund | 2,266,699 |
Total | $ 3,307,168 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 6,471,289,583 | $ 2,602,215,724 | $ 3,869,073,859 | $ - |
Income Tax Information |
At October 31, 2008, the Fund had a capital loss carryforward of approximately $859,201,568 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Overseas
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $904,910,497) - See accompanying schedule: Unaffiliated issuers (cost $5,864,965,734) | $ 5,318,409,588 | |
Fidelity Central Funds (cost $1,152,879,995) | 1,152,879,995 | |
Total Investments (cost $7,017,845,729) | | $ 6,471,289,583 |
Cash | | 41,889 |
Foreign currency held at value (cost $25) | | 29 |
Receivable for investments sold | | 45,761,813 |
Receivable for fund shares sold | | 5,360,032 |
Dividends receivable | | 26,291,999 |
Distributions receivable from Fidelity Central Funds | | 1,217,258 |
Prepaid expenses | | 43,513 |
Other affiliated receivables | | 321 |
Other receivables | | 577,730 |
Total assets | | 6,550,584,167 |
| | |
Liabilities | | |
Payable for investments purchased | $ 41,130,368 | |
Payable for fund shares redeemed | 2,356,185 | |
Accrued management fee | 3,010,177 | |
Other affiliated payables | 1,423,197 | |
Other payables and accrued expenses | 170,988 | |
Collateral on securities loaned, at value | 939,464,237 | |
Total liabilities | | 987,555,152 |
| | |
Net Assets | | $ 5,563,029,015 |
Net Assets consist of: | | |
Paid in capital | | $ 8,599,552,387 |
Undistributed net investment income | | 32,237,172 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,522,137,753) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (546,622,791) |
Net Assets | | $ 5,563,029,015 |
Overseas:
Net Asset Value, offering price and redemption price per share ($5,276,761,214 ÷ 219,879,111 shares) | | $ 24.00 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($286,267,801 ÷ 11,929,937 shares) | | $ 24.00 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 82,808,955 |
Interest | | 45,510 |
Income from Fidelity Central Funds | | 3,307,168 |
| | 86,161,633 |
Less foreign taxes withheld | | (7,327,872) |
Total income | | 78,833,761 |
| | |
Expenses | | |
Management fee
Basic fee | $ 18,360,377 | |
Performance adjustment | (1,285,711) | |
Transfer agent fees | 7,688,093 | |
Accounting and security lending fees | 799,918 | |
Custodian fees and expenses | 297,914 | |
Independent trustees' compensation | 19,521 | |
Depreciation in deferred trustee compensation account | (1,344) | |
Registration fees | 40,470 | |
Audit | 56,375 | |
Legal | 15,467 | |
Miscellaneous | 102,544 | |
Total expenses before reductions | 26,093,624 | |
Expense reductions | (721,476) | 25,372,148 |
Net investment income (loss) | | 53,461,613 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (1,617,769,397) | |
Foreign currency transactions | 718,510 | |
Total net realized gain (loss) | | (1,617,050,887) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,358,134,100 | |
Assets and liabilities in foreign currencies | 67,426 | |
Total change in net unrealized appreciation (depreciation) | | 1,358,201,526 |
Net gain (loss) | | (258,849,361) |
Net increase (decrease) in net assets resulting from operations | | $ (205,387,748) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 53,461,613 | $ 108,130,289 |
Net realized gain (loss) | (1,617,050,887) | (902,937,259) |
Change in net unrealized appreciation (depreciation) | 1,358,201,526 | (4,444,954,236) |
Net increase (decrease) in net assets resulting from operations | (205,387,748) | (5,239,761,206) |
Distributions to shareholders from net investment income | (81,536,915) | (93,919,303) |
Distributions to shareholders from net realized gain | - | (947,430,820) |
Total distributions | (81,536,915) | (1,041,350,123) |
Share transactions - net increase (decrease) | 340,719,434 | 2,246,479,755 |
Redemption fees | 56,076 | 456,294 |
Total increase (decrease) in net assets | 53,850,847 | (4,034,175,280) |
| | |
Net Assets | | |
Beginning of period | 5,509,178,168 | 9,543,353,448 |
End of period (including undistributed net investment income of $32,237,172 and undistributed net investment income of $101,205,874, respectively) | $ 5,563,029,015 | $ 5,509,178,168 |
Financial Highlights - Overseas
| Six months ended April 30,2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.43 | $ 58.39 | $ 47.08 | $ 37.65 | $ 32.21 | $ 29.19 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .24 | .55 | .70 | .63 | .39 | .17 G |
Net realized and unrealized gain (loss) | (1.30) | (27.19) | 15.80 | 9.37 | 5.35 | 3.15 |
Total from investment operations | (1.06) | (26.64) | 16.50 | 10.00 | 5.74 | 3.32 |
Distributions from net investment income | (.37) | (.57) | (.55) | (.41) | (.19) | (.30) |
Distributions from net realized gain | - | (5.75) | (4.64) | (.16) | (.11) | - |
Total distributions | (.37) | (6.32) | (5.19) | (.57) | (.30) | (.30) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 24.00 | $ 25.43 | $ 58.39 | $ 47.08 | $ 37.65 | $ 32.21 |
Total Return B, C | (4.07)% | (50.88)% | 38.79% | 26.83% | 17.90% | 11.45% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.03% A | 1.13% | .95% | 1.00% | .93% | 1.05% |
Expenses net of fee waivers, if any | 1.03% A | 1.13% | .95% | 1.00% | .93% | 1.05% |
Expenses net of all reductions | 1.00% A | 1.10% | .91% | .90% | .86% | 1.01% |
Net investment income (loss) | 2.08% A | 1.33% | 1.43% | 1.43% | 1.11% | .55% G |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 5,276,761 | $ 5,464,901 | $ 9,543,353 | $ 7,217,287 | $ 4,733,797 | $ 4,182,103 |
Portfolio turnover rate F | 105% A | 113% | 87% | 132% | 87% | 79% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .52%. H Expense ratios reflect operating expenses of the 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 25.45 | $ 45.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .26 | .13 |
Net realized and unrealized gain (loss) | (1.29) | (19.68) |
Total from investment operations | (1.03) | (19.55) |
Distributions from net investment income | (.42) | - |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 24.00 | $ 25.45 |
Total Return B, C | (3.93)% | (43.44)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | .78% A | .96% A |
Expenses net of fee waivers, if any | .78% A | .96% A |
Expenses net of all reductions | .75% A | .93% A |
Net investment income (loss) | 2.33% A | 1.08% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 286,268 | $ 44,277 |
Portfolio turnover rate F | 105% A | 113% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 9, 2008 (commencement of sale of shares) to October 31, 2008. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. After the commencement of Class K, the Fund began offering conversion privileges between Overseas and Class K to eligible shareholders of Overseas. 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. The Fund's investments in emerging markets can be subject to social, economic, regulatory and political uncertainties and can be extremely volatile. On January 15, 2009, the Board of Trustees of Fidelity Overseas Fund approved the creation of an additional class of shares. The Fund will commence sale of shares of Class F on or about June 26, 2009.
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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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), 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, 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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), 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 | $ 548,170,338 |
Unrealized depreciation | (1,212,430,655) |
Net unrealized appreciation (depreciation) | $ (664,260,317) |
Cost for federal income tax purposes | $ 7,135,549,900 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $2,770,948,649 and $2,638,346,685, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Overseas, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Overseas | $ 7,628,294 | .31 |
Class K | 59,799 | .06 |
| $ 7,688,093 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $15,992 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $15,977 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $2,266,699.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Overseas operating expenses. During the period, this reimbursement reduced the Fund's expenses by $3,625.
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 $714,199 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 $3,645. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction |
Class K | $ 7 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Overseas | $ 78,759,206 | $ 93,919,303 |
Class K | 2,777,709 | - |
Total | $ 81,536,915 | $ 93,919,303 |
From net realized gain | | |
Overseas | $ - | $ 947,430,820 |
A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 A | Six months ended April 30,
2009 | Year ended
October 31,
2008 A |
Overseas | | | | |
Shares sold | 30,646,628 | 76,040,831 | $ 688,095,653 | $ 2,985,572,846 |
Conversion to Class K | (10,319,878) | (1,789,301) | (238,320,481) | (50,752,081) |
Reinvestment of distributions | 3,481,398 | 20,825,405 | 78,087,784 | 1,030,024,482 |
Shares redeemed | (18,804,961) | (43,642,881) | (422,998,538) | (1,767,850,377) |
Net increase (decrease) | 5,003,187 | 51,434,054 | $ 104,864,418 | $ 2,196,994,870 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 A | Six months ended April 30,
2009 | Year ended
October 31,
2008 A |
Class K | | | | |
Shares sold | 1,029,652 | 23,823 | $ 23,030,461 | $ 671,729 |
Conversion from Overseas | 10,320,533 | 1,787,998 | 238,320,481 | 50,752,081 |
Reinvestment of distributions | 123,950 | - | 2,777,709 | - |
Shares redeemed | (1,283,630) | (72,389) | (28,273,635) | (1,938,925) |
Net increase (decrease) | 10,190,505 | 1,739,432 | $ 235,855,016 | $ 49,484,885 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Fidelity Freedom 2020 Fund was the owner of record of approximately 12% of the total outstanding shares of the Fund. The Fidelity Freedom Funds were the owners of record, in the aggregate of approximately 51% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
Fidelity Investments Japan Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
OVE-K-USAN-0609
1.863321.100
Fidelity Advisor
Worldwide Fund
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2009
Class A, Class T, Class B, and Class C are
classes of Fidelity® Worldwide 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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
Worldwide
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees, 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009) for Worldwide and for the entire period (February 19, 2009 to April 30, 2009) for Class A, Class T, Class B, Class C and Institutional Class. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,125.90 | $ 3.10 B |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 C |
Class T | 1.74% | | | |
Actual | | $ 1,000.00 | $ 1,125.90 | $ 3.60 B |
HypotheticalA | | $ 1,000.00 | $ 1,016.17 | $ 8.70 C |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,125.00 | $ 4.65 B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 C |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,125.00 | $ 4.65 B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 C |
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Worldwide | 1.28% | | | |
Actual | | $ 1,000.00 | $ 928.00 | $ 6.12 B |
HypotheticalA | | $ 1,000.00 | $ 1,018.45 | $ 6.41 C |
Institutional Class | 1.23% | | | |
Actual | | $ 1,000.00 | $ 1,126.80 | $ 2.54 B |
HypotheticalA | | $ 1,000.00 | $ 1,018.70 | $ 6.16 C |
A 5% return per year before expenses
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Worldwide and multiplied by 71/365 (to reflect the period February 19, 2009 to April 30, 2009) for Class A, Class T, Class B, Class C and Institutional Class.
C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Worldwide
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United States of America | 47.8% | |
| Japan | 11.2% | |
| United Kingdom | 10.3% | |
| Germany | 5.3% | |
| France | 5.2% | |
| Switzerland | 5.1% | |
| Australia | 1.7% | |
| Netherlands | 1.4% | |
| China | 1.3% | |
| Other | 10.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United States of America | 54.0% | |
| United Kingdom | 11.6% | |
| Switzerland | 7.0% | |
| Japan | 6.9% | |
| Germany | 5.8% | |
| France | 2.9% | |
| Australia | 2.5% | |
| Spain | 1.9% | |
| Italy | 0.9% | |
| Other | 6.5% | |
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 and Equity Futures | 97.8 | 94.6 |
Bonds | 0.7 | 0.0 |
Short-Term Investments and Net Other Assets | 1.5 | 5.4 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services) | 2.3 | 2.2 |
Union Pacific Corp. (United States of America, Road & Rail) | 2.2 | 3.8 |
QUALCOMM, Inc. (United States of America, Communications Equipment) | 2.2 | 1.3 |
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels) | 2.2 | 0.0 |
JPMorgan Chase & Co. (United States of America, Diversified Financial Services) | 2.1 | 0.0 |
Apple, Inc. (United States of America, Computers & Peripherals) | 2.0 | 2.2 |
Gilead Sciences, Inc. (United States of America, Biotechnology) | 1.7 | 0.7 |
Temple-Inland, Inc. (United States of America, Containers & Packaging) | 1.6 | 0.0 |
Avnet, Inc. (United States of America, Electronic Equipment & Components) | 1.5 | 0.0 |
Oracle Corp. (United States of America, Software) | 1.3 | 2.0 |
| 19.1 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Information Technology | 19.7 | 12.6 |
Financials | 19.7 | 19.3 |
Consumer Discretionary | 12.0 | 8.9 |
Industrials | 9.4 | 8.9 |
Health Care | 8.7 | 15.6 |
Energy | 8.2 | 6.3 |
Materials | 7.8 | 4.2 |
Consumer Staples | 5.8 | 11.2 |
Telecommunication Services | 4.7 | 3.9 |
Utilities | 0.9 | 3.7 |
Semiannual Report
Worldwide
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% |
| Shares | | Value |
Australia - 1.7% |
ABB Grain Ltd. | 87,967 | | $ 557,738 |
Billabong International Ltd. | 233,401 | | 1,781,912 |
Commonwealth Bank of Australia | 95,320 | | 2,433,375 |
CSL Ltd. | 54,536 | | 1,364,861 |
Macquarie Group Ltd. | 49,400 | | 1,202,559 |
Newcrest Mining Ltd. | 13,087 | | 284,896 |
QBE Insurance Group Ltd. | 141,373 | | 2,239,844 |
Wesfarmers Ltd. | 203,618 | | 3,351,867 |
Woolworths Ltd. | 48,407 | | 940,457 |
TOTAL AUSTRALIA | | 14,157,509 |
Belgium - 0.4% |
Anheuser-Busch InBev NV | 121,600 | | 3,721,458 |
Bermuda - 0.1% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 81,666 | | 307,726 |
Huabao International Holdings Ltd. | 1,060,000 | | 749,264 |
TOTAL BERMUDA | | 1,056,990 |
Brazil - 0.7% |
BM&F BOVESPA SA | 182,298 | | 750,215 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 46,900 | | 1,574,433 |
Redecard SA | 125,500 | | 1,580,980 |
Vivo Participacoes SA sponsored ADR | 105,925 | | 1,690,563 |
TOTAL BRAZIL | | 5,596,191 |
Canada - 1.1% |
Canadian Natural Resources Ltd. | 48,100 | | 2,217,457 |
Niko Resources Ltd. | 32,300 | | 1,634,693 |
Open Text Corp. (a) | 44,600 | | 1,468,913 |
Petro-Canada | 27,200 | | 858,455 |
Petrobank Energy & Resources Ltd. (a) | 46,800 | | 1,006,009 |
Suncor Energy, Inc. | 64,800 | | 1,630,793 |
TOTAL CANADA | | 8,816,320 |
Cayman Islands - 0.5% |
Belle International Holdings Ltd. | 2,458,000 | | 1,872,697 |
China Dongxiang Group Co. Ltd. | 3,481,000 | | 1,690,527 |
Want Want China Holdings Ltd. | 1,008,000 | | 502,617 |
TOTAL CAYMAN ISLANDS | | 4,065,841 |
China - 1.3% |
BYD Co. Ltd. (H Shares) | 278,500 | | 731,636 |
Changyou.com Ltd. (A Shares) ADR | 37,500 | | 1,153,125 |
China Merchants Bank Co. Ltd. (H Shares) | 544,500 | | 972,872 |
China Telecom Corp. Ltd. (H Shares) | 3,790,000 | | 1,865,692 |
Industrial & Commercial Bank of China Ltd. | 1,793,000 | | 1,020,006 |
Li Ning Co. Ltd. | 473,500 | | 968,999 |
|
| Shares | | Value |
Tencent Holdings Ltd. | 197,200 | | $ 1,742,975 |
ZTE Corp. (H Shares) | 701,584 | | 2,365,312 |
TOTAL CHINA | | 10,820,617 |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a) | 583,060 | | 46,854 |
Denmark - 0.5% |
Novo Nordisk AS Series B | 62,700 | | 2,983,161 |
Vestas Wind Systems AS (a) | 15,800 | | 1,025,547 |
TOTAL DENMARK | | 4,008,708 |
Finland - 0.2% |
Nokia Corp. sponsored ADR | 133,500 | | 1,887,690 |
France - 5.2% |
Accor SA | 26,700 | | 1,129,421 |
Alstom SA | 37,600 | | 2,343,268 |
AXA SA | 177,900 | | 2,988,229 |
BNP Paribas SA | 97,782 | | 5,146,256 |
Cap Gemini SA | 39,200 | | 1,464,917 |
Iliad Group SA | 11,100 | | 1,165,555 |
LVMH Moet Hennessy - Louis Vuitton | 15,300 | | 1,154,826 |
Orpea (a) | 32,100 | | 1,312,243 |
PPR SA | 28,050 | | 2,148,426 |
Sanofi-Aventis | 26,900 | | 1,545,119 |
Schneider Electric SA (d) | 22,600 | | 1,719,370 |
Societe Generale Series A | 44,885 | | 2,293,399 |
Total SA: | | | |
Series B | 120,500 | | 6,027,713 |
sponsored ADR | 241,200 | | 11,992,464 |
Unibail-Rodamco | 6,800 | | 1,013,785 |
TOTAL FRANCE | | 43,444,991 |
Germany - 4.8% |
Allianz AG (Reg.) | 23,900 | | 2,165,276 |
Bayerische Motoren Werke AG (BMW) | 50,600 | | 1,735,859 |
Daimler AG (Reg.) | 58,300 | | 2,081,391 |
Deutsche Bank AG | 47,800 | | 2,506,198 |
Deutsche Bank AG (NY Shares) | 130,000 | | 6,815,900 |
Deutsche Boerse AG | 39,100 | | 2,861,538 |
E.ON AG | 180,400 | | 6,044,902 |
Fresenius Medical Care AG & Co. KGaA (d) | 58,100 | | 2,258,904 |
GEA Group AG | 134,400 | | 1,749,417 |
Gerresheimer AG | 36,700 | | 875,314 |
MAN AG | 41,700 | | 2,560,803 |
Munich Re Group (Reg.) | 33,900 | | 4,635,436 |
Siemens AG (Reg.) | 47,500 | | 3,179,314 |
Wincor Nixdorf AG | 10,700 | | 531,376 |
TOTAL GERMANY | | 40,001,628 |
Greece - 0.1% |
Public Power Corp. of Greece | 37,400 | | 720,758 |
Hong Kong - 0.4% |
Cheung Kong Holdings Ltd. | 224,000 | | 2,310,694 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Hang Lung Properties Ltd. | 237,000 | | $ 665,661 |
Techtronic Industries Co. Ltd. | 379,000 | | 224,140 |
TOTAL HONG KONG | | 3,200,495 |
India - 0.4% |
Bharti Airtel Ltd. (a) | 114,455 | | 1,744,404 |
Infosys Technologies Ltd. | 42,311 | | 1,294,599 |
Titan Industries Ltd. | 12,639 | | 191,259 |
TOTAL INDIA | | 3,230,262 |
Ireland - 0.4% |
CRH PLC | 68,200 | | 1,772,530 |
Paddy Power PLC (Ireland) | 82,700 | | 1,522,688 |
TOTAL IRELAND | | 3,295,218 |
Israel - 0.4% |
Nice Systems Ltd. sponsored ADR (a) | 52,600 | | 1,347,086 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 45,300 | | 1,988,217 |
TOTAL ISRAEL | | 3,335,303 |
Italy - 0.3% |
Fiat SpA | 232,500 | | 2,272,407 |
Japan - 9.6% |
Asics Corp. | 224,000 | | 1,456,528 |
Canon Marketing Japan, Inc. | 132,200 | | 1,598,970 |
Canon, Inc. | 110,450 | | 3,306,133 |
Daiwa Securities Group, Inc. | 401,000 | | 2,101,311 |
Denso Corp. | 83,900 | | 1,983,804 |
Eisai Co. Ltd. | 34,200 | | 918,009 |
Fanuc Ltd. | 19,200 | | 1,385,866 |
Fast Retailing Co. Ltd. | 7,600 | | 798,956 |
Honda Motor Co. Ltd. | 113,700 | | 3,333,043 |
JTEKT Corp. | 93,600 | | 903,008 |
Keyence Corp. | 5,100 | | 900,870 |
Misumi Group, Inc. | 28,800 | | 388,954 |
Mitsubishi Corp. | 93,300 | | 1,436,200 |
Mitsubishi UFJ Financial Group, Inc. | 1,316,200 | | 7,181,518 |
Mitsui & Co. Ltd. | 128,400 | | 1,362,228 |
Murata Manufacturing Co. Ltd. | 30,500 | | 1,236,436 |
NGK Insulators Ltd. | 91,000 | | 1,395,953 |
Nichi-iko Pharmaceutical Co. Ltd. | 15,200 | | 410,503 |
Nippon Building Fund, Inc. | 157 | | 1,275,905 |
Nippon Electric Glass Co. Ltd. | 115,000 | | 936,044 |
Nippon Steel Corp. | 277,000 | | 931,542 |
Nissan Motor Co. Ltd. | 397,600 | | 2,075,794 |
Nitori Co. Ltd. | 5,400 | | 303,926 |
Nomura Holdings, Inc. | 639,000 | | 3,857,057 |
NSK Ltd. | 187,000 | | 832,566 |
Omron Corp. | 56,800 | | 849,155 |
Point, Inc. | 12,340 | | 550,030 |
Promise Co. Ltd. | 156,100 | | 2,063,190 |
Rakuten, Inc. | 4,160 | | 2,116,915 |
|
| Shares | | Value |
Ricoh Co. Ltd. | 241,000 | | $ 2,980,450 |
Sawai Pharmaceutical Co. Ltd. | 9,100 | | 421,846 |
Seven & i Holdings Co., Ltd. | 51,800 | | 1,170,802 |
Shin-Etsu Chemical Co., Ltd. | 43,300 | | 2,105,034 |
SMC Corp. | 6,100 | | 598,542 |
Softbank Corp. | 142,000 | | 2,247,007 |
Sony Corp. sponsored ADR | 68,100 | | 1,761,066 |
Sony Financial Holdings, Inc. | 503 | | 1,582,953 |
Sumitomo Mitsui Financial Group, Inc. | 97,900 | | 3,396,148 |
THK Co. Ltd. | 100,600 | | 1,395,542 |
Tokio Marine Holdings, Inc. | 94,600 | | 2,495,546 |
Tokyo Electron Ltd. | 72,300 | | 3,307,088 |
Toyota Motor Corp. | 174,100 | | 6,892,410 |
Tsumura & Co. | 28,700 | | 786,174 |
USS Co. Ltd. | 18,810 | | 852,612 |
TOTAL JAPAN | | 79,883,634 |
Korea (South) - 0.3% |
NHN Corp. (a) | 12,068 | | 1,468,368 |
Samsung Electronics Co. Ltd. | 2,169 | | 1,004,733 |
TOTAL KOREA (SOUTH) | | 2,473,101 |
Luxembourg - 0.6% |
ArcelorMittal SA (NY Shares) Class A | 70,200 | | 1,655,316 |
SES SA (A Shares) FDR unit | 146,242 | | 2,597,793 |
Tenaris SA | 54,700 | | 687,837 |
TOTAL LUXEMBOURG | | 4,940,946 |
Mexico - 0.1% |
America Movil SAB de CV Series L sponsored ADR | 22,500 | | 739,125 |
Netherlands - 1.4% |
Akzo Nobel NV | 39,300 | | 1,643,098 |
ASML Holding NV: | | | |
(Netherlands) | 87,800 | | 1,841,914 |
(NY Shares) | 55,000 | | 1,163,250 |
Gemalto NV (a) | 61,300 | | 1,929,662 |
James Hardie Industries NV unit | 304,018 | | 1,016,837 |
Koninklijke Ahold NV | 130,600 | | 1,430,492 |
Koninklijke KPN NV | 85,400 | | 1,026,434 |
Royal DSM NV | 52,000 | | 1,612,208 |
TOTAL NETHERLANDS | | 11,663,895 |
Netherlands Antilles - 0.5% |
Schlumberger Ltd. (NY Shares) | 78,000 | | 3,821,220 |
Norway - 0.1% |
Pronova BioPharma ASA (a) | 296,200 | | 742,911 |
Papua New Guinea - 0.2% |
Oil Search Ltd. | 510,037 | | 1,902,450 |
Russia - 0.2% |
OAO Gazprom sponsored ADR | 85,400 | | 1,511,580 |
Common Stocks - continued |
| Shares | | Value |
Singapore - 0.2% |
Ascendas Real Estate Investment Trust (A-REIT) | 455,000 | | $ 411,820 |
Singapore Exchange Ltd. | 330,000 | | 1,397,568 |
TOTAL SINGAPORE | | 1,809,388 |
South Africa - 0.5% |
MTN Group Ltd. | 301,900 | | 3,920,782 |
Spain - 1.2% |
Banco Santander SA | 191,400 | | 1,818,491 |
Inditex SA | 23,800 | | 1,014,510 |
Red Electrica Corporacion SA | 16,400 | | 686,200 |
Telefonica SA | 333,900 | | 6,324,439 |
TOTAL SPAIN | | 9,843,640 |
Sweden - 0.3% |
H&M Hennes & Mauritz AB (B Shares) | 50,500 | | 2,247,876 |
Switzerland - 5.1% |
Actelion Ltd. (Reg.) (a) | 73,636 | | 3,353,950 |
BB BIOTECH AG | 20,274 | | 1,179,225 |
Credit Suisse Group sponsored ADR | 83,600 | | 3,200,208 |
Nestle SA (Reg.) | 214,177 | | 6,979,636 |
Nobel Biocare Holding AG (Switzerland) | 59,700 | | 1,216,737 |
Noble Corp. | 204,000 | | 5,575,320 |
Novartis AG sponsored ADR | 24,100 | | 913,631 |
Partners Group Holding | 14,770 | | 1,290,178 |
Roche Holding AG (participation certificate) | 50,315 | | 6,343,262 |
Sonova Holding AG | 32,712 | | 2,116,130 |
Syngenta AG (Switzerland) | 9,050 | | 1,931,581 |
UBS AG (For. Reg.) | 164,736 | | 2,262,300 |
Weatherford International Ltd. (a) | 201,000 | | 3,342,630 |
Zurich Financial Services AG (Reg.) | 16,380 | | 3,043,104 |
TOTAL SWITZERLAND | | 42,747,892 |
Taiwan - 0.6% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,711,000 | | 2,894,419 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 170,000 | | 1,796,900 |
TOTAL TAIWAN | | 4,691,319 |
United Kingdom - 10.3% |
Aberdeen Asset Management PLC | 1,207,400 | | 2,340,580 |
Aegis Group PLC | 435,400 | | 582,670 |
AstraZeneca PLC (United Kingdom) | 70,700 | | 2,474,663 |
Autonomy Corp. PLC (a) | 105,100 | | 2,204,084 |
BAE Systems PLC | 251,200 | | 1,320,881 |
Barclays PLC | 487,600 | | 1,978,961 |
BG Group PLC | 144,200 | | 2,301,704 |
BG Group PLC sponsored ADR | 11,900 | | 943,908 |
BHP Billiton PLC | 346,600 | | 7,190,987 |
BP PLC | 399,400 | | 2,821,364 |
|
| Shares | | Value |
British American Tobacco PLC (United Kingdom) | 64,435 | | $ 1,553,386 |
Capita Group PLC | 168,419 | | 1,697,474 |
Carphone Warehouse Group PLC | 320,600 | | 701,826 |
Compass Group PLC | 366,600 | | 1,742,524 |
Cookson Group PLC | 1,787,700 | | 510,468 |
DSG International PLC | 663,400 | | 417,683 |
DSG International PLC | 592,700 | | 262,945 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 73,238 | | 513,361 |
(United Kingdom) (Reg.) | 1,019,957 | | 7,250,665 |
Imperial Tobacco Group PLC | 93,500 | | 2,132,519 |
Informa PLC | 504,100 | | 2,202,452 |
InterContinental Hotel Group PLC | 121,900 | | 1,157,722 |
Man Group PLC | 761,300 | | 2,812,909 |
Misys PLC | 451,700 | | 921,582 |
NEXT PLC | 74,500 | | 1,781,249 |
Prudential PLC | 376,900 | | 2,165,488 |
Reckitt Benckiser Group PLC | 84,000 | | 3,296,198 |
Rio Tinto PLC (Reg.) | 106,600 | | 4,329,679 |
Royal Bank of Scotland Group PLC | 579,508 | | 353,544 |
Royal Dutch Shell PLC Class B | 308,300 | | 6,974,391 |
SSL International PLC | 282,500 | | 1,979,845 |
Standard Chartered PLC (United Kingdom) | 250,064 | | 3,866,866 |
Vodafone Group PLC | 3,488,500 | | 6,409,356 |
Vodafone Group PLC sponsored ADR | 69,412 | | 1,273,710 |
William Morrison Supermarkets PLC | 332,700 | | 1,204,693 |
Wolseley PLC | 137,952 | | 2,473,214 |
WPP PLC | 164,900 | | 1,127,813 |
Xstrata PLC | 44,000 | | 387,766 |
TOTAL UNITED KINGDOM | | 85,661,130 |
United States of America - 45.8% |
3M Co. | 45,000 | | 2,592,000 |
Albemarle Corp. | 25,000 | | 670,500 |
Amazon.com, Inc. (a) | 27,800 | | 2,238,456 |
American Eagle Outfitters, Inc. | 53,000 | | 785,460 |
American Express Co. | 32,000 | | 807,040 |
Apple, Inc. (a) | 131,600 | | 16,559,228 |
Applied Materials, Inc. | 92,000 | | 1,123,320 |
Ashland, Inc. | 35,000 | | 768,600 |
AutoNation, Inc. (a) | 39,000 | | 690,690 |
AutoZone, Inc. (a) | 2,000 | | 332,780 |
Avnet, Inc. (a) | 587,400 | | 12,858,186 |
Baker Hughes, Inc. | 13,000 | | 462,540 |
Bank of America Corp. | 257,900 | | 2,303,047 |
Bemis Co., Inc. | 13,000 | | 312,520 |
Biogen Idec, Inc. (a) | 49,900 | | 2,412,166 |
BorgWarner, Inc. | 313,800 | | 9,084,510 |
Boston Private Financial Holdings, Inc. | 35,000 | | 161,350 |
Burlington Northern Santa Fe Corp. | 48,000 | | 3,239,040 |
Caterpillar, Inc. | 51,000 | | 1,814,580 |
Celanese Corp. Class A | 242,000 | | 5,043,280 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Cephalon, Inc. (a)(d) | 82,200 | | $ 5,393,142 |
Charles Schwab Corp. | 48,000 | | 887,040 |
Chevron Corp. | 76,700 | | 5,069,870 |
Cisco Systems, Inc. (a) | 534,700 | | 10,330,404 |
CME Group, Inc. | 4,300 | | 951,805 |
Coach, Inc. | 64,000 | | 1,568,000 |
Comcast Corp. Class A (special) (non-vtg.) | 62,000 | | 910,160 |
CSX Corp. | 13,000 | | 384,670 |
Cummins, Inc. | 31,600 | | 1,074,400 |
Dendreon Corp. (a) | 40,000 | | 848,000 |
Dow Chemical Co. | 65,000 | | 1,040,000 |
Eaton Corp. | 129,000 | | 5,650,200 |
Express Scripts, Inc. (a) | 161,000 | | 10,299,170 |
Fidelity National Financial, Inc. Class A | 285,900 | | 5,183,367 |
FMC Corp. | 120,300 | | 5,862,219 |
Ford Motor Co. (a) | 210,000 | | 1,255,800 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 121,600 | | 5,186,240 |
General Electric Co. | 401,900 | | 5,084,035 |
Gilead Sciences, Inc. (a) | 309,000 | | 14,152,200 |
Goldman Sachs Group, Inc. | 36,000 | | 4,626,000 |
Google, Inc. Class A (sub. vtg.) (a) | 47,700 | | 18,887,768 |
Hewitt Associates, Inc. Class A (a) | 82,000 | | 2,571,520 |
Illinois Tool Works, Inc. | 38,000 | | 1,246,400 |
International Business Machines Corp. | 55,800 | | 5,759,118 |
JCPenney Co., Inc. | 24,000 | | 736,560 |
JPMorgan Chase & Co. | 517,400 | | 17,074,200 |
KLA-Tencor Corp. | 41,000 | | 1,137,340 |
Kohl's Corp. (a) | 67,000 | | 3,038,450 |
Lam Research Corp. (a) | 131,000 | | 3,652,280 |
Las Vegas Sands Corp. (a) | 70,000 | | 547,400 |
Louisiana-Pacific Corp. | 223,000 | | 907,610 |
Marriott International, Inc. Class A | 73,000 | | 1,719,880 |
McDonald's Corp. | 48,000 | | 2,557,920 |
McGraw-Hill Companies, Inc. | 64,000 | | 1,929,600 |
Mead Johnson Nutrition Co. Class A | 13,300 | | 375,725 |
Microsoft Corp. | 75,000 | | 1,519,500 |
Morgan Stanley | 435,000 | | 10,283,400 |
National Oilwell Varco, Inc. (a) | 7,000 | | 211,960 |
Nordstrom, Inc. | 33,000 | | 746,790 |
Norfolk Southern Corp. | 15,000 | | 535,200 |
Novellus Systems, Inc. (a) | 125,000 | | 2,257,500 |
O'Reilly Automotive, Inc. (a) | 39,000 | | 1,515,150 |
Occidental Petroleum Corp. | 12,000 | | 675,480 |
Omnicom Group, Inc. | 5,000 | | 157,350 |
Oracle Corp. | 576,900 | | 11,157,246 |
Owens-Illinois, Inc. (a) | 35,000 | | 853,650 |
PACCAR, Inc. | 139,800 | | 4,954,512 |
Packaging Corp. of America | 50,000 | | 793,500 |
Pactiv Corp. (a) | 13,000 | | 284,180 |
Parker Hannifin Corp. | 31,000 | | 1,405,850 |
Patterson-UTI Energy, Inc. | 58,000 | | 737,180 |
|
| Shares | | Value |
Philip Morris International, Inc. | 92,000 | | $ 3,330,400 |
PNC Financial Services Group, Inc. | 35,000 | | 1,389,500 |
Procter & Gamble Co. | 20,000 | | 988,800 |
Pulte Homes, Inc. | 49,390 | | 568,479 |
QUALCOMM, Inc. | 422,800 | | 17,892,896 |
Quidel Corp. (a) | 9,700 | | 112,908 |
Qwest Communications
International, Inc. | 150,000 | | 583,500 |
Regal-Beloit Corp. | 28,300 | | 1,149,829 |
Rock-Tenn Co. Class A | 26,000 | | 981,760 |
Rockwell Automation, Inc. | 13,000 | | 410,670 |
Rosetta Stone, Inc. | 2,000 | | 59,900 |
Sealed Air Corp. | 123,000 | | 2,344,380 |
Simon Property Group, Inc. | 41,000 | | 2,115,600 |
Southwestern Energy Co. (a) | 107,000 | | 3,837,020 |
Sprint Nextel Corp. (a) | 2,007,000 | | 8,750,520 |
Temple-Inland, Inc. | 1,093,300 | | 13,054,002 |
Tenet Healthcare Corp. (a) | 200,000 | | 450,000 |
Teradyne, Inc. (a) | 375,000 | | 2,227,500 |
The Coca-Cola Co. | 233,600 | | 10,056,480 |
The DIRECTV Group, Inc. (a) | 261,400 | | 6,464,422 |
The Travelers Companies, Inc. | 32,000 | | 1,316,480 |
The Walt Disney Co. | 30,000 | | 657,000 |
TJX Companies, Inc. | 122,000 | | 3,412,340 |
Union Pacific Corp. | 375,600 | | 18,456,984 |
Varian Semiconductor Equipment Associates, Inc. (a) | 60,649 | | 1,552,008 |
Visa, Inc. | 115,700 | | 7,515,872 |
Wal-Mart Stores, Inc. | 117,600 | | 5,927,040 |
Walgreen Co. | 62,000 | | 1,948,660 |
Wells Fargo & Co. | 467,900 | | 9,362,679 |
Wilmington Trust Corp., Delaware | 181,000 | | 2,626,310 |
Wyndham Worldwide Corp. | 25,000 | | 292,000 |
TOTAL UNITED STATES OF AMERICA | | 380,082,173 |
TOTAL COMMON STOCKS (Cost $824,929,216) | 792,362,302 |
Nonconvertible Preferred Stocks - 0.7% |
| | | |
Germany - 0.5% |
Fresenius SE (non-vtg.) | 79,700 | | 4,066,332 |
Italy - 0.2% |
Intesa Sanpaolo SpA | 864,400 | | 1,919,171 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,760,456) | 5,985,503 |
Convertible Bonds - 0.7% |
| Principal Amount | | |
Bermuda - 0.1% |
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12 | | $ 890,000 | | 1,238,613 |
Convertible Bonds - continued |
| Principal Amount | | Value |
Luxembourg - 0.1% |
ArcelorMittal SA 5% 5/15/14 | | $ 460,000 | | $ 475,028 |
United States of America - 0.5% |
Alcoa, Inc. 5.25% 3/15/14 | | 560,000 | | 883,400 |
Johnson Controls, Inc. 6.5% 9/30/12 | | 620,000 | | 1,115,450 |
Micron Technology, Inc. 4.25% 10/15/13 | | 320,000 | | 372,800 |
Sunpower Corp. 4.75% 4/15/14 | | 530,000 | | 623,969 |
Textron, Inc. 4.5% 5/1/13 | | 330,000 | | 357,819 |
United States Steel Corp. 4% 5/15/14 | | 770,000 | | 821,975 |
TOTAL UNITED STATES OF AMERICA | | 4,175,413 |
TOTAL CONVERTIBLE BONDS (Cost $4,543,650) | 5,889,054 |
Government Obligations - 0.2% |
|
United States of America - 0.2% |
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.22% 5/7/09 to 5/28/09 (e)
(Cost $1,594,804) | | 1,595,000 | | 1,594,965 |
Money Market Funds - 3.2% |
| Shares | | |
Fidelity Cash Central Fund, 0.53% (b) | 21,869,561 | | 21,869,561 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 4,665,950 | | 4,665,950 |
TOTAL MONEY MARKET FUNDS (Cost $26,535,511) | 26,535,511 |
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $866,363,637) | | 832,367,335 |
NET OTHER ASSETS - (0.3)% | | (2,618,775) |
NET ASSETS - 100% | $ 829,748,560 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
44 Nikkei 225 Index Contracts (Japan) | June 2009 | | $ 3,953,953 | | $ 424,780 |
106 TOPIX 150 Index Contracts (Japan) | June 2009 | | 9,041,635 | | 1,359,243 |
TOTAL EQUITY INDEX CONTRACTS | | $ 12,995,588 | | $ 1,784,023 |
|
The face value of futures purchased as a percentage of net assets - 1.6% |
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 $1,564,965. |
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 | $ 248,376 |
Fidelity Securities Lending Cash Central Fund | 41,797 |
Total | $ 290,173 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 832,367,335 | $ 495,271,826 | $ 337,095,509 | $ - |
Other Financial Instruments* | $ 1,784,023 | $ 1,784,023 | $ - | $ - |
* Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 336,547 |
Total Realized Gain (Loss) | (1,382,609) |
Total Unrealized Gain (Loss) | 1,180,463 |
Cost of Purchases | - |
Proceeds of Sales | (134,401) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the Fund had a capital loss carryforward of approximately $115,059,396 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $4,520,646) - See accompanying schedule: Unaffiliated issuers (cost $839,828,126) | $ 805,831,824 | |
Fidelity Central Funds (cost $26,535,511) | 26,535,511 | |
Total Investments (cost $866,363,637) | | $ 832,367,335 |
Foreign currency held at value (cost $46,089) | | 46,447 |
Receivable for investments sold | | 41,982,015 |
Receivable for fund shares sold | | 659,782 |
Dividends receivable | | 2,566,815 |
Interest receivable | | 11,081 |
Distributions receivable from Fidelity Central Funds | | 20,115 |
Receivable for daily variation on futures contracts | | 496,865 |
Prepaid expenses | | 7,408 |
Other receivables | | 117,651 |
Total assets | | 878,275,514 |
| | |
Liabilities | | |
Payable to custodian bank | $ 45,354 | |
Payable for investments purchased | 42,207,066 | |
Payable for fund shares redeemed | 720,562 | |
Accrued management fee | 576,475 | |
Distribution fees payable | 262 | |
Other affiliated payables | 231,529 | |
Other payables and accrued expenses | 79,756 | |
Collateral on securities loaned, at value | 4,665,950 | |
Total liabilities | | 48,526,954 |
| | |
Net Assets | | $ 829,748,560 |
Net Assets consist of: | | |
Paid in capital | | $ 1,198,985,391 |
Undistributed net investment income | | 3,220,558 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (340,183,429) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (32,273,960) |
Net Assets | | $ 829,748,560 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($148,111 ÷ 12,086 shares) | | $ 12.25 |
| | |
Maximum offering price per share (100/94.25 of $12.25) | | $ 13.00 |
Class T:
Net Asset Value and redemption price per share ($112,684 ÷ 9,199 shares) | | $ 12.25 |
| | |
Maximum offering price per share (100/96.50 of $12.25) | | $ 12.69 |
Class B:
Net Asset Value, offering price and redemption price per share ($121,437 ÷ 9,924 shares) | | $ 12.24 |
| | |
Class C:
Net Asset Value, offering price and redemption price per share ($124,855 ÷ 10,203 shares) | | $ 12.24 |
| | |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($829,128,774 ÷ 67,641,268 shares) | | $ 12.26 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($112,699 ÷ 9,191 shares) | | $ 12.26 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 10,902,640 |
Interest | | 13,849 |
Income from Fidelity Central Funds | | 290,173 |
| | 11,206,662 |
Less foreign taxes withheld | | (476,468) |
Total income | | 10,730,194 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,879,647 | |
Performance adjustment | 645,595 | |
Transfer agent fees | 1,239,076 | |
Distribution fees | 563 | |
Accounting and security lending fees | 192,708 | |
Custodian fees and expenses | 72,347 | |
Independent trustees' compensation | 2,924 | |
Registration fees | 87,482 | |
Audit | 39,162 | |
Legal | 2,564 | |
Miscellaneous | 8,851 | |
Total expenses before reductions | 5,170,919 | |
Expense reductions | (131,441) | 5,039,478 |
Net investment income (loss) | | 5,690,716 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (191,977,593) | |
Foreign currency transactions | (339,908) | |
Futures contracts | (1,613,932) | |
Total net realized gain (loss) | | (193,931,433) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 114,980,429 | |
Assets and liabilities in foreign currencies | (18,298) | |
Futures contracts | 1,784,023 | |
Total change in net unrealized appreciation (depreciation) | | 116,746,154 |
Net gain (loss) | | (77,185,279) |
Net increase (decrease) in net assets resulting from operations | | $ (71,494,563) |
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,690,716 | $ 12,367,196 |
Net realized gain (loss) | (193,931,433) | (143,763,130) |
Change in net unrealized appreciation (depreciation) | 116,746,154 | (564,532,626) |
Net increase (decrease) in net assets resulting from operations | (71,494,563) | (695,928,560) |
Distributions to shareholders from net investment income | (11,746,083) | (8,541,065) |
Distributions to shareholders from net realized gain | - | (169,398,247) |
Total distributions | (11,746,083) | (177,939,312) |
Share transactions - net increase (decrease) | (21,915,478) | 35,066,852 |
Redemption fees | 19,337 | 83,803 |
Total increase (decrease) in net assets | (105,136,787) | (838,717,217) |
| | |
Net Assets | | |
Beginning of period | 934,885,347 | 1,773,602,564 |
End of period (including undistributed net investment income of $3,220,558 and undistributed net investment income of $10,091,805, respectively) | $ 829,748,560 | $ 934,885,347 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) E | .04 |
Net realized and unrealized gain (loss) | 1.33 |
Total from investment operations | 1.37 |
Redemption fees added to paid in capital E, J | - |
Net asset value, end of period | $ 12.25 |
Total Return B, C, D | 12.59% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 1.50% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.48% A |
Net investment income (loss) | 1.87% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 148 |
Portfolio turnover rate G | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class T
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.37 |
Redemption fees added to paid in capital E, J | - |
Net asset value, end of period | $ 12.25 |
Total Return B,C, D | 12.59% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 1.74% A |
Expenses net of fee waivers, if any | 1.74%A |
Expenses net of all reductions | 1.72%A |
Net investment income (loss) | 1.59%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 113 |
Portfolio turnover rate G | 267%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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .02 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.36 |
Redemption fees added to paid in capital D, I | - |
Net asset value, end of period | $ 12.24 |
Total Return B, C | 12.50% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 2.25% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | 1.09% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 121 |
Portfolio turnover rate F | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class C
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .02 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.36 |
Redemption fees added to paid in capitalD, I | - |
Net asset value, end of period | $ 12.24 |
Total Return B, C | 12.50% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 2.25% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | 1.07% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 125 |
Portfolio turnover rate F | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.40 | $ 25.18 | $ 21.82 | $ 19.05 | $ 16.72 | $ 15.30 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .16 | .14 | .17 | .15 G | .05 H |
Net realized and unrealized gain (loss) | (1.05) | (9.44) | 6.05 | 3.74 | 2.30 | 1.44 |
Total from investment operations | (0.97) | (9.28) | 6.19 | 3.91 | 2.45 | 1.49 |
Distributions from net investment income | (.17) | (.12) | (.17) | (.10) | (.10) | (.07) |
Distributions from net realized gain | - | (2.38) | (2.66) | (1.04) | (.02) | - |
Total distributions | (.17) | (2.50) | (2.83) | (1.14) | (.12) | (.07) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 13.40 | $ 25.18 | $ 21.82 | $ 19.05 | $ 16.72 |
Total Return B, C | (7.20)% | (40.66)% | 31.87% | 21.31% | 14.71% | 9.77% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | 1.29% A | 1.21% | 1.04% | 1.08% | 1.07% | 1.23% |
Expenses net of fee waivers, if any | 1.28%A | 1.21% | 1.04% | 1.08% | 1.07% | 1.23% |
Expenses net of all reductions | 1.26%A | 1.19% | 1.02% | 1.02% | 1.01% | 1.19% |
Net investment income (loss) | 1.42%A | .84% | .66% | .85% | .82% G | .29% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 829,129 | $ 934,885 | $ 1,773,603 | $ 1,328,219 | $ 1,181,044 | $ 1,064,162 |
Portfolio turnover rate F | 267%A | 264% | 128% | 205% | 93% | 95% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E 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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .05 |
Net realized and unrealized gain (loss) | 1.33 |
Total from investment operations | 1.38 |
Redemption fees added to paid in capitalD, I | - |
Net asset value, end of period | $ 12.26 |
Total Return B, C | 12.68% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 1.23% A |
Expenses net of fee waivers, if any | 1.23%A |
Expenses net of all reductions | 1.21%A |
Net investment income (loss) | 2.10%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 113 |
Portfolio turnover rate F | 267%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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Worldwide 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. The Fund commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Worldwide on February 19, 2009. 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 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures and options transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 71,860,193 |
Unrealized depreciation | (136,640,711) |
Net unrealized appreciation (depreciation) | $ (64,780,518) |
Cost for federal income tax purposes | $ 897,147,853 |
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 Pronouncement. 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 reporting periods 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.
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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,026,526,266 and $1,028,074,738, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20 of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .88% of the Fund's average net assets.
Semiannual Report
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, except for the Institutional Class. 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% | $ 55 | $ 50 |
Class T | .25% | .25% | 99 | 99 |
Class B | .75% | .25% | 203 | 202 |
Class C | .75% | .25% | 206 | 199 |
| | | $ 563 | $ 550 |
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 | $ 150 |
Class T | 3 |
Total | $ 153 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 65 | .29 |
Class T | 53 | .26 |
Class B | 57 | .28 |
Class C | 58 | .28 |
Worldwide | 1,238,794 | .31 |
Institutional Class | 49 | .24 |
| $ 1,239,076 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $38,238 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,569 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end is 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 $41,797.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Worldwide operating expenses. During the period, this reimbursement reduced the Fund's expenses by $57,475.
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 $73,426 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 $540.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Worldwide | $ 11,746,083 | $ 8,541,065 |
From net realized gain | | |
Worldwide | $ - | $ 169,398,247 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
Class A A | | | | |
Shares sold | 12,086 | - | $ 133,845 | $ - |
Class T A | | | | |
Shares sold | 9,199 | - | $ 100,097 | $ - |
Class B A | | | | |
Shares sold | 9,924 | - | $ 108,670 | $ - |
Class C A | | | | |
Shares sold | 10,203 | - | $ 111,994 | $ - |
Worldwide | | | | |
Shares sold | 5,281,716 | 15,425,394 | $ 61,622,080 | $ 303,265,276 |
Reinvestment of distributions | 959,834 | 7,926,720 | 11,413,264 | 172,247,752 |
Shares redeemed | (8,347,452) | (24,051,522) | (95,505,428) | (440,446,176) |
Net increase (decrease) | (2,105,902) | (699,408) | $ (22,470,084) | $ 35,066,852 |
Institutional Class A | | | | |
Shares sold | 9,191 | - | $ 100,000 | $ - |
A Share transactions are for the period February 19, 2009 (commencement of sale of shares) to April 30, 2009.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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 Investment Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
AWLD-USAN-0609
1.883449.100
Fidelity Advisor
Worldwide Fund
Institutional Class
Semiannual Report
April 30, 2009
Institutional Class is a class of
Fidelity® Worldwide 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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
Worldwide
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees, 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009) for Worldwide and for the entire period (February 19, 2009 to April 30, 2009) for Class A, Class T, Class B, Class C and Institutional Class. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,125.90 | $ 3.10 B |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 C |
Class T | 1.74% | | | |
Actual | | $ 1,000.00 | $ 1,125.90 | $ 3.60 B |
HypotheticalA | | $ 1,000.00 | $ 1,016.17 | $ 8.70 C |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,125.00 | $ 4.65 B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 C |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,125.00 | $ 4.65 B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 C |
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Worldwide | 1.28% | | | |
Actual | | $ 1,000.00 | $ 928.00 | $ 6.12 B |
HypotheticalA | | $ 1,000.00 | $ 1,018.45 | $ 6.41 C |
Institutional Class | 1.23% | | | |
Actual | | $ 1,000.00 | $ 1,126.80 | $ 2.54 B |
HypotheticalA | | $ 1,000.00 | $ 1,018.70 | $ 6.16 C |
A 5% return per year before expenses
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Worldwide and multiplied by 71/365 (to reflect the period February 19, 2009 to April 30, 2009) for Class A, Class T, Class B, Class C and Institutional Class.
C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Worldwide
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United States of America | 47.8% | |
| Japan | 11.2% | |
| United Kingdom | 10.3% | |
| Germany | 5.3% | |
| France | 5.2% | |
| Switzerland | 5.1% | |
| Australia | 1.7% | |
| Netherlands | 1.4% | |
| China | 1.3% | |
| Other | 10.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United States of America | 54.0% | |
| United Kingdom | 11.6% | |
| Switzerland | 7.0% | |
| Japan | 6.9% | |
| Germany | 5.8% | |
| France | 2.9% | |
| Australia | 2.5% | |
| Spain | 1.9% | |
| Italy | 0.9% | |
| Other | 6.5% | |
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 and Equity Futures | 97.8 | 94.6 |
Bonds | 0.7 | 0.0 |
Short-Term Investments and Net Other Assets | 1.5 | 5.4 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services) | 2.3 | 2.2 |
Union Pacific Corp. (United States of America, Road & Rail) | 2.2 | 3.8 |
QUALCOMM, Inc. (United States of America, Communications Equipment) | 2.2 | 1.3 |
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels) | 2.2 | 0.0 |
JPMorgan Chase & Co. (United States of America, Diversified Financial Services) | 2.1 | 0.0 |
Apple, Inc. (United States of America, Computers & Peripherals) | 2.0 | 2.2 |
Gilead Sciences, Inc. (United States of America, Biotechnology) | 1.7 | 0.7 |
Temple-Inland, Inc. (United States of America, Containers & Packaging) | 1.6 | 0.0 |
Avnet, Inc. (United States of America, Electronic Equipment & Components) | 1.5 | 0.0 |
Oracle Corp. (United States of America, Software) | 1.3 | 2.0 |
| 19.1 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Information Technology | 19.7 | 12.6 |
Financials | 19.7 | 19.3 |
Consumer Discretionary | 12.0 | 8.9 |
Industrials | 9.4 | 8.9 |
Health Care | 8.7 | 15.6 |
Energy | 8.2 | 6.3 |
Materials | 7.8 | 4.2 |
Consumer Staples | 5.8 | 11.2 |
Telecommunication Services | 4.7 | 3.9 |
Utilities | 0.9 | 3.7 |
Semiannual Report
Worldwide
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% |
| Shares | | Value |
Australia - 1.7% |
ABB Grain Ltd. | 87,967 | | $ 557,738 |
Billabong International Ltd. | 233,401 | | 1,781,912 |
Commonwealth Bank of Australia | 95,320 | | 2,433,375 |
CSL Ltd. | 54,536 | | 1,364,861 |
Macquarie Group Ltd. | 49,400 | | 1,202,559 |
Newcrest Mining Ltd. | 13,087 | | 284,896 |
QBE Insurance Group Ltd. | 141,373 | | 2,239,844 |
Wesfarmers Ltd. | 203,618 | | 3,351,867 |
Woolworths Ltd. | 48,407 | | 940,457 |
TOTAL AUSTRALIA | | 14,157,509 |
Belgium - 0.4% |
Anheuser-Busch InBev NV | 121,600 | | 3,721,458 |
Bermuda - 0.1% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 81,666 | | 307,726 |
Huabao International Holdings Ltd. | 1,060,000 | | 749,264 |
TOTAL BERMUDA | | 1,056,990 |
Brazil - 0.7% |
BM&F BOVESPA SA | 182,298 | | 750,215 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 46,900 | | 1,574,433 |
Redecard SA | 125,500 | | 1,580,980 |
Vivo Participacoes SA sponsored ADR | 105,925 | | 1,690,563 |
TOTAL BRAZIL | | 5,596,191 |
Canada - 1.1% |
Canadian Natural Resources Ltd. | 48,100 | | 2,217,457 |
Niko Resources Ltd. | 32,300 | | 1,634,693 |
Open Text Corp. (a) | 44,600 | | 1,468,913 |
Petro-Canada | 27,200 | | 858,455 |
Petrobank Energy & Resources Ltd. (a) | 46,800 | | 1,006,009 |
Suncor Energy, Inc. | 64,800 | | 1,630,793 |
TOTAL CANADA | | 8,816,320 |
Cayman Islands - 0.5% |
Belle International Holdings Ltd. | 2,458,000 | | 1,872,697 |
China Dongxiang Group Co. Ltd. | 3,481,000 | | 1,690,527 |
Want Want China Holdings Ltd. | 1,008,000 | | 502,617 |
TOTAL CAYMAN ISLANDS | | 4,065,841 |
China - 1.3% |
BYD Co. Ltd. (H Shares) | 278,500 | | 731,636 |
Changyou.com Ltd. (A Shares) ADR | 37,500 | | 1,153,125 |
China Merchants Bank Co. Ltd. (H Shares) | 544,500 | | 972,872 |
China Telecom Corp. Ltd. (H Shares) | 3,790,000 | | 1,865,692 |
Industrial & Commercial Bank of China Ltd. | 1,793,000 | | 1,020,006 |
Li Ning Co. Ltd. | 473,500 | | 968,999 |
|
| Shares | | Value |
Tencent Holdings Ltd. | 197,200 | | $ 1,742,975 |
ZTE Corp. (H Shares) | 701,584 | | 2,365,312 |
TOTAL CHINA | | 10,820,617 |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a) | 583,060 | | 46,854 |
Denmark - 0.5% |
Novo Nordisk AS Series B | 62,700 | | 2,983,161 |
Vestas Wind Systems AS (a) | 15,800 | | 1,025,547 |
TOTAL DENMARK | | 4,008,708 |
Finland - 0.2% |
Nokia Corp. sponsored ADR | 133,500 | | 1,887,690 |
France - 5.2% |
Accor SA | 26,700 | | 1,129,421 |
Alstom SA | 37,600 | | 2,343,268 |
AXA SA | 177,900 | | 2,988,229 |
BNP Paribas SA | 97,782 | | 5,146,256 |
Cap Gemini SA | 39,200 | | 1,464,917 |
Iliad Group SA | 11,100 | | 1,165,555 |
LVMH Moet Hennessy - Louis Vuitton | 15,300 | | 1,154,826 |
Orpea (a) | 32,100 | | 1,312,243 |
PPR SA | 28,050 | | 2,148,426 |
Sanofi-Aventis | 26,900 | | 1,545,119 |
Schneider Electric SA (d) | 22,600 | | 1,719,370 |
Societe Generale Series A | 44,885 | | 2,293,399 |
Total SA: | | | |
Series B | 120,500 | | 6,027,713 |
sponsored ADR | 241,200 | | 11,992,464 |
Unibail-Rodamco | 6,800 | | 1,013,785 |
TOTAL FRANCE | | 43,444,991 |
Germany - 4.8% |
Allianz AG (Reg.) | 23,900 | | 2,165,276 |
Bayerische Motoren Werke AG (BMW) | 50,600 | | 1,735,859 |
Daimler AG (Reg.) | 58,300 | | 2,081,391 |
Deutsche Bank AG | 47,800 | | 2,506,198 |
Deutsche Bank AG (NY Shares) | 130,000 | | 6,815,900 |
Deutsche Boerse AG | 39,100 | | 2,861,538 |
E.ON AG | 180,400 | | 6,044,902 |
Fresenius Medical Care AG & Co. KGaA (d) | 58,100 | | 2,258,904 |
GEA Group AG | 134,400 | | 1,749,417 |
Gerresheimer AG | 36,700 | | 875,314 |
MAN AG | 41,700 | | 2,560,803 |
Munich Re Group (Reg.) | 33,900 | | 4,635,436 |
Siemens AG (Reg.) | 47,500 | | 3,179,314 |
Wincor Nixdorf AG | 10,700 | | 531,376 |
TOTAL GERMANY | | 40,001,628 |
Greece - 0.1% |
Public Power Corp. of Greece | 37,400 | | 720,758 |
Hong Kong - 0.4% |
Cheung Kong Holdings Ltd. | 224,000 | | 2,310,694 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Hang Lung Properties Ltd. | 237,000 | | $ 665,661 |
Techtronic Industries Co. Ltd. | 379,000 | | 224,140 |
TOTAL HONG KONG | | 3,200,495 |
India - 0.4% |
Bharti Airtel Ltd. (a) | 114,455 | | 1,744,404 |
Infosys Technologies Ltd. | 42,311 | | 1,294,599 |
Titan Industries Ltd. | 12,639 | | 191,259 |
TOTAL INDIA | | 3,230,262 |
Ireland - 0.4% |
CRH PLC | 68,200 | | 1,772,530 |
Paddy Power PLC (Ireland) | 82,700 | | 1,522,688 |
TOTAL IRELAND | | 3,295,218 |
Israel - 0.4% |
Nice Systems Ltd. sponsored ADR (a) | 52,600 | | 1,347,086 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 45,300 | | 1,988,217 |
TOTAL ISRAEL | | 3,335,303 |
Italy - 0.3% |
Fiat SpA | 232,500 | | 2,272,407 |
Japan - 9.6% |
Asics Corp. | 224,000 | | 1,456,528 |
Canon Marketing Japan, Inc. | 132,200 | | 1,598,970 |
Canon, Inc. | 110,450 | | 3,306,133 |
Daiwa Securities Group, Inc. | 401,000 | | 2,101,311 |
Denso Corp. | 83,900 | | 1,983,804 |
Eisai Co. Ltd. | 34,200 | | 918,009 |
Fanuc Ltd. | 19,200 | | 1,385,866 |
Fast Retailing Co. Ltd. | 7,600 | | 798,956 |
Honda Motor Co. Ltd. | 113,700 | | 3,333,043 |
JTEKT Corp. | 93,600 | | 903,008 |
Keyence Corp. | 5,100 | | 900,870 |
Misumi Group, Inc. | 28,800 | | 388,954 |
Mitsubishi Corp. | 93,300 | | 1,436,200 |
Mitsubishi UFJ Financial Group, Inc. | 1,316,200 | | 7,181,518 |
Mitsui & Co. Ltd. | 128,400 | | 1,362,228 |
Murata Manufacturing Co. Ltd. | 30,500 | | 1,236,436 |
NGK Insulators Ltd. | 91,000 | | 1,395,953 |
Nichi-iko Pharmaceutical Co. Ltd. | 15,200 | | 410,503 |
Nippon Building Fund, Inc. | 157 | | 1,275,905 |
Nippon Electric Glass Co. Ltd. | 115,000 | | 936,044 |
Nippon Steel Corp. | 277,000 | | 931,542 |
Nissan Motor Co. Ltd. | 397,600 | | 2,075,794 |
Nitori Co. Ltd. | 5,400 | | 303,926 |
Nomura Holdings, Inc. | 639,000 | | 3,857,057 |
NSK Ltd. | 187,000 | | 832,566 |
Omron Corp. | 56,800 | | 849,155 |
Point, Inc. | 12,340 | | 550,030 |
Promise Co. Ltd. | 156,100 | | 2,063,190 |
Rakuten, Inc. | 4,160 | | 2,116,915 |
|
| Shares | | Value |
Ricoh Co. Ltd. | 241,000 | | $ 2,980,450 |
Sawai Pharmaceutical Co. Ltd. | 9,100 | | 421,846 |
Seven & i Holdings Co., Ltd. | 51,800 | | 1,170,802 |
Shin-Etsu Chemical Co., Ltd. | 43,300 | | 2,105,034 |
SMC Corp. | 6,100 | | 598,542 |
Softbank Corp. | 142,000 | | 2,247,007 |
Sony Corp. sponsored ADR | 68,100 | | 1,761,066 |
Sony Financial Holdings, Inc. | 503 | | 1,582,953 |
Sumitomo Mitsui Financial Group, Inc. | 97,900 | | 3,396,148 |
THK Co. Ltd. | 100,600 | | 1,395,542 |
Tokio Marine Holdings, Inc. | 94,600 | | 2,495,546 |
Tokyo Electron Ltd. | 72,300 | | 3,307,088 |
Toyota Motor Corp. | 174,100 | | 6,892,410 |
Tsumura & Co. | 28,700 | | 786,174 |
USS Co. Ltd. | 18,810 | | 852,612 |
TOTAL JAPAN | | 79,883,634 |
Korea (South) - 0.3% |
NHN Corp. (a) | 12,068 | | 1,468,368 |
Samsung Electronics Co. Ltd. | 2,169 | | 1,004,733 |
TOTAL KOREA (SOUTH) | | 2,473,101 |
Luxembourg - 0.6% |
ArcelorMittal SA (NY Shares) Class A | 70,200 | | 1,655,316 |
SES SA (A Shares) FDR unit | 146,242 | | 2,597,793 |
Tenaris SA | 54,700 | | 687,837 |
TOTAL LUXEMBOURG | | 4,940,946 |
Mexico - 0.1% |
America Movil SAB de CV Series L sponsored ADR | 22,500 | | 739,125 |
Netherlands - 1.4% |
Akzo Nobel NV | 39,300 | | 1,643,098 |
ASML Holding NV: | | | |
(Netherlands) | 87,800 | | 1,841,914 |
(NY Shares) | 55,000 | | 1,163,250 |
Gemalto NV (a) | 61,300 | | 1,929,662 |
James Hardie Industries NV unit | 304,018 | | 1,016,837 |
Koninklijke Ahold NV | 130,600 | | 1,430,492 |
Koninklijke KPN NV | 85,400 | | 1,026,434 |
Royal DSM NV | 52,000 | | 1,612,208 |
TOTAL NETHERLANDS | | 11,663,895 |
Netherlands Antilles - 0.5% |
Schlumberger Ltd. (NY Shares) | 78,000 | | 3,821,220 |
Norway - 0.1% |
Pronova BioPharma ASA (a) | 296,200 | | 742,911 |
Papua New Guinea - 0.2% |
Oil Search Ltd. | 510,037 | | 1,902,450 |
Russia - 0.2% |
OAO Gazprom sponsored ADR | 85,400 | | 1,511,580 |
Common Stocks - continued |
| Shares | | Value |
Singapore - 0.2% |
Ascendas Real Estate Investment Trust (A-REIT) | 455,000 | | $ 411,820 |
Singapore Exchange Ltd. | 330,000 | | 1,397,568 |
TOTAL SINGAPORE | | 1,809,388 |
South Africa - 0.5% |
MTN Group Ltd. | 301,900 | | 3,920,782 |
Spain - 1.2% |
Banco Santander SA | 191,400 | | 1,818,491 |
Inditex SA | 23,800 | | 1,014,510 |
Red Electrica Corporacion SA | 16,400 | | 686,200 |
Telefonica SA | 333,900 | | 6,324,439 |
TOTAL SPAIN | | 9,843,640 |
Sweden - 0.3% |
H&M Hennes & Mauritz AB (B Shares) | 50,500 | | 2,247,876 |
Switzerland - 5.1% |
Actelion Ltd. (Reg.) (a) | 73,636 | | 3,353,950 |
BB BIOTECH AG | 20,274 | | 1,179,225 |
Credit Suisse Group sponsored ADR | 83,600 | | 3,200,208 |
Nestle SA (Reg.) | 214,177 | | 6,979,636 |
Nobel Biocare Holding AG (Switzerland) | 59,700 | | 1,216,737 |
Noble Corp. | 204,000 | | 5,575,320 |
Novartis AG sponsored ADR | 24,100 | | 913,631 |
Partners Group Holding | 14,770 | | 1,290,178 |
Roche Holding AG (participation certificate) | 50,315 | | 6,343,262 |
Sonova Holding AG | 32,712 | | 2,116,130 |
Syngenta AG (Switzerland) | 9,050 | | 1,931,581 |
UBS AG (For. Reg.) | 164,736 | | 2,262,300 |
Weatherford International Ltd. (a) | 201,000 | | 3,342,630 |
Zurich Financial Services AG (Reg.) | 16,380 | | 3,043,104 |
TOTAL SWITZERLAND | | 42,747,892 |
Taiwan - 0.6% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,711,000 | | 2,894,419 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 170,000 | | 1,796,900 |
TOTAL TAIWAN | | 4,691,319 |
United Kingdom - 10.3% |
Aberdeen Asset Management PLC | 1,207,400 | | 2,340,580 |
Aegis Group PLC | 435,400 | | 582,670 |
AstraZeneca PLC (United Kingdom) | 70,700 | | 2,474,663 |
Autonomy Corp. PLC (a) | 105,100 | | 2,204,084 |
BAE Systems PLC | 251,200 | | 1,320,881 |
Barclays PLC | 487,600 | | 1,978,961 |
BG Group PLC | 144,200 | | 2,301,704 |
BG Group PLC sponsored ADR | 11,900 | | 943,908 |
BHP Billiton PLC | 346,600 | | 7,190,987 |
BP PLC | 399,400 | | 2,821,364 |
|
| Shares | | Value |
British American Tobacco PLC (United Kingdom) | 64,435 | | $ 1,553,386 |
Capita Group PLC | 168,419 | | 1,697,474 |
Carphone Warehouse Group PLC | 320,600 | | 701,826 |
Compass Group PLC | 366,600 | | 1,742,524 |
Cookson Group PLC | 1,787,700 | | 510,468 |
DSG International PLC | 663,400 | | 417,683 |
DSG International PLC | 592,700 | | 262,945 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 73,238 | | 513,361 |
(United Kingdom) (Reg.) | 1,019,957 | | 7,250,665 |
Imperial Tobacco Group PLC | 93,500 | | 2,132,519 |
Informa PLC | 504,100 | | 2,202,452 |
InterContinental Hotel Group PLC | 121,900 | | 1,157,722 |
Man Group PLC | 761,300 | | 2,812,909 |
Misys PLC | 451,700 | | 921,582 |
NEXT PLC | 74,500 | | 1,781,249 |
Prudential PLC | 376,900 | | 2,165,488 |
Reckitt Benckiser Group PLC | 84,000 | | 3,296,198 |
Rio Tinto PLC (Reg.) | 106,600 | | 4,329,679 |
Royal Bank of Scotland Group PLC | 579,508 | | 353,544 |
Royal Dutch Shell PLC Class B | 308,300 | | 6,974,391 |
SSL International PLC | 282,500 | | 1,979,845 |
Standard Chartered PLC (United Kingdom) | 250,064 | | 3,866,866 |
Vodafone Group PLC | 3,488,500 | | 6,409,356 |
Vodafone Group PLC sponsored ADR | 69,412 | | 1,273,710 |
William Morrison Supermarkets PLC | 332,700 | | 1,204,693 |
Wolseley PLC | 137,952 | | 2,473,214 |
WPP PLC | 164,900 | | 1,127,813 |
Xstrata PLC | 44,000 | | 387,766 |
TOTAL UNITED KINGDOM | | 85,661,130 |
United States of America - 45.8% |
3M Co. | 45,000 | | 2,592,000 |
Albemarle Corp. | 25,000 | | 670,500 |
Amazon.com, Inc. (a) | 27,800 | | 2,238,456 |
American Eagle Outfitters, Inc. | 53,000 | | 785,460 |
American Express Co. | 32,000 | | 807,040 |
Apple, Inc. (a) | 131,600 | | 16,559,228 |
Applied Materials, Inc. | 92,000 | | 1,123,320 |
Ashland, Inc. | 35,000 | | 768,600 |
AutoNation, Inc. (a) | 39,000 | | 690,690 |
AutoZone, Inc. (a) | 2,000 | | 332,780 |
Avnet, Inc. (a) | 587,400 | | 12,858,186 |
Baker Hughes, Inc. | 13,000 | | 462,540 |
Bank of America Corp. | 257,900 | | 2,303,047 |
Bemis Co., Inc. | 13,000 | | 312,520 |
Biogen Idec, Inc. (a) | 49,900 | | 2,412,166 |
BorgWarner, Inc. | 313,800 | | 9,084,510 |
Boston Private Financial Holdings, Inc. | 35,000 | | 161,350 |
Burlington Northern Santa Fe Corp. | 48,000 | | 3,239,040 |
Caterpillar, Inc. | 51,000 | | 1,814,580 |
Celanese Corp. Class A | 242,000 | | 5,043,280 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Cephalon, Inc. (a)(d) | 82,200 | | $ 5,393,142 |
Charles Schwab Corp. | 48,000 | | 887,040 |
Chevron Corp. | 76,700 | | 5,069,870 |
Cisco Systems, Inc. (a) | 534,700 | | 10,330,404 |
CME Group, Inc. | 4,300 | | 951,805 |
Coach, Inc. | 64,000 | | 1,568,000 |
Comcast Corp. Class A (special) (non-vtg.) | 62,000 | | 910,160 |
CSX Corp. | 13,000 | | 384,670 |
Cummins, Inc. | 31,600 | | 1,074,400 |
Dendreon Corp. (a) | 40,000 | | 848,000 |
Dow Chemical Co. | 65,000 | | 1,040,000 |
Eaton Corp. | 129,000 | | 5,650,200 |
Express Scripts, Inc. (a) | 161,000 | | 10,299,170 |
Fidelity National Financial, Inc. Class A | 285,900 | | 5,183,367 |
FMC Corp. | 120,300 | | 5,862,219 |
Ford Motor Co. (a) | 210,000 | | 1,255,800 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 121,600 | | 5,186,240 |
General Electric Co. | 401,900 | | 5,084,035 |
Gilead Sciences, Inc. (a) | 309,000 | | 14,152,200 |
Goldman Sachs Group, Inc. | 36,000 | | 4,626,000 |
Google, Inc. Class A (sub. vtg.) (a) | 47,700 | | 18,887,768 |
Hewitt Associates, Inc. Class A (a) | 82,000 | | 2,571,520 |
Illinois Tool Works, Inc. | 38,000 | | 1,246,400 |
International Business Machines Corp. | 55,800 | | 5,759,118 |
JCPenney Co., Inc. | 24,000 | | 736,560 |
JPMorgan Chase & Co. | 517,400 | | 17,074,200 |
KLA-Tencor Corp. | 41,000 | | 1,137,340 |
Kohl's Corp. (a) | 67,000 | | 3,038,450 |
Lam Research Corp. (a) | 131,000 | | 3,652,280 |
Las Vegas Sands Corp. (a) | 70,000 | | 547,400 |
Louisiana-Pacific Corp. | 223,000 | | 907,610 |
Marriott International, Inc. Class A | 73,000 | | 1,719,880 |
McDonald's Corp. | 48,000 | | 2,557,920 |
McGraw-Hill Companies, Inc. | 64,000 | | 1,929,600 |
Mead Johnson Nutrition Co. Class A | 13,300 | | 375,725 |
Microsoft Corp. | 75,000 | | 1,519,500 |
Morgan Stanley | 435,000 | | 10,283,400 |
National Oilwell Varco, Inc. (a) | 7,000 | | 211,960 |
Nordstrom, Inc. | 33,000 | | 746,790 |
Norfolk Southern Corp. | 15,000 | | 535,200 |
Novellus Systems, Inc. (a) | 125,000 | | 2,257,500 |
O'Reilly Automotive, Inc. (a) | 39,000 | | 1,515,150 |
Occidental Petroleum Corp. | 12,000 | | 675,480 |
Omnicom Group, Inc. | 5,000 | | 157,350 |
Oracle Corp. | 576,900 | | 11,157,246 |
Owens-Illinois, Inc. (a) | 35,000 | | 853,650 |
PACCAR, Inc. | 139,800 | | 4,954,512 |
Packaging Corp. of America | 50,000 | | 793,500 |
Pactiv Corp. (a) | 13,000 | | 284,180 |
Parker Hannifin Corp. | 31,000 | | 1,405,850 |
Patterson-UTI Energy, Inc. | 58,000 | | 737,180 |
|
| Shares | | Value |
Philip Morris International, Inc. | 92,000 | | $ 3,330,400 |
PNC Financial Services Group, Inc. | 35,000 | | 1,389,500 |
Procter & Gamble Co. | 20,000 | | 988,800 |
Pulte Homes, Inc. | 49,390 | | 568,479 |
QUALCOMM, Inc. | 422,800 | | 17,892,896 |
Quidel Corp. (a) | 9,700 | | 112,908 |
Qwest Communications
International, Inc. | 150,000 | | 583,500 |
Regal-Beloit Corp. | 28,300 | | 1,149,829 |
Rock-Tenn Co. Class A | 26,000 | | 981,760 |
Rockwell Automation, Inc. | 13,000 | | 410,670 |
Rosetta Stone, Inc. | 2,000 | | 59,900 |
Sealed Air Corp. | 123,000 | | 2,344,380 |
Simon Property Group, Inc. | 41,000 | | 2,115,600 |
Southwestern Energy Co. (a) | 107,000 | | 3,837,020 |
Sprint Nextel Corp. (a) | 2,007,000 | | 8,750,520 |
Temple-Inland, Inc. | 1,093,300 | | 13,054,002 |
Tenet Healthcare Corp. (a) | 200,000 | | 450,000 |
Teradyne, Inc. (a) | 375,000 | | 2,227,500 |
The Coca-Cola Co. | 233,600 | | 10,056,480 |
The DIRECTV Group, Inc. (a) | 261,400 | | 6,464,422 |
The Travelers Companies, Inc. | 32,000 | | 1,316,480 |
The Walt Disney Co. | 30,000 | | 657,000 |
TJX Companies, Inc. | 122,000 | | 3,412,340 |
Union Pacific Corp. | 375,600 | | 18,456,984 |
Varian Semiconductor Equipment Associates, Inc. (a) | 60,649 | | 1,552,008 |
Visa, Inc. | 115,700 | | 7,515,872 |
Wal-Mart Stores, Inc. | 117,600 | | 5,927,040 |
Walgreen Co. | 62,000 | | 1,948,660 |
Wells Fargo & Co. | 467,900 | | 9,362,679 |
Wilmington Trust Corp., Delaware | 181,000 | | 2,626,310 |
Wyndham Worldwide Corp. | 25,000 | | 292,000 |
TOTAL UNITED STATES OF AMERICA | | 380,082,173 |
TOTAL COMMON STOCKS (Cost $824,929,216) | 792,362,302 |
Nonconvertible Preferred Stocks - 0.7% |
| | | |
Germany - 0.5% |
Fresenius SE (non-vtg.) | 79,700 | | 4,066,332 |
Italy - 0.2% |
Intesa Sanpaolo SpA | 864,400 | | 1,919,171 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,760,456) | 5,985,503 |
Convertible Bonds - 0.7% |
| Principal Amount | | |
Bermuda - 0.1% |
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12 | | $ 890,000 | | 1,238,613 |
Convertible Bonds - continued |
| Principal Amount | | Value |
Luxembourg - 0.1% |
ArcelorMittal SA 5% 5/15/14 | | $ 460,000 | | $ 475,028 |
United States of America - 0.5% |
Alcoa, Inc. 5.25% 3/15/14 | | 560,000 | | 883,400 |
Johnson Controls, Inc. 6.5% 9/30/12 | | 620,000 | | 1,115,450 |
Micron Technology, Inc. 4.25% 10/15/13 | | 320,000 | | 372,800 |
Sunpower Corp. 4.75% 4/15/14 | | 530,000 | | 623,969 |
Textron, Inc. 4.5% 5/1/13 | | 330,000 | | 357,819 |
United States Steel Corp. 4% 5/15/14 | | 770,000 | | 821,975 |
TOTAL UNITED STATES OF AMERICA | | 4,175,413 |
TOTAL CONVERTIBLE BONDS (Cost $4,543,650) | 5,889,054 |
Government Obligations - 0.2% |
|
United States of America - 0.2% |
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.22% 5/7/09 to 5/28/09 (e)
(Cost $1,594,804) | | 1,595,000 | | 1,594,965 |
Money Market Funds - 3.2% |
| Shares | | |
Fidelity Cash Central Fund, 0.53% (b) | 21,869,561 | | 21,869,561 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 4,665,950 | | 4,665,950 |
TOTAL MONEY MARKET FUNDS (Cost $26,535,511) | 26,535,511 |
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $866,363,637) | | 832,367,335 |
NET OTHER ASSETS - (0.3)% | | (2,618,775) |
NET ASSETS - 100% | $ 829,748,560 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
44 Nikkei 225 Index Contracts (Japan) | June 2009 | | $ 3,953,953 | | $ 424,780 |
106 TOPIX 150 Index Contracts (Japan) | June 2009 | | 9,041,635 | | 1,359,243 |
TOTAL EQUITY INDEX CONTRACTS | | $ 12,995,588 | | $ 1,784,023 |
|
The face value of futures purchased as a percentage of net assets - 1.6% |
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 $1,564,965. |
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 | $ 248,376 |
Fidelity Securities Lending Cash Central Fund | 41,797 |
Total | $ 290,173 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 832,367,335 | $ 495,271,826 | $ 337,095,509 | $ - |
Other Financial Instruments* | $ 1,784,023 | $ 1,784,023 | $ - | $ - |
* Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 336,547 |
Total Realized Gain (Loss) | (1,382,609) |
Total Unrealized Gain (Loss) | 1,180,463 |
Cost of Purchases | - |
Proceeds of Sales | (134,401) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the Fund had a capital loss carryforward of approximately $115,059,396 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $4,520,646) - See accompanying schedule: Unaffiliated issuers (cost $839,828,126) | $ 805,831,824 | |
Fidelity Central Funds (cost $26,535,511) | 26,535,511 | |
Total Investments (cost $866,363,637) | | $ 832,367,335 |
Foreign currency held at value (cost $46,089) | | 46,447 |
Receivable for investments sold | | 41,982,015 |
Receivable for fund shares sold | | 659,782 |
Dividends receivable | | 2,566,815 |
Interest receivable | | 11,081 |
Distributions receivable from Fidelity Central Funds | | 20,115 |
Receivable for daily variation on futures contracts | | 496,865 |
Prepaid expenses | | 7,408 |
Other receivables | | 117,651 |
Total assets | | 878,275,514 |
| | |
Liabilities | | |
Payable to custodian bank | $ 45,354 | |
Payable for investments purchased | 42,207,066 | |
Payable for fund shares redeemed | 720,562 | |
Accrued management fee | 576,475 | |
Distribution fees payable | 262 | |
Other affiliated payables | 231,529 | |
Other payables and accrued expenses | 79,756 | |
Collateral on securities loaned, at value | 4,665,950 | |
Total liabilities | | 48,526,954 |
| | |
Net Assets | | $ 829,748,560 |
Net Assets consist of: | | |
Paid in capital | | $ 1,198,985,391 |
Undistributed net investment income | | 3,220,558 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (340,183,429) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (32,273,960) |
Net Assets | | $ 829,748,560 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($148,111 ÷ 12,086 shares) | | $ 12.25 |
| | |
Maximum offering price per share (100/94.25 of $12.25) | | $ 13.00 |
Class T:
Net Asset Value and redemption price per share ($112,684 ÷ 9,199 shares) | | $ 12.25 |
| | |
Maximum offering price per share (100/96.50 of $12.25) | | $ 12.69 |
Class B:
Net Asset Value, offering price and redemption price per share ($121,437 ÷ 9,924 shares) | | $ 12.24 |
| | |
Class C:
Net Asset Value, offering price and redemption price per share ($124,855 ÷ 10,203 shares) | | $ 12.24 |
| | |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($829,128,774 ÷ 67,641,268 shares) | | $ 12.26 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($112,699 ÷ 9,191 shares) | | $ 12.26 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 10,902,640 |
Interest | | 13,849 |
Income from Fidelity Central Funds | | 290,173 |
| | 11,206,662 |
Less foreign taxes withheld | | (476,468) |
Total income | | 10,730,194 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,879,647 | |
Performance adjustment | 645,595 | |
Transfer agent fees | 1,239,076 | |
Distribution fees | 563 | |
Accounting and security lending fees | 192,708 | |
Custodian fees and expenses | 72,347 | |
Independent trustees' compensation | 2,924 | |
Registration fees | 87,482 | |
Audit | 39,162 | |
Legal | 2,564 | |
Miscellaneous | 8,851 | |
Total expenses before reductions | 5,170,919 | |
Expense reductions | (131,441) | 5,039,478 |
Net investment income (loss) | | 5,690,716 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (191,977,593) | |
Foreign currency transactions | (339,908) | |
Futures contracts | (1,613,932) | |
Total net realized gain (loss) | | (193,931,433) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 114,980,429 | |
Assets and liabilities in foreign currencies | (18,298) | |
Futures contracts | 1,784,023 | |
Total change in net unrealized appreciation (depreciation) | | 116,746,154 |
Net gain (loss) | | (77,185,279) |
Net increase (decrease) in net assets resulting from operations | | $ (71,494,563) |
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,690,716 | $ 12,367,196 |
Net realized gain (loss) | (193,931,433) | (143,763,130) |
Change in net unrealized appreciation (depreciation) | 116,746,154 | (564,532,626) |
Net increase (decrease) in net assets resulting from operations | (71,494,563) | (695,928,560) |
Distributions to shareholders from net investment income | (11,746,083) | (8,541,065) |
Distributions to shareholders from net realized gain | - | (169,398,247) |
Total distributions | (11,746,083) | (177,939,312) |
Share transactions - net increase (decrease) | (21,915,478) | 35,066,852 |
Redemption fees | 19,337 | 83,803 |
Total increase (decrease) in net assets | (105,136,787) | (838,717,217) |
| | |
Net Assets | | |
Beginning of period | 934,885,347 | 1,773,602,564 |
End of period (including undistributed net investment income of $3,220,558 and undistributed net investment income of $10,091,805, respectively) | $ 829,748,560 | $ 934,885,347 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) E | .04 |
Net realized and unrealized gain (loss) | 1.33 |
Total from investment operations | 1.37 |
Redemption fees added to paid in capital E, J | - |
Net asset value, end of period | $ 12.25 |
Total Return B, C, D | 12.59% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 1.50% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.48% A |
Net investment income (loss) | 1.87% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 148 |
Portfolio turnover rate G | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class T
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.37 |
Redemption fees added to paid in capital E, J | - |
Net asset value, end of period | $ 12.25 |
Total Return B,C, D | 12.59% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 1.74% A |
Expenses net of fee waivers, if any | 1.74%A |
Expenses net of all reductions | 1.72%A |
Net investment income (loss) | 1.59%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 113 |
Portfolio turnover rate G | 267%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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .02 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.36 |
Redemption fees added to paid in capital D, I | - |
Net asset value, end of period | $ 12.24 |
Total Return B, C | 12.50% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 2.25% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | 1.09% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 121 |
Portfolio turnover rate F | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class C
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .02 |
Net realized and unrealized gain (loss) | 1.34 |
Total from investment operations | 1.36 |
Redemption fees added to paid in capitalD, I | - |
Net asset value, end of period | $ 12.24 |
Total Return B, C | 12.50% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 2.25% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | 1.07% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 125 |
Portfolio turnover rate F | 267% 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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.40 | $ 25.18 | $ 21.82 | $ 19.05 | $ 16.72 | $ 15.30 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .16 | .14 | .17 | .15 G | .05 H |
Net realized and unrealized gain (loss) | (1.05) | (9.44) | 6.05 | 3.74 | 2.30 | 1.44 |
Total from investment operations | (0.97) | (9.28) | 6.19 | 3.91 | 2.45 | 1.49 |
Distributions from net investment income | (.17) | (.12) | (.17) | (.10) | (.10) | (.07) |
Distributions from net realized gain | - | (2.38) | (2.66) | (1.04) | (.02) | - |
Total distributions | (.17) | (2.50) | (2.83) | (1.14) | (.12) | (.07) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 13.40 | $ 25.18 | $ 21.82 | $ 19.05 | $ 16.72 |
Total Return B, C | (7.20)% | (40.66)% | 31.87% | 21.31% | 14.71% | 9.77% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | 1.29% A | 1.21% | 1.04% | 1.08% | 1.07% | 1.23% |
Expenses net of fee waivers, if any | 1.28%A | 1.21% | 1.04% | 1.08% | 1.07% | 1.23% |
Expenses net of all reductions | 1.26%A | 1.19% | 1.02% | 1.02% | 1.01% | 1.19% |
Net investment income (loss) | 1.42%A | .84% | .66% | .85% | .82% G | .29% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 829,129 | $ 934,885 | $ 1,773,603 | $ 1,328,219 | $ 1,181,044 | $ 1,064,162 |
Portfolio turnover rate F | 267%A | 264% | 128% | 205% | 93% | 95% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E 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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.88 |
Income from Investment Operations | |
Net investment income (loss) D | .05 |
Net realized and unrealized gain (loss) | 1.33 |
Total from investment operations | 1.38 |
Redemption fees added to paid in capitalD, I | - |
Net asset value, end of period | $ 12.26 |
Total Return B, C | 12.68% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 1.23% A |
Expenses net of fee waivers, if any | 1.23%A |
Expenses net of all reductions | 1.21%A |
Net investment income (loss) | 2.10%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 113 |
Portfolio turnover rate F | 267%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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Worldwide 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. The Fund commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Worldwide on February 19, 2009. 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 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures and options transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 71,860,193 |
Unrealized depreciation | (136,640,711) |
Net unrealized appreciation (depreciation) | $ (64,780,518) |
Cost for federal income tax purposes | $ 897,147,853 |
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 Pronouncement. 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 reporting periods 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.
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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,026,526,266 and $1,028,074,738, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20 of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .88% of the Fund's average net assets.
Semiannual Report
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, except for the Institutional Class. 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% | $ 55 | $ 50 |
Class T | .25% | .25% | 99 | 99 |
Class B | .75% | .25% | 203 | 202 |
Class C | .75% | .25% | 206 | 199 |
| | | $ 563 | $ 550 |
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 | $ 150 |
Class T | 3 |
Total | $ 153 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 65 | .29 |
Class T | 53 | .26 |
Class B | 57 | .28 |
Class C | 58 | .28 |
Worldwide | 1,238,794 | .31 |
Institutional Class | 49 | .24 |
| $ 1,239,076 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $38,238 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,569 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end is 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 $41,797.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Worldwide operating expenses. During the period, this reimbursement reduced the Fund's expenses by $57,475.
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 $73,426 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 $540.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Worldwide | $ 11,746,083 | $ 8,541,065 |
From net realized gain | | |
Worldwide | $ - | $ 169,398,247 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
Class A A | | | | |
Shares sold | 12,086 | - | $ 133,845 | $ - |
Class T A | | | | |
Shares sold | 9,199 | - | $ 100,097 | $ - |
Class B A | | | | |
Shares sold | 9,924 | - | $ 108,670 | $ - |
Class C A | | | | |
Shares sold | 10,203 | - | $ 111,994 | $ - |
Worldwide | | | | |
Shares sold | 5,281,716 | 15,425,394 | $ 61,622,080 | $ 303,265,276 |
Reinvestment of distributions | 959,834 | 7,926,720 | 11,413,264 | 172,247,752 |
Shares redeemed | (8,347,452) | (24,051,522) | (95,505,428) | (440,446,176) |
Net increase (decrease) | (2,105,902) | (699,408) | $ (22,470,084) | $ 35,066,852 |
Institutional Class A | | | | |
Shares sold | 9,191 | - | $ 100,000 | $ - |
A Share transactions are for the period February 19, 2009 (commencement of sale of shares) to April 30, 2009.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
AWLDI-USAN-0609
1.883439.100
Fidelity's
Targeted International Equity
Funds®
Fidelity® Canada Fund
Fidelity China Region Fund
Fidelity Emerging Markets Fund
Fidelity Europe Fund
Fidelity Europe Capital Appreciation Fund
Fidelity Japan Fund
Fidelity Japan Smaller Companies Fund
Fidelity Latin America Fund
Fidelity Nordic Fund
Fidelity Pacific Basin Fund
Fidelity Southeast Asia Fund
Semiannual Report
April 30, 2009
(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 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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
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 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.49% | | | |
Actual | | $ 1,000.00 | $ 949.30 | $ 7.20 |
HypotheticalA | | $ 1,000.00 | $ 1,017.41 | $ 7.45 |
Class T | 1.73% | | | |
Actual | | $ 1,000.00 | $ 948.00 | $ 8.36 |
HypotheticalA | | $ 1,000.00 | $ 1,016.22 | $ 8.65 |
Class B | 2.23% | | | |
Actual | | $ 1,000.00 | $ 945.90 | $ 10.76 |
HypotheticalA | | $ 1,000.00 | $ 1,013.74 | $ 11.13 |
Class C | 2.22% | | | |
Actual | | $ 1,000.00 | $ 945.80 | $ 10.71 |
HypotheticalA | | $ 1,000.00 | $ 1,013.79 | $ 11.08 |
Canada | 1.24% | | | |
Actual | | $ 1,000.00 | $ 950.60 | $ 6.00 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Institutional Class | 1.21% | | | |
Actual | | $ 1,000.00 | $ 950.50 | $ 5.85 |
HypotheticalA | | $ 1,000.00 | $ 1,018.79 | $ 6.06 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Canada
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Canada | 89.1% | |
| United States
of America | 10.4% | |
| Netherlands Antilles | 0.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Canada | 92.8% | |
| United States
of America | 7.2% | |
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 | 95.8 | 98.5 |
Short-Term Investments
and Net Other Assets | 4.2 | 1.5 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Bank of Canada (Commercial Banks) | 5.8 | 6.5 |
Toronto-Dominion Bank (Commercial Banks) | 5.6 | 6.2 |
Research In Motion Ltd. (Communications Equipment) | 4.3 | 3.4 |
Canadian National Railway Co. (Road & Rail) | 3.8 | 4.3 |
Manulife Financial Corp. (Insurance) | 3.8 | 3.3 |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 3.8 | 5.2 |
EnCana Corp. (Oil, Gas & Consumable Fuels) | 3.6 | 6.2 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 3.4 | 2.5 |
Canadian Imperial Bank of Commerce (Commercial Banks) | 3.2 | 1.2 |
Potash Corp. of Saskatchewan, Inc. (Chemicals) | 3.0 | 3.5 |
| 40.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 30.0 | 27.8 |
Energy | 26.3 | 28.8 |
Materials | 14.9 | 11.3 |
Industrials | 6.2 | 7.7 |
Information Technology | 6.2 | 5.3 |
Telecommunication Services | 5.4 | 7.0 |
Consumer Staples | 3.3 | 5.7 |
Consumer Discretionary | 2.3 | 3.1 |
Utilities | 0.8 | 0.4 |
Health Care | 0.4 | 1.4 |
Semiannual Report
Canada
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 2.3% |
Distributors - 0.1% |
Uni-Select, Inc. | 100,000 | | $ 2,325,581 |
Hotels, Restaurants & Leisure - 0.4% |
Tim Hortons, Inc. | 400,000 | | 9,716,000 |
Media - 1.2% |
Astral Media, Inc. Class A (non-vtg.) | 290,000 | | 7,660,423 |
Corus Entertainment, Inc. Class B (non-vtg.) (d) | 400,000 | | 5,329,981 |
Quebecor, Inc. Class B (sub. vtg.) | 150,000 | | 1,935,889 |
Shaw Communications, Inc. Class B | 500,000 | | 7,751,938 |
Thomson Reuters Corp. | 300,000 | | 8,422,376 |
Yellow Pages Income Fund (d) | 100,000 | | 476,011 |
| | 31,576,618 |
Specialty Retail - 0.6% |
AutoZone, Inc. (a) | 70,000 | | 11,647,300 |
PetSmart, Inc. | 100,000 | | 2,288,000 |
| | 13,935,300 |
TOTAL CONSUMER DISCRETIONARY | | 57,553,499 |
CONSUMER STAPLES - 3.3% |
Food & Staples Retailing - 3.2% |
George Weston Ltd. | 130,000 | | 6,452,881 |
Loblaw Companies Ltd. | 500,000 | | 13,471,611 |
Metro, Inc. Class A (sub. vtg.) | 990,000 | | 30,697,674 |
Shoppers Drug Mart Corp. | 850,000 | | 30,737,482 |
| | 81,359,648 |
Food Products - 0.1% |
Viterra, Inc. (a) | 309,300 | | 2,255,110 |
TOTAL CONSUMER STAPLES | | 83,614,758 |
ENERGY - 26.3% |
Energy Equipment & Services - 0.5% |
Schlumberger Ltd. (NY Shares) | 250,000 | | 12,247,500 |
Oil, Gas & Consumable Fuels - 25.8% |
ARC Energy Trust unit | 200,000 | | 2,597,947 |
Cameco Corp. | 1,450,000 | | 33,295,621 |
Canadian Natural Resources Ltd. | 2,070,000 | | 95,429,038 |
Canadian Oil Sands Trust | 200,000 | | 4,129,897 |
Enbridge, Inc. | 1,208,900 | | 37,333,304 |
EnCana Corp. | 2,000,000 | | 91,665,619 |
Enerplus Resources Fund Series G | 200,000 | | 3,814,792 |
Hess Corp. | 210,000 | | 11,505,900 |
Husky Energy, Inc. | 600,000 | | 14,536,769 |
Imperial Oil Ltd. | 900,000 | | 32,168,448 |
Keyera Facilities Income Fund | 1,050,000 | | 13,577,624 |
Nexen, Inc. | 2,350,000 | | 44,745,024 |
Niko Resources Ltd. | 140,000 | | 7,085,355 |
Occidental Petroleum Corp. | 150,000 | | 8,443,500 |
Petro-Canada | 1,470,000 | | 46,394,469 |
|
| Shares | | Value |
Petrobank Energy & Resources Ltd. (a) | 250,000 | | $ 5,373,979 |
Suncor Energy, Inc. | 3,450,000 | | 86,824,639 |
Talisman Energy, Inc. | 4,200,000 | | 52,620,993 |
TransCanada Corp. | 2,200,000 | | 54,905,510 |
Uranium One, Inc. (a) | 400,000 | | 1,106,223 |
Valero Energy Corp. | 300,000 | | 5,952,000 |
| | 653,506,651 |
TOTAL ENERGY | | 665,754,151 |
FINANCIALS - 30.0% |
Capital Markets - 1.0% |
Goldman Sachs Group, Inc. | 100,000 | | 12,850,000 |
IGM Financial, Inc. | 300,000 | | 8,942,803 |
T. Rowe Price Group, Inc. | 100,000 | | 3,852,000 |
| | 25,644,803 |
Commercial Banks - 19.8% |
Bank of Montreal (d) | 1,609,300 | | 53,272,449 |
Bank of Nova Scotia | 2,600,000 | | 73,952,650 |
Canadian Imperial Bank of Commerce | 1,784,600 | | 80,118,183 |
Royal Bank of Canada | 4,140,000 | | 146,760,529 |
Toronto-Dominion Bank | 3,565,000 | | 140,717,788 |
Wells Fargo & Co. | 300,000 | | 6,003,000 |
| | 500,824,599 |
Diversified Financial Services - 0.3% |
Onex Corp. (sub. vtg.) | 250,000 | | 4,035,198 |
TMX Group, Inc. | 145,000 | | 3,899,476 |
| | 7,934,674 |
Insurance - 7.6% |
Fairfax Financial Holdings Ltd. | 30,800 | | 8,146,223 |
ING Canada, Inc. | 441,100 | | 12,775,542 |
Manulife Financial Corp. | 5,700,000 | | 97,065,996 |
Power Corp. of Canada (sub. vtg.) | 1,500,000 | | 28,045,255 |
Sun Life Financial, Inc. | 2,000,000 | | 46,763,042 |
| | 192,796,058 |
Real Estate Investment Trusts - 0.2% |
RioCan (REIT) | 350,000 | | 4,012,571 |
Real Estate Management & Development - 1.1% |
Brookfield Asset Management, Inc. Class A (d) | 1,850,000 | | 28,341,085 |
TOTAL FINANCIALS | | 759,553,790 |
HEALTH CARE - 0.4% |
Pharmaceuticals - 0.4% |
Allergan, Inc. | 200,000 | | 9,332,000 |
INDUSTRIALS - 6.2% |
Aerospace & Defense - 0.9% |
Bombardier, Inc. Class B (sub. vtg.) | 4,100,000 | | 12,988,058 |
United Technologies Corp. | 200,000 | | 9,768,000 |
| | 22,756,058 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Air Freight & Logistics - 0.3% |
United Parcel Service, Inc. Class B | 130,000 | | $ 6,804,200 |
Airlines - 0.0% |
WestJet Airlines Ltd. (a) | 100,000 | | 978,839 |
Construction & Engineering - 0.2% |
SNC-Lavalin Group, Inc. | 165,000 | | 4,805,154 |
Industrial Conglomerates - 0.2% |
Textron, Inc. | 500,000 | | 5,365,000 |
Road & Rail - 4.6% |
Canadian National Railway Co. | 2,420,000 | | 97,834,318 |
Canadian Pacific Railway Ltd. | 550,000 | | 19,681,542 |
| | 117,515,860 |
TOTAL INDUSTRIALS | | 158,225,111 |
INFORMATION TECHNOLOGY - 6.2% |
Communications Equipment - 4.3% |
Research In Motion Ltd. (a) | 1,570,000 | | 109,115,007 |
Computers & Peripherals - 0.6% |
Apple, Inc. (a) | 100,000 | | 12,583,000 |
Hewlett-Packard Co. | 80,000 | | 2,878,400 |
| | 15,461,400 |
Internet Software & Services - 0.4% |
Google, Inc. Class A (sub. vtg.) (a) | 15,000 | | 5,939,550 |
Open Text Corp. (a) | 100,000 | | 3,293,526 |
| | 9,233,076 |
IT Services - 0.9% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 2,190,000 | | 19,417,725 |
MasterCard, Inc. Class A | 25,000 | | 4,586,250 |
| | 24,003,975 |
TOTAL INFORMATION TECHNOLOGY | | 157,813,458 |
MATERIALS - 14.9% |
Chemicals - 4.2% |
Agrium, Inc. | 460,000 | | 19,737,691 |
Monsanto Co. | 130,000 | | 11,035,700 |
Potash Corp. of Saskatchewan, Inc. | 880,000 | | 75,591,871 |
| | 106,365,262 |
Metals & Mining - 10.7% |
Agnico-Eagle Mines Ltd. (Canada) | 524,700 | | 23,195,412 |
Barrick Gold Corp. | 2,500,000 | | 72,386,340 |
First Quantum Minerals Ltd. | 600,000 | | 23,205,531 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 300,000 | | 12,795,000 |
Goldcorp, Inc. | 2,400,000 | | 65,609,051 |
Kinross Gold Corp. | 2,250,000 | | 34,676,304 |
|
| Shares | | Value |
Teck Resources Ltd. Class B (sub. vtg.) | 1,800,000 | | $ 18,901,320 |
Yamana Gold, Inc. | 2,700,000 | | 21,179,133 |
| | 271,948,091 |
TOTAL MATERIALS | | 378,313,353 |
TELECOMMUNICATION SERVICES - 5.4% |
Diversified Telecommunication Services - 3.2% |
BCE, Inc. | 3,150,000 | | 67,342,552 |
TELUS Corp. | 550,000 | | 13,435,994 |
| | 80,778,546 |
Wireless Telecommunication Services - 2.2% |
Rogers Communications, Inc. Class B (non-vtg.) | 2,300,000 | | 56,514,561 |
TOTAL TELECOMMUNICATION SERVICES | | 137,293,107 |
UTILITIES - 0.8% |
Electric Utilities - 0.5% |
Fortis, Inc. | 650,000 | | 12,065,787 |
Multi-Utilities - 0.3% |
Canadian Utilities Ltd. Class A (non-vtg.) | 175,000 | | 5,059,711 |
CMS Energy Corp. | 350,000 | | 4,207,000 |
| | 9,266,711 |
TOTAL UTILITIES | | 21,332,498 |
TOTAL COMMON STOCKS (Cost $2,494,703,575) | 2,428,785,725 |
Money Market Funds - 7.8% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 120,208,316 | | 120,208,316 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 76,120,510 | | 76,120,510 |
TOTAL MONEY MARKET FUNDS (Cost $196,328,826) | 196,328,826 |
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $2,691,032,401) | | 2,625,114,551 |
NET OTHER ASSETS - (3.6)% | | (91,010,720) |
NET ASSETS - 100% | $ 2,534,103,831 |
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 | $ 459,338 |
Fidelity Securities Lending Cash Central Fund | 1,636,068 |
Total | $ 2,095,406 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,625,114,551 | $ 2,625,114,551 | $ - | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $109,618,723 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $73,451,097) - See accompanying schedule: Unaffiliated issuers (cost $2,494,703,575) | $ 2,428,785,725 | |
Fidelity Central Funds (cost $196,328,826) | 196,328,826 | |
Total Investments (cost $2,691,032,401) | | $ 2,625,114,551 |
Cash | | 53,614 |
Foreign currency held at value (cost $2,369,563) | | 2,391,974 |
Receivable for investments sold | | 50,734,820 |
Receivable for fund shares sold | | 3,900,379 |
Dividends receivable | | 2,756,874 |
Distributions receivable from Fidelity Central Funds | | 340,896 |
Prepaid expenses | | 23,549 |
Other receivables | | 106,316 |
Total assets | | 2,685,422,973 |
| | |
Liabilities | | |
Payable for investments purchased | $ 70,472,381 | |
Payable for fund shares redeemed | 2,193,795 | |
Accrued management fee | 1,741,706 | |
Distribution fees payable | 30,554 | |
Other affiliated payables | 706,581 | |
Other payables and accrued expenses | 53,615 | |
Collateral on securities loaned, at value | 76,120,510 | |
Total liabilities | | 151,319,142 |
| | |
Net Assets | | $ 2,534,103,831 |
Net Assets consist of: | | |
Paid in capital | | $ 3,226,019,081 |
Undistributed net investment income | | 10,884,860 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (636,770,940) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (66,029,170) |
Net Assets | | $ 2,534,103,831 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($49,633,665 ÷ 1,371,928 shares) | | $ 36.18 |
| | |
Maximum offering price per share (100/94.25 of $36.18) | | $ 38.39 |
Class T:
Net Asset Value and redemption price per share ($12,671,791 ÷ 350,802 shares) | | $ 36.12 |
| | |
Maximum offering price per share (100/96.50 of $36.12) | | $ 37.43 |
Class B:
Net Asset Value and offering price per share ($5,192,935 ÷ 144,831 shares)A | | $ 35.86 |
| | |
Class C:
Net Asset Value and offering price per share ($14,127,392 ÷ 394,716 shares)A | | $ 35.79 |
| | |
Canada:
Net Asset Value, offering price and redemption price per share ($2,443,638,891 ÷ 67,305,447 shares) | | $ 36.31 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,839,157 ÷ 243,824 shares) | | $ 36.25 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Canada Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 36,549,762 |
Interest | | 372 |
Income from Fidelity Central Funds (including $1,636,068 from security lending) | | 2,095,406 |
| | 38,645,540 |
Less foreign taxes withheld | | (5,246,944) |
Total income | | 33,398,596 |
| | |
Expenses | | |
Management fee
Basic fee | $ 8,616,003 | |
Performance adjustment | 1,809,169 | |
Transfer agent fees | 3,683,365 | |
Distribution fees | 182,184 | |
Accounting and security lending fees | 530,175 | |
Custodian fees and expenses | 102,237 | |
Independent trustees' compensation | 9,320 | |
Registration fees | 88,754 | |
Audit | 36,932 | |
Legal | 7,760 | |
Miscellaneous | 26,678 | |
Total expenses before reductions | 15,092,577 | |
Expense reductions | (374,012) | 14,718,565 |
Net investment income (loss) | | 18,680,031 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (466,460,292) | |
Foreign currency transactions | (141,616) | |
Total net realized gain (loss) | | (466,601,908) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 275,752,885 | |
Assets and liabilities in foreign currencies | (77,886) | |
Total change in net unrealized appreciation (depreciation) | | 275,674,999 |
Net gain (loss) | | (190,926,909) |
Net increase (decrease) in net assets resulting from operations | | $ (172,246,878) |
Statement of Changes in Net Assets
| Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 18,680,031 | $ 46,066,725 |
Net realized gain (loss) | (466,601,908) | (175,687,217) |
Change in net unrealized appreciation (depreciation) | 275,674,999 | (2,181,002,870) |
Net increase (decrease) in net assets resulting from operations | (172,246,878) | (2,310,623,362) |
Distributions to shareholders from net investment income | (10,179,809) | (28,915,979) |
Distributions to shareholders from net realized gain | - | (235,022,630) |
Total distributions | (10,179,809) | (263,938,609) |
Share transactions - net increase (decrease) | (162,496,913) | 507,012,286 |
Redemption fees | 324,476 | 3,308,433 |
Total increase (decrease) in net assets | (344,599,124) | (2,064,241,252) |
| | |
Net Assets | | |
Beginning of period | 2,878,702,955 | 4,942,944,207 |
End of period (including undistributed net investment income of $10,884,860 and undistributed net investment income of $26,382,786, respectively) | $ 2,534,103,831 | $ 2,878,702,955 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.20 | $ 70.16 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .22 | .39 | .19 |
Net realized and unrealized gain (loss) | (2.17) | (28.71) | 15.96 |
Total from investment operations | (1.95) | (28.32) | 16.15 |
Distributions from net investment income | (.07) | (.41) | - |
Distributions from net realized gain | - | (3.27) | - |
Total distributions | (.07) | (3.68) | - |
Redemption fees added to paid in capital E | - J | .04 | .01 |
Net asset value, end of period | $ 36.18 | $ 38.20 | $ 70.16 |
Total Return B, C, D | (5.07)% | (42.23)% | 29.93% |
Ratios to Average Net Asset F, I | | | |
Expenses before reductions | 1.49% A | 1.34% | 1.23% A |
Expenses net of fee waivers, if any | 1.49% A | 1.34% | 1.23% A |
Expenses net of all reductions | 1.46% A | 1.31% | 1.22% A |
Net investment income (loss) | 1.33% A | .69% | .63% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 49,634 | $ 56,242 | $ 20,912 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.10 | $ 70.09 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .18 | .23 | .09 |
Net realized and unrealized gain (loss) | (2.16) | (28.66) | 15.99 |
Total from investment operations | (1.98) | (28.43) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 36.12 | $ 38.10 | $ 70.09 |
Total Return B, C, D | (5.20)% | (42.40)% | 29.80% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.73% A | 1.63% | 1.48% A |
Expenses net of fee waivers, if any | 1.73% A | 1.63% | 1.48% A |
Expenses net of all reductions | 1.70% A | 1.60% | 1.47% A |
Net investment income (loss) | 1.08% A | .40% | .30% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 12,672 | $ 14,963 | $ 14,522 |
Portfolio turnover rate G | 109% A | 63% | 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. 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 37.91 | $ 69.88 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | (.06) | (.06) |
Net realized and unrealized gain (loss) | (2.15) | (28.54) | 15.93 |
Total from investment operations | (2.05) | (28.60) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 35.86 | $ 37.91 | $ 69.88 |
Total Return B, C, D | (5.41)% | (42.68)% | 29.41% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.23% A | 2.13% | 2.00% A |
Expenses net of fee waivers, if any | 2.23% A | 2.13% | 2.00% A |
Expenses net of all reductions | 2.20% A | 2.10% | 1.99% A |
Net investment income (loss) | .59% A | (.10)% | (.21)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 5,193 | $ 5,615 | $ 4,078 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 37.84 | $ 69.91 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | (.05) | (.04) |
Net realized and unrealized gain (loss) | (2.15) | (28.52) | 15.94 |
Total from investment operations | (2.05) | (28.57) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 35.79 | $ 37.84 | $ 69.91 |
Total Return B, C, D | (5.42)% | (42.69)% | 29.46% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.22% A | 2.13% | 1.99% A |
Expenses net of fee waivers, if any | 2.22% A | 2.13% | 1.99% A |
Expenses net of all reductions | 2.19% A | 2.10% | 1.97% A |
Net investment income (loss) | .59% A | (.10)% | (.15)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 14,127 | $ 16,716 | $ 8,752 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 38.37 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .26 | .58 | .52 | .34 | .20 | .10 |
Net realized and unrealized gain (loss) | (2.18) | (28.83) | 21.62 | 10.15 | 7.12 | 6.74 |
Total from investment operations | (1.92) | (28.25) | 22.14 | 10.49 | 7.32 | 6.84 |
Distributions from net investment income | (.14) | (.40) | (.36) | (.16) | (.08) | (.13) |
Distributions from net realized gain | - | (3.27) | (1.03) | (.01) | - | - |
Total distributions | (.14) | (3.67) | (1.39) | (.17) | (.08) | (.13) |
Redemption fees added to paid in capital D | - H | .04 | .02 | .02 | .03 | .03 |
Net asset value, end of period | $ 36.31 | $ 38.37 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 |
Total Return B, C | (4.94)% | (42.06)% | 46.03% | 26.93% | 23.11% | 27.45% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.24% A | 1.03% | .96% | 1.00% | 1.08% | 1.20% |
Expenses net of fee waivers, if any | 1.24% A | 1.03% | .96% | 1.00% | 1.08% | 1.20% |
Expenses net of all reductions | 1.21% A | 1.00% | 94% | 97% | 1.04% | 1.15% |
Net investment income (loss) | 1.57% A | 1.00% | .94% | .74% | .55% | .34% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,443,639 | $ 2,776,298 | $ 4,890,617 | $ 3,136,927 | $ 1,722,516 | $ 413,319 |
Portfolio turnover rate F | 109% A | 63% | 42% | 50% | 24% | 47% |
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. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.31 | $ 70.25 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .27 | .52 | .25 |
Net realized and unrealized gain (loss) | (2.19) | (28.78) | 15.99 |
Total from investment operations | (1.92) | (28.26) | 16.24 |
Distributions from net investment income | (.14) | (.45) | - |
Distributions from net realized gain | - | (3.27) | - |
Total distributions | (.14) | (3.72) | - |
Redemption fees added to paid in capital D | - I | .04 | .01 |
Net asset value, end of period | $ 36.25 | $ 38.31 | $ 70.25 |
Total Return B, C | (4.95)% | (42.11)% | 30.09% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | 1.21% A | 1.11% | 1.01% A |
Expenses net of fee waivers, if any | 1.21% A | 1.11% | 1.01% A |
Expenses net of all reductions | 1.18% A | 1.08% | .99% A |
Net investment income (loss) | 1.61% A | .92% | .83% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 8,839 | $ 8,870 | $ 4,064 |
Portfolio turnover rate F | 109% A | 63% | 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. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Notes to Financial Statements
For the period ended April 30, 2009 (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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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, market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 305,646,744 |
Unrealized depreciation | (453,640,637) |
Net unrealized appreciation (depreciation) | $ (147,993,893) |
Cost for federal income tax purposes | $ 2,773,108,444 |
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.
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 $1,274,194,668 and $1,490,225,713, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .87% 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% | $ 59,317 | $ 1,452 |
Class T | .25% | .25% | 31,200 | 448 |
Class B | .75% | .25% | 24,273 | 18,255 |
Class C | .75% | .25% | 67,394 | 33,415 |
| | | $ 182,184 | $ 53,570 |
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 | $ 13,936 |
Class T | 2,962 |
Class B* | 9,254 |
Class C* | 6,725 |
| $ 32,877 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 71,268 | .30 |
Class T | 18,489 | .30 |
Class B | 7,138 | .29 |
Class C | 19,243 | .29 |
Canada | 3,556,257 | .31 |
Institutional Class | 10,970 | .27 |
| $ 3,683,365 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $4,503 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $7,769 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 $373,776 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 $236.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 107,706 | $ 171,586 |
Class T | - | 73,859 |
Class B | - | 8,835 |
Class C | - | 45,389 |
Canada | 10,039,163 | 28,579,259 |
Institutional Class | 32,940 | 37,051 |
Total | $ 10,179,809 | $ 28,915,979 |
From net realized gain | | |
Class A | $ - | $ 1,361,853 |
Class T | - | 736,334 |
Class B | - | 209,359 |
Class C | - | 549,710 |
Canada | - | 231,896,136 |
Institutional Class | - | 269,238 |
Total | $ - | $ 235,022,630 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 225,047 | 1,623,645 | $ 7,625,539 | $ 96,358,055 |
Reinvestment of distributions | 3,241 | 24,107 | 102,530 | 1,454,159 |
Shares redeemed | (328,770) | (473,393) | (10,668,743) | (24,545,534) |
Net increase (decrease) | (100,482) | 1,174,359 | $ (2,940,674) | $ 73,266,680 |
Class T | | | | |
Shares sold | 66,538 | 281,102 | $ 2,229,602 | $ 16,813,582 |
Reinvestment of distributions | - | 13,222 | - | 797,422 |
Shares redeemed | (108,495) | (108,759) | (3,493,084) | (5,550,777) |
Net increase (decrease) | (41,957) | 185,565 | $ (1,263,482) | $ 12,060,227 |
Class B | | | | |
Shares sold | 25,389 | 143,582 | $ 847,819 | $ 8,590,562 |
Reinvestment of distributions | - | 2,917 | - | 175,839 |
Shares redeemed | (28,668) | (56,743) | (939,147) | (3,089,676) |
Net increase (decrease) | (3,279) | 89,756 | $ (91,328) | $ 5,676,725 |
Class C | | | | |
Shares sold | 75,430 | 454,502 | $ 2,424,990 | $ 27,139,418 |
Reinvestment of distributions | - | 8,472 | - | 509,854 |
Shares redeemed | (122,470) | (146,400) | (4,002,089) | (7,449,898) |
Net increase (decrease) | (47,040) | 316,574 | $ (1,577,099) | $ 20,199,374 |
Canada | | | | |
Shares sold | 6,805,275 | 34,673,241 | $ 232,011,641 | $ 2,070,491,480 |
Reinvestment of distributions | 306,492 | 3,970,249 | 9,628,844 | 239,922,156 |
Shares redeemed | (12,161,010) | (35,906,020) | (398,811,969) | (1,927,559,508) |
Net increase (decrease) | (5,049,243) | 2,737,470 | $ (157,171,484) | $ 382,854,128 |
Institutional Class | | | | |
Shares sold | 84,701 | 377,605 | $ 2,874,667 | $ 22,481,855 |
Reinvestment of distributions | 737 | 4,721 | 23,131 | 285,066 |
Shares redeemed | (73,168) | (208,616) | (2,350,644) | (9,811,769) |
Net increase (decrease) | 12,270 | 173,710 | $ 547,154 | $ 12,955,152 |
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
China Region
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 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.37% | | | |
Actual | | $ 1,000.00 | $ 1,167.80 | $ 7.36 |
Hypothetical A | | $ 1,000.00 | $ 1,018.00 | $ 6.85 |
Class T | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,166.10 | $ 8.86 |
Hypothetical A | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class B | 2.14% | | | |
Actual | | $ 1,000.00 | $ 1,163.50 | $ 11.48 |
Hypothetical A | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.14% | | | |
Actual | | $ 1,000.00 | $ 1,163.10 | $ 11.48 |
Hypothetical A | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
China Region | 1.16% | | | |
Actual | | $ 1,000.00 | $ 1,169.30 | $ 6.24 |
Hypothetical A | | $ 1,000.00 | $ 1,019.04 | $ 5.81 |
Institutional Class | 1.13% | | | |
Actual | | $ 1,000.00 | $ 1,168.80 | $ 6.08 |
Hypothetical A | | $ 1,000.00 | $ 1,019.19 | $ 5.66 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
China Region
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Hong Kong | 34.5% | |
| China | 33.9% | |
| Taiwan | 22.1% | |
| Cayman Islands | 5.4% | |
| Singapore | 3.8% | |
 | United States of America | 0.2% | |
| Bermuda | 0.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Hong Kong | 37.0% | |
| Taiwan | 29.4% | |
| China | 24.1% | |
| United States of America | 7.9% | |
| Cayman Islands | 1.4% | |
| Indonesia | 0.2% | |
| Bermuda | 0.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 99.8 | 92.1 |
Short-Term Investments and Net Other Assets | 0.2 | 7.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services) | 5.4 | 8.6 |
China Life Insurance Co. Ltd.
(H Shares) (Insurance) | 5.2 | 3.5 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 5.1 | 9.8 |
Industrial & Commercial Bank of China Ltd. (Commercial Banks) | 4.8 | 5.0 |
Cheung Kong Holdings Ltd. (Real Estate Management & Development) | 4.1 | 3.2 |
Bank of China (H Shares) (Commercial Banks) | 4.1 | 0.0 |
Yuanta Financial Holding Co. Ltd. (Diversified Financial Services) | 3.6 | 0.0 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Components) | 3.1 | 2.4 |
Hong Kong Exchange & Clearing Ltd. (Diversified Financial Services) | 3.0 | 1.7 |
Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | 2.9 | 1.2 |
| 41.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 46.7 | 27.7 |
Information Technology | 17.6 | 21.1 |
Energy | 7.0 | 8.5 |
Telecommunication Services | 7.0 | 17.6 |
Industrials | 6.8 | 3.6 |
Consumer Discretionary | 6.8 | 1.9 |
Materials | 2.1 | 2.2 |
Consumer Staples | 1.6 | 1.5 |
Utilities | 0.4 | 8.0 |
Semiannual Report
China Region
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.0% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 6.8% |
Auto Components - 0.5% |
Xinyi Glass Holdings Co. Ltd. | 7,414,000 | | $ 4,603,209 |
Automobiles - 1.2% |
Dongfeng Motor Group Co. Ltd.
(H Shares) | 13,322,000 | | 9,913,505 |
Geely Automobile Holdings Ltd. | 17,025,000 | | 2,283,910 |
| | 12,197,415 |
Distributors - 0.9% |
Li & Fung Ltd. | 3,278,000 | | 9,209,256 |
Household Durables - 0.3% |
Techtronic Industries Co. Ltd. | 5,535,000 | | 3,273,385 |
Leisure Equipment & Products - 0.2% |
Li Ning Co. Ltd. | 946,500 | | 1,936,976 |
Multiline Retail - 0.8% |
Golden Eagle Retail Group Ltd.
(H Shares) | 4,792,000 | | 3,868,171 |
New World Department Store China Ltd. | 4,351,000 | | 2,439,589 |
Parkson Retail Group Ltd. | 800,000 | | 1,004,692 |
| | 7,312,452 |
Specialty Retail - 1.4% |
Esprit Holdings Ltd. | 2,198,400 | | 13,470,141 |
Textiles, Apparel & Luxury Goods - 1.5% |
Anta Sports Products Ltd. | 6,661,000 | | 5,608,798 |
China Dongxiang Group Co. Ltd. | 13,030,000 | | 6,327,943 |
Weiqiao Textile Co. Ltd. (H Shares) | 8,223,500 | | 3,264,040 |
| | 15,200,781 |
TOTAL CONSUMER DISCRETIONARY | | 67,203,615 |
CONSUMER STAPLES - 1.6% |
Food & Staples Retailing - 1.2% |
Dairy Farm International Holdings Ltd. | 2,269,800 | | 12,234,222 |
Food Products - 0.0% |
Want Want China Holdings Ltd. | 234,000 | | 116,679 |
Personal Products - 0.4% |
Hengan International Group Co. Ltd. | 874,000 | | 3,644,944 |
TOTAL CONSUMER STAPLES | | 15,995,845 |
ENERGY - 7.0% |
Oil, Gas & Consumable Fuels - 7.0% |
China Petroleum & Chemical Corp.
(H Shares) | 27,576,000 | | 21,433,267 |
CNOOC Ltd. | 19,852,000 | | 22,161,168 |
PetroChina Co. Ltd. (H Shares) | 29,076,000 | | 25,341,742 |
| | 68,936,177 |
FINANCIALS - 46.7% |
Commercial Banks - 15.0% |
Bank of China (H Shares) | 108,039,000 | | 40,058,212 |
|
| Shares | | Value |
BOC Hong Kong Holdings Ltd. | 9,646,000 | | $ 13,623,837 |
China Construction Bank Corp.
(H Shares) | 46,778,000 | | 27,005,799 |
Chinatrust Financial Holding Co. Ltd. | 18,943,000 | | 8,655,416 |
Hang Seng Bank Ltd. | 971,400 | | 10,766,722 |
Industrial & Commercial Bank of China Ltd. | 83,059,000 | | 47,250,779 |
Wing Hang Bank Ltd. | 46,000 | | 271,641 |
| | 147,632,406 |
Diversified Financial Services - 7.4% |
China Everbright Ltd. | 4,172,000 | | 8,073,484 |
Hong Kong Exchange & Clearing Ltd. | 2,601,000 | | 29,959,309 |
Yuanta Financial Holding Co. Ltd. | 60,359,000 | | 35,287,646 |
| | 73,320,439 |
Insurance - 6.4% |
China Life Insurance Co. Ltd. (H Shares) | 14,603,000 | | 51,284,484 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 1,846,000 | | 11,403,663 |
| | 62,688,147 |
Real Estate Management & Development - 17.9% |
Cheung Kong Holdings Ltd. | 3,938,000 | | 40,622,825 |
China Overseas Land & Investment Ltd. | 12,555,920 | | 21,868,837 |
China Resources Land Ltd. | 10,952,000 | | 19,587,270 |
Farglory Land Development Co. Ltd. | 4,761,000 | | 6,103,214 |
Guangzhou R&F Properties Co. Ltd.
(H Shares) | 3,350,800 | | 5,387,933 |
Hang Lung Properties Ltd. | 5,650,000 | | 15,869,144 |
Henderson Land Development Co. Ltd. | 1,662,000 | | 7,741,623 |
Hysan Development Co. Ltd. | 992,000 | | 1,801,603 |
Kerry Properties Ltd. | 922,000 | | 2,784,107 |
New World China Land Ltd. | 5,163,200 | | 2,009,529 |
New World Development Co. Ltd. | 3,114,000 | | 4,072,916 |
Shimao Property Holdings Ltd. | 10,605,500 | | 11,778,249 |
Sino-Ocean Land Holdings Ltd. | 11,649,000 | | 8,560,316 |
Sun Hung Kai Properties Ltd. | 2,757,000 | | 28,501,192 |
| | 176,688,758 |
TOTAL FINANCIALS | | 460,329,750 |
INDUSTRIALS - 6.8% |
Airlines - 0.1% |
Air China Ltd. (H Shares) | 3,114,000 | | 1,455,451 |
Construction & Engineering - 0.7% |
China Communications Construction Co. Ltd. (H Shares) | 2,635,000 | | 3,125,319 |
China Railway Construction Corp. Ltd. (H Shares) (a) | 2,516,500 | | 3,477,227 |
| | 6,602,546 |
Electrical Equipment - 2.2% |
China High Speed Transmission Equipment Group Co. Ltd. | 5,074,000 | | 9,065,168 |
Young Fast Optoelectron Co. Ltd. | 1,454,000 | | 12,788,276 |
| | 21,853,444 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Industrial Conglomerates - 2.6% |
Beijing Enterprises Holdings Ltd. | 568,500 | | $ 2,499,122 |
Far Eastern Textile Ltd. | 6,426,000 | | 5,993,114 |
Hutchison Whampoa Ltd. | 2,961,000 | | 17,440,189 |
| | 25,932,425 |
Marine - 0.8% |
China Cosco Holdings Co. Ltd.
(H Shares) | 2,149,000 | | 1,740,410 |
Shun Tak Holdings Ltd. | 14,216,000 | | 6,273,308 |
| | 8,013,718 |
Transportation Infrastructure - 0.4% |
China Merchants Holdings International Co. Ltd. | 898,000 | | 2,112,334 |
Cosco Pacific Ltd. | 1,540,000 | | 1,461,434 |
| | 3,573,768 |
TOTAL INDUSTRIALS | | 67,431,352 |
INFORMATION TECHNOLOGY - 17.6% |
Communications Equipment - 0.5% |
ZTE Corp. (H Shares) | 1,348,820 | | 4,547,395 |
Computers & Peripherals - 1.8% |
Acer, Inc. | 7,146,000 | | 13,653,173 |
HTC Corp. | 329,000 | | 4,453,654 |
| | 18,106,827 |
Electronic Equipment & Components - 5.6% |
AU Optronics Corp. | 5,336,000 | | 5,674,916 |
BYD Co. Ltd. (H Shares) | 807,300 | | 2,120,824 |
Delta Electronics, Inc. | 2,048,000 | | 4,469,025 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 10,520,674 | | 30,363,018 |
Kingboard Chemical Holdings Ltd. | 436,500 | | 1,058,134 |
Kingboard Laminates Holdings Ltd. | 7,440,000 | | 2,945,544 |
Largan Precision Co. Ltd. | 1,030,000 | | 8,260,864 |
| | 54,892,325 |
Internet Software & Services - 2.1% |
Tencent Holdings Ltd. | 2,357,000 | | 20,832,618 |
Semiconductors & Semiconductor Equipment - 7.3% |
MediaTek, Inc. | 924,000 | | 9,606,327 |
Siliconware Precision Industries Co. Ltd. | 6,782,000 | | 8,793,879 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,608,443 | | 50,087,232 |
United Microelectronics Corp. | 8,894,000 | | 3,358,118 |
| | 71,845,556 |
|
| Shares | | Value |
Software - 0.3% |
Changyou.com Ltd. (A Shares) ADR | 107,430 | | $ 3,303,473 |
TOTAL INFORMATION TECHNOLOGY | | 173,528,194 |
MATERIALS - 2.1% |
Chemicals - 1.1% |
Formosa Plastics Corp. | 5,317,000 | | 9,364,890 |
Huabao International Holdings Ltd. | 1,205,000 | | 851,758 |
| | 10,216,648 |
Construction Materials - 0.7% |
Anhui Conch Cement Co. Ltd.
(H Shares) (a) | 554,000 | | 3,672,152 |
China National Building Materials Co. Ltd. (H Shares) | 1,540,000 | | 3,218,944 |
| | 6,891,096 |
Paper & Forest Products - 0.3% |
Shandong Chenming Paper Holdings Ltd.: | | | |
(B Shares) | 4,722,500 | | 2,327,720 |
(H Shares) | 2,104,500 | | 973,993 |
| | 3,301,713 |
TOTAL MATERIALS | | 20,409,457 |
TELECOMMUNICATION SERVICES - 7.0% |
Diversified Telecommunication Services - 1.5% |
China Telecom Corp. Ltd. (H Shares) | 29,024,000 | | 14,287,561 |
China Unicom (Hong Kong) Ltd. | 1,000 | | 1,159 |
| | 14,288,720 |
Wireless Telecommunication Services - 5.5% |
China Mobile (Hong Kong) Ltd. | 6,212,500 | | 53,646,379 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 2,234,000 | | 210,427 |
Hutchison Telecommunications International Ltd. | 2,234,000 | | 406,848 |
| | 54,263,654 |
TOTAL TELECOMMUNICATION SERVICES | | 68,552,374 |
UTILITIES - 0.4% |
Independent Power Producers & Energy Traders - 0.4% |
China Resources Power Holdings Co. Ltd. | 1,908,000 | | 4,275,569 |
TOTAL COMMON STOCKS (Cost $950,646,777) | 946,662,333 |
Government Obligations - 0.5% |
| Principal Amount | | |
U.S. Treasury Bills, yield at date of purchase 0.19% to 0.21% 5/14/09 to 5/21/09 (c)
(Cost $5,099,424) | $ 5,100,000 | | 5,099,899 |
Money Market Funds - 3.0% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $29,069,567) | 29,069,567 | | $ 29,069,567 |
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $984,815,768) | | 980,831,799 |
NET OTHER ASSETS - 0.5% | | 5,243,940 |
NET ASSETS - 100% | $ 986,075,739 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
1,595 MSCI Taiwan Stock Index Contracts (Singapore) | May 2009 | | $ 37,131,600 | | $ 3,325,561 |
The face value of futures purchased as a percentage of net assets - 3.8% |
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) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $4,399,908. |
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 | $ 188,670 |
Fidelity Securities Lending Cash Central Fund | 70,581 |
Total | $ 259,251 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 980,831,799 | $ 46,934,982 | $ 933,686,390 | $ 210,427 |
Other Financial Instruments* | $ 3,325,561 | $ 3,325,561 | $ - | $ - |
*Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 3,377,416 |
Total Realized Gain (Loss) | (2,615,311) |
Total Unrealized Gain (Loss) | 3,181,059 |
Cost of Purchases | 903,606 |
Proceeds of Sales | (4,636,343) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ 210,427 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $148,402,224 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
China Region
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $955,746,201) | $ 951,762,232 | |
Fidelity Central Funds (cost $29,069,567) | 29,069,567 | |
Total Investments (cost $984,815,768) | | $ 980,831,799 |
Foreign currency held at value (cost $5,067) | | 5,175 |
Receivable for investments sold | | 2,352,318 |
Receivable for fund shares sold | | 4,354,637 |
Dividends receivable | | 1,896,126 |
Distributions receivable from Fidelity Central Funds | | 16,861 |
Receivable for daily variation on futures contracts | | 3,891,800 |
Prepaid expenses | | 6,016 |
Other receivables | | 231,144 |
Total assets | | 993,585,876 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,526,050 | |
Payable for fund shares redeemed | 1,109,383 | |
Accrued management fee | 544,788 | |
Distribution fees payable | 1,519 | |
Other affiliated payables | 254,513 | |
Other payables and accrued expenses | 73,884 | |
Total liabilities | | 7,510,137 |
| | |
Net Assets | | $ 986,075,739 |
Net Assets consist of: | | |
Paid in capital | | $ 1,280,743,745 |
Undistributed net investment income | | 428,589 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (294,483,394) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (613,201) |
Net Assets | | $ 986,075,739 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,956,958 ÷ 101,560.1 shares) | | $ 19.27 |
| | |
Maximum offering price per share (100/94.25 of $19.27) | | $ 20.45 |
Class T:
Net Asset Value and redemption price per share ($765,300 ÷ 39,756.5 shares) | | $ 19.25 |
| | |
Maximum offering price per share (100/96.50 of $19.25) | | $ 19.95 |
Class B:
Net Asset Value and offering price per share ($494,927 ÷ 25,770.6 shares) A | | $ 19.21 |
| | |
Class C:
Net Asset Value and offering price per share ($1,029,147 ÷ 53,645.3 shares) A | | $ 19.18 |
| | |
| | |
China Region:
Net Asset Value, offering price and redemption price per share ($981,297,603 ÷ 50,827,371.5 shares) | | $ 19.31 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($531,804 ÷ 27,549.5 shares) | | $ 19.30 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 6,021,343 |
Interest | | 3,039 |
Income from Fidelity Central Funds (including $70,581 from security lending) | | 259,251 |
| | 6,283,633 |
Less foreign taxes withheld | | (91,131) |
Total income | | 6,192,502 |
| | |
Expenses | | |
Management fee | $ 2,759,937 | |
Transfer agent fees | 1,144,320 | |
Distribution fees | 4,576 | |
Accounting and security lending fees | 186,172 | |
Custodian fees and expenses | 266,287 | |
Independent trustees' compensation | 2,850 | |
Registration fees | 72,616 | |
Audit | 37,847 | |
Legal | 2,117 | |
Miscellaneous | 7,440 | |
Total expenses before reductions | 4,484,162 | |
Expense reductions | (376,148) | 4,108,014 |
Net investment income (loss) | | 2,084,488 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (148,995,318) | |
Foreign currency transactions | (521,053) | |
Futures contracts | 8,511,070 | |
Total net realized gain (loss) | | (141,005,301) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 269,544,710 | |
Assets and liabilities in foreign currencies | 78,938 | |
Futures contracts | 3,325,561 | |
Total change in net unrealized appreciation (depreciation) | | 272,949,209 |
Net gain (loss) | | 131,943,908 |
Net increase (decrease) in net assets resulting from operations | | $ 134,028,396 |
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,084,488 | $ 20,232,414 |
Net realized gain (loss) | (141,005,301) | (151,826,882) |
Change in net unrealized appreciation (depreciation) | 272,949,209 | (900,567,403) |
Net increase (decrease) in net assets resulting from operations | 134,028,396 | (1,032,161,871) |
Distributions to shareholders from net investment income | (7,631,813) | (15,794,709) |
Distributions to shareholders from net realized gain | - | (223,593,729) |
Total distributions | (7,631,813) | (239,388,438) |
Share transactions - net increase (decrease) | 118,304,742 | (34,409,565) |
Redemption fees | 191,192 | 2,616,118 |
Total increase (decrease) in net assets | 244,892,517 | (1,303,343,756) |
| | |
Net Assets | | |
Beginning of period | 741,183,222 | 2,044,526,978 |
End of period (including undistributed net investment income of $428,589 and undistributed net investment income of $6,027,366, respectively) | $ 986,075,739 | $ 741,183,222 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.67 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .28 |
Net realized and unrealized gain (loss) | 2.73 | (12.91) |
Total from investment operations | 2.76 | (12.63) |
Distributions from net investment income | (.16) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.27 | $ 16.67 |
Total Return B,C,D | 16.78% | (43.07)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 1.37% A | 1.44% A |
Expenses net of fee waivers, if any | 1.37% A | 1.44% A |
Expenses net of all reductions | 1.28% A | 1.30% A |
Net investment income (loss) | .33% A | 2.63% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,957 | $ 340 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.65 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | - J | .26 |
Net realized and unrealized gain (loss) | 2.74 | (12.91) |
Total from investment operations | 2.74 | (12.65) |
Distributions from net investment income | (.14) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.25 | $ 16.65 |
Total Return B,C,D | 16.61% | (43.14)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 1.65% A | 1.68% A |
Expenses net of fee waivers, if any | 1.65% A | 1.68% A |
Expenses net of all reductions | 1.55% A | 1.53% A |
Net investment income (loss) | .05% A | 2.40% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 765 | $ 107 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.61 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | (.04) | .20 |
Net realized and unrealized gain (loss) | 2.74 | (12.89) |
Total from investment operations | 2.70 | (12.69) |
Distributions from net investment income | (.10) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.21 | $ 16.61 |
Total Return B,C,D | 16.35% | (43.27)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 2.14% A | 2.17% A |
Expenses net of fee waivers, if any | 2.14% A | 2.17% A |
Expenses net of all reductions | 2.05% A | 2.02% A |
Net investment income (loss) | (.44)% A | 1.91% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 495 | $ 155 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.61 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | (.04) | .20 |
Net realized and unrealized gain (loss) | 2.73 | (12.89) |
Total from investment operations | 2.69 | (12.69) |
Distributions from net investment income | (.12) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.18 | $ 16.61 |
Total Return B,C,D | 16.31% | (43.27)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 2.14% A | 2.13% A |
Expenses net of fee waivers, if any | 2.14% A | 2.13% A |
Expenses net of all reductions | 2.04% A | 1.98% A |
Net investment income (loss) | (.44)% A | 1.95% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,029 | $ 233 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - China Region
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 16.69 | $ 41.52 | $ 22.94 | $ 17.74 | $ 15.88 | $ 15.14 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .39 | .46 | .42 | .36 | .25 |
Net realized and unrealized gain (loss) | 2.75 | (20.42) | 18.58 | 4.99 | 1.75 | .73 |
Total from investment operations | 2.79 | (20.03) | 19.04 | 5.41 | 2.11 | .98 |
Distributions from net investment income | (.17) | (.32) | (.29) | (.22) | (.26) | (.26) |
Distributions from net realized gain | - | (4.53) | (.20) | - | - | - |
Total distributions | (.17) | (4.85) | (.49) | (.22) | (.26) | (.26) |
Redemption fees added to paid in capital D | - H | .05 | .03 | .01 | .01 | .02 |
Net asset value, end of period | $ 19.31 | $ 16.69 | $ 41.52 | $ 22.94 | $ 17.74 | $ 15.88 |
Total Return B,C | 16.93% | (53.75)% | 84.73% | 30.83% | 13.44% | 6.71% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.16% A | 1.11% | 1.08% | 1.14% | 1.16% | 1.22% |
Expenses net of fee waivers, if any | 1.16% A | 1.11% | 1.08% | 1.14% | 1.16% | 1.22% |
Expenses net of all reductions | 1.06% A | .96% | .92% | 1.08% | 1.12% | 1.22% |
Net investment income (loss) | .54% A | 1.45% | 1.64% | 1.99% | 2.04% | 1.64% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 981,298 | $ 740,289 | $ 2,044,527 | $ 734,793 | $ 396,905 | $ 296,004 |
Portfolio turnover rate F | 153% A | 133% | 173% | 36% | 44% | 101% |
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. |
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.70 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) D | .05 | .34 |
Net realized and unrealized gain (loss) | 2.73 | (12.94) |
Total from investment operations | 2.78 | (12.60) |
Distributions from net investment income | (.18) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 19.30 | $ 16.70 |
Total Return B,C | 16.88% | (42.96)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | 1.13% A | 1.05% A |
Expenses net of fee waivers, if any | 1.13% A | 1.05% A |
Expenses net of all reductions | 1.03% A | .91% A |
Net investment income (loss) | .57% A | 3.02% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 532 | $ 60 |
Portfolio turnover rate F | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
China Region
Notes to Financial Statements
For the period ended April 30, 2009 (Unaudited)
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, China Region 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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 | $ 107,245,660 |
Unrealized depreciation | (119,557,541) |
Net unrealized appreciation (depreciation) | $ (12,311,881) |
Cost for federal income tax purposes | $ 993,143,680 |
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 March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods 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.
Semiannual Report
China Region
Notes to Financial Statements (Unaudited) - continued
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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $705,222,596 and $561,464,477, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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% | $ 846 | $ 132 |
Class T | .25% | .25% | 640 | 138 |
Class B | .75% | .25% | 1,051 | 858 |
Class C | .75% | .25% | 2,039 | 1,266 |
| | | $ 4,576 | $ 2,394 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 1,875 |
Class T | 1,045 |
Class B* | 9 |
Class C* | 38 |
| $ 2,967 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 906 | .26 |
Class T | 381 | .29 |
Class B | 304 | .29 |
Class C | 589 | .29 |
China Region | 1,141,887 | .30 |
Institutional Class | 253 | .26 |
| $ 1,144,320 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $199 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,296 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. At period end, there were no security loans outstanding. 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.
Semiannual Report
China Region
Notes to Financial Statements (Unaudited) - continued
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of China Region's operating expenses. During the period, this reimbursement reduced the class' expenses by $15,625.
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 $360,523 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 4,014 | $ - |
Class T | 973 | - |
Class B | 969 | - |
Class C | 1,793 | - |
China Region | 7,623,415 | 15,794,709 |
Institutional Class | 649 | - |
Total | $ 7,631,813 | $ 15,794,709 |
From net realized gain | | |
China Region | $ - | $ 223,593,729 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class A | | | | |
Shares sold | 85,138 | 30,242 | $ 1,466,163 | $ 750,104 |
Reinvestment of distributions | 220 | - | 3,532 | - |
Shares redeemed | (4,210) | (9,830) | (70,452) | (195,417) |
Net increase (decrease) | 81,148 | 20,412 | $ 1,399,243 | $ 554,687 |
Class T | | | | |
Shares sold | 33,651 | 6,603 | $ 578,396 | $ 171,008 |
Reinvestment of distributions | 61 | - | 973 | - |
Shares redeemed | (388) | (170) | (6,048) | (3,942) |
Net increase (decrease) | 33,324 | 6,433 | $ 573,321 | $ 167,066 |
Class B | | | | |
Shares sold | 17,905 | 9,379 | $ 316,093 | $ 239,439 |
Reinvestment of distributions | 60 | - | 969 | - |
Shares redeemed | (1,504) | (69) | (23,221) | (1,147) |
Net increase (decrease) | 16,461 | 9,310 | $ 293,841 | $ 238,292 |
Class C | | | | |
Shares sold | 41,170 | 16,209 | $ 714,711 | $ 359,453 |
Reinvestment of distributions | 112 | - | 1,793 | - |
Shares redeemed | (1,653) | (2,193) | (25,022) | (34,305) |
Net increase (decrease) | 39,629 | 14,016 | $ 691,482 | $ 325,148 |
China Region | | | | |
Shares sold | 12,544,768 | 24,232,728 | $ 214,152,440 | $ 702,714,867 |
Reinvestment of distributions | 454,390 | 7,102,996 | 7,297,501 | 228,787,494 |
Shares redeemed | (6,528,447) | (36,222,341) | (106,508,988) | (967,305,455) |
Net increase (decrease) | 6,470,711 | (4,886,617) | $ 114,940,953 | $ (35,803,094) |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Institutional Class | | | | |
Shares sold | 24,097 | 5,359 | $ 407,843 | $ 145,686 |
Reinvestment of distributions | 40 | - | 649 | - |
Shares redeemed | (155) | (1,791) | (2,590) | (37,350) |
Net increase (decrease) | 23,982 | 3,568 | $ 405,902 | $ 108,336 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Emerging Markets
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Emerging Markets | 1.14% | | | |
Actual | | $ 1,000.00 | $ 1,077.20 | $ 5.87 |
HypotheticalA | | $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class K | .91% | | | |
Actual | | $ 1,000.00 | $ 1,078.60 | $ 4.69 |
HypotheticalA | | $ 1,000.00 | $ 1,020.28 | $ 4.56 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Emerging Markets
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Brazil | 13.1% | |
| Korea (South) | 11.9% | |
| China | 9.6% | |
| Taiwan | 8.8% | |
| South Africa | 8.0% | |
| Russia | 6.6% | |
| India | 6.5% | |
| Hong Kong | 6.3% | |
| Indonesia | 3.9% | |
| Other | 25.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2008 |
| Brazil | 15.0% | |
| South Africa | 9.3% | |
| Russia | 8.9% | |
| Korea (South) | 8.5% | |
| China | 6.6% | |
| India | 6.5% | |
| United States of America | 5.7% | |
| Taiwan | 5.5% | |
| Hong Kong | 4.9% | |
| Other | 29.1% | |
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 | 97.9 | 95.1 |
Short-Term Investments and Net Other Assets | 2.1 | 4.9 |
Top Ten Stocks as of April 30, 2009 |
| % 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) | 3.8 | 3.6 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining) | 2.7 | 2.7 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 2.5 | 2.7 |
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services) | 2.3 | 2.2 |
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals) | 2.0 | 0.5 |
Industrial & Commercial Bank of China Ltd. (China, Commercial Banks) | 2.0 | 1.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.9 | 0.0 |
America Movil SAB de CV
Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 1.8 | 1.9 |
China Construction Bank Corp. (H Shares) (China, Commercial Banks) | 1.7 | 1.8 |
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 1.6 | 3.2 |
| 22.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.0 | 24.9 |
Energy | 14.5 | 15.7 |
Information Technology | 14.3 | 10.0 |
Materials | 12.6 | 11.2 |
Consumer Discretionary | 9.3 | 4.9 |
Telecommunication Services | 8.8 | 10.3 |
Industrials | 5.6 | 5.9 |
Consumer Staples | 5.0 | 6.0 |
Utilities | 3.3 | 4.8 |
Health Care | 2.5 | 1.4 |
Semiannual Report
Emerging Markets
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% |
| Shares | | Value |
Australia - 0.2% |
Sino Gold Mining Ltd. (a) | 1,099,122 | | $ 4,355,485 |
Austria - 0.4% |
Erste Bank AG (d) | 260,400 | | 5,431,962 |
Raiffeisen International Bank-Holding AG (d) | 129,400 | | 4,459,619 |
TOTAL AUSTRIA | | 9,891,581 |
Bermuda - 1.5% |
Aquarius Platinum Ltd. (a) | 250,391 | | 928,502 |
Aquarius Platinum Ltd.: | | | |
(Australia) | 2,253,523 | | 8,356,537 |
(United Kingdom) (a) | 731,222 | | 2,755,316 |
Credicorp Ltd. (NY Shares) | 216,700 | | 10,839,334 |
Huabao International Holdings Ltd. | 4,530,000 | | 3,202,044 |
Ports Design Ltd. | 5,846,500 | | 8,878,280 |
TOTAL BERMUDA | | 34,960,013 |
Brazil - 13.1% |
America Latina Logistica SA unit | 1,736,400 | | 8,924,363 |
Banco ABC Brasil SA | 804,300 | | 2,574,407 |
Banco Bradesco SA: | | | |
(PN) | 2,090,100 | | 25,995,437 |
(PN) sponsored ADR | 67,000 | | 822,760 |
Companhia de Saneamento de Minas Gerais | 19,364 | | 209,936 |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) | 572,600 | | 8,617,630 |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d) | 990,400 | | 18,342,208 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 4,512,300 | | 61,953,882 |
GVT Holding SA (a) | 667,300 | | 8,824,306 |
Itau Unibanco Banco Multiplo SA ADR | 243,542 | | 3,343,832 |
Localiza Rent a Car SA | 240,400 | | 1,246,547 |
Lojas Renner SA | 264,500 | | 2,401,962 |
MRV Engenharia e Participacoes SA | 615,700 | | 6,112,095 |
Net Servicos de Comunicacao SA sponsored ADR (d) | 1,268,366 | | 10,324,499 |
OGX Petroleo e Gas Participacoes SA | 36,000 | | 15,127,753 |
PDG Realty S.A. Empreendimentos e Participacoes | 605,100 | | 5,771,685 |
Perdigao SA (ON) | 464,900 | | 6,855,678 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) (non-vtg.) | 3,175,400 | | 43,007,544 |
(PN) sponsored ADR (non-vtg.) | 1,628,100 | | 43,926,138 |
sponsored ADR | 334,900 | | 11,242,593 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 1,121,779 | | 9,804,348 |
TOTAL BRAZIL | | 295,429,603 |
Canada - 0.3% |
Addax Petroleum, Inc. | 253,400 | | 6,973,942 |
|
| Shares | | Value |
Cayman Islands - 1.3% |
Anta Sports Products Ltd. | 4,560,000 | | $ 3,839,681 |
Chaoda Modern Agriculture (Holdings) Ltd. | 11,371,905 | | 6,430,265 |
China Dongxiang Group Co. Ltd. | 18,345,000 | | 8,909,141 |
Integra Group Holdings unit (a) | 2,905,100 | | 4,879,406 |
Want Want China Holdings Ltd. | 6,432,400 | | 3,207,377 |
Yingli Green Energy Holding Co. Ltd. ADR (a)(d) | 321,600 | | 2,244,768 |
TOTAL CAYMAN ISLANDS | | 29,510,638 |
China - 9.6% |
Baidu.com, Inc. sponsored ADR (a) | 44,100 | | 10,270,890 |
China BlueChemical Ltd. (H shares) | 4,412,000 | | 2,340,380 |
China Coal Energy Co. Ltd. (H Shares) | 7,758,700 | | 6,621,675 |
China Construction Bank Corp. (H Shares) | 67,368,000 | | 38,892,785 |
China Gas Holdings Ltd. | 15,880,000 | | 2,912,230 |
China Merchants Bank Co. Ltd. (H Shares) | 7,864,500 | | 14,051,707 |
China National Materials Co. Ltd. (a) | 3,005,000 | | 2,284,279 |
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares) | 16,773,000 | | 7,524,855 |
China Yurun Food Group Ltd. | 6,719,000 | | 7,957,711 |
Golden Eagle Retail Group Ltd. (H Shares) (d) | 13,396,000 | | 10,813,442 |
Industrial & Commercial Bank of China Ltd. | 79,901,000 | | 45,454,250 |
NetEase.com, Inc. sponsored ADR (a) | 72,400 | | 2,185,032 |
PICC Property & Casualty Co. Ltd. (H Shares) (a) | 11,420,000 | | 6,446,042 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 3,401,000 | | 21,009,674 |
Shanda Interactive Entertainment Ltd. sponsored ADR (a) | 90,700 | | 4,338,181 |
Tencent Holdings Ltd. | 1,813,200 | | 16,026,178 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 1,602,950 | | 7,005,363 |
ZTE Corp. (H Shares) | 3,291,080 | | 11,095,507 |
TOTAL CHINA | | 217,230,181 |
Cyprus - 0.0% |
XXI Century Investments Public Ltd. (a) | 332,965 | | 162,922 |
Czech Republic - 1.6% |
Ceske Energeticke Zavody AS | 502,400 | | 20,740,316 |
Komercni Banka AS (d) | 105,200 | | 14,251,007 |
Philip Morris CR AS | 1,502 | | 404,118 |
TOTAL CZECH REPUBLIC | | 35,395,441 |
Egypt - 0.8% |
Commercial International Bank Ltd. sponsored GDR | 1,439,719 | | 9,934,061 |
Eastern Tobacco Co. | 106,882 | | 2,940,488 |
Telecom Egypt SAE | 1,971,000 | | 5,548,466 |
TOTAL EGYPT | | 18,423,015 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - 6.3% |
China Mobile (Hong Kong) Ltd. | 6,016,900 | | $ 51,957,325 |
China Overseas Land & Investment Ltd. | 7,550,000 | | 13,149,950 |
China Resources Power Holdings Co. Ltd. | 6,241,500 | | 13,986,354 |
CNOOC Ltd. | 25,752,000 | | 28,747,451 |
CNPC (Hong Kong) Ltd. | 23,346,000 | | 11,583,492 |
Hong Kong Exchange & Clearing Ltd. | 389,900 | | 4,491,017 |
Shanghai Industrial Holdings Ltd. (H Shares) | 3,141,000 | | 10,701,896 |
Sino-Ocean Land Holdings Ltd. | 9,831,500 | | 7,224,718 |
TOTAL HONG KONG | | 141,842,203 |
Hungary - 0.6% |
OTP Bank Ltd. (a) | 1,040,000 | | 13,599,137 |
India - 6.5% |
Bharat Heavy Electricals Ltd. | 437,498 | | 14,663,414 |
Bharti Airtel Ltd. (a) | 789,704 | | 12,035,844 |
DLF Ltd. | 968,134 | | 4,516,444 |
Educomp Solutions Ltd. | 133,429 | | 6,704,845 |
Housing Development Finance Corp. Ltd. | 702,668 | | 24,575,989 |
ICICI Bank Ltd. | 1,759,035 | | 17,129,695 |
Infosys Technologies Ltd. sponsored ADR | 767,600 | | 23,649,756 |
ITC Ltd. | 1,500 | | 5,724 |
Jain Irrigation Systems Ltd. | 719,177 | | 7,280,442 |
Mahindra & Mahindra Ltd. | 756,877 | | 7,475,791 |
Maruti Suzuki India Ltd. | 338,125 | | 5,586,166 |
Power Finance Corp. Ltd. | 739,047 | | 2,303,027 |
Reliance Industries Ltd. | 242,641 | | 8,893,225 |
Rural Electrification Corp. Ltd. | 1,132,196 | | 2,366,325 |
Tata Power Co. Ltd. | 570,489 | | 10,359,421 |
TOTAL INDIA | | 147,546,108 |
Indonesia - 3.9% |
PT Astra International Tbk | 10,323,500 | | 17,489,289 |
PT Bank Central Asia Tbk | 35,680,500 | | 11,249,894 |
PT Bank Rakyat Indonesia Tbk | 33,185,000 | | 18,115,174 |
PT Bumi Resources Tbk | 62,344,000 | | 8,684,185 |
PT Perusahaan Gas Negara Tbk Series B | 61,120,600 | | 14,956,626 |
PT Telkomunikasi Indonesia Tbk: | | | |
Series B | 19,015,500 | | 14,049,152 |
sponsored ADR (d) | 87,400 | | 2,511,876 |
TOTAL INDONESIA | | 87,056,196 |
Ireland - 0.3% |
Dragon Oil PLC (a) | 1,750,860 | | 6,651,882 |
Israel - 3.6% |
Cellcom Israel Ltd. | 290,100 | | 6,321,279 |
Check Point Software Technologies Ltd. (a) | 416,700 | | 9,654,939 |
Israel Chemicals Ltd. | 1,685,400 | | 14,173,234 |
|
| Shares | | Value |
Nice Systems Ltd. sponsored ADR (a) | 170,448 | | $ 4,365,173 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,040,400 | | 45,663,156 |
TOTAL ISRAEL | | 80,177,781 |
Italy - 0.4% |
UniCredit SpA | 3,403,700 | | 8,285,723 |
Kazakhstan - 0.6% |
JSC Halyk Bank of Kazakhstan unit | 851,400 | | 3,150,180 |
KazMunaiGas Exploration & Production JSC (Reg. S) GDR | 617,059 | | 10,958,968 |
TOTAL KAZAKHSTAN | | 14,109,148 |
Korea (South) - 11.9% |
Hana Financial Group, Inc. | 924,030 | | 15,978,930 |
Hynix Semiconductor, Inc. (a) | 809,330 | | 9,119,216 |
Hyundai Engineering & Construction Co. Ltd. | 163,572 | | 7,743,436 |
Hyundai Heavy Industries Co. Ltd. | 32,202 | | 5,795,355 |
Hyundai Industrial Development & Construction Co. | 348,490 | | 10,907,361 |
Hyundai Mobis | 244,657 | | 18,799,162 |
Hyundai Motor Co. | 322,127 | | 17,265,814 |
Korea Exchange Bank | 1,422,780 | | 8,126,995 |
LG Electronics, Inc. | 203,245 | | 16,857,575 |
MegaStudy Co. Ltd. | 53,231 | | 9,038,445 |
NHN Corp. (a) | 112,396 | | 13,675,733 |
POSCO | 61,534 | | 19,115,031 |
POSCO sponsored ADR (d) | 146,700 | | 11,291,499 |
Samsung C&T Corp. | 179,130 | | 6,209,282 |
Samsung Card Co. Ltd. | 76,760 | | 2,300,399 |
Samsung Electronics Co. Ltd. | 119,800 | | 55,494,237 |
Samsung Securities Co. Ltd. | 107,818 | | 5,559,632 |
Shinhan Financial Group Co. Ltd. | 1,080,240 | | 26,829,682 |
Taewoong Co. Ltd. | 119,920 | | 8,867,328 |
TOTAL KOREA (SOUTH) | | 268,975,112 |
Luxembourg - 0.4% |
ArcelorMittal SA (NY Shares) Class A | 89,000 | | 2,098,620 |
Evraz Group SA GDR | 512,300 | | 6,736,745 |
TOTAL LUXEMBOURG | | 8,835,365 |
Malaysia - 0.0% |
DiGi.com Bhd | 51,200 | | 320,719 |
Parkson Holdings Bhd | 10,410 | | 12,164 |
Public Bank Bhd | 4,609 | | 10,810 |
TOTAL MALAYSIA | | 343,693 |
Mexico - 3.3% |
America Movil SAB de CV Series L sponsored ADR | 1,219,800 | | 40,070,430 |
Corporacion Geo SA de CV Series B (a) | 2,415,200 | | 3,164,751 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 441,700 | | 12,504,527 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Grupo Televisa SA de CV (CPO) sponsored ADR | 699,741 | | $ 10,831,991 |
Wal-Mart de Mexico SA de CV Series V | 3,257,700 | | 8,884,315 |
TOTAL MEXICO | | 75,456,014 |
Netherlands - 0.2% |
X5 Retail Group NV GDR (Reg. S) (a) | 357,250 | | 4,787,150 |
Papua New Guinea - 0.3% |
Oil Search Ltd. | 1,720,345 | | 6,416,926 |
Peru - 0.5% |
Compania de Minas Buenaventura SA sponsored ADR | 525,200 | | 11,113,232 |
Russia - 6.6% |
Bank St. Petersburg OJSC | 221,969 | | 189,690 |
Lukoil Oil Co. sponsored ADR | 728,710 | | 32,150,685 |
Magnit OJSC GDR (Reg. S) (a) | 829,400 | | 6,593,730 |
Mobile TeleSystems OJSC sponsored ADR | 456,400 | | 15,125,096 |
OAO Gazprom sponsored ADR | 2,089,059 | | 36,976,344 |
OJSC MMC Norilsk Nickel sponsored ADR | 1,234,280 | | 10,182,810 |
OJSC Oil Company Rosneft GDR (Reg. S) | 3,962,000 | | 20,439,578 |
Polymetal JSC GDR (Reg. S) (a) | 1,041,600 | | 6,404,393 |
RusHydro OJSC (a) | 106,670,400 | | 2,935,847 |
Sberbank (Savings Bank of the Russian Federation) | 11,179,800 | | 9,221,334 |
Uralkali JSC | 1,542,600 | | 3,623,612 |
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)(d) | 122,175 | | 5,457,557 |
TOTAL RUSSIA | | 149,300,676 |
Singapore - 0.2% |
Singapore Exchange Ltd. | 809,000 | | 3,426,160 |
South Africa - 8.0% |
Absa Group Ltd. | 1,135,671 | | 13,101,274 |
African Bank Investments Ltd. | 3,731,999 | | 11,828,703 |
African Rainbow Minerals Ltd. | 762,561 | | 10,305,589 |
AngloGold Ashanti Ltd. | 366,600 | | 11,264,589 |
AngloGold Ashanti Ltd. sponsored ADR | 52,000 | | 1,601,600 |
Aspen Pharmacare Holdings Ltd. | 1,838,877 | | 9,333,925 |
Aveng Ltd. | 2,765,000 | | 10,577,682 |
Exxaro Resources Ltd. | 293,657 | | 2,153,534 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 672,600 | | 6,268,632 |
Illovo Sugar Ltd. | 2,331,176 | | 7,118,062 |
Impala Platinum Holdings Ltd. | 650,298 | | 12,428,936 |
JD Group Ltd. | 2,543,062 | | 10,194,218 |
Mr. Price Group Ltd. | 4,017,571 | | 12,301,164 |
MTN Group Ltd. | 2,696,800 | | 35,023,405 |
Mvelaphanda Resources Ltd. (a) | 1,001,846 | | 3,640,201 |
New Clicks Holdings Ltd. | 1,209,000 | | 2,332,013 |
|
| Shares | | Value |
Raubex Group Ltd. | 3,580,386 | | $ 9,243,114 |
Shoprite Holdings Ltd. | 1,796,835 | | 10,768,018 |
TOTAL SOUTH AFRICA | | 179,484,659 |
Taiwan - 8.8% |
Acer, Inc. | 7,972,000 | | 15,231,331 |
Advanced Semiconductor Engineering, Inc. | 7,156,000 | | 3,971,383 |
Advanced Semiconductor Engineering, Inc. sponsored ADR | 2,894,400 | | 8,770,032 |
Asia Cement Corp. | 12,057,000 | | 12,410,157 |
Chinatrust Financial Holding Co. Ltd. | 9,741,000 | | 4,450,848 |
First Financial Holding Co. Ltd. | 12,717,588 | | 6,715,066 |
Fubon Financial Holding Co. Ltd. | 7,182,000 | | 5,564,972 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 9,593,302 | | 27,686,592 |
HTC Corp. | 1,411,300 | | 19,104,688 |
MediaTek, Inc. | 1,668,000 | | 17,341,292 |
Siliconware Precision Industries Co. Ltd. | 11,277,633 | | 14,623,141 |
Taiwan Mobile Co. Ltd. | 4,067,000 | | 6,419,909 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 15,017,000 | | 25,403,564 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,599,162 | | 16,903,142 |
United Microelectronics Corp. | 9,849,000 | | 3,718,699 |
United Microelectronics Corp. sponsored ADR (d) | 1,838,700 | | 5,608,035 |
Wistron Corp. | 4,141,000 | | 5,235,754 |
TOTAL TAIWAN | | 199,158,605 |
Thailand - 1.1% |
Minor International PCL (For. Reg.) | 1,316,574 | | 238,800 |
PTT Exploration & Production PCL (For. Reg.) | 3,355,100 | | 9,841,373 |
Siam Commercial Bank PCL (For. Reg.) | 8,170,500 | | 13,951,329 |
Total Access Communication PCL (For. Reg.) | 105,200 | | 83,480 |
TOTAL THAILAND | | 24,114,982 |
Turkey - 2.9% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 1,392,665 | | 9,921,188 |
Bim Birlesik Magazalar AS JSC | 136,310 | | 3,747,939 |
Enka Insaat ve Sanayi AS | 1,930,963 | | 8,265,644 |
Tofas Turk Otomobil Fabrikasi AS | 2,912,293 | | 3,530,604 |
Tupras-Turkiye Petrol Rafinerileri AS | 713,700 | | 7,135,885 |
Turkiye Garanti Bankasi AS (a) | 9,490,895 | | 19,927,766 |
Turkiye Halk Bankasi | 1,363,000 | | 4,769,755 |
Turkiye Is Bankasi AS Series C | 2,686,000 | | 7,754,613 |
TOTAL TURKEY | | 65,053,394 |
United Kingdom - 1.3% |
Cairn Energy PLC (a) | 239,416 | | 7,503,583 |
Hikma Pharmaceuticals PLC | 353,723 | | 2,028,520 |
Randgold Resources Ltd. sponsored ADR | 182,500 | | 8,833,000 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Standard Chartered PLC (United Kingdom) | 388,400 | | $ 6,006,025 |
Xstrata PLC | 570,600 | | 5,028,615 |
TOTAL UNITED KINGDOM | | 29,399,743 |
United States of America - 1.4% |
Central European Distribution Corp. (a) | 532,030 | | 11,917,472 |
CTC Media, Inc. (a) | 1,236,617 | | 9,695,077 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 253,700 | | 10,820,305 |
TOTAL UNITED STATES OF AMERICA | | 32,432,854 |
TOTAL COMMON STOCKS (Cost $2,190,779,224) | 2,209,899,564 |
Money Market Funds - 2.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 23,230,562 | | $ 23,230,562 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 35,820,209 | | 35,820,209 |
TOTAL MONEY MARKET FUNDS (Cost $59,050,771) | 59,050,771 |
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $2,249,829,995) | | 2,268,950,335 |
NET OTHER ASSETS - (0.5)% | | (11,045,212) |
NET ASSETS - 100% | $ 2,257,905,123 |
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 | $ 246,675 |
Fidelity Securities Lending Cash Central Fund | 482,763 |
Total | $ 729,438 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,268,950,335 | $ 1,305,769,446 | $ 963,180,889 | $ - |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 10,123,190 |
Total Realized Gain (Loss) | (4,456,897) |
Total Unrealized Gain (Loss) | 3,830,789 |
Cost of Purchases | 376,985 |
Proceeds of Sales | (1,189,882) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | (8,684,185) |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $515,443,831 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $35,914,120) - See accompanying schedule: Unaffiliated issuers (cost $2,190,779,224) | $ 2,209,899,564 | |
Fidelity Central Funds (cost $59,050,771) | 59,050,771 | |
Total Investments (cost $2,249,829,995) | | $ 2,268,950,335 |
Cash | | 796,172 |
Foreign currency held at value (cost $1,618,623) | | 1,613,276 |
Receivable for investments sold | | 54,182,240 |
Receivable for fund shares sold | | 5,089,440 |
Dividends receivable | | 7,952,668 |
Interest receivable | | 5,675 |
Distributions receivable from Fidelity Central Funds | | 81,629 |
Prepaid expenses | | 18,020 |
Other receivables | | 1,425,898 |
Total assets | | 2,340,115,353 |
| | |
Liabilities | | |
Payable for investments purchased | $ 41,827,615 | |
Payable for fund shares redeemed | 2,540,934 | |
Accrued management fee | 1,280,483 | |
Other affiliated payables | 576,492 | |
Other payables and accrued expenses | 164,497 | |
Collateral on securities loaned, at value | 35,820,209 | |
Total liabilities | | 82,210,230 |
| | |
Net Assets | | $ 2,257,905,123 |
Net Assets consist of: | | |
Paid in capital | | $ 3,602,287,730 |
Undistributed net investment income | | 3,636,434 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,367,088,725) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 19,069,684 |
Net Assets | | $ 2,257,905,123 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Emerging Markets:
Net Asset Value, offering price and redemption price per share ($2,114,979,107 ÷ 146,151,285 shares) | | $ 14.47 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($142,926,016 ÷ 9,889,012 shares) | | $ 14.45 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 21,168,449 |
Interest | | 20,777 |
Income from Fidelity Central Funds (including $482,763 from security lending) | | 729,438 |
| | 21,918,664 |
Less foreign taxes withheld | | (1,612,900) |
Total income | | 20,305,764 |
| | |
Expenses | | |
Management fee | $ 7,034,333 | |
Transfer agent fees | 2,673,372 | |
Accounting and security lending fees | 439,229 | |
Custodian fees and expenses | 718,084 | |
Independent trustees' compensation | 7,336 | |
Registration fees | 48,056 | |
Audit | 69,773 | |
Legal | 6,807 | |
Interest | 941 | |
Miscellaneous | 22,184 | |
Total expenses before reductions | 11,020,115 | |
Expense reductions | (467,847) | 10,552,268 |
Net investment income (loss) | | 9,753,496 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (813,813,637) | |
Foreign currency transactions | (3,155,199) | |
Total net realized gain (loss) | | (816,968,836) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $984,917) | 945,494,368 | |
Assets and liabilities in foreign currencies | 948,583 | |
Total change in net unrealized appreciation (depreciation) | | 946,442,951 |
Net gain (loss) | | 129,474,115 |
Net increase (decrease) in net assets resulting from operations | | $ 139,227,611 |
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,753,496 | $ 78,601,138 |
Net realized gain (loss) | (816,968,836) | (545,285,593) |
Change in net unrealized appreciation (depreciation) | 946,442,951 | (3,581,772,253) |
Net increase (decrease) in net assets resulting from operations | 139,227,611 | (4,048,456,708) |
Distributions to shareholders from net investment income | (37,630,351) | (34,024,353) |
Distributions to shareholders from net realized gain | - | (245,333,468) |
Total distributions | (37,630,351) | (279,357,821) |
Share transactions - net increase (decrease) | (17,989,715) | (112,421,513) |
Redemption fees | 673,897 | 4,815,140 |
Total increase (decrease) in net assets | 84,281,442 | (4,435,420,902) |
| | |
Net Assets | | |
Beginning of period | 2,173,623,681 | 6,609,044,583 |
End of period (including undistributed net investment income of $3,636,434 and undistributed net investment income of $43,729,580, respectively) | $ 2,257,905,123 | $ 2,173,623,681 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.71 | $ 37.55 | $ 22.04 | $ 15.71 | $ 11.30 | $ 9.81 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .42 G | .25 | .21 | .21 | .14 |
Net realized and unrealized gain (loss) | .94 | (22.73) | 15.44 | 6.31 | 4.30 | 1.46 |
Total from investment operations | 1.00 | (22.31) | 15.69 | 6.52 | 4.51 | 1.60 |
Distributions from net investment income | (.24) | (.19) | (.20) | (.21) | (.11) | (.12) |
Distributions from net realized gain | - | (1.37) | - | - | - | - |
Total distributions | (.24) | (1.56) | (.20) | (.21) | (.11) | (.12) |
Redemption fees added to paid in capital D | - I | .03 | .02 | .02 | .01 | .01 |
Net asset value, end of period | $ 14.47 | $ 13.71 | $ 37.55 | $ 22.04 | $ 15.71 | $ 11.30 |
Total Return B,C | 7.72% | (61.84)% | 71.81% | 41.96% | 40.25% | 16.48% |
Ratios to Average Net Assets E,H | | | | | | |
Expenses before reductions | 1.14% A | 1.07% | 1.05% | 1.11% | 1.16% | 1.23% |
Expenses net of fee waivers, if any | 1.14% A | 1.07% | 1.05% | 1.11% | 1.16% | 1.23% |
Expenses net of all reductions | 1.09% A | 1.02% | .99% | 1.01% | 1.07% | 1.18% |
Net investment income (loss) | .98% A | 1.47% G | .89% | 1.04% | 1.53% | 1.27% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,114,979 | $ 2,086,196 | $ 6,609,045 | $ 3,005,145 | $ 1,392,223 | $ 604,550 |
Portfolio turnover rate F | 112% A | 63% | 52% | 66% | 68% | 112% |
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 Investment income per share reflects a special dividend which amounted to $.09 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.17%. 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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class K
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 13.72 | $ 31.99 |
Income from Investment Operations | | |
Net investment income (loss) D | .08 | .15 G |
Net realized and unrealized gain (loss) | .93 | (18.43) |
Total from investment operations | 1.01 | (18.28) |
Distributions from net investment income | (.28) | - |
Redemption fees added to paid in capital D | - J | .01 |
Net asset value, end of period | $ 14.45 | $ 13.72 |
Total Return B,C | 7.86% | (57.11)% |
Ratios to Average Net Assets E,I | | |
Expenses before reductions | .91% A | .92% A |
Expenses net of fee waivers, if any | .91% A | .92% A |
Expenses net of all reductions | .86% A | .87% A |
Net investment income (loss) | 1.21% A | 2.02% A,G |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 142,926 | $ 87,427 |
Portfolio turnover rate F | 112% A | 63% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%. H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
Emerging Markets
Notes to Financial Statements
For the period ended April 30, 2009 (Unaudited)
1. Organization.
Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Emerging Markets and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. After the commencement of Class K, the Fund began offering conversion privileges between Emerging Markets and Class K to eligible shareholders of Emerging Markets. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
Emerging Markets
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 332,632,306 |
Unrealized depreciation | (382,630,239) |
Net unrealized appreciation (depreciation) | $ (49,997,933) |
Cost for federal income tax purposes | $ 2,318,948,268 |
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.
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 $1,095,389,112 and $1,085,095,409, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .72% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Emerging Markets. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Emerging Markets | $ 2,642,060 | .28 |
Class K | 31,312 | .06 |
| $ 2,673,372 | |
* 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.
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 | $ 9,891,875 | .43% | $ 941 |
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $6,184 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Emerging Markets
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Emerging Market's operating expenses. During the period, this reimbursement reduced the class' expenses by $5,065.
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 $462,489 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 $293.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Emerging Markets | $ 35,658,333 | $ 34,024,353 |
Class K | 1,972,018 | - |
Total | $ 37,630,351 | $ 34,024,353 |
From net realized gain | | |
Emerging Markets | $ - | $ 245,333,468 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended April 30,
2009 | Year ended
October 31,
2008 A |
Emerging Markets | | | | |
Shares sold | 24,842,261 | 88,151,350 | $ 316,133,716 | $ 2,616,256,871 |
Conversion to Class K | (2,095,288) | (6,470,724) | (24,961,409) | (122,161,593) |
Reinvestment of distributions | 2,953,743 | 7,825,864 | 34,381,577 | 270,227,076 |
Shares redeemed | (31,714,162) | (113,371,134) | (386,713,661) | (2,997,083,479) |
Net increase (decrease) | (6,013,446) | (23,864,644) | $ (61,159,777) | $ (232,761,125) |
Class K | | | | |
Shares sold | 2,665,111 | 379,643 | $ 33,663,594 | $ 5,848,087 |
Conversion from Emerging Markets | 2,096,883 | 6,466,184 | 24,961,409 | 122,161,593 |
Reinvestment of distributions | 169,855 | - | 1,972,018 | - |
Shares redeemed | (1,413,075) | (475,589) | (17,426,959) | (7,670,068) |
Net increase (decrease) | 3,518,774 | 6,370,238 | $ 43,170,062 | $ 120,339,612 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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, 2008 to April 30, 2009).
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.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to April 30, 2009 |
Europe | 1.08% | | | |
Actual | | $ 1,000.00 | $ 967.40 | $ 5.27 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
Europe Capital Appreciation | 1.12% | | | |
Actual | | $ 1,000.00 | $ 970.50 | $ 5.47 |
HypotheticalA | | $ 1,000.00 | $ 1,019.24 | $ 5.61 |
Japan | .84% | | | |
Actual | | $ 1,000.00 | $ 975.40 | $ 4.11 |
HypotheticalA | | $ 1,000.00 | $ 1,020.63 | $ 4.21 |
Japan Smaller Companies | 1.20% | | | |
Actual | | $ 1,000.00 | $ 925.50 | $ 5.73 |
HypotheticalA | | $ 1,000.00 | $ 1,018.84 | $ 6.01 |
Latin America | 1.10% | | | |
Actual | | $ 1,000.00 | $ 1,162.60 | $ 5.90 |
Hypothetical A | | $ 1,000.00 | $ 1,019.34 | $ 5.51 |
Nordic | 1.14% | | | |
Actual | | $ 1,000.00 | $ 993.40 | $ 5.63 |
Hypothetical A | | $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Pacific Basin | .66% | | | |
Actual | | $ 1,000.00 | $ 1,094.60 | $ 3.43 |
Hypothetical A | | $ 1,000.00 | $ 1,021.52 | $ 3.31 |
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to April 30, 2009 |
Southeast Asia | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,068.60 | $ 7.18 |
Hypothetical A | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Europe
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United Kingdom | 32.9% | |
| France | 13.2% | |
| Switzerland | 11.9% | |
| Germany | 11.4% | |
| United States of America | 5.8% | |
| Spain | 4.8% | |
| Italy | 3.7% | |
| Netherlands | 3.1% | |
| Sweden | 1.9% | |
| Other | 11.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Switzerland | 29.6% | |
| United Kingdom | 23.8% | |
| France | 11.6% | |
| Germany | 11.0% | |
| Sweden | 6.8% | |
| Spain | 4.3% | |
| Denmark | 3.6% | |
| Italy | 2.4% | |
| United States of America | 2.4% | |
| Other | 4.5% | |
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 | 96.7 | 97.6 |
Short-Term Investments
and Net Other Assets | 3.3 | 2.4 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Reg.) (Switzerland, Food Products) | 3.2 | 5.3 |
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks) | 2.8 | 2.8 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 2.4 | 2.1 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 2.4 | 2.8 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 2.4 | 1.3 |
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.3 | 2.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 5.5 |
Royal Dutch Shell PLC Class A (Netherlands) (United Kingdom, Oil, Gas & Consumable Fuels) | 2.2 | 2.8 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 | 1.4 |
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining) | 1.7 | 0.0 |
| 23.7 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.8 | 14.5 |
Consumer Discretionary | 13.1 | 5.4 |
Energy | 12.8 | 11.2 |
Health Care | 10.8 | 20.0 |
Consumer Staples | 9.5 | 12.0 |
Industrials | 8.5 | 11.6 |
Telecommunication Services | 6.8 | 6.0 |
Materials | 6.3 | 6.7 |
Information Technology | 4.2 | 3.0 |
Utilities | 3.9 | 7.2 |
Semiannual Report
Europe
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.6% |
| Shares | | Value |
Australia - 0.1% |
Billabong International Ltd. | 198,735 | | $ 1,517,252 |
Belgium - 1.8% |
Anheuser-Busch InBev NV (d) | 1,024,700 | | 31,360,017 |
Gimv NV | 13,741 | | 685,386 |
Umicore SA (d) | 561,800 | | 11,007,416 |
TOTAL BELGIUM | | 43,052,819 |
Bermuda - 0.7% |
Seadrill Ltd. | 428,300 | | 4,570,451 |
Signet Jewelers Ltd. (United Kingdom) | 770,969 | | 12,208,115 |
TOTAL BERMUDA | | 16,778,566 |
Brazil - 0.7% |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) | 589,800 | | 15,912,804 |
Canada - 0.8% |
Petrobank Energy & Resources Ltd. (a) | 523,800 | | 11,259,560 |
Suncor Energy, Inc. | 340,300 | | 8,564,181 |
TOTAL CANADA | | 19,823,741 |
Cayman Islands - 0.2% |
China Dongxiang Group Co. Ltd. | 9,739,000 | | 4,729,688 |
Denmark - 1.7% |
Genmab AS (a) | 282,000 | | 10,867,961 |
Novo Nordisk AS Series B | 498,100 | | 23,698,763 |
Vestas Wind Systems AS (a) | 117,000 | | 7,594,240 |
TOTAL DENMARK | | 42,160,964 |
Finland - 1.9% |
Nokia Corp. (d) | 2,369,300 | | 33,643,338 |
Nokian Tyres PLC | 484,861 | | 7,654,917 |
Stora Enso Oyj (R Shares) | 811,800 | | 4,632,417 |
TOTAL FINLAND | | 45,930,672 |
France - 13.2% |
Accor SA | 18,800 | | 795,248 |
AXA SA (d) | 1,265,000 | | 21,248,509 |
BNP Paribas SA | 668,000 | | 35,156,769 |
Bouygues SA (d) | 385,200 | | 16,428,222 |
Danone (d) | 375,900 | | 17,875,566 |
Essilor International SA | 336,200 | | 14,481,087 |
GDF Suez (d) | 455,500 | | 16,251,211 |
L'Oreal SA (d) | 174,500 | | 12,480,285 |
PPR SA (d) | 279,600 | | 21,415,324 |
Renault SA | 388,300 | | 12,447,436 |
Sanofi-Aventis (d) | 627,000 | | 36,014,493 |
Schneider Electric SA (d) | 279,100 | | 21,233,453 |
Societe Generale Series A | 182,200 | | 9,309,509 |
Total SA: | | | |
Series B | 815,600 | | 40,798,362 |
sponsored ADR | 343,400 | | 17,073,848 |
|
| Shares | | Value |
Unibail-Rodamco | 121,700 | | $ 18,143,777 |
Vallourec SA | 58,600 | | 6,403,380 |
TOTAL FRANCE | | 317,556,479 |
Germany - 11.4% |
Allianz AG (Reg.) | 63,600 | | 5,761,991 |
Bayerische Motoren Werke AG (BMW) (d) | 650,800 | | 22,326,033 |
Daimler AG (Reg.) | 580,800 | | 20,735,364 |
Deutsche Bank AG | 222,500 | | 11,665,880 |
Deutsche Boerse AG | 193,700 | | 14,175,956 |
Deutsche Post AG | 552,100 | | 6,313,359 |
E.ON AG (d) | 1,197,700 | | 40,132,922 |
Fresenius Medical Care AG & Co. KGaA (d) | 506,300 | | 19,684,737 |
Fresenius SE | 58,200 | | 2,385,249 |
MAN AG | 138,300 | | 8,493,024 |
Munich Re Group (Reg.) (d) | 227,700 | | 31,135,366 |
RWE AG (d) | 166,600 | | 11,885,646 |
Salzgitter AG | 60,000 | | 4,229,577 |
SAP AG | 650,900 | | 24,792,466 |
Siemens AG (Reg.) | 505,100 | | 33,807,824 |
Wincor Nixdorf AG | 322,600 | | 16,020,744 |
TOTAL GERMANY | | 273,546,138 |
Hong Kong - 0.3% |
Esprit Holdings Ltd. | 1,063,300 | | 6,515,102 |
Ireland - 1.5% |
CRH PLC | 998,242 | | 25,944,485 |
Ryanair Holdings PLC sponsored ADR (a) | 403,600 | | 11,038,460 |
TOTAL IRELAND | | 36,982,945 |
Italy - 3.6% |
ENI SpA | 1,316,900 | | 28,252,060 |
ENI SpA sponsored ADR | 113,600 | | 4,849,584 |
Fiat SpA | 2,362,200 | | 23,087,655 |
Intesa Sanpaolo SpA | 9,920,700 | | 31,597,589 |
TOTAL ITALY | | 87,786,888 |
Netherlands - 3.1% |
Akzo Nobel NV (d) | 310,400 | | 12,977,544 |
ASML Holding NV (Netherlands) | 464,400 | | 9,742,423 |
Koninklijke Ahold NV | 1,846,100 | | 20,220,757 |
Koninklijke KPN NV | 2,622,600 | | 31,521,374 |
TOTAL NETHERLANDS | | 74,462,098 |
Norway - 0.6% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 1,664,000 | | 1,405,577 |
DnB Nor ASA | 1,763,400 | | 10,974,173 |
Pronova BioPharma ASA (a) | 1,150,000 | | 2,884,360 |
TOTAL NORWAY | | 15,264,110 |
Papua New Guinea - 0.4% |
Lihir Gold Ltd. (a) | 4,142,709 | | 9,036,491 |
Common Stocks - continued |
| Shares | | Value |
South Africa - 0.6% |
MTN Group Ltd. | 1,049,300 | | $ 13,627,284 |
Spain - 4.8% |
Banco Santander SA | 1,436,900 | | 13,651,981 |
Iberdrola SA | 3,239,000 | | 25,499,770 |
Inditex SA | 444,600 | | 18,951,730 |
Telefonica SA | 3,103,800 | | 58,789,441 |
TOTAL SPAIN | | 116,892,922 |
Sweden - 1.9% |
H&M Hennes & Mauritz AB (B Shares) | 725,300 | | 32,284,845 |
Lundin Petroleum AB (a) | 1,138,240 | | 7,400,515 |
Telefonaktiebolaget LM Ericsson (B Shares) | 801,000 | | 6,802,472 |
TOTAL SWEDEN | | 46,487,832 |
Switzerland - 11.9% |
ABB Ltd. (Reg.) | 390,738 | | 5,529,967 |
Actelion Ltd. (Reg.) (a) | 266,450 | | 12,136,184 |
Credit Suisse Group (Reg.) | 915,883 | | 35,060,946 |
Nestle SA (Reg.) | 2,394,962 | | 78,047,422 |
Nobel Biocare Holding AG (Switzerland) | 425,329 | | 8,668,567 |
Novartis AG (Reg.) | 541,561 | | 20,491,784 |
Roche Holding AG (participation certificate) | 432,432 | | 54,517,132 |
Schindler Holding AG (participation certificate) | 173,674 | | 9,102,208 |
Sonova Holding AG | 134,396 | | 8,694,037 |
UBS AG: | | | |
(For. Reg.) | 377,515 | | 5,184,369 |
(NY Shares) | 1,645,200 | | 22,440,528 |
Zurich Financial Services AG (Reg.) | 138,050 | | 25,647,163 |
TOTAL SWITZERLAND | | 285,520,307 |
United Kingdom - 32.9% |
Aberdeen Asset Management PLC | 5,345,300 | | 10,362,018 |
Aegis Group PLC | 5,878,200 | | 7,866,442 |
AstraZeneca PLC (United Kingdom) | 835,100 | | 29,230,423 |
Autonomy Corp. PLC (a) | 472,000 | | 9,898,454 |
BAE Systems PLC | 3,132,100 | | 16,469,467 |
Barclays PLC | 6,185,500 | | 25,104,310 |
Barratt Developments PLC | 1,016,100 | | 2,073,744 |
Bellway PLC | 897,600 | | 9,452,957 |
BG Group PLC | 3,034,900 | | 48,442,733 |
BHP Billiton PLC | 1,071,100 | | 22,222,348 |
Bovis Homes Group PLC | 1,481,400 | | 10,028,758 |
BP PLC | 7,831,700 | | 55,323,178 |
|
| Shares | | Value |
British Land Co. PLC | 734,900 | | $ 4,635,442 |
Burberry Group PLC | 2,175,300 | | 12,943,200 |
Cairn Energy PLC (a) | 319,500 | | 10,013,511 |
Capita Group PLC | 1,465,616 | | 14,771,759 |
easyJet PLC (a) | 377,000 | | 1,751,949 |
Experian PLC | 2,701,600 | | 17,782,437 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 9,522,037 | | 67,690,205 |
Imperial Tobacco Group PLC | 820,300 | | 18,709,146 |
Informa PLC | 1,744,300 | | 7,620,982 |
InterContinental Hotel Group PLC | 1,030,200 | | 9,784,130 |
Kesa Electricals PLC | 6,038,200 | | 11,766,720 |
Man Group PLC | 4,594,400 | | 16,975,740 |
Marks & Spencer Group PLC | 1,877,500 | | 9,298,125 |
NEXT PLC | 353,000 | | 8,440,011 |
Persimmon PLC (d) | 3,200,600 | | 17,845,328 |
Prudential PLC | 4,111,800 | | 23,624,444 |
Reckitt Benckiser Group PLC | 715,800 | | 28,088,319 |
Redrow PLC | 3,576,400 | | 10,529,481 |
Rio Tinto PLC (Reg.) | 992,400 | | 40,307,445 |
Royal Dutch Shell PLC Class A (Netherlands) | 2,275,600 | | 52,176,458 |
SSL International PLC | 1,806,000 | | 12,656,990 |
Standard Chartered PLC (United Kingdom) | 1,806,386 | | 27,933,056 |
Tesco PLC | 2,739,873 | | 13,570,497 |
Tomkins PLC | 4,024,100 | | 10,269,490 |
Vodafone Group PLC | 31,636,400 | | 58,124,968 |
Wolseley PLC (d) | 999,368 | | 17,916,748 |
Xstrata PLC | 2,254,800 | | 19,871,223 |
TOTAL UNITED KINGDOM | | 791,572,636 |
United States of America - 2.5% |
Allergan, Inc. | 108,100 | | 5,043,946 |
CME Group, Inc. | 28,100 | | 6,219,935 |
Coach, Inc. | 250,900 | | 6,147,050 |
Goldman Sachs Group, Inc. | 72,100 | | 9,264,850 |
Molson Coors Brewing Co. Class B | 186,000 | | 7,114,500 |
Morgan Stanley | 271,100 | | 6,408,804 |
Tiffany & Co., Inc. | 224,000 | | 6,482,560 |
Virgin Media, Inc. | 572,000 | | 4,415,840 |
Wells Fargo & Co. | 484,900 | | 9,702,849 |
TOTAL UNITED STATES OF AMERICA | | 60,800,334 |
TOTAL COMMON STOCKS (Cost $2,334,228,254) | 2,325,958,072 |
Nonconvertible Preferred Stocks - 0.1% |
| | | |
Italy - 0.1% |
Telecom Italia SpA (Risparmio Shares)
(Cost $2,244,071) | 2,121,200 | | 1,894,508 |
Money Market Funds - 19.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 82,005,539 | | $ 82,005,539 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 385,365,783 | | 385,365,783 |
TOTAL MONEY MARKET FUNDS (Cost $467,371,322) | 467,371,322 |
TOTAL INVESTMENT PORTFOLIO - 116.1% (Cost $2,803,843,647) | | 2,795,223,902 |
NET OTHER ASSETS - (16.1)% | | (387,079,171) |
NET ASSETS - 100% | $ 2,408,144,731 |
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 | $ 388,457 |
Fidelity Securities Lending Cash Central Fund | 1,237,725 |
Total | $ 1,626,182 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,795,223,902 | $ 629,864,364 | $ 2,165,359,538 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $413,142,102 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $372,225,771) - See accompanying schedule: Unaffiliated issuers (cost $2,336,472,325) | $ 2,327,852,580 | |
Fidelity Central Funds (cost $467,371,322) | 467,371,322 | |
Total Investments (cost $2,803,843,647) | | $ 2,795,223,902 |
Foreign currency held at value (cost $5,706,415) | | 5,702,053 |
Receivable for investments sold | | 20,863,783 |
Receivable for fund shares sold | | 303,267 |
Dividends receivable | | 14,626,084 |
Distributions receivable from Fidelity Central Funds | | 915,129 |
Prepaid expenses | | 22,016 |
Other receivables | | 226,495 |
Total assets | | 2,837,882,729 |
| | |
Liabilities | | |
Payable for investments purchased | $ 41,442,015 | |
Payable for fund shares redeemed | 744,648 | |
Accrued management fee | 1,398,573 | |
Other affiliated payables | 697,083 | |
Other payables and accrued expenses | 89,896 | |
Collateral on securities loaned, at value | 385,365,783 | |
Total liabilities | | 429,737,998 |
| | |
Net Assets | | $ 2,408,144,731 |
Net Assets consist of: | | |
Paid in capital | | $ 3,826,625,075 |
Undistributed net investment income | | 25,762,807 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,435,438,306) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (8,804,845) |
Net Assets, for 109,429,454 shares outstanding | | $ 2,408,144,731 |
Net Asset Value, offering price and redemption price per share ($2,408,144,731 ÷ 109,429,454 shares) | | $ 22.01 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 49,206,928 |
Interest | | 63,942 |
Income from Fidelity Central Funds (including $1,237,725 from security lending) | | 1,626,182 |
| | 50,897,052 |
Less foreign taxes withheld | | (4,672,770) |
Total income | | 46,224,282 |
| | |
Expenses | | |
Management fee
Basic fee | $ 8,588,551 | |
Performance adjustment | (193,382) | |
Transfer agent fees | 3,754,383 | |
Accounting and security lending fees | 526,179 | |
Custodian fees and expenses | 154,279 | |
Independent trustees' compensation | 8,925 | |
Registration fees | 16,867 | |
Audit | 40,138 | |
Legal | 7,146 | |
Interest | 15,097 | |
Miscellaneous | 25,774 | |
Total expenses before reductions | 12,943,957 | |
Expense reductions | (495,517) | 12,448,440 |
Net investment income (loss) | | 33,775,842 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (984,880,663) | |
Foreign currency transactions | (3,746,052) | |
Total net realized gain (loss) | | (988,626,715) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 842,782,218 | |
Assets and liabilities in foreign currencies | 103,995 | |
Total change in net unrealized appreciation (depreciation) | | 842,886,213 |
Net gain (loss) | | (145,740,502) |
Net increase (decrease) in net assets resulting from operations | | $ (111,964,660) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 33,775,842 | $ 83,218,454 |
Net realized gain (loss) | (988,626,715) | (442,006,354) |
Change in net unrealized appreciation (depreciation) | 842,886,213 | (2,076,378,916) |
Net increase (decrease) in net assets resulting from operations | (111,964,660) | (2,435,166,816) |
Distributions to shareholders from net investment income | (84,199,497) | (75,717,658) |
Distributions to shareholders from net realized gain | - | (358,785,158) |
Total distributions | (84,199,497) | (434,502,816) |
Share transactions
Proceeds from sales of shares | 26,172,901 | 375,372,349 |
Reinvestment of distributions | 83,348,751 | 429,703,172 |
Cost of shares redeemed | (256,995,509) | (648,311,121) |
Net increase (decrease) in net assets resulting from share transactions | (147,473,857) | 156,764,400 |
Redemption fees | 10,805 | 54,655 |
Total increase (decrease) in net assets | (343,627,209) | (2,712,850,577) |
| | |
Net Assets | | |
Beginning of period | 2,751,771,940 | 5,464,622,517 |
End of period (including undistributed net investment income of $25,762,807 and undistributed net investment income of $79,011,426, respectively) | $ 2,408,144,731 | $ 2,751,771,940 |
Other Information Shares | | |
Sold | 1,254,681 | 9,585,310 |
Issued in reinvestment of distributions | 4,111,927 | 10,002,402 |
Redeemed | (12,682,657) | (17,978,503) |
Net increase (decrease) | (7,316,049) | 1,609,209 |
Financial Highlights
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 23.57 | $ 47.46 | $ 42.31 | $ 37.26 | $ 30.42 | $ 24.37 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .29 | .68 | .69 | .58 | .33 | .09 |
Net realized and unrealized gain (loss) | (1.12) | (20.84) | 9.99 | 8.74 | 6.68 | 6.25 |
Total from investment operations | (.83) | (20.16) | 10.68 | 9.32 | 7.01 | 6.34 |
Distributions from net investment income | (.73) | (.65) | (.46) | (.30) | (.09) | (.29) |
Distributions from net realized gain | - | (3.08) | (5.07) | (3.97) | (.08) | - |
Total distributions | (.73) | (3.73) | (5.53) | (4.27) | (.17) | (.29) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 22.01 | $ 23.57 | $ 47.46 | $ 42.31 | $ 37.26 | $ 30.42 |
Total Return B,C,I | (3.26)% | (46.03)% | 28.33% | 27.40% | 23.12% | 26.20% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.08% A | 1.00% | 1.06% | 1.16% | 1.15% | 1.11% |
Expenses net of fee waivers, if any | 1.08% A | 1.00% | 1.06% | 1.16% | 1.15% | 1.11% |
Expenses net of all reductions | 1.04% A | .95% | 1.01% | 1.05% | 1.07% | 1.05% |
Net investment income (loss) | 2.83% A | 1.82% | 1.65% | 1.48% | .95% | .32% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,408,145 | $ 2,751,772 | $ 5,464,623 | $ 4,033,263 | $ 2,547,812 | $ 1,845,440 |
Portfolio turnover rate F | 172% A | 100% | 100% | 127% | 99% | 106% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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. I Total returns do not include the effect of the former contingent deferred sales charge. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe Capital Appreciation
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United Kingdom | 33.4% | |
| France | 13.0% | |
| Switzerland | 12.0% | |
| Germany | 11.7% | |
| United States of America | 4.9% | |
| Spain | 4.9% | |
| Italy | 3.7% | |
| Netherlands | 3.2% | |
| Finland | 1.9% | |
| Other | 11.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom | 27.9% | |
| Switzerland | 17.8% | |
| Germany | 14.2% | |
| France | 11.7% | |
| United States of America | 6.7% | |
| Italy | 4.5% | |
| Netherlands | 4.0% | |
| Spain | 3.6% | |
| Canada | 1.4% | |
| Other | 8.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.6 | 95.3 |
Short-Term Investments and Net Other Assets | 2.4 | 4.7 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Reg.) (Switzerland, Food Products) | 3.3 | 4.8 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 2.7 | 2.5 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 2.7 | 2.1 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 2.4 | 2.6 |
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels) | 2.4 | 3.3 |
Royal Dutch Shell PLC Class A (United Kingdom, Oil, Gas & Consumable Fuels) | 2.3 | 2.3 |
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.3 | 1.0 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.2 | 2.9 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.9 | 0.6 |
E.ON AG (Germany, Electric Utilities) | 1.8 | 2.6 |
| 24.0 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.7 | 21.1 |
Consumer Discretionary | 13.4 | 9.3 |
Energy | 12.7 | 10.8 |
Health Care | 10.6 | 16.3 |
Consumer Staples | 9.6 | 13.5 |
Industrials | 8.8 | 4.3 |
Telecommunication Services | 7.0 | 6.5 |
Materials | 6.4 | 4.8 |
Information Technology | 4.3 | 2.6 |
Utilities | 4.1 | 6.1 |
Semiannual Report
Europe Capital Appreciation
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% |
| Shares | | Value |
Australia - 0.1% |
Billabong International Ltd. | 35,062 | | $ 267,683 |
Belgium - 1.9% |
Anheuser-Busch InBev NV (d) | 190,680 | | 5,835,589 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 103,680 | | 271 |
Gimv NV | 2,400 | | 119,709 |
Umicore SA (d) | 102,700 | | 2,012,214 |
TOTAL BELGIUM | | 7,967,783 |
Bermuda - 0.7% |
Seadrill Ltd. | 75,600 | | 806,738 |
Signet Jewelers Ltd. (United Kingdom) | 137,396 | | 2,175,634 |
TOTAL BERMUDA | | 2,982,372 |
Brazil - 0.7% |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) | 108,400 | | 2,924,632 |
Canada - 0.8% |
Petrobank Energy & Resources Ltd. (a) | 97,400 | | 2,093,702 |
Suncor Energy, Inc. | 58,200 | | 1,464,694 |
TOTAL CANADA | | 3,558,396 |
Cayman Islands - 0.2% |
China Dongxiang Group Co. Ltd. | 1,719,000 | | 834,822 |
Denmark - 1.7% |
Genmab AS (a) | 49,000 | | 1,888,405 |
Novo Nordisk AS Series B | 86,500 | | 4,115,525 |
Vestas Wind Systems AS (a) | 20,600 | | 1,337,106 |
TOTAL DENMARK | | 7,341,036 |
Finland - 1.9% |
Nokia Corp. (d) | 299,750 | | 4,256,359 |
Nokia Corp. sponsored ADR | 117,150 | | 1,656,501 |
Nokian Tyres PLC | 82,938 | | 1,309,413 |
Stora Enso Oyj (R Shares) | 143,300 | | 817,720 |
TOTAL FINLAND | | 8,039,993 |
France - 13.0% |
Accor SA | 3,300 | | 139,591 |
AXA SA (d) | 216,300 | | 3,633,243 |
BNP Paribas SA | 113,900 | | 5,994,545 |
Bouygues SA (d) | 71,000 | | 3,028,047 |
Danone (d) | 67,300 | | 3,200,387 |
Essilor International SA | 51,600 | | 2,222,558 |
GDF Suez (d) | 78,200 | | 2,789,999 |
L'Oreal SA | 30,200 | | 2,159,912 |
PPR SA (d) | 48,300 | | 3,699,428 |
Renault SA | 65,700 | | 2,106,095 |
Sanofi-Aventis (d) | 109,700 | | 6,301,100 |
Schneider Electric SA (d) | 48,500 | | 3,689,797 |
Societe Generale Series A | 31,000 | | 1,583,945 |
Total SA sponsored ADR | 202,300 | | 10,058,356 |
|
| Shares | | Value |
Unibail-Rodamco | 23,100 | | $ 3,443,889 |
Vallourec SA | 10,200 | | 1,114,581 |
TOTAL FRANCE | | 55,165,473 |
Germany - 11.7% |
Allianz AG (Reg.) | 10,400 | | 942,212 |
Bayerische Motoren Werke AG (BMW) (d) | 116,200 | | 3,986,302 |
Daimler AG (Reg.) | 103,100 | | 3,680,813 |
Deutsche Bank AG | 39,300 | | 2,060,535 |
Deutsche Boerse AG | 34,200 | | 2,502,931 |
Deutsche Post AG | 100,600 | | 1,150,378 |
E.ON AG (d) | 223,200 | | 7,479,058 |
Fresenius Medical Care AG & Co. KGaA (d) | 57,600 | | 2,239,464 |
Fresenius SE | 42,400 | | 1,737,707 |
MAN AG | 24,400 | | 1,498,408 |
Munich Re Group (Reg.) (d) | 40,100 | | 5,483,215 |
RWE AG (d) | 26,900 | | 1,919,111 |
Salzgitter AG | 10,400 | | 733,127 |
SAP AG | 88,800 | | 3,382,349 |
SAP AG sponsored ADR | 28,200 | | 1,074,138 |
Siemens AG (Reg.) | 98,200 | | 6,572,814 |
Wincor Nixdorf AG | 60,600 | | 3,009,476 |
TOTAL GERMANY | | 49,452,038 |
Hong Kong - 0.3% |
Esprit Holdings Ltd. | 196,800 | | 1,205,842 |
Ireland - 1.7% |
CRH PLC | 184,114 | | 4,785,155 |
Ryanair Holdings PLC sponsored ADR (a) | 81,300 | | 2,223,555 |
TOTAL IRELAND | | 7,008,710 |
Italy - 3.6% |
ENI SpA sponsored ADR | 134,600 | | 5,746,074 |
Fiat SpA | 413,300 | | 4,039,509 |
Intesa Sanpaolo SpA | 1,713,500 | | 5,457,525 |
TOTAL ITALY | | 15,243,108 |
Netherlands - 3.2% |
Akzo Nobel NV | 57,000 | | 2,383,119 |
ASML Holding NV (Netherlands) | 84,400 | | 1,770,587 |
Koninklijke Ahold NV | 335,200 | | 3,671,523 |
Koninklijke KPN NV (d) | 470,100 | | 5,650,194 |
TOTAL NETHERLANDS | | 13,475,423 |
Norway - 0.6% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 283,000 | | 239,049 |
DnB Nor ASA | 311,600 | | 1,939,181 |
Pronova BioPharma ASA (a) | 182,824 | | 458,548 |
TOTAL NORWAY | | 2,636,778 |
Papua New Guinea - 0.3% |
Lihir Gold Ltd. (a) | 668,034 | | 1,457,183 |
Common Stocks - continued |
| Shares | | Value |
South Africa - 0.5% |
MTN Group Ltd. | 178,000 | | $ 2,311,690 |
Spain - 4.9% |
Banco Santander SA | 240,900 | | 2,288,790 |
Iberdrola SA | 616,100 | | 4,850,389 |
Inditex SA | 77,700 | | 3,312,077 |
Telefonica SA sponsored ADR | 182,000 | | 10,244,780 |
TOTAL SPAIN | | 20,696,036 |
Sweden - 1.8% |
H&M Hennes & Mauritz AB (B Shares) | 112,900 | | 5,025,450 |
Lundin Petroleum AB (a) | 201,000 | | 1,306,845 |
Telefonaktiebolaget LM Ericsson (B Shares) | 138,000 | | 1,171,961 |
TOTAL SWEDEN | | 7,504,256 |
Switzerland - 12.0% |
ABB Ltd. (Reg.) | 72,118 | | 1,020,659 |
Actelion Ltd. (Reg.) (a) | 46,914 | | 2,136,825 |
Credit Suisse Group (Reg.) | 161,608 | | 6,186,521 |
Nestle SA (Reg.) | 423,648 | | 13,805,918 |
Nobel Biocare Holding AG (Switzerland) | 72,201 | | 1,471,518 |
Novartis AG (Reg.) | 89,053 | | 3,369,620 |
Roche Holding AG (participation certificate) | 73,553 | | 9,272,900 |
Schindler Holding AG (participation certificate) | 32,198 | | 1,687,489 |
Sonova Holding AG | 26,283 | | 1,700,239 |
UBS AG: | | | |
(For. Reg.) | 305,538 | | 4,195,917 |
(NY Shares) | 123,675 | | 1,686,927 |
Zurich Financial Services AG (Reg.) | 23,833 | | 4,427,735 |
TOTAL SWITZERLAND | | 50,962,268 |
United Kingdom - 33.4% |
Aberdeen Asset Management PLC | 929,700 | | 1,802,250 |
Aegis Group PLC | 1,055,000 | | 1,411,843 |
AstraZeneca PLC (United Kingdom) | 149,800 | | 5,243,345 |
Autonomy Corp. PLC (a) | 80,600 | | 1,690,287 |
BAE Systems PLC | 577,900 | | 3,038,761 |
Barclays PLC | 1,092,600 | | 4,434,398 |
Barratt Developments PLC | 179,500 | | 366,339 |
Bellway PLC | 207,800 | | 2,188,418 |
BG Group PLC | 512,300 | | 8,177,275 |
BHP Billiton PLC | 185,900 | | 3,856,908 |
Bovis Homes Group PLC | 302,300 | | 2,046,506 |
BP PLC | 774,300 | | 5,469,660 |
|
| Shares | | Value |
BP PLC sponsored ADR | 98,100 | | $ 4,165,326 |
British Land Co. PLC | 130,000 | | 819,986 |
Burberry Group PLC | 383,000 | | 2,278,879 |
Cairn Energy PLC (a) | 54,800 | | 1,717,497 |
Capita Group PLC | 267,000 | | 2,691,059 |
easyJet PLC (a) | 164,400 | | 763,980 |
Experian PLC | 476,100 | | 3,133,779 |
HSBC Holdings PLC sponsored ADR (d) | 317,158 | | 11,290,825 |
Imperial Tobacco Group PLC | 133,100 | | 3,035,703 |
Informa PLC | 349,600 | | 1,527,429 |
InterContinental Hotel Group PLC | 182,000 | | 1,728,511 |
Kesa Electricals PLC | 1,064,500 | | 2,074,405 |
Man Group PLC | 805,187 | | 2,975,066 |
Marks & Spencer Group PLC | 317,200 | | 1,570,900 |
NEXT PLC | 64,600 | | 1,544,546 |
Persimmon PLC (d) | 571,800 | | 3,188,139 |
Prudential PLC | 731,100 | | 4,200,552 |
Reckitt Benckiser Group PLC | 118,500 | | 4,649,994 |
Redrow PLC (d) | 599,500 | | 1,765,022 |
Rio Tinto PLC (Reg.) | 177,700 | | 7,217,486 |
Royal Dutch Shell PLC Class A (United Kingdom) | 424,600 | | 9,771,754 |
SSL International PLC | 367,200 | | 2,573,448 |
Standard Chartered PLC (United Kingdom) | 326,134 | | 5,043,174 |
Tesco PLC | 561,800 | | 2,782,576 |
Tomkins PLC | 710,800 | | 1,813,959 |
Vodafone Group PLC | 2,897,200 | | 5,322,972 |
Vodafone Group PLC sponsored ADR | 322,750 | | 5,922,463 |
Wolseley PLC (d) | 168,188 | | 3,015,288 |
Xstrata PLC | 389,400 | | 3,431,725 |
TOTAL UNITED KINGDOM | | 141,742,433 |
United States of America - 2.5% |
Allergan, Inc. | 18,700 | | 872,542 |
CME Group, Inc. | 5,000 | | 1,106,750 |
Coach, Inc. | 45,600 | | 1,117,200 |
Goldman Sachs Group, Inc. | 13,200 | | 1,696,200 |
Molson Coors Brewing Co. Class B | 31,600 | | 1,208,700 |
Morgan Stanley | 50,300 | | 1,189,092 |
Tiffany & Co., Inc. | 35,900 | | 1,038,946 |
Virgin Media, Inc. | 113,300 | | 874,676 |
Wells Fargo & Co. | 83,200 | | 1,664,832 |
TOTAL UNITED STATES OF AMERICA | | 10,768,938 |
TOTAL COMMON STOCKS (Cost $476,697,771) | 413,546,893 |
Nonconvertible Preferred Stocks - 0.1% |
| | | |
Italy - 0.1% |
Telecom Italia SpA (Risparmio Shares)
(Cost $388,020) | 366,770 | | 327,573 |
Money Market Funds - 20.8% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 10,082,463 | | $ 10,082,463 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 78,201,701 | | 78,201,701 |
TOTAL MONEY MARKET FUNDS (Cost $88,284,164) | 88,284,164 |
TOTAL INVESTMENT PORTFOLIO - 118.4% (Cost $565,369,955) | | 502,158,630 |
NET OTHER ASSETS - (18.4)% | | (78,176,903) |
NET ASSETS - 100% | $ 423,981,727 |
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 | $ 63,839 |
Fidelity Securities Lending Cash Central Fund | 301,554 |
Total | $ 365,393 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 502,158,630 | $ 161,329,941 | $ 340,828,689 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $193,924,656 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe Capital Appreciation
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $75,598,595) - See accompanying schedule: Unaffiliated issuers (cost $477,085,791) | $ 413,874,466 | |
Fidelity Central Funds (cost $88,284,164) | 88,284,164 | |
Total Investments (cost $565,369,955) | | $ 502,158,630 |
Foreign currency held at value (cost $789,336) | | 788,030 |
Receivable for investments sold | | 3,731,403 |
Receivable for fund shares sold | | 144,276 |
Dividends receivable | | 3,419,067 |
Distributions receivable from Fidelity Central Funds | | 169,412 |
Prepaid expenses | | 4,078 |
Other receivables | | 32,462 |
Total assets | | 510,447,358 |
| | |
Liabilities | | |
Payable for investments purchased | $ 7,322,072 | |
Payable for fund shares redeemed | 243,662 | |
Accrued management fee | 204,366 | |
Other affiliated payables | 123,075 | |
Other payables and accrued expenses | 370,755 | |
Collateral on securities loaned, at value | 78,201,701 | |
Total liabilities | | 86,465,631 |
| | |
Net Assets | | $ 423,981,727 |
Net Assets consist of: | | |
Paid in capital | | $ 845,311,704 |
Undistributed net investment income | | 4,620,698 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (362,365,968) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (63,584,707) |
Net Assets, for 32,027,566 shares outstanding | | $ 423,981,727 |
Net Asset Value, offering price and redemption price per share ($423,981,727 ÷ 32,027,566 shares) | | $ 13.24 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 8,719,908 |
Income from Fidelity Central Funds (including $301,554 from security lending) | | 365,393 |
| | 9,085,301 |
Less foreign taxes withheld | | (872,014) |
Total income | | 8,213,287 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,503,159 | |
Performance adjustment | (15,822) | |
Transfer agent fees | 638,433 | |
Accounting and security lending fees | 110,450 | |
Custodian fees and expenses | 52,285 | |
Independent trustees' compensation | 1,582 | |
Registration fees | 16,648 | |
Audit | 27,618 | |
Legal | 1,386 | |
Miscellaneous | 4,946 | |
Total expenses before reductions | 2,340,685 | |
Expense reductions | (22,953) | 2,317,732 |
Net investment income (loss) | | 5,895,555 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (159,127,312) | |
Foreign currency transactions | (204,082) | |
Total net realized gain (loss) | | (159,331,394) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 133,704,940 | |
Assets and liabilities in foreign currencies | 31,425 | |
Total change in net unrealized appreciation (depreciation) | | 133,736,365 |
Net gain (loss) | | (25,595,029) |
Net increase (decrease) in net assets resulting from operations | | $ (19,699,474) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,895,555 | $ 20,632,466 |
Net realized gain (loss) | (159,331,394) | (202,418,252) |
Change in net unrealized appreciation (depreciation) | 133,736,365 | (360,937,464) |
Net increase (decrease) in net assets resulting from operations | (19,699,474) | (542,723,250) |
Distributions to shareholders from net investment income | (18,820,678) | (22,837,060) |
Distributions to shareholders from net realized gain | - | (172,118,248) |
Total distributions | (18,820,678) | (194,955,308) |
Share transactions
Proceeds from sales of shares | 15,739,301 | 94,959,353 |
Reinvestment of distributions | 17,852,290 | 184,197,685 |
Cost of shares redeemed | (64,746,131) | (413,295,649) |
Net increase (decrease) in net assets resulting from share transactions | (31,154,540) | (134,138,611) |
Redemption fees | 2,315 | 21,939 |
Total increase (decrease) in net assets | (69,672,377) | (871,795,230) |
| | |
Net Assets | | |
Beginning of period | 493,654,104 | 1,365,449,334 |
End of period (including undistributed net investment income of $4,620,698 and undistributed net investment income of $17,579,785, respectively) | $ 423,981,727 | $ 493,654,104 |
Other Information Shares | | |
Sold | 1,261,732 | 3,880,339 |
Issued in reinvestment of distributions | 1,466,910 | 6,817,087 |
Redeemed | (5,284,428) | (17,925,334) |
Net increase (decrease) | (2,555,786) | (7,227,908) |
Financial Highlights
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.27 | $ 32.66 | $ 27.47 | $ 23.15 | $ 19.63 | $ 17.26 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .18 | .50 | .62 | .38 G | .37 | .13 H |
Net realized and unrealized gain (loss) | (.65) | (14.11) | 7.04 | 6.85 | 3.38 | 2.46 |
Total from investment operations | (.47) | (13.61) | 7.66 | 7.23 | 3.75 | 2.59 |
Distributions from net investment income | (.56) | (.56) | (.22) | (.30) | (.17) | (.22) |
Distributions from net realized gain | - | (4.22) | (2.25) | (2.62) | (.06) | - |
Total distributions | (.56) | (4.78) | (2.47) | (2.92) | (.23) | (.22) |
Redemption fees added to paid in capital D | - J | - J | - J | .01 | - J | - J |
Net asset value, end of period | $ 13.24 | $ 14.27 | $ 32.66 | $ 27.47 | $ 23.15 | $ 19.63 |
Total Return B,C | (2.95)% | (48.58)% | 29.95% | 34.81% | 19.24% | 15.13% |
Ratios to Average Net Assets E,I | | | | | | |
Expenses before reductions | 1.12% A | 1.16% | 1.05% | 1.09% | .95% | 1.22% |
Expenses net of fee waivers, if any | 1.12% A | 1.16% | 1.05% | 1.09% | .95% | 1.22% |
Expenses net of all reductions | 1.11% A | 1.12% | 1.01% | .99% | .84% | 1.15% |
Net investment income (loss) | 2.82% A | 2.11% | 2.15% | 1.51% G | 1.66% | .69% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 423,982 | $ 493,654 | $ 1,365,449 | $ 1,070,464 | $ 492,788 | $ 407,362 |
Portfolio turnover rate F | 121% A | 112% | 161% | 143% | 133% | 119% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. H Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .65%. I Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan | 93.2% | |
| United States of America | 6.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan | 95.5% | |
| United States of America | 4.5% | |
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 | 93.2 | 95.5 |
Short-Term Investments and
Net Other Assets | 6.8 | 4.5 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Canon, Inc. (Office Electronics) | 7.0 | 7.9 |
Toyota Motor Corp. (Automobiles) | 6.5 | 8.5 |
Mitsubishi UFJ Financial Group, Inc. (Commercial Banks) | 3.7 | 3.7 |
Yamaha Motor Co. Ltd. (Automobiles) | 2.9 | 4.1 |
Honda Motor Co. Ltd. (Automobiles) | 2.5 | 4.1 |
NTT DoCoMo, Inc. (Wireless Telecommunication Services) | 2.3 | 0.7 |
Nippon Electric Glass Co. Ltd. (Electronic Equipment & Components) | 2.3 | 0.9 |
Stanley Electric Co. Ltd. (Auto Components) | 2.3 | 1.6 |
Sekisui House Ltd. (Household Durables) | 2.2 | 2.1 |
Nikon Corp. (Leisure Equipment & Products) | 2.2 | 0.7 |
| 33.9 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 28.1 | 27.4 |
Information Technology | 19.4 | 20.5 |
Financials | 18.8 | 19.2 |
Industrials | 16.2 | 19.0 |
Materials | 4.5 | 6.3 |
Telecommunication Services | 3.2 | 1.5 |
Consumer Staples | 1.8 | 1.1 |
Health Care | 1.2 | 0.5 |
Semiannual Report
Japan
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.2% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 28.1% |
Auto Components - 5.8% |
Bridgestone Corp. | 466,700 | | $ 6,958,318 |
Denso Corp. | 651,300 | | 15,399,898 |
NGK Spark Plug Co. Ltd. | 226,000 | | 2,181,051 |
NOK Corp. | 407,100 | | 4,740,113 |
Stanley Electric Co. Ltd. | 1,493,200 | | 21,209,978 |
Toyoda Gosei Co. Ltd. | 216,700 | | 4,263,553 |
| | 54,752,911 |
Automobiles - 11.9% |
Honda Motor Co. Ltd. | 829,600 | | 24,319,194 |
Toyota Motor Corp. | 1,550,900 | | 61,398,270 |
Yamaha Motor Co. Ltd. | 2,585,200 | | 27,335,082 |
| | 113,052,546 |
Hotels, Restaurants & Leisure - 0.4% |
Saizeriya Co. Ltd. (c) | 312,600 | | 3,549,984 |
Household Durables - 2.7% |
Haseko Corp. | 1,787,500 | | 1,126,567 |
Sekisui House Ltd. | 2,357,000 | | 20,346,863 |
Sony Corp. | 161,100 | | 4,187,084 |
| | 25,660,514 |
Leisure Equipment & Products - 2.2% |
Nikon Corp. | 1,533,000 | | 20,322,381 |
Media - 1.5% |
Fuji Media Holdings, Inc. | 13,046 | | 14,548,330 |
Multiline Retail - 1.4% |
Isetan Mitsukoshi Holdings Ltd. (c) | 666,940 | | 5,607,896 |
J Front Retailing Co. Ltd. | 254,000 | | 1,043,587 |
Marui Group Co. Ltd. | 265,500 | | 1,468,938 |
Takashimaya Co. Ltd. | 747,000 | | 4,664,410 |
| | 12,784,831 |
Specialty Retail - 2.2% |
Nishimatsuya Chain Co. Ltd. | 643,900 | | 5,165,997 |
Yamada Denki Co. Ltd. | 340,170 | | 15,672,721 |
| | 20,838,718 |
TOTAL CONSUMER DISCRETIONARY | | 265,510,215 |
CONSUMER STAPLES - 1.8% |
Food & Staples Retailing - 1.5% |
Seven & i Holdings Co., Ltd. | 632,700 | | 14,300,516 |
Personal Products - 0.3% |
Kose Corp. | 112,800 | | 2,272,052 |
TOTAL CONSUMER STAPLES | | 16,572,568 |
FINANCIALS - 18.8% |
Capital Markets - 2.3% |
Daiwa Securities Group, Inc. | 1,415,000 | | 7,414,851 |
|
| Shares | | Value |
Matsui Securities Co. Ltd. (c) | 751,800 | | $ 5,330,762 |
Nomura Holdings, Inc. | 1,460,600 | | 8,816,302 |
| | 21,561,915 |
Commercial Banks - 7.5% |
Chiba Bank Ltd. | 1,098,000 | | 5,446,893 |
Mitsubishi UFJ Financial Group, Inc. | 6,437,500 | | 35,124,616 |
Sumitomo Mitsui Financial Group, Inc. | 470,200 | | 16,311,223 |
Sumitomo Trust & Banking Co. Ltd. | 3,399,000 | | 14,227,313 |
| | 71,110,045 |
Consumer Finance - 2.8% |
Aeon Credit Service Co. Ltd. | 243,800 | | 2,781,036 |
Credit Saison Co. Ltd. | 678,400 | | 7,623,138 |
ORIX Corp. | 235,800 | | 11,046,159 |
Promise Co. Ltd. (c) | 383,350 | | 5,066,777 |
| | 26,517,110 |
Insurance - 3.0% |
Sompo Japan Insurance, Inc. | 2,539,000 | | 15,305,262 |
T&D Holdings, Inc. | 452,250 | | 13,524,563 |
| | 28,829,825 |
Real Estate Investment Trusts - 1.1% |
Japan Real Estate Investment Corp. | 851 | | 6,022,638 |
Nomura Real Estate Office Fund, Inc. | 812 | | 4,208,423 |
| | 10,231,061 |
Real Estate Management & Development - 2.1% |
Mitsubishi Estate Co. Ltd. | 1,200,000 | | 15,689,357 |
Mitsui Fudosan Co. Ltd. | 321,000 | | 4,039,994 |
| | 19,729,351 |
TOTAL FINANCIALS | | 177,979,307 |
HEALTH CARE - 1.2% |
Pharmaceuticals - 1.2% |
Astellas Pharma, Inc. | 153,400 | | 4,989,386 |
Daiichi Sankyo Kabushiki Kaisha | 359,800 | | 6,017,719 |
| | 11,007,105 |
INDUSTRIALS - 16.2% |
Air Freight & Logistics - 0.5% |
Yamato Holdings Co. Ltd. | 468,000 | | 5,216,863 |
Building Products - 2.3% |
Asahi Glass Co. Ltd. | 1,692,000 | | 10,112,609 |
Daikin Industries Ltd. | 431,200 | | 11,603,427 |
| | 21,716,036 |
Electrical Equipment - 2.7% |
Mitsubishi Electric Corp. | 1,259,000 | | 6,706,909 |
Sumitomo Electric Industries Ltd. | 1,899,400 | | 18,508,540 |
| | 25,215,449 |
Machinery - 5.2% |
Daifuku Co. Ltd. | 554,000 | | 3,331,843 |
Fanuc Ltd. | 64,900 | | 4,684,516 |
JTEKT Corp. | 114,800 | | 1,107,536 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Machinery - continued |
Kubota Corp. | 2,298,000 | | $ 13,815,479 |
NGK Insulators Ltd. | 683,000 | | 10,477,321 |
NSK Ltd. | 1,239,000 | | 5,516,307 |
THK Co. Ltd. | 462,100 | | 6,410,338 |
Toshiba Machine Co. Ltd. (c) | 1,276,000 | | 3,787,608 |
| | 49,130,948 |
Marine - 0.2% |
Mitsui O.S.K. Lines Ltd. | 411,000 | | 2,349,250 |
Road & Rail - 1.1% |
East Japan Railway Co. | 183,900 | | 10,365,271 |
Trading Companies & Distributors - 2.7% |
Mitsubishi Corp. | 566,900 | | 8,726,493 |
Mitsui & Co. Ltd. | 878,000 | | 9,314,923 |
Sumitomo Corp. | 898,500 | | 7,823,004 |
| | 25,864,420 |
Transportation Infrastructure - 1.5% |
The Sumitomo Warehouse Co. Ltd. | 3,869,000 | | 13,904,164 |
TOTAL INDUSTRIALS | | 153,762,401 |
INFORMATION TECHNOLOGY - 19.4% |
Computers & Peripherals - 0.4% |
Fujitsu Ltd. | 903,000 | | 3,869,402 |
Electronic Equipment & Components - 9.0% |
Fujifilm Holdings Corp. | 158,700 | | 4,084,109 |
Horiba Ltd. | 362,500 | | 6,617,237 |
Ibiden Co. Ltd. | 349,200 | | 10,214,097 |
Kyocera Corp. | 87,300 | | 6,781,823 |
Nidec Sankyo Corp. (c) | 569,000 | | 2,160,956 |
Nippon Electric Glass Co. Ltd. | 2,643,000 | | 21,512,730 |
Omron Corp. | 286,400 | | 4,281,657 |
Topcon Corp. (c) | 147,600 | | 693,733 |
Yamatake Corp. | 464,000 | | 7,778,552 |
Yaskawa Electric Corp. | 2,265,000 | | 10,543,325 |
Yokogawa Electric Corp. | 2,105,500 | | 10,868,352 |
| | 85,536,571 |
Internet Software & Services - 0.2% |
Yahoo! Japan Corp. | 8,670 | | 2,164,878 |
Office Electronics - 8.6% |
Canon, Inc. | 2,198,100 | | 65,796,382 |
Konica Minolta Holdings, Inc. | 1,147,000 | | 9,477,252 |
Ricoh Co. Ltd. | 448,000 | | 5,540,421 |
| | 80,814,055 |
Semiconductors & Semiconductor Equipment - 1.2% |
ROHM Co. Ltd. | 73,800 | | 4,527,195 |
Tokyo Electron Ltd. | 150,700 | | 6,893,196 |
| | 11,420,391 |
TOTAL INFORMATION TECHNOLOGY | | 183,805,297 |
|
| Shares | | Value |
MATERIALS - 4.5% |
Chemicals - 3.7% |
JSR Corp. | 897,700 | | $ 10,940,709 |
Nissan Chemical Industries Co. Ltd. | 534,000 | | 4,454,823 |
Nitto Denko Corp. | 516,100 | | 12,023,464 |
Shin-Etsu Chemical Co., Ltd. | 103,500 | | 5,031,664 |
Zeon Corp. | 776,000 | | 2,375,921 |
| | 34,826,581 |
Metals & Mining - 0.8% |
Sumitomo Metal Industries Ltd. | 3,382,000 | | 7,924,454 |
TOTAL MATERIALS | | 42,751,035 |
TELECOMMUNICATION SERVICES - 3.2% |
Wireless Telecommunication Services - 3.2% |
KDDI Corp. | 1,874 | | 8,429,553 |
NTT DoCoMo, Inc. | 15,544 | | 21,695,433 |
| | 30,124,986 |
TOTAL COMMON STOCKS (Cost $1,195,680,377) | 881,512,914 |
Money Market Funds - 8.6% |
| | | |
Fidelity Cash Central Fund, 0.53% (a) | 68,044,924 | | 68,044,924 |
Fidelity Securities Lending Cash Central Fund, 0.28% (a)(b) | 13,372,202 | | 13,372,202 |
TOTAL MONEY MARKET FUNDS (Cost $81,417,126) | 81,417,126 |
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $1,277,097,503) | | 962,930,040 |
NET OTHER ASSETS - (1.8)% | | (16,578,312) |
NET ASSETS - 100% | $ 946,351,728 |
Legend |
(a) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(b) Investment made with cash collateral received from securities on loan. |
(c) Security or a portion of the security is on loan at period end. |
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 | $ 159,888 |
Fidelity Securities Lending Cash Central Fund | 277,062 |
Total | $ 436,950 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 962,930,040 | $ 81,417,126 | $ 881,512,914 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $151,185,501 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $12,534,684) - See accompanying schedule: Unaffiliated issuers (cost $1,195,680,377) | $ 881,512,914 | |
Fidelity Central Funds (cost $81,417,126) | 81,417,126 | |
Total Investments (cost $1,277,097,503) | | $ 962,930,040 |
Receivable for investments sold | | 11,994,311 |
Receivable for fund shares sold | | 253,892 |
Dividends receivable | | 7,721,934 |
Distributions receivable from Fidelity Central Funds | | 60,099 |
Prepaid expenses | | 7,772 |
Other receivables | | 49,528 |
Total assets | | 983,017,576 |
| | |
Liabilities | | |
Payable for investments purchased | $ 22,098,953 | |
Payable for fund shares redeemed | 427,244 | |
Accrued management fee | 452,079 | |
Other affiliated payables | 272,882 | |
Other payables and accrued expenses | 42,488 | |
Collateral on securities loaned, at value | 13,372,202 | |
Total liabilities | | 36,665,848 |
| | |
Net Assets | | $ 946,351,728 |
Net Assets consist of: | | |
Paid in capital | | $ 1,664,935,658 |
Undistributed net investment income | | 4,638,240 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (408,920,935) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (314,301,235) |
Net Assets, for 109,185,169 shares outstanding | | $ 946,351,728 |
Net Asset Value, offering price and redemption price per share ($946,351,728 ÷ 109,185,169 shares) | | $ 8.67 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 10,680,560 |
Income from Fidelity Central Funds (including $277,062 from security lending) | | 436,950 |
| | 11,117,510 |
Less foreign taxes withheld | | (776,957) |
Total income | | 10,340,553 |
| | |
Expenses | | |
Management fee
Basic fee | $ 3,269,599 | |
Performance adjustment | (1,229,066) | |
Transfer agent fees | 1,415,655 | |
Accounting and security lending fees | 219,060 | |
Custodian fees and expenses | 66,139 | |
Independent trustees' compensation | 3,423 | |
Registration fees | 17,782 | |
Audit | 37,811 | |
Legal | 2,519 | |
Miscellaneous | 9,398 | |
Total expenses before reductions | 3,812,320 | |
Expense reductions | (95,313) | 3,717,007 |
Net investment income (loss) | | 6,623,546 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (232,409,212) | |
Foreign currency transactions | 1,174,398 | |
Total net realized gain (loss) | | (231,234,814) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 194,738,103 | |
Assets and liabilities in foreign currencies | (689,493) | |
Total change in net unrealized appreciation (depreciation) | | 194,048,610 |
Net gain (loss) | | (37,186,204) |
Net increase (decrease) in net assets resulting from operations | | $ (30,562,658) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 6,623,546 | $ 10,956,375 |
Net realized gain (loss) | (231,234,814) | (163,728,497) |
Change in net unrealized appreciation (depreciation) | 194,048,610 | (600,965,862) |
Net increase (decrease) in net assets resulting from operations | (30,562,658) | (753,737,984) |
Distributions to shareholders from net investment income | (12,255,123) | (3,964,749) |
Distributions to shareholders from net realized gain | (1,114,103) | (236,930,224) |
Total distributions | (13,369,226) | (240,894,973) |
Share transactions
Proceeds from sales of shares | 24,505,276 | 356,021,629 |
Reinvestment of distributions | 12,626,051 | 222,101,843 |
Cost of shares redeemed | (72,249,178) | (337,905,099) |
Net increase (decrease) in net assets resulting from share transactions | (35,117,851) | 240,218,373 |
Redemption fees | 67,069 | 298,104 |
Total increase (decrease) in net assets | (78,982,666) | (754,116,480) |
| | |
Net Assets | | |
Beginning of period | 1,025,334,394 | 1,779,450,874 |
End of period (including undistributed net investment income of $4,638,240 and undistributed net investment income of $10,323,711, respectively) | $ 946,351,728 | $ 1,025,334,394 |
Other Information Shares | | |
Sold | 2,979,769 | 26,690,591 |
Issued in reinvestment of distributions | 1,672,325 | 14,488,052 |
Redeemed | (8,987,245) | (26,534,675) |
Net increase (decrease) | (4,335,151) | 14,643,968 |
Financial Highlights
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.03 | $ 18.00 | $ 16.85 | $ 15.00 | $ 11.63 | $ 11.19 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .10 | .04 | .01 | .03 | (.01) |
Net realized and unrealized gain (loss) | (.30) | (6.64) | 1.35 | 1.85 | 3.34 | .45 |
Total from investment operations | (.24) | (6.54) | 1.39 | 1.86 | 3.37 | .44 |
Distributions from net investment income | (.11) | (.04) | (.01) | (.02) | - | (.01) |
Distributions from net realized gain | (.01) | (2.39) | (.23) | (.01) | - | - |
Total distributions | (.12) | (2.43) | (.24) | (.03) | - | (.01) |
Redemption fees added to paid in capital D | - H | - H | - H | .02 | - H | .01 |
Net asset value, end of period | $ 8.67 | $ 9.03 | $ 18.00 | $ 16.85 | $ 15.00 | $ 11.63 |
Total Return B,C | (2.46)% | (41.88)% | 8.36% | 12.54% | 28.98% | 4.03% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | .84% A | 1.12% | 1.08% | 1.08% | 1.03% | 1.04% |
Expenses net of fee waivers, if any | .84% A | 1.12% | 1.08% | 1.08% | 1.03% | 1.04% |
Expenses net of all reductions | .82% A | 1.10% | 1.06% | 1.05% | 1.02% | 1.04% |
Net investment income (loss) | 1.46% A | .72% | .24% | .08% | .20% | (.04)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 946,352 | $ 1,025,334 | $ 1,779,451 | $ 1,763,387 | $ 1,075,145 | $ 647,453 |
Portfolio turnover rate F | 91% A | 78% | 158% | 78% | 74% | 99% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. H Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan Smaller Companies
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan | 98.9% | |
| United States of America | 1.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan | 95.9% | |
| United States of America | 4.0% | |
| Cayman Islands | 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 | 98.9 | 96.0 |
Short-Term Investments and Net Other Assets | 1.1 | 4.0 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Rakuten, Inc. (Internet & Catalog Retail) | 6.9 | 4.0 |
Daikin Industries Ltd. (Building Products) | 6.4 | 0.5 |
Stanley Electric Co. Ltd. (Auto Components) | 5.2 | 0.0 |
ORIX Corp. (Consumer Finance) | 4.3 | 0.0 |
Nomura Holdings, Inc. (Capital Markets) | 3.8 | 0.0 |
Point, Inc. (Specialty Retail) | 3.3 | 0.0 |
Toyoda Gosei Co. Ltd. (Auto Components) | 3.3 | 0.0 |
Ryohin Keikaku Co. Ltd. (Multiline Retail) | 3.2 | 0.0 |
Sony Corp. (Household Durables) | 3.1 | 0.0 |
Goldcrest Co. Ltd. (Household Durables) | 2.9 | 0.0 |
| 42.4 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 46.5 | 23.6 |
Financials | 19.7 | 9.7 |
Industrials | 11.6 | 8.2 |
Information Technology | 9.8 | 15.1 |
Materials | 8.6 | 4.0 |
Consumer Staples | 2.7 | 13.3 |
Health Care | 0.0 | 17.1 |
Utilities | 0.0 | 4.1 |
Telecommunication Services | 0.0 | 0.9 |
Semiannual Report
Japan Smaller Companies
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.9% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 46.5% |
Auto Components - 14.3% |
Aisin Seiki Co. Ltd. | 244,800 | | $ 5,028,584 |
Calsonic Kansei Corp. | 1,768,000 | | 3,312,712 |
H-One Co. Ltd. | 162,700 | | 521,350 |
Koito Manufacturing Co. Ltd. | 772,000 | | 7,041,180 |
Nippon Seiki Co. Ltd. | 301,000 | | 2,715,581 |
Stanley Electric Co. Ltd. | 1,162,900 | | 16,518,272 |
Toyoda Gosei Co. Ltd. | 526,900 | | 10,366,711 |
| | 45,504,390 |
Automobiles - 3.4% |
Isuzu Motors Ltd. | 1,314,000 | | 2,194,149 |
Nissan Motor Co. Ltd. | 1,440,700 | | 7,521,621 |
Yachiyo Industry Co. Ltd. | 171,000 | | 1,128,845 |
| | 10,844,615 |
Hotels, Restaurants & Leisure - 0.6% |
Accordia Golf Co. Ltd. | 705 | | 410,602 |
Kappa Create Co. Ltd. | 71,350 | | 1,283,373 |
Pacific Golf Group International Holdings KK | 518 | | 215,821 |
| | 1,909,796 |
Household Durables - 8.5% |
Arnest One Corp. (d) | 945,100 | | 1,572,255 |
Goldcrest Co. Ltd. (d) | 406,410 | | 9,319,300 |
Haseko Corp. | 9,385,500 | | 5,915,183 |
Meiwa Estate Co. Ltd. | 67,100 | | 226,300 |
Sony Corp. | 385,900 | | 10,029,769 |
| | 27,062,807 |
Internet & Catalog Retail - 7.6% |
Rakuten, Inc. (d) | 42,763 | | 21,760,968 |
Start Today Co. Ltd. (d) | 2,605 | | 2,299,310 |
| | 24,060,278 |
Leisure Equipment & Products - 0.1% |
Aruze Corp. | 57,300 | | 480,744 |
Media - 1.8% |
CyberAgent, Inc. (d) | 8,570 | | 5,582,847 |
Multiline Retail - 3.7% |
J Front Retailing Co. Ltd. | 297,000 | | 1,220,257 |
Ryohin Keikaku Co. Ltd. | 269,200 | | 10,288,316 |
Zakkaya Bulldog Co. Ltd. | 71,300 | | 208,887 |
| | 11,717,460 |
Specialty Retail - 6.5% |
Alpen Co. Ltd. | 211,800 | | 3,498,309 |
Megane TOP Co. Ltd. | 621,790 | | 5,972,573 |
Nitori Co. Ltd. | 9,200 | | 517,799 |
Point, Inc. | 235,650 | | 10,503,605 |
Village Vanguard Co. Ltd. | 81 | | 186,081 |
| | 20,678,367 |
TOTAL CONSUMER DISCRETIONARY | | 147,841,304 |
|
| Shares | | Value |
CONSUMER STAPLES - 2.7% |
Food & Staples Retailing - 0.3% |
Create SD Holdings Co. Ltd. | 51,000 | | $ 829,411 |
Food Products - 0.3% |
Frente Co. Ltd. | 53,200 | | 859,373 |
Household Products - 2.1% |
Pigeon Corp. (d) | 273,500 | | 6,846,255 |
TOTAL CONSUMER STAPLES | | 8,535,039 |
FINANCIALS - 19.7% |
Capital Markets - 5.1% |
Daiwa Securities Group, Inc. | 245,000 | | 1,283,843 |
JAFCO Co. Ltd. | 120,100 | | 2,684,433 |
Japan Asia Investment Co. Ltd. (d) | 100,000 | | 77,295 |
Nomura Holdings, Inc. | 2,000,800 | | 12,076,994 |
| | 16,122,565 |
Commercial Banks - 0.5% |
Sumitomo Mitsui Financial Group, Inc. | 46,000 | | 1,595,739 |
Consumer Finance - 5.7% |
Credit Saison Co. Ltd. | 144,900 | | 1,628,232 |
JACCS Co. Ltd. | 1,298,000 | | 2,733,513 |
ORIX Corp. | 290,740 | | 13,619,849 |
| | 17,981,594 |
Diversified Financial Services - 3.7% |
Japan Securities Finance Co. Ltd. | 491,500 | | 2,718,970 |
Osaka Securities Exchange Co. Ltd. | 2,856 | | 9,073,218 |
| | 11,792,188 |
Insurance - 2.6% |
Aioi Insurance Co. Ltd. | 853,000 | | 3,745,124 |
Fuji Fire & Marine Insurance Co. Ltd. | 2,179,000 | | 2,241,218 |
T&D Holdings, Inc. | 76,950 | | 2,301,194 |
| | 8,287,536 |
Real Estate Investment Trusts - 1.0% |
Kenedix Realty Investment Corp. | 970 | | 2,311,066 |
ORIX JREIT, Inc. | 223 | | 836,733 |
| | 3,147,799 |
Real Estate Management & Development - 1.1% |
Airport Facilities Co. Ltd. | 189,900 | | 971,399 |
Joint Corp. | 2,600 | | 3,944 |
Shoei Co. | 362,600 | | 2,469,811 |
Toho Real Estate Co. Ltd. | 40,900 | | 198,648 |
| | 3,643,802 |
TOTAL FINANCIALS | | 62,571,223 |
INDUSTRIALS - 11.6% |
Building Products - 8.8% |
Central Glass Co. Ltd. | 162,000 | | 615,125 |
Daikin Industries Ltd. | 758,800 | | 20,419,017 |
Nichias Corp. | 1,353,000 | | 3,040,536 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Building Products - continued |
Nippon Sheet Glass Co. Ltd. | 1,337,000 | | $ 3,789,079 |
Shinko Kogyo Co. Ltd. | 37,000 | | 78,096 |
| | 27,941,853 |
Construction & Engineering - 0.1% |
Yahagi Construction Co. Ltd. | 61,000 | | 332,685 |
Electrical Equipment - 0.3% |
Fuji Electric Holdings Co. Ltd. | 518,000 | | 891,052 |
Furukawa Electric Co. Ltd. | 86,000 | | 257,437 |
| | 1,148,489 |
Machinery - 2.1% |
Amada Co. Ltd. | 322,000 | | 1,994,456 |
HIRANO TECSEED Co. Ltd. | 158,000 | | 1,363,684 |
Miura Co. Ltd. | 73,500 | | 1,613,666 |
Nitta Corp. | 136,500 | | 1,569,154 |
Nittoku Engineering Co. Ltd. | 3,900 | | 11,239 |
| | 6,552,199 |
Marine - 0.3% |
Kawasaki Kisen Kaisha Ltd. | 283,000 | | 1,066,564 |
TOTAL INDUSTRIALS | | 37,041,790 |
INFORMATION TECHNOLOGY - 9.8% |
Computers & Peripherals - 0.1% |
Mutoh Holdings Co. Ltd. (a) | 315,000 | | 500,505 |
Electronic Equipment & Components - 4.0% |
Citizen Holdings Co. Ltd. | 1,293,000 | | 5,917,004 |
Horiba Ltd. | 67,000 | | 1,223,048 |
Omron Corp. | 66,100 | | 988,190 |
Origin Electric Co. Ltd. | 295,000 | | 755,555 |
Sunx Ltd. | 354,500 | | 969,937 |
TDK Corp. | 44,100 | | 2,011,685 |
V Technology Co. Ltd. | 369 | | 857,230 |
| | 12,722,649 |
Internet Software & Services - 4.0% |
GMO Internet, Inc. (d) | 319,300 | | 1,004,170 |
Kakaku.com, Inc. (d) | 2,317 | | 7,932,084 |
mixi, Inc. (a)(d) | 651 | | 3,040,462 |
Zappallas, Inc. (d) | 317 | | 658,888 |
| | 12,635,604 |
IT Services - 0.5% |
CAC Corp. | 85,100 | | 513,778 |
IT Holdings Corp. | 84,600 | | 1,028,083 |
| | 1,541,861 |
Semiconductors & Semiconductor Equipment - 1.2% |
Disco Corp. (d) | 72,300 | | 2,176,532 |
Shinko Electric Industries Co.Ltd. | 162,100 | | 1,598,758 |
| | 3,775,290 |
TOTAL INFORMATION TECHNOLOGY | | 31,175,909 |
|
| Shares | | Value |
MATERIALS - 8.6% |
Chemicals - 4.5% |
C. Uyemura & Co. Ltd. | 194,800 | | $ 3,911,196 |
Ishihara Sangyo Kaisha Ltd. (a) | 4,143,000 | | 3,103,620 |
JSR Corp. | 211,700 | | 2,580,091 |
Mitsubishi Rayon Co. Ltd. | 852,000 | | 1,774,222 |
Mitsui Chemicals, Inc. | 597,000 | | 1,783,398 |
Ube Industries Ltd. | 537,000 | | 1,012,842 |
| | 14,165,369 |
Construction Materials - 0.4% |
Taiheiyo Cement Corp. | 752,000 | | 1,320,566 |
Metals & Mining - 3.7% |
Nippon Yakin Kogyo Co. Ltd. | 165,000 | | 570,271 |
Sumitomo Metal Mining Co. Ltd. | 565,000 | | 6,311,215 |
Tokyo Rope Manufacturing Co. Ltd. | 795,000 | | 2,108,762 |
Toyo Kohan Co. Ltd. | 305,000 | | 1,206,305 |
Yamato Kogyo Co. Ltd. | 69,600 | | 1,581,293 |
| | 11,777,846 |
TOTAL MATERIALS | | 27,263,781 |
TOTAL COMMON STOCKS (Cost $330,694,027) | 314,429,046 |
Money Market Funds - 3.8% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 1,385,342 | | 1,385,342 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 10,647,143 | | 10,647,143 |
TOTAL MONEY MARKET FUNDS (Cost $12,032,485) | 12,032,485 |
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $342,726,512) | | 326,461,531 |
NET OTHER ASSETS - (2.7)% | | (8,669,537) |
NET ASSETS - 100% | $ 317,791,994 |
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 | $ 23,071 |
Fidelity Securities Lending Cash Central Fund | 489,348 |
Total | $ 512,419 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 326,461,531 | $ 12,032,485 | $ 314,429,046 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $58,533,238 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan Smaller Companies
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $10,129,383) - See accompanying schedule: Unaffiliated issuers (cost $330,694,027) | $ 314,429,046 | |
Fidelity Central Funds (cost $12,032,485) | 12,032,485 | |
Total Investments (cost $342,726,512) | | $ 326,461,531 |
Foreign currency held at value (cost $66,564) | | 66,564 |
Receivable for investments sold | | 975,465 |
Receivable for fund shares sold | | 116,247 |
Dividends receivable | | 2,374,675 |
Distributions receivable from Fidelity Central Funds | | 37,390 |
Prepaid expenses | | 3,077 |
Other receivables | | 22,034 |
Total assets | | 330,056,983 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,061,854 | |
Payable for fund shares redeemed | 236,717 | |
Accrued management fee | 186,266 | |
Other affiliated payables | 92,921 | |
Other payables and accrued expenses | 40,089 | |
Collateral on securities loaned, at value | 10,647,142 | |
Total liabilities | | 12,264,989 |
| | |
Net Assets | | $ 317,791,994 |
Net Assets consist of: | | |
Paid in capital | | $ 494,787,137 |
Undistributed net investment income | | 1,297,656 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (161,990,173) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (16,302,626) |
Net Assets, for 49,522,623 shares outstanding | | $ 317,791,994 |
Net Asset Value, offering price and redemption price per share ($317,791,994 ÷ 49,522,623 shares) | | $ 6.42 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 3,172,800 |
Interest | | 15 |
Income from Fidelity Central Funds (including $489,348 from security lending) | | 512,419 |
| | 3,685,234 |
Less foreign taxes withheld | | (206,909) |
Total income | | 3,478,325 |
| | |
Expenses | | |
Management fee | $ 1,196,788 | |
Transfer agent fees | 522,783 | |
Accounting and security lending fees | 92,313 | |
Custodian fees and expenses | 136,379 | |
Independent trustees' compensation | 1,307 | |
Registration fees | 9,113 | |
Audit | 28,853 | |
Legal | 1,793 | |
Interest | 409 | |
Miscellaneous | 3,591 | |
Total expenses before reductions | 1,993,329 | |
Expense reductions | (29,657) | 1,963,672 |
Net investment income (loss) | | 1,514,653 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (99,291,838) | |
Foreign currency transactions | 532,753 | |
Total net realized gain (loss) | | (98,759,085) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 68,503,741 | |
Assets and liabilities in foreign currencies | (232,431) | |
Total change in net unrealized appreciation (depreciation) | | 68,271,310 |
Net gain (loss) | | (30,487,775) |
Net increase (decrease) in net assets resulting from operations | | $ (28,973,122) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,514,653 | $ 2,597,004 |
Net realized gain (loss) | (98,759,085) | (62,039,720) |
Change in net unrealized appreciation (depreciation) | 68,271,310 | (271,756,601) |
Net increase (decrease) in net assets resulting from operations | (28,973,122) | (331,199,317) |
Distributions to shareholders from net investment income | (2,197,996) | (1,282,366) |
Distributions to shareholders from net realized gain | (549,498) | (13,464,846) |
Total distributions | (2,747,494) | (14,747,212) |
Share transactions
Proceeds from sales of shares | 15,585,060 | 64,044,453 |
Reinvestment of distributions | 1,683,605 | 10,772,639 |
Cost of shares redeemed | (61,704,166) | (146,648,963) |
Net increase (decrease) in net assets resulting from share transactions | (44,435,501) | (71,831,871) |
Redemption fees | 14,262 | 59,325 |
Total increase (decrease) in net assets | (76,141,855) | (417,719,075) |
| | |
Net Assets | | |
Beginning of period | 393,933,849 | 811,652,924 |
End of period (including undistributed net investment income of $1,297,656 and undistributed net investment income of $2,239,289, respectively) | $ 317,791,994 | $ 393,933,849 |
Other Information Shares | | |
Sold | 2,493,304 | 6,465,046 |
Issued in reinvestment of distributions | 259,816 | 912,936 |
Redeemed | (9,624,904) | (15,250,412) |
Net increase (decrease) | (6,871,784) | (7,872,430) |
Financial Highlights
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 6.99 | $ 12.63 | $ 13.43 | $ 14.25 | $ 11.58 | $ 10.35 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .03 | .04 | .03 | .01 | .03 | .01 |
Net realized and unrealized gain (loss) | (.55) | (5.45) | (.46) | - H | 2.69 | 1.20 |
Total from investment operations | (.52) | (5.41) | (.43) | .01 | 2.72 | 1.21 |
Distributions from net investment income | (.04) | (.02) | (.01) | (.02) | (.01) | (.02) |
Distributions from net realized gain | (.01) | (.21) | (.36) | (.83) | (.05) | - |
Total distributions | (.05) | (.23) | (.37) | (.85) | (.06) | (.02) |
Redemption fees added to paid in capital D | - H | - H | - H | .02 | .01 | .04 |
Net asset value, end of period | $ 6.42 | $ 6.99 | $ 12.63 | $ 13.43 | $ 14.25 | $ 11.58 |
Total Return B,C | (7.45)% | (43.58)% | (3.27)% | (.36)% | 23.69% | 12.12% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.20% A | 1.05% | 1.02% | 1.02% | 1.02% | 1.04% |
Expenses net of fee waivers, if any | 1.20% A | 1.05% | 1.02% | 1.02% | 1.02% | 1.04% |
Expenses net of all reductions | 1.18% A | 1.03% | 1.00% | 1.01% | 1.01% | 1.04% |
Net investment income (loss) | .91% A | .44% | .23% | .09% | .22% | .11% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 317,792 | $ 393,934 | $ 811,653 | $ 1,217,239 | $ 1,406,673 | $ 1,279,091 |
Portfolio turnover rate F | 273% A | 86% | 76% | 98% | 65% | 57% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. H Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Latin America
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Brazil | 67.1% | |
| Mexico | 15.4% | |
| United States of America | 9.3% | |
| Chile | 2.7% | |
| Peru | 1.9% | |
| Bermuda | 1.2% | |
| Canada | 0.8% | |
| Panama | 0.5% | |
| United Kingdom | 0.4% | |
| Other | 0.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Brazil | 66.5% | |
| Mexico | 21.6% | |
| United States of America | 4.2% | |
| Bermuda | 2.8% | |
| Chile | 2.6% | |
| Panama | 1.1% | |
| Peru | 0.8% | |
| Luxembourg | 0.3% | |
| Argentina | 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 | 90.7 | 96.0 |
Bonds | 0.0 | 0.0* |
Short-Term Investments
and Net Other Assets | 9.3 | 4.0 |
* Amount represents less than 0.1% |
Top Ten Stocks as of April 30, 2009 |
| % 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) | 12.0 | 10.4 |
Companhia Vale do Rio Doce (PN-A) (Brazil, Metals & Mining) | 9.4 | 7.9 |
Petroleo Brasileiro SA - Petrobras (ON) (Brazil, Oil, Gas & Consumable Fuels) | 8.2 | 6.2 |
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 7.2 | 7.4 |
Itau Unibanco Banco Multiplo SA (Brazil, Commercial Banks) | 6.6 | 0.0 |
Companhia Vale do Rio Doce sponsored ADR (Brazil, Metals & Mining) | 5.0 | 3.7 |
Banco Bradesco SA (PN) sponsored ADR (Brazil, Commercial Banks) | 3.4 | 4.1 |
Vivo Participacoes SA (PN) (Brazil, Wireless Telecommunication Services) | 2.7 | 1.1 |
Wal-Mart de Mexico SA de CV Series V (Mexico, Food & Staples Retailing) | 2.3 | 2.1 |
Fomento Economico Mexicano SAB de CV sponsored ADR (Mexico, Beverages) | 1.9 | 1.5 |
| 58.7 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Materials | 24.2 | 20.8 |
Energy | 22.2 | 16.9 |
Telecommunication Services | 12.5 | 13.6 |
Financials | 11.5 | 16.8 |
Consumer Staples | 6.9 | 6.3 |
Utilities | 5.5 | 5.9 |
Consumer Discretionary | 3.8 | 10.3 |
Industrials | 2.6 | 3.3 |
Information Technology | 1.3 | 1.7 |
Health Care | 0.2 | 0.4 |
Semiannual Report
Latin America
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 90.7% |
| Shares | | Value |
Bermuda - 1.2% |
Dufry South America Ltd. unit | 2,522,682 | | $ 20,901,711 |
GP Investments, Ltd. unit (a) | 2,633,825 | | 8,912,094 |
TOTAL BERMUDA | | 29,813,805 |
Brazil - 67.1% |
AES Tiete SA (PN) (non-vtg.) | 3,334,600 | | 27,628,868 |
America Latina Logistica SA unit | 3,081,900 | | 15,839,665 |
Banco Bradesco SA: | | | |
(PN) | 2,102,912 | | 26,154,785 |
(PN) sponsored ADR | 4,879,600 | | 59,921,488 |
BM&F BOVESPA SA | 3,267,600 | | 13,447,221 |
Companhia de Bebidas das Americas (AmBev): | | | |
(PN) sponsored ADR | 763,226 | | 43,030,682 |
sponsored ADR | 66,745 | | 3,033,560 |
Companhia de Saneamento de Minas Gerais | 61,112 | | 662,551 |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) | 2,311,200 | | 34,783,560 |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR | 869,900 | | 16,110,548 |
Companhia Vale do Rio Doce: | | | |
(PN-A) | 1,402,500 | | 19,713,688 |
(PN-A) sponsored ADR | 15,716,800 | | 215,791,664 |
sponsored ADR | 7,652,900 | | 126,349,379 |
Eletropaulo Metropolitana SA (PN-B) | 1,411,660 | | 18,428,813 |
Equatorial Energia SA | 1,380,600 | | 8,604,485 |
Gerdau SA sponsored ADR (d) | 5,106,400 | | 36,255,440 |
GVT Holding SA (a) | 962,500 | | 12,728,000 |
Itau Unibanco Banco Multiplo SA | 3,663,489 | | 50,924,834 |
Itau Unibanco Banco Multiplo SA ADR | 8,467,257 | | 116,255,439 |
Net Servicos de Comunicacao SA: | | | |
sponsored ADR | 167,000 | | 1,359,380 |
(PN) (a) | 4,119,400 | | 33,754,612 |
OGX Petroleo e Gas Participacoes SA | 95,200 | | 40,004,503 |
Petroleo Brasileiro SA - Petrobras: | | | |
(ON) | 388,200 | | 6,541,151 |
(PN) (non-vtg.) | 5,890,360 | | 79,778,899 |
(PN) sponsored ADR (non-vtg.) | 8,238,500 | | 222,274,729 |
sponsored ADR | 5,916,620 | | 198,620,933 |
Profarma Distribuidora de Produtos Farmaceuticos SA | 1,144,400 | | 3,846,151 |
Redecard SA | 2,644,000 | | 33,307,666 |
Souza Cruz Industria Comerico | 538,200 | | 11,468,081 |
Tegma Gestao Logistica | 1,967,200 | | 5,945,811 |
Tele Norte Leste Participacoes SA: | | | |
(ON) | 667,700 | | 12,603,240 |
sponsored ADR (non-vtg.) | 2,060,000 | | 32,033,000 |
Terna Participacoes SA unit | 1,225,300 | | 20,674,259 |
Tractebel Energia SA | 1,884,100 | | 15,541,811 |
|
| Shares | | Value |
Usinas Siderurgicas de Minas Gerais SA - Usiminas: | | | |
(ON) | 505,875 | | $ 6,969,530 |
(PN-A) (non-vtg.) | 2,248,350 | | 33,381,616 |
Vivo Participacoes SA: | | | |
(PN) | 138,586 | | 2,230,608 |
sponsored ADR | 4,167,900 | | 66,519,684 |
Votorantim Celulose e Papel SA: | | | |
(PN) (non-vtg.) | 96,565 | | 838,947 |
sponsored ADR (non-vtg.) | 2,249,650 | | 19,661,941 |
TOTAL BRAZIL | | 1,693,021,222 |
Canada - 0.8% |
Jaguar Mining, Inc. (a) | 323,900 | | 1,908,248 |
Yamana Gold, Inc. | 2,214,500 | | 17,370,811 |
TOTAL CANADA | | 19,279,059 |
Chile - 2.7% |
Banco Santander Chile sponsored ADR | 423,275 | | 14,988,168 |
CAP SA | 1,841,991 | | 29,826,473 |
Empresa Nacional de Electricidad SA sponsored ADR | 347,200 | | 13,315,120 |
Vina Concha y Toro SA | 742,014 | | 1,230,844 |
Vina Concha y Toro SA sponsored ADR | 313,250 | | 10,352,913 |
TOTAL CHILE | | 69,713,518 |
Luxembourg - 0.3% |
Millicom International Cellular SA | 189,250 | | 9,171,055 |
Mexico - 15.4% |
America Movil SAB de CV Series L sponsored ADR | 5,567,295 | | 182,885,641 |
Empresas ICA Sociedad Controladora SA de CV (a) | 6,346,000 | | 11,510,184 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 1,722,995 | | 48,777,988 |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 942,000 | | 19,367,520 |
Grupo Mexico SA de CV Series B | 35,342,708 | | 27,776,494 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 2,673,000 | | 41,378,040 |
Wal-Mart de Mexico SA de CV Series V (d) | 20,844,716 | | 56,847,166 |
TOTAL MEXICO | | 388,543,033 |
Panama - 0.5% |
Copa Holdings SA Class A | 392,300 | | 12,023,995 |
Peru - 1.9% |
Compania de Minas Buenaventura SA sponsored ADR | 2,235,952 | | 47,312,744 |
Portugal - 0.4% |
Galp Energia SGPS SA Class B | 736,700 | | 9,766,877 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 0.4% |
Fresnillo PLC | 1,252,278 | | $ 9,833,171 |
TOTAL COMMON STOCKS (Cost $1,870,971,448) | 2,288,478,479 |
Money Market Funds - 8.7% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 199,778,833 | | 199,778,833 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 18,985,850 | | 18,985,850 |
TOTAL MONEY MARKET FUNDS (Cost $218,764,683) | 218,764,683 |
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $2,089,736,131) | | 2,507,243,162 |
NET OTHER ASSETS - 0.6% | | 16,036,638 |
NET ASSETS - 100% | $ 2,523,279,800 |
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 | $ 335,401 |
Fidelity Securities Lending Cash Central Fund | 311,128 |
Total | $ 646,529 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,507,243,162 | $ 2,486,980,563 | $ 20,262,599 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $156,435,569 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Latin America
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $18,395,982) - See accompanying schedule: Unaffiliated issuers (cost $1,870,971,448) | $ 2,288,478,479 | |
Fidelity Central Funds (cost $218,764,683) | 218,764,683 | |
Total Investments (cost $2,089,736,131) | | $ 2,507,243,162 |
Foreign currency held at value (cost $204,105) | | 205,834 |
Receivable for investments sold | | 7,531,265 |
Receivable for fund shares sold | | 7,634,045 |
Dividends receivable | | 32,169,059 |
Interest receivable | | 226 |
Distributions receivable from Fidelity Central Funds | | 96,369 |
Prepaid expenses | | 19,684 |
Other receivables | | 38,041 |
Total assets | | 2,554,937,685 |
| | |
Liabilities | | |
Payable for investments purchased | $ 7,981,445 | |
Payable for fund shares redeemed | 2,453,230 | |
Accrued management fee | 1,438,487 | |
Other affiliated payables | 673,053 | |
Other payables and accrued expenses | 125,820 | |
Collateral on securities loaned, at value | 18,985,850 | |
Total liabilities | | 31,657,885 |
| | |
Net Assets | | $ 2,523,279,800 |
Net Assets consist of: | | |
Paid in capital | | $ 2,795,619,062 |
Undistributed net investment income | | 18,662,310 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (708,600,361) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 417,598,789 |
Net Assets, for 77,040,755 shares outstanding | | $ 2,523,279,800 |
Net Asset Value, offering price and redemption price per share ($2,523,279,800 ÷ 77,040,755 shares) | | $ 32.75 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 48,094,699 |
Interest | | 45,876 |
Income from Fidelity Central Funds (including $311,128 from security lending) | | 646,529 |
| | 48,787,104 |
Less foreign taxes withheld | | (3,842,045) |
Total income | | 44,945,059 |
| | |
Expenses | | |
Management fee | $ 7,608,681 | |
Transfer agent fees | 3,127,822 | |
Accounting and security lending fees | 477,362 | |
Custodian fees and expenses | 296,224 | |
Independent trustees' compensation | 7,688 | |
Registration fees | 36,771 | |
Audit | 38,500 | |
Legal | 7,022 | |
Miscellaneous | 22,414 | |
Total expenses before reductions | 11,622,484 | |
Expense reductions | (900) | 11,621,584 |
Net investment income (loss) | | 33,323,475 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (521,863,846) | |
Foreign currency transactions | (642,612) | |
Total net realized gain (loss) | | (522,506,458) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 811,157,315 | |
Assets and liabilities in foreign currencies | 676,355 | |
Total change in net unrealized appreciation (depreciation) | | 811,833,670 |
Net gain (loss) | | 289,327,212 |
Net increase (decrease) in net assets resulting from operations | | $ 322,650,687 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Latin America
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 33,323,475 | $ 77,374,029 |
Net realized gain (loss) | (522,506,458) | (150,891,457) |
Change in net unrealized appreciation (depreciation) | 811,833,670 | (3,432,385,144) |
Net increase (decrease) in net assets resulting from operations | 322,650,687 | (3,505,902,572) |
Distributions to shareholders from net investment income | (34,726,067) | (58,822,488) |
Distributions to shareholders from net realized gain | - | (155,654,931) |
Total distributions | (34,726,067) | (214,477,419) |
Share transactions
Proceeds from sales of shares | 336,677,899 | 2,650,547,667 |
Reinvestment of distributions | 33,594,840 | 207,556,726 |
Cost of shares redeemed | (361,054,253) | (3,137,930,206) |
Net increase (decrease) in net assets resulting from share transactions | 9,218,486 | (279,825,813) |
Redemption fees | 530,310 | 6,121,898 |
Total increase (decrease) in net assets | 297,673,416 | (3,994,083,906) |
| | |
Net Assets | | |
Beginning of period | 2,225,606,384 | 6,219,690,290 |
End of period (including undistributed net investment income of $18,662,310 and undistributed net investment income of $53,341,043, respectively) | $ 2,523,279,800 | $ 2,225,606,384 |
Other Information Shares | | |
Sold | 11,526,864 | 43,462,745 |
Issued in reinvestment of distributions | 1,344,638 | 3,206,995 |
Redeemed | (13,408,823) | (60,698,857) |
Net increase (decrease) | (537,321) | (14,029,117) |
Financial Highlights
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 28.69 | $ 67.90 | $ 41.13 | $ 29.40 | $ 18.10 | $ 13.38 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .44 | .83 | .68 | .82 | .57 | .40 |
Net realized and unrealized gain (loss) | 4.07 | (37.74) | 27.43 | 11.68 | 10.98 | 4.53 |
Total from investment operations | 4.51 | (36.91) | 28.11 | 12.50 | 11.55 | 4.93 |
Distributions from net investment income | (.46) | (.65) | (.61) | (.46) | (.30) | (.23) |
Distributions from net realized gain | - | (1.72) | (.77) | (.38) | - | - |
Total distributions | (.46) | (2.37) | (1.38) | (.84) | (.30) | (.23) |
Redemption fees added to paid in capital D | .01 | .07 | .04 | .07 | .05 | .02 |
Net asset value, end of period | $ 32.75 | $ 28.69 | $ 67.90 | $ 41.13 | $ 29.40 | $ 18.10 |
Total Return B,C | 16.26% | (56.20)% | 70.35% | 43.57% | 64.94% | 37.47% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.10% A | 1.02% | 1.00% | 1.05% | 1.10% | 1.19% |
Expenses net of fee waivers, if any | 1.10% A | 1.02% | 1.00% | 1.05% | 1.10% | 1.19% |
Expenses net of all reductions | 1.10% A | 1.00% | .98% | 1.02% | 1.04% | 1.16% |
Net investment income (loss) | 3.14% A | 1.41% | 1.33% | 2.23% | 2.38% | 2.56% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,523,280 | $ 2,225,606 | $ 6,219,690 | $ 3,122,473 | $ 1,384,083 | $ 357,335 |
Portfolio turnover rate F | 47% A | 51% | 52% | 60% | 40% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Sweden | 37.4% | |
| Finland | 25.6% | |
| Denmark | 16.1% | |
| Norway | 15.9% | |
| Bermuda | 2.9% | |
| United States of America | 2.0% | |
| Iceland | 0.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Sweden | 50.0% | |
| Denmark | 17.1% | |
| Finland | 13.0% | |
| Norway | 10.8% | |
| United Kingdom | 5.4% | |
| United States of America | 3.6% | |
| 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 | 98.0 | 96.4 |
Short-Term Investments and Net Other Assets | 2.0 | 3.6 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nokia Corp. (Finland, Communications Equipment) | 13.3 | 8.8 |
Novo Nordisk AS Series B (Denmark, Pharmaceuticals) | 7.6 | 9.3 |
H&M Hennes & Mauritz AB (B Shares) (Sweden, Specialty Retail) | 5.5 | 5.1 |
StatoilHydro ASA (Norway, Oil, Gas & Consumable Fuels) | 5.2 | 4.2 |
Telefonaktiebolaget LM Ericsson (B Shares) (Sweden, Communications Equipment) | 4.3 | 2.6 |
DnB Nor ASA (Norway, Commercial Banks) | 4.0 | 0.0 |
Vestas Wind Systems AS (Denmark, Electrical Equipment) | 3.9 | 2.1 |
Sampo Oyj (A Shares) (Finland, Insurance) | 3.8 | 0.0 |
TeliaSonera AB (Sweden, Diversified Telecommunication Services) | 3.0 | 2.3 |
Fortum Oyj (Finland, Electric Utilities) | 2.7 | 1.2 |
| 53.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.0 | 18.3 |
Information Technology | 17.6 | 11.9 |
Industrials | 17.3 | 12.8 |
Health Care | 10.5 | 23.4 |
Energy | 8.2 | 4.2 |
Materials | 7.5 | 2.4 |
Consumer Discretionary | 6.9 | 11.2 |
Telecommunication Services | 5.5 | 9.6 |
Consumer Staples | 3.8 | 1.4 |
Utilities | 2.7 | 1.2 |
Semiannual Report
Nordic
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% |
| Shares | | Value |
Bermuda - 2.9% |
Golden Ocean Group Ltd. (d) | 1,065,400 | | $ 803,843 |
Seadrill Ltd. | 625,900 | | 6,679,069 |
TOTAL BERMUDA | | 7,482,912 |
Denmark - 16.1% |
A.P. Moller - Maersk AS Series A | 513 | | 2,930,373 |
Carlsberg AS Series B | 42,100 | | 2,024,048 |
Coloplast AS Series B | 19,100 | | 1,303,850 |
Danske Bank AS (a) | 240,500 | | 2,637,703 |
Novo Nordisk AS Series B | 405,290 | | 19,283,019 |
Sydbank AS (a) | 179,200 | | 3,010,332 |
Vestas Wind Systems AS (a)(e) | 150,000 | | 9,897,517 |
William Demant Holding AS (a) | 1,850 | | 87,489 |
TOTAL DENMARK | | 41,174,331 |
Finland - 25.6% |
Fortum Oyj | 345,500 | | 6,966,962 |
Kesko Oyj (d) | 41,900 | | 1,089,235 |
Kone Oyj (B Shares) | 154,660 | | 4,223,616 |
Neste Oil Oyj (d) | 83,400 | | 1,078,517 |
Nokia Corp. | 2,396,850 | | 34,034,539 |
Nokian Tyres PLC | 38,291 | | 604,533 |
Outokumpu Oyj (A Shares) | 163,000 | | 2,427,678 |
Sampo Oyj (A Shares) | 512,600 | | 9,559,852 |
Stora Enso Oyj (R Shares) | 540,300 | | 3,083,142 |
UPM-Kymmene Corp. | 253,700 | | 2,269,730 |
TOTAL FINLAND | | 65,337,804 |
Iceland - 0.1% |
Ossur hf (a) | 441,370 | | 160,976 |
Norway - 15.9% |
DnB Nor ASA | 1,656,100 | | 10,306,412 |
Norsk Hydro ASA | 755,200 | | 3,329,391 |
Orkla ASA (A Shares) | 623,000 | | 4,459,442 |
StatoilHydro ASA | 705,196 | | 13,141,086 |
Storebrand ASA (A Shares) | 795,400 | | 2,885,498 |
Telenor ASA | 669,900 | | 4,165,541 |
Yara International ASA | 81,050 | | 2,171,865 |
TOTAL NORWAY | | 40,459,235 |
Sweden - 37.4% |
Assa Abloy AB (B Shares) | 104,200 | | 1,226,557 |
Atlas Copco AB (A Shares) | 467,600 | | 4,346,201 |
Electrolux AB (B Shares) | 268,700 | | 3,027,126 |
Elekta AB (B Shares) (d) | 495,100 | | 5,710,851 |
H&M Hennes & Mauritz AB (B Shares) | 315,840 | | 14,058,797 |
Intrum Justitia AB | 162,000 | | 1,407,618 |
Investor AB (B Shares) | 441,800 | | 6,381,852 |
Meda AB (A Shares) | 20,351 | | 135,545 |
Nordea Bank AB | 384,900 | | 2,862,539 |
Sandvik AB | 414,500 | | 2,721,774 |
Scania AB (B Shares) | 265,100 | | 2,810,418 |
|
| Shares | | Value |
Securitas AB (B Shares) | 361,600 | | $ 2,995,662 |
Skandinaviska Enskilda Banken AB (A Shares) | 664,600 | | 2,579,626 |
SKF AB (B Shares) | 558,900 | | 6,127,592 |
SSAB Svenskt Stal AB: | | | |
(A Shares) (d) | 282,800 | | 2,693,542 |
(B Shares) | 53,400 | | 478,806 |
Svenska Cellulosa AB (SCA) (B Shares) | 241,200 | | 2,325,216 |
Svenska Handelsbanken AB (A Shares) | 341,100 | | 5,941,127 |
Swedish Match Co. (d) | 473,800 | | 6,760,058 |
TELE2 AB (B Shares) | 248,650 | | 2,343,213 |
Telefonaktiebolaget LM Ericsson (B Shares) | 1,279,000 | | 10,861,875 |
TeliaSonera AB (d) | 1,610,000 | | 7,552,797 |
TOTAL SWEDEN | | 95,348,792 |
TOTAL COMMON STOCKS (Cost $265,617,731) | 249,964,050 |
Money Market Funds - 7.8% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 2,553,221 | | 2,553,221 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 17,324,401 | | 17,324,401 |
TOTAL MONEY MARKET FUNDS (Cost $19,877,622) | 19,877,622 |
Cash Equivalents - 0.0% |
| Maturity Amount | | |
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) #
(Cost $5,000) | $ 5,000 | | 5,000 |
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $285,500,353) | | 269,846,672 |
NET OTHER ASSETS - (5.8)% | | (14,879,455) |
NET ASSETS - 100% | $ 254,967,217 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,897,517 or 3.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Vestas Wind Systems AS | 4/29/09 | $ 8,617,930 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$5,000 due 5/01/09 at 0.15% |
BNP Paribas Securities Corp. | $ 887 |
Barclays Capital, Inc. | 142 |
Credit Suisse Securities (USA) LLC | 184 |
Deutsche Bank Securities, Inc. | 1,872 |
HSBC Securities (USA), Inc. | 1,419 |
Mizuho Securities USA, Inc. | 142 |
Societe Generale, New York Branch | 354 |
| $ 5,000 |
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 | $ 24,718 |
Fidelity Securities Lending Cash Central Fund | 627,253 |
Total | $ 651,971 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 269,846,672 | $ 29,775,139 | $ 239,910,557 | $ 160,976 |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ - |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (166,249) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfer in/out of Level 3 | 327,225 |
Ending Balance | $ 160,976 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $90,962,421 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $16,072,704 and repurchase agreements of $5,000) - See accompanying schedule: Unaffiliated issuers (cost $265,622,731) | $ 249,969,050 | |
Fidelity Central Funds (cost $19,877,622) | 19,877,622 | |
Total Investments (cost $285,500,353) | | $ 269,846,672 |
Cash | | 209 |
Receivable for investments sold | | 18,195,724 |
Receivable for fund shares sold | | 227,635 |
Dividends receivable | | 2,443,076 |
Distributions receivable from Fidelity Central Funds | | 410,898 |
Prepaid expenses | | 2,481 |
Other receivables | | 13,466 |
Total assets | | 291,140,161 |
| | |
Liabilities | | |
Payable for investments purchased | $ 18,367,404 | |
Payable for fund shares redeemed | 233,278 | |
Accrued management fee | 143,485 | |
Other affiliated payables | 71,175 | |
Other payables and accrued expenses | 33,201 | |
Collateral on securities loaned, at value | 17,324,401 | |
Total liabilities | | 36,172,944 |
| | |
Net Assets | | $ 254,967,217 |
Net Assets consist of: | | |
Paid in capital | | $ 520,398,721 |
Undistributed net investment income | | 4,633,401 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (254,488,635) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (15,576,270) |
Net Assets, for 13,146,219 shares outstanding | | $ 254,967,217 |
Net Asset Value, offering price and redemption price per share ($254,967,217 ÷ 13,146,219 shares) | | $ 19.39 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 6,378,298 |
Income from Fidelity Central Funds (including $627,253 from security lending) | | 651,971 |
| | 7,030,269 |
Less foreign taxes withheld | | (928,203) |
Total income | | 6,102,066 |
| | |
Expenses | | |
Management fee | $ 874,700 | |
Transfer agent fees | 340,417 | |
Accounting and security lending fees | 64,979 | |
Custodian fees and expenses | 50,906 | |
Independent trustees' compensation | 994 | |
Registration fees | 16,257 | |
Audit | 28,717 | |
Legal | 885 | |
Interest | 1,244 | |
Miscellaneous | 3,059 | |
Total expenses before reductions | 1,382,158 | |
Expense reductions | (41,607) | 1,340,551 |
Net investment income (loss) | | 4,761,515 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (157,315,946) | |
Foreign currency transactions | (369,229) | |
Total net realized gain (loss) | | (157,685,175) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 146,079,269 | |
Assets and liabilities in foreign currencies | 135,731 | |
Total change in net unrealized appreciation (depreciation) | | 146,215,000 |
Net gain (loss) | | (11,470,175) |
Net increase (decrease) in net assets resulting from operations | | $ (6,708,660) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,761,515 | $ 14,904,039 |
Net realized gain (loss) | (157,685,175) | (96,010,239) |
Change in net unrealized appreciation (depreciation) | 146,215,000 | (396,396,455) |
Net increase (decrease) in net assets resulting from operations | (6,708,660) | (477,502,655) |
Distributions to shareholders from net investment income | (14,502,155) | (32,286,083) |
Distributions to shareholders from net realized gain | - | (42,550,440) |
Total distributions | (14,502,155) | (74,836,523) |
Share transactions
Proceeds from sales of shares | 19,617,057 | 227,446,380 |
Reinvestment of distributions | 13,861,510 | 72,112,684 |
Cost of shares redeemed | (47,722,952) | (455,024,025) |
Net increase (decrease) in net assets resulting from share transactions | (14,244,385) | (155,464,961) |
Redemption fees | 21,699 | 478,907 |
Total increase (decrease) in net assets | (35,433,501) | (707,325,232) |
| | |
Net Assets | | |
Beginning of period | 290,400,718 | 997,725,950 |
End of period (including undistributed net investment income of $4,633,401 and undistributed net investment income of $14,374,041, respectively) | $ 254,967,217 | $ 290,400,718 |
Other Information Shares | | |
Sold | 1,096,813 | 5,322,842 |
Issued in reinvestment of distributions | 825,090 | 1,552,480 |
Redeemed | (2,772,530) | (11,772,960) |
Net increase (decrease) | (850,627) | (4,897,638) |
Financial Highlights
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 20.75 | $ 52.81 | $ 36.58 | $ 30.92 | $ 24.44 | $ 19.49 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .35 | .85 | 2.39 G | .50 | .55 | .26 |
Net realized and unrealized gain (loss) | (.65) | (28.93) | 14.60 | 7.94 | 6.12 | 4.80 |
Total from investment operations | (.30) | (28.08) | 16.99 | 8.44 | 6.67 | 5.06 |
Distributions from net investment income | (1.06) | (1.73) | (.29) | (.35) | (.22) | (.15) |
Distributions from net realized gain | - | (2.28) | (.51) | (2.49) | - | - |
Total distributions | (1.06) | (4.01) | (.80) | (2.84) | (.22) | (.15) |
Redemption fees added to paid in capital D | - I | .03 | .04 | .06 | .03 | .04 |
Net asset value, end of period | $ 19.39 | $ 20.75 | $ 52.81 | $ 36.58 | $ 30.92 | $ 24.44 |
Total Return B,C | (.66)% | (57.32)% | 47.38% | 29.68% | 27.56% | 26.31% |
Ratios to Average Net Assets E,H | | | | | | |
Expenses before reductions | 1.14% A | 1.09% | 1.06% | 1.14% | 1.17% | 1.28% |
Expenses net of fee waivers, if any | 1.14% A | 1.09% | 1.06% | 1.14% | 1.17% | 1.28% |
Expenses net of all reductions | 1.10% A | 1.07% | 1.03% | 1.10% | 1.13% | 1.24% |
Net investment income (loss) | 3.91% A | 2.10% | 5.37% G | 1.49% | 1.89% | 1.16% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 254,967 | $ 290,401 | $ 997,726 | $ 348,482 | $ 188,011 | $ 116,493 |
Portfolio turnover rate F | 141% A | 72% | 62% | 67% | 76% | 90% |
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 $1.62 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.72%. 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
Pacific Basin
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan | 36.7% | |
| Australia | 11.0% | |
| Korea (South) | 8.4% | |
| China | 8.0% | |
| Cayman Islands | 5.7% | |
| Singapore | 5.5% | |
| Taiwan | 4.5% | |
| Hong Kong | 4.3% | |
| India | 3.8% | |
 | Other | 12.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan | 35.3% | |
| Australia | 11.1% | |
| Korea (South) | 8.3% | |
| China | 6.6% | |
| Singapore | 6.6% | |
| Hong Kong | 4.8% | |
| Cayman Islands | 4.5% | |
| India | 3.8% | |
| Taiwan | 3.4% | |
| Other | 15.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.5 | 98.0 |
Short-Term Investments and Net Other Assets | 1.5 | 2.0 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Softbank Corp. (Japan, Wireless Telecommunication Services) | 3.0 | 0.4 |
Origin Energy Ltd. (Australia, Oil, Gas & Consumable Fuels) | 2.6 | 0.6 |
Mitsui Sumitomo Insurance Group Holdings, Inc. (Japan, Insurance) | 2.4 | 0.8 |
Promise Co. Ltd. (Japan, Consumer Finance) | 2.2 | 1.0 |
ORIX Corp. (Japan, Consumer Finance) | 2.0 | 0.8 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) (China, Insurance) | 2.0 | 0.5 |
Oil Search Ltd. (Papua New Guinea, Oil, Gas & Consumable Fuels) | 2.0 | 1.9 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks) | 1.8 | 1.8 |
NHN Corp. (Korea (South), Internet Software & Services) | 1.7 | 2.2 |
Digital Garage, Inc. (Japan, IT Services) | 1.7 | 1.4 |
| 21.4 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Information Technology | 21.3 | 19.6 |
Financials | 19.9 | 13.6 |
Industrials | 17.4 | 21.9 |
Consumer Discretionary | 15.1 | 19.7 |
Materials | 7.6 | 7.8 |
Energy | 5.9 | 4.3 |
Consumer Staples | 4.7 | 5.0 |
Telecommunication Services | 3.0 | 1.9 |
Utilities | 1.8 | 0.8 |
Health Care | 1.8 | 3.4 |
Semiannual Report
Pacific Basin
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5% |
| Shares | | Value |
Australia - 11.0% |
Austal Ltd. | 1,302,734 | | $ 2,462,767 |
BHP Billiton Ltd. | 118,000 | | 2,851,968 |
Brambles Ltd. | 387,251 | | 1,666,896 |
Energy Resources of Australia Ltd. | 87,971 | | 1,336,842 |
Incitec Pivot Ltd. | 2,452,975 | | 3,763,308 |
Iress Market Technology Ltd. | 450,437 | | 1,955,251 |
Macquarie Airports unit | 4,560,631 | | 6,002,023 |
Navitas Ltd. | 1,539,768 | | 2,563,805 |
Origin Energy Ltd. | 874,039 | | 10,352,519 |
Rio Tinto Ltd. | 73,313 | | 3,434,498 |
Seek Ltd. (d) | 1,044,086 | | 2,497,620 |
United Group Ltd. | 283,252 | | 1,977,144 |
Wesfarmers Ltd. | 201,543 | | 3,317,709 |
TOTAL AUSTRALIA | | 44,182,350 |
Bermuda - 2.9% |
Huabao International Holdings Ltd. | 5,530,000 | | 3,908,897 |
Mingyuan Medicare Development Co. Ltd. | 17,200,000 | | 1,253,563 |
Noble Group Ltd. | 4,254,400 | | 3,735,711 |
Paradise Entertainment Ltd. (a) | 102,582,000 | | 421,167 |
Peace Mark Holdings Ltd. (a) | 18,955,750 | | 24 |
Ports Design Ltd. | 927,000 | | 1,407,708 |
TPV Technology Ltd. | 2,864,000 | | 946,035 |
TOTAL BERMUDA | | 11,673,105 |
Cayman Islands - 5.7% |
China Dongxiang Group Co. Ltd. | 4,139,000 | | 2,010,081 |
Ctrip.com International Ltd. sponsored ADR (d) | 44,900 | | 1,388,308 |
Kingboard Chemical Holdings Ltd. | 1,632,900 | | 3,958,368 |
Kingdee International Software Group Co. Ltd. | 25,848,928 | | 4,389,061 |
Perfect World Co. Ltd. sponsored ADR Class B (a) | 205,275 | | 3,727,794 |
Regent Pacific Group Ltd. (a) | 34,954,000 | | 612,493 |
SinoCom Software Group Ltd. | 15,226,000 | | 1,585,053 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) | 198,800 | | 2,968,084 |
Want Want China Holdings Ltd. | 2,992,000 | | 1,491,896 |
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a) | 133,600 | | 770,872 |
TOTAL CAYMAN ISLANDS | | 22,902,010 |
China - 8.0% |
51job, Inc. sponsored ADR (a) | 173,800 | | 1,392,138 |
AMVIG Holdings Ltd. | 5,996,000 | | 3,731,370 |
China Resources Land Ltd. | 2,802,000 | | 5,011,279 |
China Yurun Food Group Ltd. | 1,262,000 | | 1,494,662 |
Global Bio-Chem Technology Group Co. Ltd. | 10,192,000 | | 1,383,635 |
Li Ning Co. Ltd. | 910,500 | | 1,863,303 |
|
| Shares | | Value |
Lianhua Supermarket Holdings Co. (H Shares) | 1,020,000 | | $ 1,209,013 |
Minth Group Ltd. | 1,784,000 | | 1,098,385 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 1,318,500 | | 8,145,032 |
Royale Furniture Holdings Ltd. | 12,247,962 | | 519,591 |
Tencent Holdings Ltd. | 343,600 | | 3,036,948 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 342,000 | | 1,494,641 |
Zhejiang Expressway Co. Ltd. (H Shares) | 2,196,000 | | 1,872,982 |
TOTAL CHINA | | 32,252,979 |
Hong Kong - 4.3% |
China State Construction International Holdings Ltd. | 15,786,752 | | 3,808,819 |
Galaxy Entertainment Group Ltd. (a) | 7,594,000 | | 1,822,075 |
Hang Lung Properties Ltd. | 900,000 | | 2,527,828 |
PYI Corp. Ltd. (a) | 9,494,539 | | 539,041 |
PYI Corp. Ltd. warrants 9/25/09 (a) | 1,582,423 | | 4,492 |
REXCAPITAL Financial Holdings Ltd. (a) | 48,686,967 | | 2,831,598 |
Shun Tak Holdings Ltd. | 4,500,000 | | 1,985,783 |
Sino-Ocean Land Holdings Ltd. | 3,005,500 | | 2,208,604 |
Tian An China Investments Co. Ltd. | 4,527,800 | | 1,466,719 |
Tian An China Investments Co. Ltd. warrants 1/2/10 (a) | 396,800 | | 505 |
TOTAL HONG KONG | | 17,195,464 |
India - 3.8% |
Educomp Solutions Ltd. | 55,242 | | 2,775,926 |
Financial Technologies India Ltd. | 146,363 | | 2,098,723 |
Geodesic Ltd. | 776,765 | | 1,141,176 |
INFO Edge India Ltd. | 109,339 | | 1,168,900 |
Lupin Ltd. | 74,628 | | 1,084,801 |
Max India Ltd. (a) | 397,488 | | 1,141,993 |
NIIT Ltd. | 1,940,580 | | 1,035,419 |
Rallis India Ltd. | 124,438 | | 1,310,101 |
Rural Electrification Corp. Ltd. | 445,489 | | 931,086 |
Suzlon Energy Ltd. | 903,338 | | 1,166,053 |
United Spirits Ltd. | 92,077 | | 1,325,099 |
TOTAL INDIA | | 15,179,277 |
Indonesia - 2.0% |
PT Bumi Resources Tbk | 14,199,000 | | 1,977,845 |
PT Ciputra Development Tbk (a) | 5,203,000 | | 235,054 |
PT Perusahaan Gas Negara Tbk Series B | 23,836,740 | | 5,833,012 |
TOTAL INDONESIA | | 8,045,911 |
Japan - 36.7% |
Ai Holdings Corp. | 971,400 | | 2,920,346 |
Canon Marketing Japan, Inc. | 86,900 | | 1,051,063 |
Chiyoda Corp. | 316,000 | | 1,901,242 |
Credit Saison Co. Ltd. | 235,200 | | 2,642,928 |
Denso Corp. | 155,100 | | 3,667,318 |
Digital Garage, Inc. (d) | 9,198 | | 6,811,493 |
Dydo Drinco, Inc. | 48,800 | | 1,295,771 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
eAccess Ltd. | 2,293 | | $ 1,502,021 |
Fujitsu Ltd. | 664,000 | | 2,845,275 |
Goldcrest Co. Ltd. | 135,080 | | 3,097,490 |
H.I.S. Co. Ltd. (d) | 87,200 | | 1,376,827 |
Hamakyorex Co. Ltd. (d) | 99,600 | | 1,527,353 |
Haseko Corp. | 2,535,500 | | 1,597,991 |
Internet Initiative Japan, Inc. (d) | 1,790 | | 2,542,373 |
ISE Chemical Corp. (d) | 421,000 | | 1,707,573 |
Ishihara Sangyo Kaisha Ltd. (a) | 1,412,000 | | 1,057,763 |
Japan Excellent, Inc. | 1,026 | | 3,721,520 |
Japan Retail Fund Investment Corp. | 398 | | 1,392,191 |
Kenedix Realty Investment Corp. | 1,689 | | 4,024,113 |
Leopalace21 Corp. | 322,800 | | 2,365,203 |
Micronics Japan Co. Ltd. (d) | 551,400 | | 4,866,416 |
Mitsubishi Gas Chemical Co., Inc. | 444,000 | | 2,075,374 |
Mitsubishi UFJ Financial Group, Inc. | 1,302,700 | | 7,107,858 |
Mitsui Sumitomo Insurance Group Holdings, Inc. | 357,700 | | 9,761,805 |
New City Residence Investment Corp. | 1,766 | | 501,526 |
Nippon Seiki Co. Ltd. | 478,000 | | 4,312,451 |
Nitta Corp. | 319,500 | | 3,672,854 |
Nittoku Engineering Co. Ltd. | 506,900 | | 1,460,846 |
Nomura Holdings, Inc. | 404,700 | | 2,442,803 |
NTT Urban Development Co. | 2,261 | | 1,833,408 |
ORIX Corp. | 175,730 | | 8,232,153 |
Promise Co. Ltd. (d) | 658,700 | | 8,706,106 |
Rakuten, Inc. | 4,330 | | 2,203,424 |
Sankyo Seiko Co. Ltd. | 453,600 | | 702,130 |
SBI Holdings, Inc. | 22,060 | | 2,636,227 |
Sega Sammy Holdings, Inc. | 476,700 | | 4,316,306 |
SHO-BOND Holdings Co. Ltd. | 128,800 | | 2,316,330 |
Softbank Corp. | 759,600 | | 12,019,901 |
Sony Corp. | 125,000 | | 3,248,824 |
Sparx Group Co. Ltd. | 6,784 | | 889,755 |
Take & Give Needs Co. Ltd. (a)(d) | 21,443 | | 1,086,408 |
THK Co. Ltd. | 187,100 | | 2,595,486 |
Tokyo Ohka Kogyo Co. Ltd. | 139,000 | | 2,352,298 |
Toyoda Gosei Co. Ltd. | 271,000 | | 5,331,901 |
USS Co. Ltd. | 36,200 | | 1,640,858 |
Yamato Kogyo Co. Ltd. | 100,500 | | 2,283,333 |
TOTAL JAPAN | | 147,644,635 |
Korea (South) - 8.4% |
CDNetworks Co. Ltd. (a) | 120,643 | | 796,735 |
Daewoo International Corp. | 97,660 | | 2,307,773 |
Daou Technology, Inc. | 525,300 | | 3,251,272 |
Duzon Digital Ware Co. Ltd. | 205,677 | | 1,161,963 |
eSang Networks Co. Ltd. | 130,755 | | 811,336 |
Infopia Co. Ltd. | 139,124 | | 2,879,367 |
Jinsung T.E.C. Co. Ltd. | 378,322 | | 2,471,823 |
Kyeryong Construction Industrial Co. Ltd. | 76,000 | | 1,644,289 |
NHN Corp. (a) | 56,574 | | 6,883,616 |
Plantynet Co. Ltd. | 320,785 | | 1,395,591 |
|
| Shares | | Value |
Samsung Electronics Co. Ltd. | 10,257 | | $ 4,751,289 |
SFA Engineering Corp. | 56,289 | | 2,224,253 |
Sodiff Advanced Materials Co. Ltd. | 18,719 | | 1,192,275 |
TK Corp. (a) | 73,861 | | 2,040,137 |
TOTAL KOREA (SOUTH) | | 33,811,719 |
Malaysia - 1.4% |
IJM Corp. Bhd | 1,169,700 | | 1,642,837 |
IJM Land Bhd warrants 9/11/13 (a) | 116,970 | | 12,814 |
JobStreet Corp. Bhd | 6,606,750 | | 2,134,203 |
Muhibbah Engineering (M) Bhd | 3,458,000 | | 1,117,051 |
Parkson Holdings Bhd | 748,213 | | 874,316 |
TOTAL MALAYSIA | | 5,781,221 |
Papua New Guinea - 2.0% |
Oil Search Ltd. | 2,104,216 | | 7,848,774 |
Philippines - 1.4% |
Aboitiz Equity Ventures, Inc. | 4,036,000 | | 478,279 |
Alliance Global Group, Inc. (a) | 42,921,542 | | 1,677,599 |
DMCI Holdings, Inc. | 20,794,500 | | 1,902,200 |
PNOC Energy Development Corp. | 21,054,000 | | 1,575,767 |
TOTAL PHILIPPINES | | 5,633,845 |
Singapore - 5.5% |
CSE Global Ltd. | 7,480,500 | | 2,122,128 |
GigaMedia Ltd. (a) | 252,500 | | 1,679,125 |
Goodpack Ltd. | 11,983,000 | | 6,596,518 |
Goodpack Ltd. warrants 7/16/09 (a) | 1,143,125 | | 2,324 |
Midas Holdings Ltd. | 8,182,000 | | 2,459,298 |
Olam International Ltd. | 3,832,625 | | 4,582,064 |
Pertama Holdings Ltd. | 10,222,000 | | 1,449,929 |
Raffles Education Corp. Ltd. | 10,850,000 | | 3,187,943 |
Tat Hong Holdings Ltd. warrants 8/2/13 (a) | 125,700 | | 4,670 |
TOTAL SINGAPORE | | 22,083,999 |
Taiwan - 4.5% |
104 Corp. | 479,000 | | 1,038,751 |
Apex Biotechnology Corp. | 808,000 | | 1,385,106 |
D-Link Corp. | 1,515,883 | | 1,094,353 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 1,901,081 | | 5,486,584 |
Powertech Technology, Inc. | 1,106,300 | | 2,303,978 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,803,000 | | 4,741,705 |
Tsann Kuen Enterprise Co. Ltd. | 2,960,900 | | 2,208,014 |
TOTAL TAIWAN | | 18,258,491 |
Thailand - 0.7% |
Asian Property Development PCL (For. Reg.) | 10,671,700 | | 1,022,257 |
Siam Commercial Bank PCL (For. Reg.) | 922,152 | | 1,574,597 |
TOTAL THAILAND | | 2,596,854 |
Common Stocks - continued |
| Shares | | Value |
Vietnam - 0.2% |
Luks Group (Vietnam Holdings) Co. Ltd. | 2,080,000 | | $ 794,559 |
TOTAL COMMON STOCKS (Cost $502,431,769) | 395,885,193 |
Money Market Funds - 4.5% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 4,601,071 | | 4,601,071 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 13,646,907 | | 13,646,907 |
TOTAL MONEY MARKET FUNDS (Cost $18,247,978) | 18,247,978 |
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $520,679,747) | | 414,133,171 |
NET OTHER ASSETS - (3.0)% | | (12,065,733) |
NET ASSETS - 100% | $ 402,067,438 |
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 | $ 27,646 |
Fidelity Securities Lending Cash Central Fund | 331,651 |
Total | $ 359,297 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 414,133,171 | $ 159,361,266 | $ 254,270,355 | $ 501,550 |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 926,002 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 720,476 |
Cost of Purchases | 654,645 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfer in/out of Level 3 | (1,799,573) |
Ending Balance | $ 501,550 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $161,686 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Pacific Basin
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $13,146,293) - See accompanying schedule: Unaffiliated issuers (cost $502,431,769) | $ 395,885,193 | |
Fidelity Central Funds (cost $18,247,978) | 18,247,978 | |
Total Investments (cost $520,679,747) | | $ 414,133,171 |
Foreign currency held at value (cost $23,169) | | 23,394 |
Receivable for investments sold | | 2,923,849 |
Receivable for fund shares sold | | 354,226 |
Dividends receivable | | 1,351,264 |
Distributions receivable from Fidelity Central Funds | | 64,494 |
Prepaid expenses | | 3,238 |
Other receivables | | 93,667 |
Total assets | | 418,947,303 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,796,101 | |
Payable for fund shares redeemed | 171,586 | |
Accrued management fee | 101,293 | |
Other affiliated payables | 110,027 | |
Other payables and accrued expenses | 53,951 | |
Collateral on securities loaned, at value | 13,646,907 | |
Total liabilities | | 16,879,865 |
| | |
Net Assets | | $ 402,067,438 |
Net Assets consist of: | | |
Paid in capital | | $ 652,016,104 |
Undistributed net investment income | | 1,533,110 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (144,914,009) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (106,567,767) |
Net Assets, for 28,774,542 shares outstanding | | $ 402,067,438 |
Net Asset Value, offering price and redemption price per share ($402,067,438 ÷ 28,774,542 shares) | | $ 13.97 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 4,616,699 |
Interest | | 32 |
Income from Fidelity Central Funds (including $331,651 from security lending) | | 359,297 |
| | 4,976,028 |
Less foreign taxes withheld | | (242,910) |
Total income | | 4,733,118 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,294,062 | |
Performance adjustment | (924,632) | |
Transfer agent fees | 519,845 | |
Accounting and security lending fees | 95,687 | |
Custodian fees and expenses | 121,250 | |
Independent trustees' compensation | 1,162 | |
Registration fees | 18,012 | |
Audit | 52,378 | |
Legal | 1,176 | |
Miscellaneous | 4,221 | |
Total expenses before reductions | 1,183,161 | |
Expense reductions | (85,128) | 1,098,033 |
Net investment income (loss) | | 3,635,085 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (135,344,235) | |
Foreign currency transactions | (53,582) | |
Total net realized gain (loss) | | (135,397,817) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 164,634,163 | |
Assets and liabilities in foreign currencies | (102,919) | |
Total change in net unrealized appreciation (depreciation) | | 164,531,244 |
Net gain (loss) | | 29,133,427 |
Net increase (decrease) in net assets resulting from operations | | $ 32,768,512 |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,635,085 | $ 7,763,363 |
Net realized gain (loss) | (135,397,817) | (6,703,947) |
Change in net unrealized appreciation (depreciation) | 164,531,244 | (697,749,347) |
Net increase (decrease) in net assets resulting from operations | 32,768,512 | (696,689,931) |
Distributions to shareholders from net investment income | (2,101,108) | (7,436,752) |
Distributions to shareholders from net realized gain | - | (131,157,223) |
Total distributions | (2,101,108) | (138,593,975) |
Share transactions
Proceeds from sales of shares | 24,721,916 | 164,409,234 |
Reinvestment of distributions | 1,925,373 | 127,229,315 |
Cost of shares redeemed | (47,668,256) | (330,830,316) |
Net increase (decrease) in net assets resulting from share transactions | (21,020,967) | (39,191,767) |
Redemption fees | 27,800 | 355,373 |
Total increase (decrease) in net assets | 9,674,237 | (874,120,300) |
| | |
Net Assets | | |
Beginning of period | 392,393,201 | 1,266,513,501 |
End of period (including undistributed net investment income of $1,533,110 and undistributed net investment income of $197,805, respectively) | $ 402,067,438 | $ 392,393,201 |
Other Information Shares | | |
Sold | 1,982,389 | 6,162,028 |
Issued in reinvestment of distributions | 166,843 | 4,129,481 |
Redeemed | (3,941,047) | (13,662,317) |
Net increase (decrease) | (1,791,815) | (3,370,808) |
Financial Highlights
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 12.84 | $ 37.32 | $ 27.36 | $ 22.42 | $ 17.91 | $ 17.06 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .12 | .22 | .22 | .16 | .22 H | .07 |
Net realized and unrealized gain (loss) | 1.08 | (20.61) | 12.16 | 5.26 | 4.49 | .92 |
Total from investment operations | 1.20 | (20.39) | 12.38 | 5.42 | 4.71 | .99 |
Distributions from net investment income | (.07) | (.22) | (.16) | (.18) | (.08) | (.16) |
Distributions from net realized gain | - | (3.88) | (2.27) | (.32) | (.13) | - |
Total distributions | (.07) | (4.10) | (2.43) | (.50) | (.21) | (.16) |
Redemption fees added to paid in capital E | - J | .01 | .01 | .02 | .01 | .02 |
Net asset value, end of period | $ 13.97 | $ 12.84 | $ 37.32 | $ 27.36 | $ 22.42 | $ 17.91 |
Total Return B,C,D | 9.46% | (61.02)% | 48.86% | 24.55% | 26.62% | 5.98% |
Ratios to Average Net Assets F,I | | | | | | |
Expenses before reductions | .66% A | 1.22% | 1.19% | 1.14% | 1.10% | 1.20% |
Expenses net of fee waivers, if any | .66% A | 1.22% | 1.19% | 1.14% | 1.10% | 1.20% |
Expenses net of all reductions | .61% A | 1.17% | 1.13% | 1.08% | 1.05% | 1.19% |
Net investment income (loss) | 2.02% A | .89% | .71% | .60% | 1.09% H | .42% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 402,067 | $ 392,393 | $ 1,266,514 | $ 972,805 | $ 648,850 | $ 445,127 |
Portfolio turnover rate G | 100% A | 73% | 91% | 75% | 78% | 145% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.05 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .84%. 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
Southeast Asia
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Hong Kong | 22.8% | |
| Korea (South) | 18.9% | |
| China | 16.6% | |
| Taiwan | 15.1% | |
| Singapore | 6.5% | |
| Thailand | 5.8% | |
| United States of America | 5.1% | |
| Malaysia | 3.4% | |
| Australia | 2.7% | |
| Other | 3.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Hong Kong | 22.3% | |
| China | 17.6% | |
| Korea (South) | 16.2% | |
| Taiwan | 15.0% | |
| United States of America | 8.4% | |
| Thailand | 6.9% | |
| Singapore | 4.8% | |
| Cayman Islands | 2.9% | |
| Australia | 2.6% | |
| Other | 3.3% | |
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, Investment Companies
and Equity Futures | 94.9 | 91.6 |
Short-Term Investments
and Net Other Assets | 5.1 | 8.4 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Chunghwa Telecom Co. Ltd. (Taiwan, Diversified Telecommunication Services) | 3.7 | 6.0 |
NHN Corp. (Korea (South), Internet Software & Services) | 3.4 | 3.0 |
China Life Insurance Co. Ltd. (H Shares) (China, Insurance) | 3.4 | 2.8 |
Hong Kong Electric Holdings Ltd. (Hong Kong, Electric Utilities) | 3.3 | 4.6 |
Hutchison Whampoa Ltd. (Hong Kong, Industrial Conglomerates) | 3.3 | 3.1 |
SK Telecom Co. Ltd. (Korea (South), Wireless Telecommunication Services) | 3.2 | 2.8 |
Yuanta Financial Holding Co. Ltd. (Taiwan, Diversified Financial Services) | 2.7 | 1.6 |
KT&G Corp. (Korea (South), Tobacco) | 2.6 | 2.7 |
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services) | 2.6 | 2.2 |
China Telecom Corp. Ltd. (H Shares) (China, Diversified Telecommunication Services) | 2.4 | 2.5 |
| 30.6 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.4 | 23.0 |
Telecommunication Services | 20.4 | 27.4 |
Industrials | 10.4 | 7.6 |
Consumer Staples | 10.0 | 3.8 |
Information Technology | 8.2 | 3.9 |
Utilities | 6.1 | 8.4 |
Energy | 6.0 | 8.0 |
Consumer Discretionary | 4.2 | 6.6 |
Materials | 3.6 | 2.2 |
Health Care | 1.2 | 0.7 |
Semiannual Report
Southeast Asia
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.4% |
| Shares | | Value |
Australia - 2.7% |
Atlas Iron Ltd. (a) | 1,499,533 | | $ 1,428,307 |
Newcrest Mining Ltd. | 471,763 | | 10,269,985 |
OneSteel Ltd. | 1,221,990 | | 1,981,375 |
Rio Tinto Ltd. | 100,815 | | 4,722,886 |
Western Areas NL (a) | 67,711 | | 207,762 |
Woolworths Ltd. | 1,177,372 | | 22,874,115 |
TOTAL AUSTRALIA | | 41,484,430 |
Bermuda - 1.5% |
Cheung Kong Infrastructure Holdings Ltd. | 1,356,000 | | 5,230,807 |
Huabao International Holdings Ltd. | 23,905,000 | | 16,897,322 |
TOTAL BERMUDA | | 22,128,129 |
Canada - 0.5% |
Equinox Minerals Ltd. unit (a) | 4,292,901 | | 7,366,429 |
Cayman Islands - 0.2% |
Ju Teng International Holdings Ltd. | 5,681,000 | | 2,460,710 |
China - 16.6% |
AMVIG Holdings Ltd. | 886,000 | | 551,367 |
Bank of China (H Shares) | 46,134,000 | | 17,105,356 |
China Communications Services Corp. Ltd. (H Shares) | 13,572,000 | | 7,967,521 |
China Life Insurance Co. Ltd. (H Shares) | 14,511,000 | | 50,961,388 |
China Petroleum & Chemical Corp. (H Shares) | 34,340,000 | | 26,690,542 |
China Railway Construction Corp. Ltd. (H Shares) (a) | 1,977,000 | | 2,731,762 |
China Telecom Corp. Ltd. (H Shares) | 72,706,000 | | 35,790,773 |
Dongfang Electric Corp. Ltd. | 785,400 | | 2,048,690 |
Huaneng Power International, Inc. (H Shares) | 16,274,000 | | 11,091,007 |
Industrial & Commercial Bank of China Ltd. | 35,476,000 | | 20,181,662 |
Jiangsu Expressway Co. Ltd. (H Shares) | 49,654,000 | | 35,063,167 |
Parkson Retail Group Ltd. | 121,000 | | 151,960 |
PetroChina Co. Ltd. (H Shares) | 40,348,000 | | 35,166,069 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 649,500 | | 4,012,286 |
Zijin Mining Group Co. Ltd. (H Shares) | 4,352,000 | | 3,333,228 |
TOTAL CHINA | | 252,846,778 |
Hong Kong - 21.4% |
Beijing Enterprises Holdings Ltd. | 2,486,000 | | 10,928,438 |
BOC Hong Kong Holdings Ltd. | 1,433,000 | | 2,023,943 |
BYD Electronic International Co. Ltd. | 2,793,500 | | 1,417,904 |
Cheung Kong Holdings Ltd. | 2,990,000 | | 30,843,638 |
China Merchants Holdings International Co. Ltd. | 316,000 | | 743,316 |
China Mobile (Hong Kong) Ltd. | 4,512,300 | | 38,964,756 |
China Resources Power Holdings Co. Ltd. | 2,476,000 | | 5,548,380 |
China Unicom (Hong Kong) Ltd. | 21,592,000 | | 25,022,609 |
CLP Holdings Ltd. | 3,037,500 | | 20,497,991 |
|
| Shares | | Value |
CNOOC Ltd. | 17,500,000 | | $ 19,535,586 |
Hang Lung Properties Ltd. | 381,000 | | 1,070,114 |
Hang Seng Bank Ltd. | 721,200 | | 7,993,576 |
Hong Kong Electric Holdings Ltd. | 8,559,500 | | 50,530,981 |
Hong Kong Exchange & Clearing Ltd. | 293,200 | | 3,377,189 |
Hutchison Whampoa Ltd. | 8,408,000 | | 49,522,833 |
Li & Fung Ltd. | 2,018,000 | | 5,669,396 |
PCCW Ltd. | 70,937,000 | | 32,043,848 |
Sa Sa International Holdings Ltd. | 24,530,000 | | 8,530,353 |
Shun Tak Holdings Ltd. | 3,894,000 | | 1,718,364 |
Sun Hung Kai Properties Ltd. | 863,000 | | 8,921,483 |
TOTAL HONG KONG | | 324,904,698 |
Indonesia - 0.0% |
PT Jakarta International Hotel & Development Tbk (a) | 30,891,000 | | 697,776 |
Korea (South) - 18.8% |
Hanmi Pharm Co. Ltd. | 110,231 | | 11,816,631 |
Hyundai Mobis | 123,053 | | 9,455,251 |
Korean Reinsurance Co. | 445,840 | | 4,133,964 |
KT&G Corp. | 705,479 | | 38,972,490 |
LG Electronics, Inc. | 15,118 | | 1,253,919 |
LG Household & Health Care Ltd. | 207,202 | | 28,615,940 |
MegaStudy Co. Ltd. | 44,107 | | 7,489,220 |
MSCI Daily TR Net Emerging Markets Korea Local warrants (UBS Warrant Programme) 9/10/10 (a) | 19,465,516 | | 5,121,011 |
NHN Corp. (a) | 423,751 | | 51,559,713 |
POSCO | 1,859 | | 577,483 |
Samsung C&T Corp. | 262,770 | | 9,108,542 |
Samsung Fire & Marine Insurance Co. Ltd. | 220,964 | | 30,257,214 |
Samsung Securities Co. Ltd. | 128,299 | | 6,615,734 |
Shinhan Financial Group Co. Ltd. | 417,282 | | 10,363,941 |
Shinsegae Co. Ltd. | 45,413 | | 16,221,475 |
SK Telecom Co. Ltd. | 342,211 | | 49,135,954 |
Yuhan Corp. | 37,803 | | 5,856,806 |
TOTAL KOREA (SOUTH) | | 286,555,288 |
Malaysia - 3.4% |
British American Tobacco (Malaysia) Bhd | 1,886,900 | | 23,586,250 |
DiGi.com Bhd | 769,200 | | 4,818,303 |
IGB Corp. Bhd | 2,825,200 | | 1,428,472 |
IJM Corp. Bhd | 110,800 | | 155,618 |
KLCC Property Holdings Bhd | 6,817,000 | | 6,089,343 |
Malaysian Resources Corp. Bhd | 13,660,900 | | 4,374,558 |
PLUS Expressways Bhd | 8,299,500 | | 7,693,357 |
Telekom Malaysia Bhd | 3,061,100 | | 3,284,663 |
TOTAL MALAYSIA | | 51,430,564 |
Papua New Guinea - 0.6% |
Lihir Gold Ltd. (a) | 4,357,637 | | 9,505,314 |
Singapore - 6.5% |
Ascendas Real Estate Investment Trust (A-REIT) | 12,362,500 | | 11,189,294 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
CapitaLand Ltd. | 439,000 | | $ 818,399 |
CapitaMall Trust | 17,301,612 | | 14,607,913 |
City Developments Ltd. | 290,000 | | 1,269,301 |
DBS Group Holdings Ltd. | 57,500 | | 368,963 |
Midas Holdings Ltd. | 9,664,000 | | 2,904,748 |
Olam International Ltd. | 8,786,000 | | 10,504,032 |
Oversea-Chinese Banking Corp. Ltd. | 2,316,000 | | 9,198,298 |
SembCorp Industries Ltd. | 2,785,000 | | 5,135,461 |
Singapore Exchange Ltd. | 37,000 | | 156,697 |
Singapore Technologies Engineering Ltd. | 6,042,000 | | 10,488,308 |
Singapore Telecommunications Ltd. | 2,700,000 | | 4,668,693 |
SMRT Corp. Ltd. | 10,766,000 | | 11,271,395 |
StarHub Ltd. | 9,258,000 | | 11,443,526 |
United Overseas Bank Ltd. | 22,000 | | 170,888 |
Venture Corp. Ltd. | 317,000 | | 1,276,136 |
Wing Tai Holdings Ltd. | 4,786,000 | | 2,844,769 |
TOTAL SINGAPORE | | 98,316,821 |
Taiwan - 15.1% |
104 Corp. (d) | 1,699,000 | | 3,684,421 |
Ambassador Hotel | 7,609,000 | | 8,651,094 |
Cathay Financial Holding Co. Ltd. | 4,494,000 | | 5,027,380 |
Chunghwa Telecom Co. Ltd. | 29,737,158 | | 56,623,780 |
Far EasTone Telecommunications Co. Ltd. | 22,370,000 | | 25,414,418 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 1,649,000 | | 4,759,069 |
Huaku Development Co. Ltd. | 4,246,500 | | 7,364,677 |
Hung Poo Real Estate Development Co. Ltd. | 4,408,447 | | 4,081,284 |
Kinsus Interconnect Technology Corp. | 1,315,000 | | 2,372,648 |
Powertech Technology, Inc. | 8,099,000 | | 16,866,961 |
President Chain Store Corp. | 4,375,000 | | 10,530,531 |
Quanta Computer, Inc. | 1,430,000 | | 2,128,332 |
Richtek Technology Corp. | 523,000 | | 2,639,814 |
Siliconware Precision Industries Co. Ltd. | 728,000 | | 943,961 |
Taiwan Fertilizer Co. Ltd. | 279,000 | | 640,052 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 20,904,105 | | 35,362,507 |
Young Fast Optoelectron Co. Ltd. | 157,000 | | 1,380,852 |
Yuanta Financial Holding Co. Ltd. | 70,654,000 | | 41,306,406 |
TOTAL TAIWAN | | 229,778,187 |
Thailand - 5.8% |
Advanced Info Service PCL (For. Reg.) | 6,988,000 | | 15,744,538 |
Asian Property Development PCL (For. Reg.) | 1,853,400 | | 177,540 |
Big C Supercenter PCL: | | | |
unit | 6,600,205 | | 7,809,510 |
(For. Reg.) | 5,000 | | 5,916 |
Land & House PCL (For. Reg.) | 1,024,100 | | 118,997 |
|
| Shares | | Value |
Major Cineplex Group PCL (For. Reg.) | 49,854,100 | | $ 9,042,546 |
PTT Exploration & Production PCL (For. Reg.) | 1,898,500 | | 5,568,790 |
PTT PCL (For. Reg.) | 637,200 | | 3,422,117 |
Quality Houses PCL | 230,246,545 | | 7,112,618 |
Siam City Bank PCL: | | | |
NVDR | 15,561,500 | | 4,388,180 |
(For. Reg.) | 9,306,500 | | 2,624,335 |
Siam Commercial Bank PCL (For. Reg.) | 18,004,800 | | 30,743,636 |
Ticon Industrial Connection PCL (For. Reg.) | 6,895,500 | | 1,377,732 |
TOTAL THAILAND | | 88,136,455 |
United Kingdom - 0.3% |
Astro All Asia Networks PLC | 5,698,600 | | 4,081,862 |
TOTAL COMMON STOCKS (Cost $1,522,323,416) | 1,419,693,441 |
Nonconvertible Preferred Stocks - 0.1% |
| | | |
Korea (South) - 0.1% |
Samsung Electronics Co. Ltd.
(Cost $1,669,476) | 8,661 | | 2,249,964 |
Investment Companies - 1.0% |
| | | |
Hong Kong - 1.0% |
Hang Seng H-Share Index ETF
(Cost $13,209,443) | 1,331,200 | | 15,427,564 |
Convertible Bonds - 0.0% |
| Principal Amount (c) | | |
Singapore - 0.0% |
United Engineers Ltd. 1% 3/3/14
(Cost $330,548) | SGD | 506,400 | | 343,757 |
Government Obligations - 0.1% |
|
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.19% 5/14/09 to 6/4/09 (e)
(Cost $1,299,824) | | 1,300,000 | | 1,299,956 |
Money Market Funds - 3.8% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $57,889,471) | 57,889,471 | | $ 57,889,471 |
TOTAL INVESTMENT PORTFOLIO - 98.4% (Cost $1,596,722,178) | | 1,496,904,153 |
NET OTHER ASSETS - 1.6% | | 23,708,924 |
NET ASSETS - 100% | $ 1,520,613,077 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
93 Hang Seng Index Contracts (Hong Kong) | May 2009 | | $ 5,428,165 | | $ 138,636 |
The face value of futures purchased as a percentage of net assets - 0.4% |
Currency Abbreviation |
SGD | - | Singapore 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) Principal amount is stated in United States dollars unless otherwise noted. |
(d) Affiliated company |
(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 $1,299,956. |
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 | $ 653,522 |
Fidelity Securities Lending Cash Central Fund | 57,281 |
Total | $ 710,803 |
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 |
104 Corp. | $ 3,267,485 | $ 925,719 | $ 707,751 | $ - | $ 3,684,421 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,496,904,153 | $ 632,229,422 | $ 864,674,731 | $ - |
Other Financial Instruments* | $ 138,636 | $ 138,636 | $ - | $ - |
* Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 39,436,680 |
Total Realized Gain (Loss) | (44,264,356) |
Total Unrealized Gain (Loss) | 46,464,043 |
Cost of Purchases | 5,446,577 |
Proceeds of Sales | (15,039,096) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | (32,043,848) |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Southeast Asia
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,533,198,294) | $ 1,435,330,261 | |
Fidelity Central Funds (cost $57,889,471) | 57,889,471 | |
Other affiliated issuers (cost $5,634,413) | 3,684,421 | |
Total Investments (cost $1,596,722,178) | | $ 1,496,904,153 |
Foreign currency held at value (cost $8,246,059) | | 8,326,641 |
Receivable for investments sold | | 25,911,021 |
Receivable for fund shares sold | | 1,447,293 |
Dividends receivable | | 5,786,178 |
Interest receivable | | 544 |
Distributions receivable from Fidelity Central Funds | | 34,803 |
Receivable for daily variation on futures contracts | | 188,395 |
Prepaid expenses | | 13,423 |
Other receivables | | 580,539 |
Total assets | | 1,539,192,990 |
| | |
Liabilities | | |
Payable for investments purchased | $ 15,381,133 | |
Payable for fund shares redeemed | 1,696,735 | |
Accrued management fee | 952,877 | |
Other affiliated payables | 452,439 | |
Other payables and accrued expenses | 96,729 | |
Total liabilities | | 18,579,913 |
| | |
Net Assets | | $ 1,520,613,077 |
Net Assets consist of: | | |
Paid in capital | | $ 2,316,885,699 |
Undistributed net investment income | | 2,931,560 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (699,670,817) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (99,533,365) |
Net Assets, for 77,769,077 shares outstanding | | $ 1,520,613,077 |
Net Asset Value, offering price and redemption price per share ($1,520,613,077 ÷ 77,769,077 shares) | | $ 19.55 |
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 17,438,459 |
Special Dividends | | 12,281,415 |
Interest | | 1,675 |
Income from Fidelity Central Funds (including $57,281 from security lending) | | 710,803 |
| | 30,432,352 |
Less foreign taxes withheld | | (1,260,016) |
Total income | | 29,172,336 |
| | |
Expenses | | |
Management fee
Basic fee | $ 5,301,522 | |
Performance adjustment | 1,988,698 | |
Transfer agent fees | 2,259,880 | |
Accounting and security lending fees | 332,953 | |
Custodian fees and expenses | 328,724 | |
Independent trustees' compensation | 5,607 | |
Registration fees | 30,968 | |
Audit | 46,291 | |
Legal | 4,884 | |
Miscellaneous | 17,189 | |
Total expenses before reductions | 10,316,716 | |
Expense reductions | (602,105) | 9,714,611 |
Net investment income (loss) | | 19,457,725 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (615,365,852) | |
Other affiliated issuers | (1,060,895) | |
Foreign currency transactions | (2,397,180) | |
Futures contracts | (864,533) | |
Total net realized gain (loss) | | (619,688,460) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 688,529,476 | |
Assets and liabilities in foreign currencies | 226,447 | |
Futures contracts | 138,636 | |
Total change in net unrealized appreciation (depreciation) | | 688,894,559 |
Net gain (loss) | | 69,206,099 |
Net increase (decrease) in net assets resulting from operations | | $ 88,663,824 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Southeast Asia Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 19,457,725 | $ 49,720,332 |
Net realized gain (loss) | (619,688,460) | (49,130,625) |
Change in net unrealized appreciation (depreciation) | 688,894,559 | (3,186,840,853) |
Net increase (decrease) in net assets resulting from operations | 88,663,824 | (3,186,251,146) |
Distributions to shareholders from net investment income | (16,525,195) | (35,424,593) |
Distributions to shareholders from net realized gain | - | (365,645,497) |
Total distributions | (16,525,195) | (401,070,090) |
Share transactions
Proceeds from sales of shares | 119,943,772 | 1,476,163,760 |
Reinvestment of distributions | 15,822,870 | 382,538,765 |
Cost of shares redeemed | (293,117,735) | (2,965,607,006) |
Net increase (decrease) in net assets resulting from share transactions | (157,351,093) | (1,106,904,481) |
Redemption fees | 193,364 | 5,921,400 |
Total increase (decrease) in net assets | (85,019,100) | (4,688,304,317) |
| | |
Net Assets | | |
Beginning of period | 1,605,632,177 | 6,293,936,494 |
End of period (including undistributed net investment income of $2,931,560 and undistributed net investment income of $22,071,165, respectively) | $ 1,520,613,077 | $ 1,605,632,177 |
Other Information Shares | | |
Sold | 6,646,463 | 40,747,607 |
Issued in reinvestment of distributions | 910,020 | 9,350,739 |
Redeemed | (16,597,838) | (90,730,727) |
Net increase (decrease) | (9,041,355) | (40,632,381) |
Financial Highlights
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 18.50 | $ 49.39 | $ 25.59 | $ 18.70 | $ 14.87 | $ 13.72 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .23 G | .44 | .33 | .33 | .30 | .16 |
Net realized and unrealized gain (loss) | 1.02 | (28.21) | 24.95 | 7.23 | 3.66 | 1.10 |
Total from investment operations | 1.25 | (27.77) | 25.28 | 7.56 | 3.96 | 1.26 |
Distributions from net investment income | (.20) | (.28) | (.23) | (.26) | (.14) | (.13) |
Distributions from net realized gain | - | (2.89) | (1.29) | (.43) | - | - |
Total distributions | (.20) | (3.17) | (1.52) | (.69) | (.14) | (.13) |
Redemption fees added to paid in capital D | - I | .05 | .04 | .02 | .01 | .02 |
Net asset value, end of period | $ 19.55 | $ 18.50 | $ 49.39 | $ 25.59 | $ 18.70 | $ 14.87 |
Total Return B,C | 6.86% | (59.64)% | 104.22% | 41.50% | 26.84% | 9.39% |
Ratios to Average Net Assets E,H | | | | | | |
Expenses before reductions | 1.40% A | 1.18% | 1.08% | 1.21% | 1.20% | 1.21% |
Expenses net of fee waivers, if any | 1.40% A | 1.18% | 1.08% | 1.21% | 1.20% | 1.21% |
Expenses net of all reductions | 1.32% A | 1.04% | .98% | 1.04% | 1.09% | 1.20% |
Net investment income (loss) | 2.63% A,G | 1.34% | .96% | 1.44% | 1.71% | 1.11% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,520,613 | $ 1,605,632 | $ 6,293,936 | $ 1,592,948 | $ 783,765 | $ 464,874 |
Portfolio turnover rate F | 165% A | 147% | 72% | 100% | 109% | 131% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.15 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .97%. 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
Notes to Financial Statements
For the period ended April 30, 2009 (Unaudited)
1. Organization.
Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin American 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 American Fund. Each Fund is authorized to issue an unlimited number of shares. The Fidelity Japan Smaller Companies Fund was closed to most new accounts effective with the close of business on February 28, 2006 and reopened after the close of business on December 31, 2008. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. On January 15, 2009, the Board of Trustees of Fidelity Europe Fund, Fidelity Japan Fund and Fidelity Southeast Asia Fund approved the creation of an additional class of shares for each Fund. Europe Fund, Japan Fund and Southeast Asia Fund will each commence sale of shares of Class F on or about June 26, 2009.
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 held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Trustees to value their investments.
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, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Funds adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Funds' fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for each Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by certain 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. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, capital loss carryforwards, 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) |
Europe | $ 2,851,784,409 | $ 297,585,821 | $ (354,146,328) | $ (56,560,507) |
Europe Capital Appreciation | 575,421,968 | 33,997,947 | (107,261,285) | (73,263,338) |
Japan | 1,314,468,924 | 21,824,421 | (373,363,305) | (351,538,884) |
Japan Smaller Companies | 352,156,046 | 26,326,171 | (52,020,686) | (25,694,515) |
Latin America | 2,107,750,267 | 736,409,958 | (336,917,063) | 399,492,895 |
Nordic | 291,131,032 | 24,032,100 | (45,316,460) | (21,284,360) |
Pacific Basin | 522,114,150 | 54,410,651 | (162,391,630) | (107,980,979) |
Southeast Asia | 1,642,643,854 | 100,172,990 | (245,912,691) | (145,739,701) |
Semiannual Report
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held in 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.
New Accounting Pronouncement. 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 reporting periods 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.
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 market and to fluctuations in currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in 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.
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 ($) | Sales ($) |
Europe | 2,021,045,915 | 2,237,234,561 |
Europe Capital Appreciation | 249,702,959 | 281,055,072 |
Japan | 399,195,703 | 458,970,827 |
Japan Smaller Companies | 448,565,968 | 481,739,312 |
Latin America | 483,235,841 | 620,565,969 |
Nordic | 170,529,091 | 189,163,554 |
Pacific Basin | 179,386,921 | 197,361,224 |
Southeast Asia | 1,107,974,799 | 1,214,233,256 |
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 |
Europe | .45% | .27% | .70% |
Europe Capital Appreciation | .45% | .27% | .71% |
Japan | .45% | .27% | .45% |
Japan Smaller Companies | .45% | .27% | .72% |
Latin America | .45% | .27% | .72% |
Nordic | .45% | .27% | .72% |
Pacific Basin | .45% | .27% | .20% |
Southeast Asia | .45% | .27% | .99% |
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. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Europe | .31% |
Europe Capital Appreciation | .31% |
Japan | .31% |
Japan Smaller Companies | .31% |
Latin America | .29% |
Nordic | .28% |
Pacific Basin | .29% |
Southeast Asia | .31% |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for 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 |
Europe | $ 4,129 |
Europe Capital Appreciation | 1,180 |
Latin America | 91 |
Southeast Asia | 899 |
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. 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 |
Europe | Borrower | $ 175,920,500 | .77% | $ 15,097 |
Japan Smaller Companies | Borrower | 3,914,545 | .34% | 409 |
Nordic | Borrower | 29,001,000 | .77% | 1,244 |
Semiannual Report
7. Committed Line of Credit.
Certain Funds participate with other funds managed by FMR in a $3.5 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:
Europe | $ 7,692 |
Europe Capital Appreciation | 1,363 |
Japan | 2,858 |
Japan Smaller Companies | 1,084 |
Latin America | 6,541 |
Nordic | 803 |
Pacific Basin | 1,137 |
Southeast Asia | 4,708 |
During the period, there were no borrowings on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented 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 certain Funds provided services to these Funds in addition to trade execution. These services included payments of expenses on behalf of each applicable Fund. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Brokerage Service
reduction | Custody expense
reduction |
| | |
Europe | $ 495,517 | $ - |
Europe Capital Appreciation | 22,953 | - |
Japan | 95,313 | - |
Japan Smaller Companies | 29,657 | - |
Latin America | - | 900 |
Nordic | 34,635 | 6,972 |
Pacific Basin | 85,090 | 38 |
Southeast Asia | 596,520 | 5,585 |
10. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period, FMR or its affiliates were the owners of record of approximately 23% of the total outstanding shares of Japan Smaller Companies. Fidelity Freedom 2020 Fund was the owner of record of approximately 19% and 16% of the total outstanding shares of Europe and Japan, respectively. Fidelity Freedom 2030 Fund was the owner of record of approximately 15% 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 72% and 62% of the total outstanding shares of Europe and Japan, respectively.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
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
The Bank of New York Mellon
New York, NY
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
Canada Fund
China Region Fund
Diversified International Fund
Emerging Europe, Middle East, Africa (EMEA) Fund
Emerging Markets Fund
Europe Fund
Europe Capital Appreciation Fund
Global Balanced Fund
Global Commodity Stock Fund
International Capital Appreciation
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
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Boston, MA 02109
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Semiannual Report
TIF-USAN-0609
1.784917.106
Fidelity Advisor
Canada Fund
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2009
Class A, Class T, Class B, and Class C are
classes of Fidelity® Canada 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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
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 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.49% | | | |
Actual | | $ 1,000.00 | $ 949.30 | $ 7.20 |
HypotheticalA | | $ 1,000.00 | $ 1,017.41 | $ 7.45 |
Class T | 1.73% | | | |
Actual | | $ 1,000.00 | $ 948.00 | $ 8.36 |
HypotheticalA | | $ 1,000.00 | $ 1,016.22 | $ 8.65 |
Class B | 2.23% | | | |
Actual | | $ 1,000.00 | $ 945.90 | $ 10.76 |
HypotheticalA | | $ 1,000.00 | $ 1,013.74 | $ 11.13 |
Class C | 2.22% | | | |
Actual | | $ 1,000.00 | $ 945.80 | $ 10.71 |
HypotheticalA | | $ 1,000.00 | $ 1,013.79 | $ 11.08 |
Canada | 1.24% | | | |
Actual | | $ 1,000.00 | $ 950.60 | $ 6.00 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Institutional Class | 1.21% | | | |
Actual | | $ 1,000.00 | $ 950.50 | $ 5.85 |
HypotheticalA | | $ 1,000.00 | $ 1,018.79 | $ 6.06 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Canada
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Canada | 89.1% | |
| United States
of America | 10.4% | |
| Netherlands Antilles | 0.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Canada | 92.8% | |
| United States
of America | 7.2% | |
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 | 95.8 | 98.5 |
Short-Term Investments
and Net Other Assets | 4.2 | 1.5 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Bank of Canada (Commercial Banks) | 5.8 | 6.5 |
Toronto-Dominion Bank (Commercial Banks) | 5.6 | 6.2 |
Research In Motion Ltd. (Communications Equipment) | 4.3 | 3.4 |
Canadian National Railway Co. (Road & Rail) | 3.8 | 4.3 |
Manulife Financial Corp. (Insurance) | 3.8 | 3.3 |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 3.8 | 5.2 |
EnCana Corp. (Oil, Gas & Consumable Fuels) | 3.6 | 6.2 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 3.4 | 2.5 |
Canadian Imperial Bank of Commerce (Commercial Banks) | 3.2 | 1.2 |
Potash Corp. of Saskatchewan, Inc. (Chemicals) | 3.0 | 3.5 |
| 40.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 30.0 | 27.8 |
Energy | 26.3 | 28.8 |
Materials | 14.9 | 11.3 |
Industrials | 6.2 | 7.7 |
Information Technology | 6.2 | 5.3 |
Telecommunication Services | 5.4 | 7.0 |
Consumer Staples | 3.3 | 5.7 |
Consumer Discretionary | 2.3 | 3.1 |
Utilities | 0.8 | 0.4 |
Health Care | 0.4 | 1.4 |
Semiannual Report
Canada
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 2.3% |
Distributors - 0.1% |
Uni-Select, Inc. | 100,000 | | $ 2,325,581 |
Hotels, Restaurants & Leisure - 0.4% |
Tim Hortons, Inc. | 400,000 | | 9,716,000 |
Media - 1.2% |
Astral Media, Inc. Class A (non-vtg.) | 290,000 | | 7,660,423 |
Corus Entertainment, Inc. Class B (non-vtg.) (d) | 400,000 | | 5,329,981 |
Quebecor, Inc. Class B (sub. vtg.) | 150,000 | | 1,935,889 |
Shaw Communications, Inc. Class B | 500,000 | | 7,751,938 |
Thomson Reuters Corp. | 300,000 | | 8,422,376 |
Yellow Pages Income Fund (d) | 100,000 | | 476,011 |
| | 31,576,618 |
Specialty Retail - 0.6% |
AutoZone, Inc. (a) | 70,000 | | 11,647,300 |
PetSmart, Inc. | 100,000 | | 2,288,000 |
| | 13,935,300 |
TOTAL CONSUMER DISCRETIONARY | | 57,553,499 |
CONSUMER STAPLES - 3.3% |
Food & Staples Retailing - 3.2% |
George Weston Ltd. | 130,000 | | 6,452,881 |
Loblaw Companies Ltd. | 500,000 | | 13,471,611 |
Metro, Inc. Class A (sub. vtg.) | 990,000 | | 30,697,674 |
Shoppers Drug Mart Corp. | 850,000 | | 30,737,482 |
| | 81,359,648 |
Food Products - 0.1% |
Viterra, Inc. (a) | 309,300 | | 2,255,110 |
TOTAL CONSUMER STAPLES | | 83,614,758 |
ENERGY - 26.3% |
Energy Equipment & Services - 0.5% |
Schlumberger Ltd. (NY Shares) | 250,000 | | 12,247,500 |
Oil, Gas & Consumable Fuels - 25.8% |
ARC Energy Trust unit | 200,000 | | 2,597,947 |
Cameco Corp. | 1,450,000 | | 33,295,621 |
Canadian Natural Resources Ltd. | 2,070,000 | | 95,429,038 |
Canadian Oil Sands Trust | 200,000 | | 4,129,897 |
Enbridge, Inc. | 1,208,900 | | 37,333,304 |
EnCana Corp. | 2,000,000 | | 91,665,619 |
Enerplus Resources Fund Series G | 200,000 | | 3,814,792 |
Hess Corp. | 210,000 | | 11,505,900 |
Husky Energy, Inc. | 600,000 | | 14,536,769 |
Imperial Oil Ltd. | 900,000 | | 32,168,448 |
Keyera Facilities Income Fund | 1,050,000 | | 13,577,624 |
Nexen, Inc. | 2,350,000 | | 44,745,024 |
Niko Resources Ltd. | 140,000 | | 7,085,355 |
Occidental Petroleum Corp. | 150,000 | | 8,443,500 |
Petro-Canada | 1,470,000 | | 46,394,469 |
|
| Shares | | Value |
Petrobank Energy & Resources Ltd. (a) | 250,000 | | $ 5,373,979 |
Suncor Energy, Inc. | 3,450,000 | | 86,824,639 |
Talisman Energy, Inc. | 4,200,000 | | 52,620,993 |
TransCanada Corp. | 2,200,000 | | 54,905,510 |
Uranium One, Inc. (a) | 400,000 | | 1,106,223 |
Valero Energy Corp. | 300,000 | | 5,952,000 |
| | 653,506,651 |
TOTAL ENERGY | | 665,754,151 |
FINANCIALS - 30.0% |
Capital Markets - 1.0% |
Goldman Sachs Group, Inc. | 100,000 | | 12,850,000 |
IGM Financial, Inc. | 300,000 | | 8,942,803 |
T. Rowe Price Group, Inc. | 100,000 | | 3,852,000 |
| | 25,644,803 |
Commercial Banks - 19.8% |
Bank of Montreal (d) | 1,609,300 | | 53,272,449 |
Bank of Nova Scotia | 2,600,000 | | 73,952,650 |
Canadian Imperial Bank of Commerce | 1,784,600 | | 80,118,183 |
Royal Bank of Canada | 4,140,000 | | 146,760,529 |
Toronto-Dominion Bank | 3,565,000 | | 140,717,788 |
Wells Fargo & Co. | 300,000 | | 6,003,000 |
| | 500,824,599 |
Diversified Financial Services - 0.3% |
Onex Corp. (sub. vtg.) | 250,000 | | 4,035,198 |
TMX Group, Inc. | 145,000 | | 3,899,476 |
| | 7,934,674 |
Insurance - 7.6% |
Fairfax Financial Holdings Ltd. | 30,800 | | 8,146,223 |
ING Canada, Inc. | 441,100 | | 12,775,542 |
Manulife Financial Corp. | 5,700,000 | | 97,065,996 |
Power Corp. of Canada (sub. vtg.) | 1,500,000 | | 28,045,255 |
Sun Life Financial, Inc. | 2,000,000 | | 46,763,042 |
| | 192,796,058 |
Real Estate Investment Trusts - 0.2% |
RioCan (REIT) | 350,000 | | 4,012,571 |
Real Estate Management & Development - 1.1% |
Brookfield Asset Management, Inc. Class A (d) | 1,850,000 | | 28,341,085 |
TOTAL FINANCIALS | | 759,553,790 |
HEALTH CARE - 0.4% |
Pharmaceuticals - 0.4% |
Allergan, Inc. | 200,000 | | 9,332,000 |
INDUSTRIALS - 6.2% |
Aerospace & Defense - 0.9% |
Bombardier, Inc. Class B (sub. vtg.) | 4,100,000 | | 12,988,058 |
United Technologies Corp. | 200,000 | | 9,768,000 |
| | 22,756,058 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Air Freight & Logistics - 0.3% |
United Parcel Service, Inc. Class B | 130,000 | | $ 6,804,200 |
Airlines - 0.0% |
WestJet Airlines Ltd. (a) | 100,000 | | 978,839 |
Construction & Engineering - 0.2% |
SNC-Lavalin Group, Inc. | 165,000 | | 4,805,154 |
Industrial Conglomerates - 0.2% |
Textron, Inc. | 500,000 | | 5,365,000 |
Road & Rail - 4.6% |
Canadian National Railway Co. | 2,420,000 | | 97,834,318 |
Canadian Pacific Railway Ltd. | 550,000 | | 19,681,542 |
| | 117,515,860 |
TOTAL INDUSTRIALS | | 158,225,111 |
INFORMATION TECHNOLOGY - 6.2% |
Communications Equipment - 4.3% |
Research In Motion Ltd. (a) | 1,570,000 | | 109,115,007 |
Computers & Peripherals - 0.6% |
Apple, Inc. (a) | 100,000 | | 12,583,000 |
Hewlett-Packard Co. | 80,000 | | 2,878,400 |
| | 15,461,400 |
Internet Software & Services - 0.4% |
Google, Inc. Class A (sub. vtg.) (a) | 15,000 | | 5,939,550 |
Open Text Corp. (a) | 100,000 | | 3,293,526 |
| | 9,233,076 |
IT Services - 0.9% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 2,190,000 | | 19,417,725 |
MasterCard, Inc. Class A | 25,000 | | 4,586,250 |
| | 24,003,975 |
TOTAL INFORMATION TECHNOLOGY | | 157,813,458 |
MATERIALS - 14.9% |
Chemicals - 4.2% |
Agrium, Inc. | 460,000 | | 19,737,691 |
Monsanto Co. | 130,000 | | 11,035,700 |
Potash Corp. of Saskatchewan, Inc. | 880,000 | | 75,591,871 |
| | 106,365,262 |
Metals & Mining - 10.7% |
Agnico-Eagle Mines Ltd. (Canada) | 524,700 | | 23,195,412 |
Barrick Gold Corp. | 2,500,000 | | 72,386,340 |
First Quantum Minerals Ltd. | 600,000 | | 23,205,531 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 300,000 | | 12,795,000 |
Goldcorp, Inc. | 2,400,000 | | 65,609,051 |
Kinross Gold Corp. | 2,250,000 | | 34,676,304 |
|
| Shares | | Value |
Teck Resources Ltd. Class B (sub. vtg.) | 1,800,000 | | $ 18,901,320 |
Yamana Gold, Inc. | 2,700,000 | | 21,179,133 |
| | 271,948,091 |
TOTAL MATERIALS | | 378,313,353 |
TELECOMMUNICATION SERVICES - 5.4% |
Diversified Telecommunication Services - 3.2% |
BCE, Inc. | 3,150,000 | | 67,342,552 |
TELUS Corp. | 550,000 | | 13,435,994 |
| | 80,778,546 |
Wireless Telecommunication Services - 2.2% |
Rogers Communications, Inc. Class B (non-vtg.) | 2,300,000 | | 56,514,561 |
TOTAL TELECOMMUNICATION SERVICES | | 137,293,107 |
UTILITIES - 0.8% |
Electric Utilities - 0.5% |
Fortis, Inc. | 650,000 | | 12,065,787 |
Multi-Utilities - 0.3% |
Canadian Utilities Ltd. Class A (non-vtg.) | 175,000 | | 5,059,711 |
CMS Energy Corp. | 350,000 | | 4,207,000 |
| | 9,266,711 |
TOTAL UTILITIES | | 21,332,498 |
TOTAL COMMON STOCKS (Cost $2,494,703,575) | 2,428,785,725 |
Money Market Funds - 7.8% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 120,208,316 | | 120,208,316 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 76,120,510 | | 76,120,510 |
TOTAL MONEY MARKET FUNDS (Cost $196,328,826) | 196,328,826 |
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $2,691,032,401) | | 2,625,114,551 |
NET OTHER ASSETS - (3.6)% | | (91,010,720) |
NET ASSETS - 100% | $ 2,534,103,831 |
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 | $ 459,338 |
Fidelity Securities Lending Cash Central Fund | 1,636,068 |
Total | $ 2,095,406 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,625,114,551 | $ 2,625,114,551 | $ - | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $109,618,723 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $73,451,097) - See accompanying schedule: Unaffiliated issuers (cost $2,494,703,575) | $ 2,428,785,725 | |
Fidelity Central Funds (cost $196,328,826) | 196,328,826 | |
Total Investments (cost $2,691,032,401) | | $ 2,625,114,551 |
Cash | | 53,614 |
Foreign currency held at value (cost $2,369,563) | | 2,391,974 |
Receivable for investments sold | | 50,734,820 |
Receivable for fund shares sold | | 3,900,379 |
Dividends receivable | | 2,756,874 |
Distributions receivable from Fidelity Central Funds | | 340,896 |
Prepaid expenses | | 23,549 |
Other receivables | | 106,316 |
Total assets | | 2,685,422,973 |
| | |
Liabilities | | |
Payable for investments purchased | $ 70,472,381 | |
Payable for fund shares redeemed | 2,193,795 | |
Accrued management fee | 1,741,706 | |
Distribution fees payable | 30,554 | |
Other affiliated payables | 706,581 | |
Other payables and accrued expenses | 53,615 | |
Collateral on securities loaned, at value | 76,120,510 | |
Total liabilities | | 151,319,142 |
| | |
Net Assets | | $ 2,534,103,831 |
Net Assets consist of: | | |
Paid in capital | | $ 3,226,019,081 |
Undistributed net investment income | | 10,884,860 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (636,770,940) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (66,029,170) |
Net Assets | | $ 2,534,103,831 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($49,633,665 ÷ 1,371,928 shares) | | $ 36.18 |
| | |
Maximum offering price per share (100/94.25 of $36.18) | | $ 38.39 |
Class T:
Net Asset Value and redemption price per share ($12,671,791 ÷ 350,802 shares) | | $ 36.12 |
| | |
Maximum offering price per share (100/96.50 of $36.12) | | $ 37.43 |
Class B:
Net Asset Value and offering price per share ($5,192,935 ÷ 144,831 shares)A | | $ 35.86 |
| | |
Class C:
Net Asset Value and offering price per share ($14,127,392 ÷ 394,716 shares)A | | $ 35.79 |
| | |
Canada:
Net Asset Value, offering price and redemption price per share ($2,443,638,891 ÷ 67,305,447 shares) | | $ 36.31 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,839,157 ÷ 243,824 shares) | | $ 36.25 |
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, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 36,549,762 |
Interest | | 372 |
Income from Fidelity Central Funds (including $1,636,068 from security lending) | | 2,095,406 |
| | 38,645,540 |
Less foreign taxes withheld | | (5,246,944) |
Total income | | 33,398,596 |
| | |
Expenses | | |
Management fee
Basic fee | $ 8,616,003 | |
Performance adjustment | 1,809,169 | |
Transfer agent fees | 3,683,365 | |
Distribution fees | 182,184 | |
Accounting and security lending fees | 530,175 | |
Custodian fees and expenses | 102,237 | |
Independent trustees' compensation | 9,320 | |
Registration fees | 88,754 | |
Audit | 36,932 | |
Legal | 7,760 | |
Miscellaneous | 26,678 | |
Total expenses before reductions | 15,092,577 | |
Expense reductions | (374,012) | 14,718,565 |
Net investment income (loss) | | 18,680,031 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (466,460,292) | |
Foreign currency transactions | (141,616) | |
Total net realized gain (loss) | | (466,601,908) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 275,752,885 | |
Assets and liabilities in foreign currencies | (77,886) | |
Total change in net unrealized appreciation (depreciation) | | 275,674,999 |
Net gain (loss) | | (190,926,909) |
Net increase (decrease) in net assets resulting from operations | | $ (172,246,878) |
Statement of Changes in Net Assets
| Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 18,680,031 | $ 46,066,725 |
Net realized gain (loss) | (466,601,908) | (175,687,217) |
Change in net unrealized appreciation (depreciation) | 275,674,999 | (2,181,002,870) |
Net increase (decrease) in net assets resulting from operations | (172,246,878) | (2,310,623,362) |
Distributions to shareholders from net investment income | (10,179,809) | (28,915,979) |
Distributions to shareholders from net realized gain | - | (235,022,630) |
Total distributions | (10,179,809) | (263,938,609) |
Share transactions - net increase (decrease) | (162,496,913) | 507,012,286 |
Redemption fees | 324,476 | 3,308,433 |
Total increase (decrease) in net assets | (344,599,124) | (2,064,241,252) |
| | |
Net Assets | | |
Beginning of period | 2,878,702,955 | 4,942,944,207 |
End of period (including undistributed net investment income of $10,884,860 and undistributed net investment income of $26,382,786, respectively) | $ 2,534,103,831 | $ 2,878,702,955 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.20 | $ 70.16 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .22 | .39 | .19 |
Net realized and unrealized gain (loss) | (2.17) | (28.71) | 15.96 |
Total from investment operations | (1.95) | (28.32) | 16.15 |
Distributions from net investment income | (.07) | (.41) | - |
Distributions from net realized gain | - | (3.27) | - |
Total distributions | (.07) | (3.68) | - |
Redemption fees added to paid in capital E | - J | .04 | .01 |
Net asset value, end of period | $ 36.18 | $ 38.20 | $ 70.16 |
Total Return B, C, D | (5.07)% | (42.23)% | 29.93% |
Ratios to Average Net Asset F, I | | | |
Expenses before reductions | 1.49% A | 1.34% | 1.23% A |
Expenses net of fee waivers, if any | 1.49% A | 1.34% | 1.23% A |
Expenses net of all reductions | 1.46% A | 1.31% | 1.22% A |
Net investment income (loss) | 1.33% A | .69% | .63% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 49,634 | $ 56,242 | $ 20,912 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.10 | $ 70.09 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .18 | .23 | .09 |
Net realized and unrealized gain (loss) | (2.16) | (28.66) | 15.99 |
Total from investment operations | (1.98) | (28.43) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 36.12 | $ 38.10 | $ 70.09 |
Total Return B, C, D | (5.20)% | (42.40)% | 29.80% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.73% A | 1.63% | 1.48% A |
Expenses net of fee waivers, if any | 1.73% A | 1.63% | 1.48% A |
Expenses net of all reductions | 1.70% A | 1.60% | 1.47% A |
Net investment income (loss) | 1.08% A | .40% | .30% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 12,672 | $ 14,963 | $ 14,522 |
Portfolio turnover rate G | 109% A | 63% | 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. 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 37.91 | $ 69.88 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | (.06) | (.06) |
Net realized and unrealized gain (loss) | (2.15) | (28.54) | 15.93 |
Total from investment operations | (2.05) | (28.60) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 35.86 | $ 37.91 | $ 69.88 |
Total Return B, C, D | (5.41)% | (42.68)% | 29.41% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.23% A | 2.13% | 2.00% A |
Expenses net of fee waivers, if any | 2.23% A | 2.13% | 2.00% A |
Expenses net of all reductions | 2.20% A | 2.10% | 1.99% A |
Net investment income (loss) | .59% A | (.10)% | (.21)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 5,193 | $ 5,615 | $ 4,078 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 37.84 | $ 69.91 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | (.05) | (.04) |
Net realized and unrealized gain (loss) | (2.15) | (28.52) | 15.94 |
Total from investment operations | (2.05) | (28.57) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 35.79 | $ 37.84 | $ 69.91 |
Total Return B, C, D | (5.42)% | (42.69)% | 29.46% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.22% A | 2.13% | 1.99% A |
Expenses net of fee waivers, if any | 2.22% A | 2.13% | 1.99% A |
Expenses net of all reductions | 2.19% A | 2.10% | 1.97% A |
Net investment income (loss) | .59% A | (.10)% | (.15)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 14,127 | $ 16,716 | $ 8,752 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 38.37 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .26 | .58 | .52 | .34 | .20 | .10 |
Net realized and unrealized gain (loss) | (2.18) | (28.83) | 21.62 | 10.15 | 7.12 | 6.74 |
Total from investment operations | (1.92) | (28.25) | 22.14 | 10.49 | 7.32 | 6.84 |
Distributions from net investment income | (.14) | (.40) | (.36) | (.16) | (.08) | (.13) |
Distributions from net realized gain | - | (3.27) | (1.03) | (.01) | - | - |
Total distributions | (.14) | (3.67) | (1.39) | (.17) | (.08) | (.13) |
Redemption fees added to paid in capital D | - H | .04 | .02 | .02 | .03 | .03 |
Net asset value, end of period | $ 36.31 | $ 38.37 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 |
Total Return B, C | (4.94)% | (42.06)% | 46.03% | 26.93% | 23.11% | 27.45% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.24% A | 1.03% | .96% | 1.00% | 1.08% | 1.20% |
Expenses net of fee waivers, if any | 1.24% A | 1.03% | .96% | 1.00% | 1.08% | 1.20% |
Expenses net of all reductions | 1.21% A | 1.00% | 94% | 97% | 1.04% | 1.15% |
Net investment income (loss) | 1.57% A | 1.00% | .94% | .74% | .55% | .34% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,443,639 | $ 2,776,298 | $ 4,890,617 | $ 3,136,927 | $ 1,722,516 | $ 413,319 |
Portfolio turnover rate F | 109% A | 63% | 42% | 50% | 24% | 47% |
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. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.31 | $ 70.25 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .27 | .52 | .25 |
Net realized and unrealized gain (loss) | (2.19) | (28.78) | 15.99 |
Total from investment operations | (1.92) | (28.26) | 16.24 |
Distributions from net investment income | (.14) | (.45) | - |
Distributions from net realized gain | - | (3.27) | - |
Total distributions | (.14) | (3.72) | - |
Redemption fees added to paid in capital D | - I | .04 | .01 |
Net asset value, end of period | $ 36.25 | $ 38.31 | $ 70.25 |
Total Return B, C | (4.95)% | (42.11)% | 30.09% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | 1.21% A | 1.11% | 1.01% A |
Expenses net of fee waivers, if any | 1.21% A | 1.11% | 1.01% A |
Expenses net of all reductions | 1.18% A | 1.08% | .99% A |
Net investment income (loss) | 1.61% A | .92% | .83% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 8,839 | $ 8,870 | $ 4,064 |
Portfolio turnover rate F | 109% A | 63% | 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. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Notes to Financial Statements
For the period ended April 30, 2009 (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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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, market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 305,646,744 |
Unrealized depreciation | (453,640,637) |
Net unrealized appreciation (depreciation) | $ (147,993,893) |
Cost for federal income tax purposes | $ 2,773,108,444 |
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.
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 $1,274,194,668 and $1,490,225,713, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .87% 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% | $ 59,317 | $ 1,452 |
Class T | .25% | .25% | 31,200 | 448 |
Class B | .75% | .25% | 24,273 | 18,255 |
Class C | .75% | .25% | 67,394 | 33,415 |
| | | $ 182,184 | $ 53,570 |
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 | $ 13,936 |
Class T | 2,962 |
Class B* | 9,254 |
Class C* | 6,725 |
| $ 32,877 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 71,268 | .30 |
Class T | 18,489 | .30 |
Class B | 7,138 | .29 |
Class C | 19,243 | .29 |
Canada | 3,556,257 | .31 |
Institutional Class | 10,970 | .27 |
| $ 3,683,365 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $4,503 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $7,769 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 $373,776 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 $236.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 107,706 | $ 171,586 |
Class T | - | 73,859 |
Class B | - | 8,835 |
Class C | - | 45,389 |
Canada | 10,039,163 | 28,579,259 |
Institutional Class | 32,940 | 37,051 |
Total | $ 10,179,809 | $ 28,915,979 |
From net realized gain | | |
Class A | $ - | $ 1,361,853 |
Class T | - | 736,334 |
Class B | - | 209,359 |
Class C | - | 549,710 |
Canada | - | 231,896,136 |
Institutional Class | - | 269,238 |
Total | $ - | $ 235,022,630 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 225,047 | 1,623,645 | $ 7,625,539 | $ 96,358,055 |
Reinvestment of distributions | 3,241 | 24,107 | 102,530 | 1,454,159 |
Shares redeemed | (328,770) | (473,393) | (10,668,743) | (24,545,534) |
Net increase (decrease) | (100,482) | 1,174,359 | $ (2,940,674) | $ 73,266,680 |
Class T | | | | |
Shares sold | 66,538 | 281,102 | $ 2,229,602 | $ 16,813,582 |
Reinvestment of distributions | - | 13,222 | - | 797,422 |
Shares redeemed | (108,495) | (108,759) | (3,493,084) | (5,550,777) |
Net increase (decrease) | (41,957) | 185,565 | $ (1,263,482) | $ 12,060,227 |
Class B | | | | |
Shares sold | 25,389 | 143,582 | $ 847,819 | $ 8,590,562 |
Reinvestment of distributions | - | 2,917 | - | 175,839 |
Shares redeemed | (28,668) | (56,743) | (939,147) | (3,089,676) |
Net increase (decrease) | (3,279) | 89,756 | $ (91,328) | $ 5,676,725 |
Class C | | | | |
Shares sold | 75,430 | 454,502 | $ 2,424,990 | $ 27,139,418 |
Reinvestment of distributions | - | 8,472 | - | 509,854 |
Shares redeemed | (122,470) | (146,400) | (4,002,089) | (7,449,898) |
Net increase (decrease) | (47,040) | 316,574 | $ (1,577,099) | $ 20,199,374 |
Canada | | | | |
Shares sold | 6,805,275 | 34,673,241 | $ 232,011,641 | $ 2,070,491,480 |
Reinvestment of distributions | 306,492 | 3,970,249 | 9,628,844 | 239,922,156 |
Shares redeemed | (12,161,010) | (35,906,020) | (398,811,969) | (1,927,559,508) |
Net increase (decrease) | (5,049,243) | 2,737,470 | $ (157,171,484) | $ 382,854,128 |
Institutional Class | | | | |
Shares sold | 84,701 | 377,605 | $ 2,874,667 | $ 22,481,855 |
Reinvestment of distributions | 737 | 4,721 | 23,131 | 285,066 |
Shares redeemed | (73,168) | (208,616) | (2,350,644) | (9,811,769) |
Net increase (decrease) | 12,270 | 173,710 | $ 547,154 | $ 12,955,152 |
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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 Investment Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, New York
ACAN-USAN-0609
1.843167.101
Fidelity Advisor
Canada Fund
Institutional Class
Semiannual Report
April 30, 2009
Institutional Class is a class of
Fidelity® Canada 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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
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 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.49% | | | |
Actual | | $ 1,000.00 | $ 949.30 | $ 7.20 |
HypotheticalA | | $ 1,000.00 | $ 1,017.41 | $ 7.45 |
Class T | 1.73% | | | |
Actual | | $ 1,000.00 | $ 948.00 | $ 8.36 |
HypotheticalA | | $ 1,000.00 | $ 1,016.22 | $ 8.65 |
Class B | 2.23% | | | |
Actual | | $ 1,000.00 | $ 945.90 | $ 10.76 |
HypotheticalA | | $ 1,000.00 | $ 1,013.74 | $ 11.13 |
Class C | 2.22% | | | |
Actual | | $ 1,000.00 | $ 945.80 | $ 10.71 |
HypotheticalA | | $ 1,000.00 | $ 1,013.79 | $ 11.08 |
Canada | 1.24% | | | |
Actual | | $ 1,000.00 | $ 950.60 | $ 6.00 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Institutional Class | 1.21% | | | |
Actual | | $ 1,000.00 | $ 950.50 | $ 5.85 |
HypotheticalA | | $ 1,000.00 | $ 1,018.79 | $ 6.06 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Canada
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Canada | 89.1% | |
| United States
of America | 10.4% | |
| Netherlands Antilles | 0.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Canada | 92.8% | |
| United States
of America | 7.2% | |
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 | 95.8 | 98.5 |
Short-Term Investments
and Net Other Assets | 4.2 | 1.5 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Bank of Canada (Commercial Banks) | 5.8 | 6.5 |
Toronto-Dominion Bank (Commercial Banks) | 5.6 | 6.2 |
Research In Motion Ltd. (Communications Equipment) | 4.3 | 3.4 |
Canadian National Railway Co. (Road & Rail) | 3.8 | 4.3 |
Manulife Financial Corp. (Insurance) | 3.8 | 3.3 |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 3.8 | 5.2 |
EnCana Corp. (Oil, Gas & Consumable Fuels) | 3.6 | 6.2 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 3.4 | 2.5 |
Canadian Imperial Bank of Commerce (Commercial Banks) | 3.2 | 1.2 |
Potash Corp. of Saskatchewan, Inc. (Chemicals) | 3.0 | 3.5 |
| 40.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 30.0 | 27.8 |
Energy | 26.3 | 28.8 |
Materials | 14.9 | 11.3 |
Industrials | 6.2 | 7.7 |
Information Technology | 6.2 | 5.3 |
Telecommunication Services | 5.4 | 7.0 |
Consumer Staples | 3.3 | 5.7 |
Consumer Discretionary | 2.3 | 3.1 |
Utilities | 0.8 | 0.4 |
Health Care | 0.4 | 1.4 |
Semiannual Report
Canada
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 2.3% |
Distributors - 0.1% |
Uni-Select, Inc. | 100,000 | | $ 2,325,581 |
Hotels, Restaurants & Leisure - 0.4% |
Tim Hortons, Inc. | 400,000 | | 9,716,000 |
Media - 1.2% |
Astral Media, Inc. Class A (non-vtg.) | 290,000 | | 7,660,423 |
Corus Entertainment, Inc. Class B (non-vtg.) (d) | 400,000 | | 5,329,981 |
Quebecor, Inc. Class B (sub. vtg.) | 150,000 | | 1,935,889 |
Shaw Communications, Inc. Class B | 500,000 | | 7,751,938 |
Thomson Reuters Corp. | 300,000 | | 8,422,376 |
Yellow Pages Income Fund (d) | 100,000 | | 476,011 |
| | 31,576,618 |
Specialty Retail - 0.6% |
AutoZone, Inc. (a) | 70,000 | | 11,647,300 |
PetSmart, Inc. | 100,000 | | 2,288,000 |
| | 13,935,300 |
TOTAL CONSUMER DISCRETIONARY | | 57,553,499 |
CONSUMER STAPLES - 3.3% |
Food & Staples Retailing - 3.2% |
George Weston Ltd. | 130,000 | | 6,452,881 |
Loblaw Companies Ltd. | 500,000 | | 13,471,611 |
Metro, Inc. Class A (sub. vtg.) | 990,000 | | 30,697,674 |
Shoppers Drug Mart Corp. | 850,000 | | 30,737,482 |
| | 81,359,648 |
Food Products - 0.1% |
Viterra, Inc. (a) | 309,300 | | 2,255,110 |
TOTAL CONSUMER STAPLES | | 83,614,758 |
ENERGY - 26.3% |
Energy Equipment & Services - 0.5% |
Schlumberger Ltd. (NY Shares) | 250,000 | | 12,247,500 |
Oil, Gas & Consumable Fuels - 25.8% |
ARC Energy Trust unit | 200,000 | | 2,597,947 |
Cameco Corp. | 1,450,000 | | 33,295,621 |
Canadian Natural Resources Ltd. | 2,070,000 | | 95,429,038 |
Canadian Oil Sands Trust | 200,000 | | 4,129,897 |
Enbridge, Inc. | 1,208,900 | | 37,333,304 |
EnCana Corp. | 2,000,000 | | 91,665,619 |
Enerplus Resources Fund Series G | 200,000 | | 3,814,792 |
Hess Corp. | 210,000 | | 11,505,900 |
Husky Energy, Inc. | 600,000 | | 14,536,769 |
Imperial Oil Ltd. | 900,000 | | 32,168,448 |
Keyera Facilities Income Fund | 1,050,000 | | 13,577,624 |
Nexen, Inc. | 2,350,000 | | 44,745,024 |
Niko Resources Ltd. | 140,000 | | 7,085,355 |
Occidental Petroleum Corp. | 150,000 | | 8,443,500 |
Petro-Canada | 1,470,000 | | 46,394,469 |
|
| Shares | | Value |
Petrobank Energy & Resources Ltd. (a) | 250,000 | | $ 5,373,979 |
Suncor Energy, Inc. | 3,450,000 | | 86,824,639 |
Talisman Energy, Inc. | 4,200,000 | | 52,620,993 |
TransCanada Corp. | 2,200,000 | | 54,905,510 |
Uranium One, Inc. (a) | 400,000 | | 1,106,223 |
Valero Energy Corp. | 300,000 | | 5,952,000 |
| | 653,506,651 |
TOTAL ENERGY | | 665,754,151 |
FINANCIALS - 30.0% |
Capital Markets - 1.0% |
Goldman Sachs Group, Inc. | 100,000 | | 12,850,000 |
IGM Financial, Inc. | 300,000 | | 8,942,803 |
T. Rowe Price Group, Inc. | 100,000 | | 3,852,000 |
| | 25,644,803 |
Commercial Banks - 19.8% |
Bank of Montreal (d) | 1,609,300 | | 53,272,449 |
Bank of Nova Scotia | 2,600,000 | | 73,952,650 |
Canadian Imperial Bank of Commerce | 1,784,600 | | 80,118,183 |
Royal Bank of Canada | 4,140,000 | | 146,760,529 |
Toronto-Dominion Bank | 3,565,000 | | 140,717,788 |
Wells Fargo & Co. | 300,000 | | 6,003,000 |
| | 500,824,599 |
Diversified Financial Services - 0.3% |
Onex Corp. (sub. vtg.) | 250,000 | | 4,035,198 |
TMX Group, Inc. | 145,000 | | 3,899,476 |
| | 7,934,674 |
Insurance - 7.6% |
Fairfax Financial Holdings Ltd. | 30,800 | | 8,146,223 |
ING Canada, Inc. | 441,100 | | 12,775,542 |
Manulife Financial Corp. | 5,700,000 | | 97,065,996 |
Power Corp. of Canada (sub. vtg.) | 1,500,000 | | 28,045,255 |
Sun Life Financial, Inc. | 2,000,000 | | 46,763,042 |
| | 192,796,058 |
Real Estate Investment Trusts - 0.2% |
RioCan (REIT) | 350,000 | | 4,012,571 |
Real Estate Management & Development - 1.1% |
Brookfield Asset Management, Inc. Class A (d) | 1,850,000 | | 28,341,085 |
TOTAL FINANCIALS | | 759,553,790 |
HEALTH CARE - 0.4% |
Pharmaceuticals - 0.4% |
Allergan, Inc. | 200,000 | | 9,332,000 |
INDUSTRIALS - 6.2% |
Aerospace & Defense - 0.9% |
Bombardier, Inc. Class B (sub. vtg.) | 4,100,000 | | 12,988,058 |
United Technologies Corp. | 200,000 | | 9,768,000 |
| | 22,756,058 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Air Freight & Logistics - 0.3% |
United Parcel Service, Inc. Class B | 130,000 | | $ 6,804,200 |
Airlines - 0.0% |
WestJet Airlines Ltd. (a) | 100,000 | | 978,839 |
Construction & Engineering - 0.2% |
SNC-Lavalin Group, Inc. | 165,000 | | 4,805,154 |
Industrial Conglomerates - 0.2% |
Textron, Inc. | 500,000 | | 5,365,000 |
Road & Rail - 4.6% |
Canadian National Railway Co. | 2,420,000 | | 97,834,318 |
Canadian Pacific Railway Ltd. | 550,000 | | 19,681,542 |
| | 117,515,860 |
TOTAL INDUSTRIALS | | 158,225,111 |
INFORMATION TECHNOLOGY - 6.2% |
Communications Equipment - 4.3% |
Research In Motion Ltd. (a) | 1,570,000 | | 109,115,007 |
Computers & Peripherals - 0.6% |
Apple, Inc. (a) | 100,000 | | 12,583,000 |
Hewlett-Packard Co. | 80,000 | | 2,878,400 |
| | 15,461,400 |
Internet Software & Services - 0.4% |
Google, Inc. Class A (sub. vtg.) (a) | 15,000 | | 5,939,550 |
Open Text Corp. (a) | 100,000 | | 3,293,526 |
| | 9,233,076 |
IT Services - 0.9% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 2,190,000 | | 19,417,725 |
MasterCard, Inc. Class A | 25,000 | | 4,586,250 |
| | 24,003,975 |
TOTAL INFORMATION TECHNOLOGY | | 157,813,458 |
MATERIALS - 14.9% |
Chemicals - 4.2% |
Agrium, Inc. | 460,000 | | 19,737,691 |
Monsanto Co. | 130,000 | | 11,035,700 |
Potash Corp. of Saskatchewan, Inc. | 880,000 | | 75,591,871 |
| | 106,365,262 |
Metals & Mining - 10.7% |
Agnico-Eagle Mines Ltd. (Canada) | 524,700 | | 23,195,412 |
Barrick Gold Corp. | 2,500,000 | | 72,386,340 |
First Quantum Minerals Ltd. | 600,000 | | 23,205,531 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 300,000 | | 12,795,000 |
Goldcorp, Inc. | 2,400,000 | | 65,609,051 |
Kinross Gold Corp. | 2,250,000 | | 34,676,304 |
|
| Shares | | Value |
Teck Resources Ltd. Class B (sub. vtg.) | 1,800,000 | | $ 18,901,320 |
Yamana Gold, Inc. | 2,700,000 | | 21,179,133 |
| | 271,948,091 |
TOTAL MATERIALS | | 378,313,353 |
TELECOMMUNICATION SERVICES - 5.4% |
Diversified Telecommunication Services - 3.2% |
BCE, Inc. | 3,150,000 | | 67,342,552 |
TELUS Corp. | 550,000 | | 13,435,994 |
| | 80,778,546 |
Wireless Telecommunication Services - 2.2% |
Rogers Communications, Inc. Class B (non-vtg.) | 2,300,000 | | 56,514,561 |
TOTAL TELECOMMUNICATION SERVICES | | 137,293,107 |
UTILITIES - 0.8% |
Electric Utilities - 0.5% |
Fortis, Inc. | 650,000 | | 12,065,787 |
Multi-Utilities - 0.3% |
Canadian Utilities Ltd. Class A (non-vtg.) | 175,000 | | 5,059,711 |
CMS Energy Corp. | 350,000 | | 4,207,000 |
| | 9,266,711 |
TOTAL UTILITIES | | 21,332,498 |
TOTAL COMMON STOCKS (Cost $2,494,703,575) | 2,428,785,725 |
Money Market Funds - 7.8% |
| | | |
Fidelity Cash Central Fund, 0.53% (b) | 120,208,316 | | 120,208,316 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 76,120,510 | | 76,120,510 |
TOTAL MONEY MARKET FUNDS (Cost $196,328,826) | 196,328,826 |
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $2,691,032,401) | | 2,625,114,551 |
NET OTHER ASSETS - (3.6)% | | (91,010,720) |
NET ASSETS - 100% | $ 2,534,103,831 |
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 | $ 459,338 |
Fidelity Securities Lending Cash Central Fund | 1,636,068 |
Total | $ 2,095,406 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,625,114,551 | $ 2,625,114,551 | $ - | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $109,618,723 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $73,451,097) - See accompanying schedule: Unaffiliated issuers (cost $2,494,703,575) | $ 2,428,785,725 | |
Fidelity Central Funds (cost $196,328,826) | 196,328,826 | |
Total Investments (cost $2,691,032,401) | | $ 2,625,114,551 |
Cash | | 53,614 |
Foreign currency held at value (cost $2,369,563) | | 2,391,974 |
Receivable for investments sold | | 50,734,820 |
Receivable for fund shares sold | | 3,900,379 |
Dividends receivable | | 2,756,874 |
Distributions receivable from Fidelity Central Funds | | 340,896 |
Prepaid expenses | | 23,549 |
Other receivables | | 106,316 |
Total assets | | 2,685,422,973 |
| | |
Liabilities | | |
Payable for investments purchased | $ 70,472,381 | |
Payable for fund shares redeemed | 2,193,795 | |
Accrued management fee | 1,741,706 | |
Distribution fees payable | 30,554 | |
Other affiliated payables | 706,581 | |
Other payables and accrued expenses | 53,615 | |
Collateral on securities loaned, at value | 76,120,510 | |
Total liabilities | | 151,319,142 |
| | |
Net Assets | | $ 2,534,103,831 |
Net Assets consist of: | | |
Paid in capital | | $ 3,226,019,081 |
Undistributed net investment income | | 10,884,860 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (636,770,940) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (66,029,170) |
Net Assets | | $ 2,534,103,831 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($49,633,665 ÷ 1,371,928 shares) | | $ 36.18 |
| | |
Maximum offering price per share (100/94.25 of $36.18) | | $ 38.39 |
Class T:
Net Asset Value and redemption price per share ($12,671,791 ÷ 350,802 shares) | | $ 36.12 |
| | |
Maximum offering price per share (100/96.50 of $36.12) | | $ 37.43 |
Class B:
Net Asset Value and offering price per share ($5,192,935 ÷ 144,831 shares)A | | $ 35.86 |
| | |
Class C:
Net Asset Value and offering price per share ($14,127,392 ÷ 394,716 shares)A | | $ 35.79 |
| | |
Canada:
Net Asset Value, offering price and redemption price per share ($2,443,638,891 ÷ 67,305,447 shares) | | $ 36.31 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,839,157 ÷ 243,824 shares) | | $ 36.25 |
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, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 36,549,762 |
Interest | | 372 |
Income from Fidelity Central Funds (including $1,636,068 from security lending) | | 2,095,406 |
| | 38,645,540 |
Less foreign taxes withheld | | (5,246,944) |
Total income | | 33,398,596 |
| | |
Expenses | | |
Management fee
Basic fee | $ 8,616,003 | |
Performance adjustment | 1,809,169 | |
Transfer agent fees | 3,683,365 | |
Distribution fees | 182,184 | |
Accounting and security lending fees | 530,175 | |
Custodian fees and expenses | 102,237 | |
Independent trustees' compensation | 9,320 | |
Registration fees | 88,754 | |
Audit | 36,932 | |
Legal | 7,760 | |
Miscellaneous | 26,678 | |
Total expenses before reductions | 15,092,577 | |
Expense reductions | (374,012) | 14,718,565 |
Net investment income (loss) | | 18,680,031 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (466,460,292) | |
Foreign currency transactions | (141,616) | |
Total net realized gain (loss) | | (466,601,908) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 275,752,885 | |
Assets and liabilities in foreign currencies | (77,886) | |
Total change in net unrealized appreciation (depreciation) | | 275,674,999 |
Net gain (loss) | | (190,926,909) |
Net increase (decrease) in net assets resulting from operations | | $ (172,246,878) |
Statement of Changes in Net Assets
| Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 18,680,031 | $ 46,066,725 |
Net realized gain (loss) | (466,601,908) | (175,687,217) |
Change in net unrealized appreciation (depreciation) | 275,674,999 | (2,181,002,870) |
Net increase (decrease) in net assets resulting from operations | (172,246,878) | (2,310,623,362) |
Distributions to shareholders from net investment income | (10,179,809) | (28,915,979) |
Distributions to shareholders from net realized gain | - | (235,022,630) |
Total distributions | (10,179,809) | (263,938,609) |
Share transactions - net increase (decrease) | (162,496,913) | 507,012,286 |
Redemption fees | 324,476 | 3,308,433 |
Total increase (decrease) in net assets | (344,599,124) | (2,064,241,252) |
| | |
Net Assets | | |
Beginning of period | 2,878,702,955 | 4,942,944,207 |
End of period (including undistributed net investment income of $10,884,860 and undistributed net investment income of $26,382,786, respectively) | $ 2,534,103,831 | $ 2,878,702,955 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.20 | $ 70.16 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .22 | .39 | .19 |
Net realized and unrealized gain (loss) | (2.17) | (28.71) | 15.96 |
Total from investment operations | (1.95) | (28.32) | 16.15 |
Distributions from net investment income | (.07) | (.41) | - |
Distributions from net realized gain | - | (3.27) | - |
Total distributions | (.07) | (3.68) | - |
Redemption fees added to paid in capital E | - J | .04 | .01 |
Net asset value, end of period | $ 36.18 | $ 38.20 | $ 70.16 |
Total Return B, C, D | (5.07)% | (42.23)% | 29.93% |
Ratios to Average Net Asset F, I | | | |
Expenses before reductions | 1.49% A | 1.34% | 1.23% A |
Expenses net of fee waivers, if any | 1.49% A | 1.34% | 1.23% A |
Expenses net of all reductions | 1.46% A | 1.31% | 1.22% A |
Net investment income (loss) | 1.33% A | .69% | .63% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 49,634 | $ 56,242 | $ 20,912 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.10 | $ 70.09 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .18 | .23 | .09 |
Net realized and unrealized gain (loss) | (2.16) | (28.66) | 15.99 |
Total from investment operations | (1.98) | (28.43) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 36.12 | $ 38.10 | $ 70.09 |
Total Return B, C, D | (5.20)% | (42.40)% | 29.80% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.73% A | 1.63% | 1.48% A |
Expenses net of fee waivers, if any | 1.73% A | 1.63% | 1.48% A |
Expenses net of all reductions | 1.70% A | 1.60% | 1.47% A |
Net investment income (loss) | 1.08% A | .40% | .30% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 12,672 | $ 14,963 | $ 14,522 |
Portfolio turnover rate G | 109% A | 63% | 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. 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 37.91 | $ 69.88 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | (.06) | (.06) |
Net realized and unrealized gain (loss) | (2.15) | (28.54) | 15.93 |
Total from investment operations | (2.05) | (28.60) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 35.86 | $ 37.91 | $ 69.88 |
Total Return B, C, D | (5.41)% | (42.68)% | 29.41% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.23% A | 2.13% | 2.00% A |
Expenses net of fee waivers, if any | 2.23% A | 2.13% | 2.00% A |
Expenses net of all reductions | 2.20% A | 2.10% | 1.99% A |
Net investment income (loss) | .59% A | (.10)% | (.21)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 5,193 | $ 5,615 | $ 4,078 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 37.84 | $ 69.91 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | (.05) | (.04) |
Net realized and unrealized gain (loss) | (2.15) | (28.52) | 15.94 |
Total from investment operations | (2.05) | (28.57) | 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 | - J | .04 | .01 |
Net asset value, end of period | $ 35.79 | $ 37.84 | $ 69.91 |
Total Return B, C, D | (5.42)% | (42.69)% | 29.46% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.22% A | 2.13% | 1.99% A |
Expenses net of fee waivers, if any | 2.22% A | 2.13% | 1.99% A |
Expenses net of all reductions | 2.19% A | 2.10% | 1.97% A |
Net investment income (loss) | .59% A | (.10)% | (.15)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 14,127 | $ 16,716 | $ 8,752 |
Portfolio turnover rate G | 109% A | 63% | 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. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 38.37 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .26 | .58 | .52 | .34 | .20 | .10 |
Net realized and unrealized gain (loss) | (2.18) | (28.83) | 21.62 | 10.15 | 7.12 | 6.74 |
Total from investment operations | (1.92) | (28.25) | 22.14 | 10.49 | 7.32 | 6.84 |
Distributions from net investment income | (.14) | (.40) | (.36) | (.16) | (.08) | (.13) |
Distributions from net realized gain | - | (3.27) | (1.03) | (.01) | - | - |
Total distributions | (.14) | (3.67) | (1.39) | (.17) | (.08) | (.13) |
Redemption fees added to paid in capital D | - H | .04 | .02 | .02 | .03 | .03 |
Net asset value, end of period | $ 36.31 | $ 38.37 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 |
Total Return B, C | (4.94)% | (42.06)% | 46.03% | 26.93% | 23.11% | 27.45% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.24% A | 1.03% | .96% | 1.00% | 1.08% | 1.20% |
Expenses net of fee waivers, if any | 1.24% A | 1.03% | .96% | 1.00% | 1.08% | 1.20% |
Expenses net of all reductions | 1.21% A | 1.00% | 94% | 97% | 1.04% | 1.15% |
Net investment income (loss) | 1.57% A | 1.00% | .94% | .74% | .55% | .34% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,443,639 | $ 2,776,298 | $ 4,890,617 | $ 3,136,927 | $ 1,722,516 | $ 413,319 |
Portfolio turnover rate F | 109% A | 63% | 42% | 50% | 24% | 47% |
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. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 38.31 | $ 70.25 | $ 54.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .27 | .52 | .25 |
Net realized and unrealized gain (loss) | (2.19) | (28.78) | 15.99 |
Total from investment operations | (1.92) | (28.26) | 16.24 |
Distributions from net investment income | (.14) | (.45) | - |
Distributions from net realized gain | - | (3.27) | - |
Total distributions | (.14) | (3.72) | - |
Redemption fees added to paid in capital D | - I | .04 | .01 |
Net asset value, end of period | $ 36.25 | $ 38.31 | $ 70.25 |
Total Return B, C | (4.95)% | (42.11)% | 30.09% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | 1.21% A | 1.11% | 1.01% A |
Expenses net of fee waivers, if any | 1.21% A | 1.11% | 1.01% A |
Expenses net of all reductions | 1.18% A | 1.08% | .99% A |
Net investment income (loss) | 1.61% A | .92% | .83% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 8,839 | $ 8,870 | $ 4,064 |
Portfolio turnover rate F | 109% A | 63% | 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. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Notes to Financial Statements
For the period ended April 30, 2009 (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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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, market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 305,646,744 |
Unrealized depreciation | (453,640,637) |
Net unrealized appreciation (depreciation) | $ (147,993,893) |
Cost for federal income tax purposes | $ 2,773,108,444 |
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.
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 $1,274,194,668 and $1,490,225,713, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .87% 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% | $ 59,317 | $ 1,452 |
Class T | .25% | .25% | 31,200 | 448 |
Class B | .75% | .25% | 24,273 | 18,255 |
Class C | .75% | .25% | 67,394 | 33,415 |
| | | $ 182,184 | $ 53,570 |
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 | $ 13,936 |
Class T | 2,962 |
Class B* | 9,254 |
Class C* | 6,725 |
| $ 32,877 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 71,268 | .30 |
Class T | 18,489 | .30 |
Class B | 7,138 | .29 |
Class C | 19,243 | .29 |
Canada | 3,556,257 | .31 |
Institutional Class | 10,970 | .27 |
| $ 3,683,365 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $4,503 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $7,769 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 $373,776 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 $236.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 107,706 | $ 171,586 |
Class T | - | 73,859 |
Class B | - | 8,835 |
Class C | - | 45,389 |
Canada | 10,039,163 | 28,579,259 |
Institutional Class | 32,940 | 37,051 |
Total | $ 10,179,809 | $ 28,915,979 |
From net realized gain | | |
Class A | $ - | $ 1,361,853 |
Class T | - | 736,334 |
Class B | - | 209,359 |
Class C | - | 549,710 |
Canada | - | 231,896,136 |
Institutional Class | - | 269,238 |
Total | $ - | $ 235,022,630 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 225,047 | 1,623,645 | $ 7,625,539 | $ 96,358,055 |
Reinvestment of distributions | 3,241 | 24,107 | 102,530 | 1,454,159 |
Shares redeemed | (328,770) | (473,393) | (10,668,743) | (24,545,534) |
Net increase (decrease) | (100,482) | 1,174,359 | $ (2,940,674) | $ 73,266,680 |
Class T | | | | |
Shares sold | 66,538 | 281,102 | $ 2,229,602 | $ 16,813,582 |
Reinvestment of distributions | - | 13,222 | - | 797,422 |
Shares redeemed | (108,495) | (108,759) | (3,493,084) | (5,550,777) |
Net increase (decrease) | (41,957) | 185,565 | $ (1,263,482) | $ 12,060,227 |
Class B | | | | |
Shares sold | 25,389 | 143,582 | $ 847,819 | $ 8,590,562 |
Reinvestment of distributions | - | 2,917 | - | 175,839 |
Shares redeemed | (28,668) | (56,743) | (939,147) | (3,089,676) |
Net increase (decrease) | (3,279) | 89,756 | $ (91,328) | $ 5,676,725 |
Class C | | | | |
Shares sold | 75,430 | 454,502 | $ 2,424,990 | $ 27,139,418 |
Reinvestment of distributions | - | 8,472 | - | 509,854 |
Shares redeemed | (122,470) | (146,400) | (4,002,089) | (7,449,898) |
Net increase (decrease) | (47,040) | 316,574 | $ (1,577,099) | $ 20,199,374 |
Canada | | | | |
Shares sold | 6,805,275 | 34,673,241 | $ 232,011,641 | $ 2,070,491,480 |
Reinvestment of distributions | 306,492 | 3,970,249 | 9,628,844 | 239,922,156 |
Shares redeemed | (12,161,010) | (35,906,020) | (398,811,969) | (1,927,559,508) |
Net increase (decrease) | (5,049,243) | 2,737,470 | $ (157,171,484) | $ 382,854,128 |
Institutional Class | | | | |
Shares sold | 84,701 | 377,605 | $ 2,874,667 | $ 22,481,855 |
Reinvestment of distributions | 737 | 4,721 | 23,131 | 285,066 |
Shares redeemed | (73,168) | (208,616) | (2,350,644) | (9,811,769) |
Net increase (decrease) | 12,270 | 173,710 | $ 547,154 | $ 12,955,152 |
Semiannual Report
Canada
Notes to Financial Statements (Unaudited) - continued
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, New York
ACANI-USAN-0609
1.843160.101
Fidelity Advisor
China Region Fund -
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2009
Class A, Class T, Class B, and Class C are
classes of Fidelity® China Region 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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
China Region
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 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.37% | | | |
Actual | | $ 1,000.00 | $ 1,167.80 | $ 7.36 |
Hypothetical A | | $ 1,000.00 | $ 1,018.00 | $ 6.85 |
Class T | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,166.10 | $ 8.86 |
Hypothetical A | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class B | 2.14% | | | |
Actual | | $ 1,000.00 | $ 1,163.50 | $ 11.48 |
Hypothetical A | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.14% | | | |
Actual | | $ 1,000.00 | $ 1,163.10 | $ 11.48 |
Hypothetical A | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
China Region | 1.16% | | | |
Actual | | $ 1,000.00 | $ 1,169.30 | $ 6.24 |
Hypothetical A | | $ 1,000.00 | $ 1,019.04 | $ 5.81 |
Institutional Class | 1.13% | | | |
Actual | | $ 1,000.00 | $ 1,168.80 | $ 6.08 |
Hypothetical A | | $ 1,000.00 | $ 1,019.19 | $ 5.66 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
China Region
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
 | Hong Kong | 34.5% | |
 | China | 33.9% | |
 | Taiwan | 22.1% | |
 | Cayman Islands | 5.4% | |
 | Singapore | 3.8% | |
 | United States of America | 0.2% | |
 | Bermuda | 0.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Hong Kong | 37.0% | |
| Taiwan | 29.4% | |
| China | 24.1% | |
| United States of America | 7.9% | |
| Cayman Islands | 1.4% | |
| Indonesia | 0.2% | |
| Bermuda | 0.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 99.8 | 92.1 |
Short-Term Investments and Net Other Assets | 0.2 | 7.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services) | 5.4 | 8.6 |
China Life Insurance Co. Ltd.
(H Shares) (Insurance) | 5.2 | 3.5 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 5.1 | 9.8 |
Industrial & Commercial Bank of China Ltd. (Commercial Banks) | 4.8 | 5.0 |
Cheung Kong Holdings Ltd. (Real Estate Management & Development) | 4.1 | 3.2 |
Bank of China (H Shares) (Commercial Banks) | 4.1 | 0.0 |
Yuanta Financial Holding Co. Ltd. (Diversified Financial Services) | 3.6 | 0.0 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Components) | 3.1 | 2.4 |
Hong Kong Exchange & Clearing Ltd. (Diversified Financial Services) | 3.0 | 1.7 |
Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | 2.9 | 1.2 |
| 41.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 46.7 | 27.7 |
Information Technology | 17.6 | 21.1 |
Energy | 7.0 | 8.5 |
Telecommunication Services | 7.0 | 17.6 |
Industrials | 6.8 | 3.6 |
Consumer Discretionary | 6.8 | 1.9 |
Materials | 2.1 | 2.2 |
Consumer Staples | 1.6 | 1.5 |
Utilities | 0.4 | 8.0 |
Semiannual Report
China Region
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.0% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 6.8% |
Auto Components - 0.5% |
Xinyi Glass Holdings Co. Ltd. | 7,414,000 | | $ 4,603,209 |
Automobiles - 1.2% |
Dongfeng Motor Group Co. Ltd.
(H Shares) | 13,322,000 | | 9,913,505 |
Geely Automobile Holdings Ltd. | 17,025,000 | | 2,283,910 |
| | 12,197,415 |
Distributors - 0.9% |
Li & Fung Ltd. | 3,278,000 | | 9,209,256 |
Household Durables - 0.3% |
Techtronic Industries Co. Ltd. | 5,535,000 | | 3,273,385 |
Leisure Equipment & Products - 0.2% |
Li Ning Co. Ltd. | 946,500 | | 1,936,976 |
Multiline Retail - 0.8% |
Golden Eagle Retail Group Ltd.
(H Shares) | 4,792,000 | | 3,868,171 |
New World Department Store China Ltd. | 4,351,000 | | 2,439,589 |
Parkson Retail Group Ltd. | 800,000 | | 1,004,692 |
| | 7,312,452 |
Specialty Retail - 1.4% |
Esprit Holdings Ltd. | 2,198,400 | | 13,470,141 |
Textiles, Apparel & Luxury Goods - 1.5% |
Anta Sports Products Ltd. | 6,661,000 | | 5,608,798 |
China Dongxiang Group Co. Ltd. | 13,030,000 | | 6,327,943 |
Weiqiao Textile Co. Ltd. (H Shares) | 8,223,500 | | 3,264,040 |
| | 15,200,781 |
TOTAL CONSUMER DISCRETIONARY | | 67,203,615 |
CONSUMER STAPLES - 1.6% |
Food & Staples Retailing - 1.2% |
Dairy Farm International Holdings Ltd. | 2,269,800 | | 12,234,222 |
Food Products - 0.0% |
Want Want China Holdings Ltd. | 234,000 | | 116,679 |
Personal Products - 0.4% |
Hengan International Group Co. Ltd. | 874,000 | | 3,644,944 |
TOTAL CONSUMER STAPLES | | 15,995,845 |
ENERGY - 7.0% |
Oil, Gas & Consumable Fuels - 7.0% |
China Petroleum & Chemical Corp.
(H Shares) | 27,576,000 | | 21,433,267 |
CNOOC Ltd. | 19,852,000 | | 22,161,168 |
PetroChina Co. Ltd. (H Shares) | 29,076,000 | | 25,341,742 |
| | 68,936,177 |
FINANCIALS - 46.7% |
Commercial Banks - 15.0% |
Bank of China (H Shares) | 108,039,000 | | 40,058,212 |
|
| Shares | | Value |
BOC Hong Kong Holdings Ltd. | 9,646,000 | | $ 13,623,837 |
China Construction Bank Corp.
(H Shares) | 46,778,000 | | 27,005,799 |
Chinatrust Financial Holding Co. Ltd. | 18,943,000 | | 8,655,416 |
Hang Seng Bank Ltd. | 971,400 | | 10,766,722 |
Industrial & Commercial Bank of China Ltd. | 83,059,000 | | 47,250,779 |
Wing Hang Bank Ltd. | 46,000 | | 271,641 |
| | 147,632,406 |
Diversified Financial Services - 7.4% |
China Everbright Ltd. | 4,172,000 | | 8,073,484 |
Hong Kong Exchange & Clearing Ltd. | 2,601,000 | | 29,959,309 |
Yuanta Financial Holding Co. Ltd. | 60,359,000 | | 35,287,646 |
| | 73,320,439 |
Insurance - 6.4% |
China Life Insurance Co. Ltd. (H Shares) | 14,603,000 | | 51,284,484 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 1,846,000 | | 11,403,663 |
| | 62,688,147 |
Real Estate Management & Development - 17.9% |
Cheung Kong Holdings Ltd. | 3,938,000 | | 40,622,825 |
China Overseas Land & Investment Ltd. | 12,555,920 | | 21,868,837 |
China Resources Land Ltd. | 10,952,000 | | 19,587,270 |
Farglory Land Development Co. Ltd. | 4,761,000 | | 6,103,214 |
Guangzhou R&F Properties Co. Ltd.
(H Shares) | 3,350,800 | | 5,387,933 |
Hang Lung Properties Ltd. | 5,650,000 | | 15,869,144 |
Henderson Land Development Co. Ltd. | 1,662,000 | | 7,741,623 |
Hysan Development Co. Ltd. | 992,000 | | 1,801,603 |
Kerry Properties Ltd. | 922,000 | | 2,784,107 |
New World China Land Ltd. | 5,163,200 | | 2,009,529 |
New World Development Co. Ltd. | 3,114,000 | | 4,072,916 |
Shimao Property Holdings Ltd. | 10,605,500 | | 11,778,249 |
Sino-Ocean Land Holdings Ltd. | 11,649,000 | | 8,560,316 |
Sun Hung Kai Properties Ltd. | 2,757,000 | | 28,501,192 |
| | 176,688,758 |
TOTAL FINANCIALS | | 460,329,750 |
INDUSTRIALS - 6.8% |
Airlines - 0.1% |
Air China Ltd. (H Shares) | 3,114,000 | | 1,455,451 |
Construction & Engineering - 0.7% |
China Communications Construction Co. Ltd. (H Shares) | 2,635,000 | | 3,125,319 |
China Railway Construction Corp. Ltd. (H Shares) (a) | 2,516,500 | | 3,477,227 |
| | 6,602,546 |
Electrical Equipment - 2.2% |
China High Speed Transmission Equipment Group Co. Ltd. | 5,074,000 | | 9,065,168 |
Young Fast Optoelectron Co. Ltd. | 1,454,000 | | 12,788,276 |
| | 21,853,444 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Industrial Conglomerates - 2.6% |
Beijing Enterprises Holdings Ltd. | 568,500 | | $ 2,499,122 |
Far Eastern Textile Ltd. | 6,426,000 | | 5,993,114 |
Hutchison Whampoa Ltd. | 2,961,000 | | 17,440,189 |
| | 25,932,425 |
Marine - 0.8% |
China Cosco Holdings Co. Ltd.
(H Shares) | 2,149,000 | | 1,740,410 |
Shun Tak Holdings Ltd. | 14,216,000 | | 6,273,308 |
| | 8,013,718 |
Transportation Infrastructure - 0.4% |
China Merchants Holdings International Co. Ltd. | 898,000 | | 2,112,334 |
Cosco Pacific Ltd. | 1,540,000 | | 1,461,434 |
| | 3,573,768 |
TOTAL INDUSTRIALS | | 67,431,352 |
INFORMATION TECHNOLOGY - 17.6% |
Communications Equipment - 0.5% |
ZTE Corp. (H Shares) | 1,348,820 | | 4,547,395 |
Computers & Peripherals - 1.8% |
Acer, Inc. | 7,146,000 | | 13,653,173 |
HTC Corp. | 329,000 | | 4,453,654 |
| | 18,106,827 |
Electronic Equipment & Components - 5.6% |
AU Optronics Corp. | 5,336,000 | | 5,674,916 |
BYD Co. Ltd. (H Shares) | 807,300 | | 2,120,824 |
Delta Electronics, Inc. | 2,048,000 | | 4,469,025 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 10,520,674 | | 30,363,018 |
Kingboard Chemical Holdings Ltd. | 436,500 | | 1,058,134 |
Kingboard Laminates Holdings Ltd. | 7,440,000 | | 2,945,544 |
Largan Precision Co. Ltd. | 1,030,000 | | 8,260,864 |
| | 54,892,325 |
Internet Software & Services - 2.1% |
Tencent Holdings Ltd. | 2,357,000 | | 20,832,618 |
Semiconductors & Semiconductor Equipment - 7.3% |
MediaTek, Inc. | 924,000 | | 9,606,327 |
Siliconware Precision Industries Co. Ltd. | 6,782,000 | | 8,793,879 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,608,443 | | 50,087,232 |
United Microelectronics Corp. | 8,894,000 | | 3,358,118 |
| | 71,845,556 |
|
| Shares | | Value |
Software - 0.3% |
Changyou.com Ltd. (A Shares) ADR | 107,430 | | $ 3,303,473 |
TOTAL INFORMATION TECHNOLOGY | | 173,528,194 |
MATERIALS - 2.1% |
Chemicals - 1.1% |
Formosa Plastics Corp. | 5,317,000 | | 9,364,890 |
Huabao International Holdings Ltd. | 1,205,000 | | 851,758 |
| | 10,216,648 |
Construction Materials - 0.7% |
Anhui Conch Cement Co. Ltd.
(H Shares) (a) | 554,000 | | 3,672,152 |
China National Building Materials Co. Ltd. (H Shares) | 1,540,000 | | 3,218,944 |
| | 6,891,096 |
Paper & Forest Products - 0.3% |
Shandong Chenming Paper Holdings Ltd.: | | | |
(B Shares) | 4,722,500 | | 2,327,720 |
(H Shares) | 2,104,500 | | 973,993 |
| | 3,301,713 |
TOTAL MATERIALS | | 20,409,457 |
TELECOMMUNICATION SERVICES - 7.0% |
Diversified Telecommunication Services - 1.5% |
China Telecom Corp. Ltd. (H Shares) | 29,024,000 | | 14,287,561 |
China Unicom (Hong Kong) Ltd. | 1,000 | | 1,159 |
| | 14,288,720 |
Wireless Telecommunication Services - 5.5% |
China Mobile (Hong Kong) Ltd. | 6,212,500 | | 53,646,379 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 2,234,000 | | 210,427 |
Hutchison Telecommunications International Ltd. | 2,234,000 | | 406,848 |
| | 54,263,654 |
TOTAL TELECOMMUNICATION SERVICES | | 68,552,374 |
UTILITIES - 0.4% |
Independent Power Producers & Energy Traders - 0.4% |
China Resources Power Holdings Co. Ltd. | 1,908,000 | | 4,275,569 |
TOTAL COMMON STOCKS (Cost $950,646,777) | 946,662,333 |
Government Obligations - 0.5% |
| Principal Amount | | |
U.S. Treasury Bills, yield at date of purchase 0.19% to 0.21% 5/14/09 to 5/21/09 (c)
(Cost $5,099,424) | $ 5,100,000 | | 5,099,899 |
Money Market Funds - 3.0% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $29,069,567) | 29,069,567 | | $ 29,069,567 |
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $984,815,768) | | 980,831,799 |
NET OTHER ASSETS - 0.5% | | 5,243,940 |
NET ASSETS - 100% | $ 986,075,739 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
1,595 MSCI Taiwan Stock Index Contracts (Singapore) | May 2009 | | $ 37,131,600 | | $ 3,325,561 |
The face value of futures purchased as a percentage of net assets - 3.8% |
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) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $4,399,908. |
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 | $ 188,670 |
Fidelity Securities Lending Cash Central Fund | 70,581 |
Total | $ 259,251 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 980,831,799 | $ 46,934,982 | $ 933,686,390 | $ 210,427 |
Other Financial Instruments* | $ 3,325,561 | $ 3,325,561 | $ - | $ - |
*Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 3,377,416 |
Total Realized Gain (Loss) | (2,615,311) |
Total Unrealized Gain (Loss) | 3,181,059 |
Cost of Purchases | 903,606 |
Proceeds of Sales | (4,636,343) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ 210,427 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $148,402,224 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
China Region
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $955,746,201) | $ 951,762,232 | |
Fidelity Central Funds (cost $29,069,567) | 29,069,567 | |
Total Investments (cost $984,815,768) | | $ 980,831,799 |
Foreign currency held at value (cost $5,067) | | 5,175 |
Receivable for investments sold | | 2,352,318 |
Receivable for fund shares sold | | 4,354,637 |
Dividends receivable | | 1,896,126 |
Distributions receivable from Fidelity Central Funds | | 16,861 |
Receivable for daily variation on futures contracts | | 3,891,800 |
Prepaid expenses | | 6,016 |
Other receivables | | 231,144 |
Total assets | | 993,585,876 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,526,050 | |
Payable for fund shares redeemed | 1,109,383 | |
Accrued management fee | 544,788 | |
Distribution fees payable | 1,519 | |
Other affiliated payables | 254,513 | |
Other payables and accrued expenses | 73,884 | |
Total liabilities | | 7,510,137 |
| | |
Net Assets | | $ 986,075,739 |
Net Assets consist of: | | |
Paid in capital | | $ 1,280,743,745 |
Undistributed net investment income | | 428,589 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (294,483,394) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (613,201) |
Net Assets | | $ 986,075,739 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,956,958 ÷ 101,560.1 shares) | | $ 19.27 |
| | |
Maximum offering price per share (100/94.25 of $19.27) | | $ 20.45 |
Class T:
Net Asset Value and redemption price per share ($765,300 ÷ 39,756.5 shares) | | $ 19.25 |
| | |
Maximum offering price per share (100/96.50 of $19.25) | | $ 19.95 |
Class B:
Net Asset Value and offering price per share ($494,927 ÷ 25,770.6 shares) A | | $ 19.21 |
| | |
Class C:
Net Asset Value and offering price per share ($1,029,147 ÷ 53,645.3 shares) A | | $ 19.18 |
| | |
| | |
China Region:
Net Asset Value, offering price and redemption price per share ($981,297,603 ÷ 50,827,371.5 shares) | | $ 19.31 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($531,804 ÷ 27,549.5 shares) | | $ 19.30 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 6,021,343 |
Interest | | 3,039 |
Income from Fidelity Central Funds (including $70,581 from security lending) | | 259,251 |
| | 6,283,633 |
Less foreign taxes withheld | | (91,131) |
Total income | | 6,192,502 |
| | |
Expenses | | |
Management fee | $ 2,759,937 | |
Transfer agent fees | 1,144,320 | |
Distribution fees | 4,576 | |
Accounting and security lending fees | 186,172 | |
Custodian fees and expenses | 266,287 | |
Independent trustees' compensation | 2,850 | |
Registration fees | 72,616 | |
Audit | 37,847 | |
Legal | 2,117 | |
Miscellaneous | 7,440 | |
Total expenses before reductions | 4,484,162 | |
Expense reductions | (376,148) | 4,108,014 |
Net investment income (loss) | | 2,084,488 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (148,995,318) | |
Foreign currency transactions | (521,053) | |
Futures contracts | 8,511,070 | |
Total net realized gain (loss) | | (141,005,301) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 269,544,710 | |
Assets and liabilities in foreign currencies | 78,938 | |
Futures contracts | 3,325,561 | |
Total change in net unrealized appreciation (depreciation) | | 272,949,209 |
Net gain (loss) | | 131,943,908 |
Net increase (decrease) in net assets resulting from operations | | $ 134,028,396 |
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,084,488 | $ 20,232,414 |
Net realized gain (loss) | (141,005,301) | (151,826,882) |
Change in net unrealized appreciation (depreciation) | 272,949,209 | (900,567,403) |
Net increase (decrease) in net assets resulting from operations | 134,028,396 | (1,032,161,871) |
Distributions to shareholders from net investment income | (7,631,813) | (15,794,709) |
Distributions to shareholders from net realized gain | - | (223,593,729) |
Total distributions | (7,631,813) | (239,388,438) |
Share transactions - net increase (decrease) | 118,304,742 | (34,409,565) |
Redemption fees | 191,192 | 2,616,118 |
Total increase (decrease) in net assets | 244,892,517 | (1,303,343,756) |
| | |
Net Assets | | |
Beginning of period | 741,183,222 | 2,044,526,978 |
End of period (including undistributed net investment income of $428,589 and undistributed net investment income of $6,027,366, respectively) | $ 986,075,739 | $ 741,183,222 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.67 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .28 |
Net realized and unrealized gain (loss) | 2.73 | (12.91) |
Total from investment operations | 2.76 | (12.63) |
Distributions from net investment income | (.16) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.27 | $ 16.67 |
Total Return B,C,D | 16.78% | (43.07)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 1.37% A | 1.44% A |
Expenses net of fee waivers, if any | 1.37% A | 1.44% A |
Expenses net of all reductions | 1.28% A | 1.30% A |
Net investment income (loss) | .33% A | 2.63% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,957 | $ 340 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.65 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | - J | .26 |
Net realized and unrealized gain (loss) | 2.74 | (12.91) |
Total from investment operations | 2.74 | (12.65) |
Distributions from net investment income | (.14) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.25 | $ 16.65 |
Total Return B,C,D | 16.61% | (43.14)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 1.65% A | 1.68% A |
Expenses net of fee waivers, if any | 1.65% A | 1.68% A |
Expenses net of all reductions | 1.55% A | 1.53% A |
Net investment income (loss) | .05% A | 2.40% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 765 | $ 107 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.61 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | (.04) | .20 |
Net realized and unrealized gain (loss) | 2.74 | (12.89) |
Total from investment operations | 2.70 | (12.69) |
Distributions from net investment income | (.10) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.21 | $ 16.61 |
Total Return B,C,D | 16.35% | (43.27)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 2.14% A | 2.17% A |
Expenses net of fee waivers, if any | 2.14% A | 2.17% A |
Expenses net of all reductions | 2.05% A | 2.02% A |
Net investment income (loss) | (.44)% A | 1.91% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 495 | $ 155 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.61 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | (.04) | .20 |
Net realized and unrealized gain (loss) | 2.73 | (12.89) |
Total from investment operations | 2.69 | (12.69) |
Distributions from net investment income | (.12) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.18 | $ 16.61 |
Total Return B,C,D | 16.31% | (43.27)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 2.14% A | 2.13% A |
Expenses net of fee waivers, if any | 2.14% A | 2.13% A |
Expenses net of all reductions | 2.04% A | 1.98% A |
Net investment income (loss) | (.44)% A | 1.95% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,029 | $ 233 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - China Region
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 16.69 | $ 41.52 | $ 22.94 | $ 17.74 | $ 15.88 | $ 15.14 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .39 | .46 | .42 | .36 | .25 |
Net realized and unrealized gain (loss) | 2.75 | (20.42) | 18.58 | 4.99 | 1.75 | .73 |
Total from investment operations | 2.79 | (20.03) | 19.04 | 5.41 | 2.11 | .98 |
Distributions from net investment income | (.17) | (.32) | (.29) | (.22) | (.26) | (.26) |
Distributions from net realized gain | - | (4.53) | (.20) | - | - | - |
Total distributions | (.17) | (4.85) | (.49) | (.22) | (.26) | (.26) |
Redemption fees added to paid in capital D | - H | .05 | .03 | .01 | .01 | .02 |
Net asset value, end of period | $ 19.31 | $ 16.69 | $ 41.52 | $ 22.94 | $ 17.74 | $ 15.88 |
Total Return B,C | 16.93% | (53.75)% | 84.73% | 30.83% | 13.44% | 6.71% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.16% A | 1.11% | 1.08% | 1.14% | 1.16% | 1.22% |
Expenses net of fee waivers, if any | 1.16% A | 1.11% | 1.08% | 1.14% | 1.16% | 1.22% |
Expenses net of all reductions | 1.06% A | .96% | .92% | 1.08% | 1.12% | 1.22% |
Net investment income (loss) | .54% A | 1.45% | 1.64% | 1.99% | 2.04% | 1.64% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 981,298 | $ 740,289 | $ 2,044,527 | $ 734,793 | $ 396,905 | $ 296,004 |
Portfolio turnover rate F | 153% A | 133% | 173% | 36% | 44% | 101% |
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. |
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.70 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) D | .05 | .34 |
Net realized and unrealized gain (loss) | 2.73 | (12.94) |
Total from investment operations | 2.78 | (12.60) |
Distributions from net investment income | (.18) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 19.30 | $ 16.70 |
Total Return B,C | 16.88% | (42.96)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | 1.13% A | 1.05% A |
Expenses net of fee waivers, if any | 1.13% A | 1.05% A |
Expenses net of all reductions | 1.03% A | .91% A |
Net investment income (loss) | .57% A | 3.02% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 532 | $ 60 |
Portfolio turnover rate F | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
China Region
Notes to Financial Statements
For the period ended April 30, 2009 (Unaudited)
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, China Region 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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 | $ 107,245,660 |
Unrealized depreciation | (119,557,541) |
Net unrealized appreciation (depreciation) | $ (12,311,881) |
Cost for federal income tax purposes | $ 993,143,680 |
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 March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods 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.
Semiannual Report
China Region
Notes to Financial Statements (Unaudited) - continued
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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $705,222,596 and $561,464,477, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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% | $ 846 | $ 132 |
Class T | .25% | .25% | 640 | 138 |
Class B | .75% | .25% | 1,051 | 858 |
Class C | .75% | .25% | 2,039 | 1,266 |
| | | $ 4,576 | $ 2,394 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 1,875 |
Class T | 1,045 |
Class B* | 9 |
Class C* | 38 |
| $ 2,967 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 906 | .26 |
Class T | 381 | .29 |
Class B | 304 | .29 |
Class C | 589 | .29 |
China Region | 1,141,887 | .30 |
Institutional Class | 253 | .26 |
| $ 1,144,320 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $199 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,296 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. At period end, there were no security loans outstanding. 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.
Semiannual Report
China Region
Notes to Financial Statements (Unaudited) - continued
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of China Region's operating expenses. During the period, this reimbursement reduced the class' expenses by $15,625.
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 $360,523 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 4,014 | $ - |
Class T | 973 | - |
Class B | 969 | - |
Class C | 1,793 | - |
China Region | 7,623,415 | 15,794,709 |
Institutional Class | 649 | - |
Total | $ 7,631,813 | $ 15,794,709 |
From net realized gain | | |
China Region | $ - | $ 223,593,729 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class A | | | | |
Shares sold | 85,138 | 30,242 | $ 1,466,163 | $ 750,104 |
Reinvestment of distributions | 220 | - | 3,532 | - |
Shares redeemed | (4,210) | (9,830) | (70,452) | (195,417) |
Net increase (decrease) | 81,148 | 20,412 | $ 1,399,243 | $ 554,687 |
Class T | | | | |
Shares sold | 33,651 | 6,603 | $ 578,396 | $ 171,008 |
Reinvestment of distributions | 61 | - | 973 | - |
Shares redeemed | (388) | (170) | (6,048) | (3,942) |
Net increase (decrease) | 33,324 | 6,433 | $ 573,321 | $ 167,066 |
Class B | | | | |
Shares sold | 17,905 | 9,379 | $ 316,093 | $ 239,439 |
Reinvestment of distributions | 60 | - | 969 | - |
Shares redeemed | (1,504) | (69) | (23,221) | (1,147) |
Net increase (decrease) | 16,461 | 9,310 | $ 293,841 | $ 238,292 |
Class C | | | | |
Shares sold | 41,170 | 16,209 | $ 714,711 | $ 359,453 |
Reinvestment of distributions | 112 | - | 1,793 | - |
Shares redeemed | (1,653) | (2,193) | (25,022) | (34,305) |
Net increase (decrease) | 39,629 | 14,016 | $ 691,482 | $ 325,148 |
China Region | | | | |
Shares sold | 12,544,768 | 24,232,728 | $ 214,152,440 | $ 702,714,867 |
Reinvestment of distributions | 454,390 | 7,102,996 | 7,297,501 | 228,787,494 |
Shares redeemed | (6,528,447) | (36,222,341) | (106,508,988) | (967,305,455) |
Net increase (decrease) | 6,470,711 | (4,886,617) | $ 114,940,953 | $ (35,803,094) |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Institutional Class | | | | |
Shares sold | 24,097 | 5,359 | $ 407,843 | $ 145,686 |
Reinvestment of distributions | 40 | - | 649 | - |
Shares redeemed | (155) | (1,791) | (2,590) | (37,350) |
Net increase (decrease) | 23,982 | 3,568 | $ 405,902 | $ 108,336 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(Hong Kong) 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
Brown Brothers Harriman & Co.,
Boston, MA
AHKC-USAN-0609
1.861461.100
Fidelity Advisor
China Region Fund -
Institutional Class
Semiannual Report
April 30, 2009
Institutional Class is a class of
Fidelity® China Region 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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
China Region
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 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.37% | | | |
Actual | | $ 1,000.00 | $ 1,167.80 | $ 7.36 |
Hypothetical A | | $ 1,000.00 | $ 1,018.00 | $ 6.85 |
Class T | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,166.10 | $ 8.86 |
Hypothetical A | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class B | 2.14% | | | |
Actual | | $ 1,000.00 | $ 1,163.50 | $ 11.48 |
Hypothetical A | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.14% | | | |
Actual | | $ 1,000.00 | $ 1,163.10 | $ 11.48 |
Hypothetical A | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
China Region | 1.16% | | | |
Actual | | $ 1,000.00 | $ 1,169.30 | $ 6.24 |
Hypothetical A | | $ 1,000.00 | $ 1,019.04 | $ 5.81 |
Institutional Class | 1.13% | | | |
Actual | | $ 1,000.00 | $ 1,168.80 | $ 6.08 |
Hypothetical A | | $ 1,000.00 | $ 1,019.19 | $ 5.66 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
China Region
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Hong Kong | 34.5% | |
| China | 33.9% | |
| Taiwan | 22.1% | |
| Cayman Islands | 5.4% | |
| Singapore | 3.8% | |
| United States of America | 0.2% | |
| Bermuda | 0.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Hong Kong | 37.0% | |
| Taiwan | 29.4% | |
| China | 24.1% | |
| United States of America | 7.9% | |
| Cayman Islands | 1.4% | |
| Indonesia | 0.2% | |
| Bermuda | 0.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 99.8 | 92.1 |
Short-Term Investments and Net Other Assets | 0.2 | 7.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services) | 5.4 | 8.6 |
China Life Insurance Co. Ltd.
(H Shares) (Insurance) | 5.2 | 3.5 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 5.1 | 9.8 |
Industrial & Commercial Bank of China Ltd. (Commercial Banks) | 4.8 | 5.0 |
Cheung Kong Holdings Ltd. (Real Estate Management & Development) | 4.1 | 3.2 |
Bank of China (H Shares) (Commercial Banks) | 4.1 | 0.0 |
Yuanta Financial Holding Co. Ltd. (Diversified Financial Services) | 3.6 | 0.0 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Components) | 3.1 | 2.4 |
Hong Kong Exchange & Clearing Ltd. (Diversified Financial Services) | 3.0 | 1.7 |
Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | 2.9 | 1.2 |
| 41.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 46.7 | 27.7 |
Information Technology | 17.6 | 21.1 |
Energy | 7.0 | 8.5 |
Telecommunication Services | 7.0 | 17.6 |
Industrials | 6.8 | 3.6 |
Consumer Discretionary | 6.8 | 1.9 |
Materials | 2.1 | 2.2 |
Consumer Staples | 1.6 | 1.5 |
Utilities | 0.4 | 8.0 |
Semiannual Report
China Region
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.0% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 6.8% |
Auto Components - 0.5% |
Xinyi Glass Holdings Co. Ltd. | 7,414,000 | | $ 4,603,209 |
Automobiles - 1.2% |
Dongfeng Motor Group Co. Ltd.
(H Shares) | 13,322,000 | | 9,913,505 |
Geely Automobile Holdings Ltd. | 17,025,000 | | 2,283,910 |
| | 12,197,415 |
Distributors - 0.9% |
Li & Fung Ltd. | 3,278,000 | | 9,209,256 |
Household Durables - 0.3% |
Techtronic Industries Co. Ltd. | 5,535,000 | | 3,273,385 |
Leisure Equipment & Products - 0.2% |
Li Ning Co. Ltd. | 946,500 | | 1,936,976 |
Multiline Retail - 0.8% |
Golden Eagle Retail Group Ltd.
(H Shares) | 4,792,000 | | 3,868,171 |
New World Department Store China Ltd. | 4,351,000 | | 2,439,589 |
Parkson Retail Group Ltd. | 800,000 | | 1,004,692 |
| | 7,312,452 |
Specialty Retail - 1.4% |
Esprit Holdings Ltd. | 2,198,400 | | 13,470,141 |
Textiles, Apparel & Luxury Goods - 1.5% |
Anta Sports Products Ltd. | 6,661,000 | | 5,608,798 |
China Dongxiang Group Co. Ltd. | 13,030,000 | | 6,327,943 |
Weiqiao Textile Co. Ltd. (H Shares) | 8,223,500 | | 3,264,040 |
| | 15,200,781 |
TOTAL CONSUMER DISCRETIONARY | | 67,203,615 |
CONSUMER STAPLES - 1.6% |
Food & Staples Retailing - 1.2% |
Dairy Farm International Holdings Ltd. | 2,269,800 | | 12,234,222 |
Food Products - 0.0% |
Want Want China Holdings Ltd. | 234,000 | | 116,679 |
Personal Products - 0.4% |
Hengan International Group Co. Ltd. | 874,000 | | 3,644,944 |
TOTAL CONSUMER STAPLES | | 15,995,845 |
ENERGY - 7.0% |
Oil, Gas & Consumable Fuels - 7.0% |
China Petroleum & Chemical Corp.
(H Shares) | 27,576,000 | | 21,433,267 |
CNOOC Ltd. | 19,852,000 | | 22,161,168 |
PetroChina Co. Ltd. (H Shares) | 29,076,000 | | 25,341,742 |
| | 68,936,177 |
FINANCIALS - 46.7% |
Commercial Banks - 15.0% |
Bank of China (H Shares) | 108,039,000 | | 40,058,212 |
|
| Shares | | Value |
BOC Hong Kong Holdings Ltd. | 9,646,000 | | $ 13,623,837 |
China Construction Bank Corp.
(H Shares) | 46,778,000 | | 27,005,799 |
Chinatrust Financial Holding Co. Ltd. | 18,943,000 | | 8,655,416 |
Hang Seng Bank Ltd. | 971,400 | | 10,766,722 |
Industrial & Commercial Bank of China Ltd. | 83,059,000 | | 47,250,779 |
Wing Hang Bank Ltd. | 46,000 | | 271,641 |
| | 147,632,406 |
Diversified Financial Services - 7.4% |
China Everbright Ltd. | 4,172,000 | | 8,073,484 |
Hong Kong Exchange & Clearing Ltd. | 2,601,000 | | 29,959,309 |
Yuanta Financial Holding Co. Ltd. | 60,359,000 | | 35,287,646 |
| | 73,320,439 |
Insurance - 6.4% |
China Life Insurance Co. Ltd. (H Shares) | 14,603,000 | | 51,284,484 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 1,846,000 | | 11,403,663 |
| | 62,688,147 |
Real Estate Management & Development - 17.9% |
Cheung Kong Holdings Ltd. | 3,938,000 | | 40,622,825 |
China Overseas Land & Investment Ltd. | 12,555,920 | | 21,868,837 |
China Resources Land Ltd. | 10,952,000 | | 19,587,270 |
Farglory Land Development Co. Ltd. | 4,761,000 | | 6,103,214 |
Guangzhou R&F Properties Co. Ltd.
(H Shares) | 3,350,800 | | 5,387,933 |
Hang Lung Properties Ltd. | 5,650,000 | | 15,869,144 |
Henderson Land Development Co. Ltd. | 1,662,000 | | 7,741,623 |
Hysan Development Co. Ltd. | 992,000 | | 1,801,603 |
Kerry Properties Ltd. | 922,000 | | 2,784,107 |
New World China Land Ltd. | 5,163,200 | | 2,009,529 |
New World Development Co. Ltd. | 3,114,000 | | 4,072,916 |
Shimao Property Holdings Ltd. | 10,605,500 | | 11,778,249 |
Sino-Ocean Land Holdings Ltd. | 11,649,000 | | 8,560,316 |
Sun Hung Kai Properties Ltd. | 2,757,000 | | 28,501,192 |
| | 176,688,758 |
TOTAL FINANCIALS | | 460,329,750 |
INDUSTRIALS - 6.8% |
Airlines - 0.1% |
Air China Ltd. (H Shares) | 3,114,000 | | 1,455,451 |
Construction & Engineering - 0.7% |
China Communications Construction Co. Ltd. (H Shares) | 2,635,000 | | 3,125,319 |
China Railway Construction Corp. Ltd. (H Shares) (a) | 2,516,500 | | 3,477,227 |
| | 6,602,546 |
Electrical Equipment - 2.2% |
China High Speed Transmission Equipment Group Co. Ltd. | 5,074,000 | | 9,065,168 |
Young Fast Optoelectron Co. Ltd. | 1,454,000 | | 12,788,276 |
| | 21,853,444 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Industrial Conglomerates - 2.6% |
Beijing Enterprises Holdings Ltd. | 568,500 | | $ 2,499,122 |
Far Eastern Textile Ltd. | 6,426,000 | | 5,993,114 |
Hutchison Whampoa Ltd. | 2,961,000 | | 17,440,189 |
| | 25,932,425 |
Marine - 0.8% |
China Cosco Holdings Co. Ltd.
(H Shares) | 2,149,000 | | 1,740,410 |
Shun Tak Holdings Ltd. | 14,216,000 | | 6,273,308 |
| | 8,013,718 |
Transportation Infrastructure - 0.4% |
China Merchants Holdings International Co. Ltd. | 898,000 | | 2,112,334 |
Cosco Pacific Ltd. | 1,540,000 | | 1,461,434 |
| | 3,573,768 |
TOTAL INDUSTRIALS | | 67,431,352 |
INFORMATION TECHNOLOGY - 17.6% |
Communications Equipment - 0.5% |
ZTE Corp. (H Shares) | 1,348,820 | | 4,547,395 |
Computers & Peripherals - 1.8% |
Acer, Inc. | 7,146,000 | | 13,653,173 |
HTC Corp. | 329,000 | | 4,453,654 |
| | 18,106,827 |
Electronic Equipment & Components - 5.6% |
AU Optronics Corp. | 5,336,000 | | 5,674,916 |
BYD Co. Ltd. (H Shares) | 807,300 | | 2,120,824 |
Delta Electronics, Inc. | 2,048,000 | | 4,469,025 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 10,520,674 | | 30,363,018 |
Kingboard Chemical Holdings Ltd. | 436,500 | | 1,058,134 |
Kingboard Laminates Holdings Ltd. | 7,440,000 | | 2,945,544 |
Largan Precision Co. Ltd. | 1,030,000 | | 8,260,864 |
| | 54,892,325 |
Internet Software & Services - 2.1% |
Tencent Holdings Ltd. | 2,357,000 | | 20,832,618 |
Semiconductors & Semiconductor Equipment - 7.3% |
MediaTek, Inc. | 924,000 | | 9,606,327 |
Siliconware Precision Industries Co. Ltd. | 6,782,000 | | 8,793,879 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,608,443 | | 50,087,232 |
United Microelectronics Corp. | 8,894,000 | | 3,358,118 |
| | 71,845,556 |
|
| Shares | | Value |
Software - 0.3% |
Changyou.com Ltd. (A Shares) ADR | 107,430 | | $ 3,303,473 |
TOTAL INFORMATION TECHNOLOGY | | 173,528,194 |
MATERIALS - 2.1% |
Chemicals - 1.1% |
Formosa Plastics Corp. | 5,317,000 | | 9,364,890 |
Huabao International Holdings Ltd. | 1,205,000 | | 851,758 |
| | 10,216,648 |
Construction Materials - 0.7% |
Anhui Conch Cement Co. Ltd.
(H Shares) (a) | 554,000 | | 3,672,152 |
China National Building Materials Co. Ltd. (H Shares) | 1,540,000 | | 3,218,944 |
| | 6,891,096 |
Paper & Forest Products - 0.3% |
Shandong Chenming Paper Holdings Ltd.: | | | |
(B Shares) | 4,722,500 | | 2,327,720 |
(H Shares) | 2,104,500 | | 973,993 |
| | 3,301,713 |
TOTAL MATERIALS | | 20,409,457 |
TELECOMMUNICATION SERVICES - 7.0% |
Diversified Telecommunication Services - 1.5% |
China Telecom Corp. Ltd. (H Shares) | 29,024,000 | | 14,287,561 |
China Unicom (Hong Kong) Ltd. | 1,000 | | 1,159 |
| | 14,288,720 |
Wireless Telecommunication Services - 5.5% |
China Mobile (Hong Kong) Ltd. | 6,212,500 | | 53,646,379 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 2,234,000 | | 210,427 |
Hutchison Telecommunications International Ltd. | 2,234,000 | | 406,848 |
| | 54,263,654 |
TOTAL TELECOMMUNICATION SERVICES | | 68,552,374 |
UTILITIES - 0.4% |
Independent Power Producers & Energy Traders - 0.4% |
China Resources Power Holdings Co. Ltd. | 1,908,000 | | 4,275,569 |
TOTAL COMMON STOCKS (Cost $950,646,777) | 946,662,333 |
Government Obligations - 0.5% |
| Principal Amount | | |
U.S. Treasury Bills, yield at date of purchase 0.19% to 0.21% 5/14/09 to 5/21/09 (c)
(Cost $5,099,424) | $ 5,100,000 | | 5,099,899 |
Money Market Funds - 3.0% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $29,069,567) | 29,069,567 | | $ 29,069,567 |
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $984,815,768) | | 980,831,799 |
NET OTHER ASSETS - 0.5% | | 5,243,940 |
NET ASSETS - 100% | $ 986,075,739 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
1,595 MSCI Taiwan Stock Index Contracts (Singapore) | May 2009 | | $ 37,131,600 | | $ 3,325,561 |
The face value of futures purchased as a percentage of net assets - 3.8% |
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) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $4,399,908. |
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 | $ 188,670 |
Fidelity Securities Lending Cash Central Fund | 70,581 |
Total | $ 259,251 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 980,831,799 | $ 46,934,982 | $ 933,686,390 | $ 210,427 |
Other Financial Instruments* | $ 3,325,561 | $ 3,325,561 | $ - | $ - |
*Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 3,377,416 |
Total Realized Gain (Loss) | (2,615,311) |
Total Unrealized Gain (Loss) | 3,181,059 |
Cost of Purchases | 903,606 |
Proceeds of Sales | (4,636,343) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ 210,427 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $148,402,224 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
China Region
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $955,746,201) | $ 951,762,232 | |
Fidelity Central Funds (cost $29,069,567) | 29,069,567 | |
Total Investments (cost $984,815,768) | | $ 980,831,799 |
Foreign currency held at value (cost $5,067) | | 5,175 |
Receivable for investments sold | | 2,352,318 |
Receivable for fund shares sold | | 4,354,637 |
Dividends receivable | | 1,896,126 |
Distributions receivable from Fidelity Central Funds | | 16,861 |
Receivable for daily variation on futures contracts | | 3,891,800 |
Prepaid expenses | | 6,016 |
Other receivables | | 231,144 |
Total assets | | 993,585,876 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,526,050 | |
Payable for fund shares redeemed | 1,109,383 | |
Accrued management fee | 544,788 | |
Distribution fees payable | 1,519 | |
Other affiliated payables | 254,513 | |
Other payables and accrued expenses | 73,884 | |
Total liabilities | | 7,510,137 |
| | |
Net Assets | | $ 986,075,739 |
Net Assets consist of: | | |
Paid in capital | | $ 1,280,743,745 |
Undistributed net investment income | | 428,589 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (294,483,394) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (613,201) |
Net Assets | | $ 986,075,739 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,956,958 ÷ 101,560.1 shares) | | $ 19.27 |
| | |
Maximum offering price per share (100/94.25 of $19.27) | | $ 20.45 |
Class T:
Net Asset Value and redemption price per share ($765,300 ÷ 39,756.5 shares) | | $ 19.25 |
| | |
Maximum offering price per share (100/96.50 of $19.25) | | $ 19.95 |
Class B:
Net Asset Value and offering price per share ($494,927 ÷ 25,770.6 shares) A | | $ 19.21 |
| | |
Class C:
Net Asset Value and offering price per share ($1,029,147 ÷ 53,645.3 shares) A | | $ 19.18 |
| | |
| | |
China Region:
Net Asset Value, offering price and redemption price per share ($981,297,603 ÷ 50,827,371.5 shares) | | $ 19.31 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($531,804 ÷ 27,549.5 shares) | | $ 19.30 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 6,021,343 |
Interest | | 3,039 |
Income from Fidelity Central Funds (including $70,581 from security lending) | | 259,251 |
| | 6,283,633 |
Less foreign taxes withheld | | (91,131) |
Total income | | 6,192,502 |
| | |
Expenses | | |
Management fee | $ 2,759,937 | |
Transfer agent fees | 1,144,320 | |
Distribution fees | 4,576 | |
Accounting and security lending fees | 186,172 | |
Custodian fees and expenses | 266,287 | |
Independent trustees' compensation | 2,850 | |
Registration fees | 72,616 | |
Audit | 37,847 | |
Legal | 2,117 | |
Miscellaneous | 7,440 | |
Total expenses before reductions | 4,484,162 | |
Expense reductions | (376,148) | 4,108,014 |
Net investment income (loss) | | 2,084,488 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (148,995,318) | |
Foreign currency transactions | (521,053) | |
Futures contracts | 8,511,070 | |
Total net realized gain (loss) | | (141,005,301) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 269,544,710 | |
Assets and liabilities in foreign currencies | 78,938 | |
Futures contracts | 3,325,561 | |
Total change in net unrealized appreciation (depreciation) | | 272,949,209 |
Net gain (loss) | | 131,943,908 |
Net increase (decrease) in net assets resulting from operations | | $ 134,028,396 |
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,084,488 | $ 20,232,414 |
Net realized gain (loss) | (141,005,301) | (151,826,882) |
Change in net unrealized appreciation (depreciation) | 272,949,209 | (900,567,403) |
Net increase (decrease) in net assets resulting from operations | 134,028,396 | (1,032,161,871) |
Distributions to shareholders from net investment income | (7,631,813) | (15,794,709) |
Distributions to shareholders from net realized gain | - | (223,593,729) |
Total distributions | (7,631,813) | (239,388,438) |
Share transactions - net increase (decrease) | 118,304,742 | (34,409,565) |
Redemption fees | 191,192 | 2,616,118 |
Total increase (decrease) in net assets | 244,892,517 | (1,303,343,756) |
| | |
Net Assets | | |
Beginning of period | 741,183,222 | 2,044,526,978 |
End of period (including undistributed net investment income of $428,589 and undistributed net investment income of $6,027,366, respectively) | $ 986,075,739 | $ 741,183,222 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.67 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .28 |
Net realized and unrealized gain (loss) | 2.73 | (12.91) |
Total from investment operations | 2.76 | (12.63) |
Distributions from net investment income | (.16) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.27 | $ 16.67 |
Total Return B,C,D | 16.78% | (43.07)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 1.37% A | 1.44% A |
Expenses net of fee waivers, if any | 1.37% A | 1.44% A |
Expenses net of all reductions | 1.28% A | 1.30% A |
Net investment income (loss) | .33% A | 2.63% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,957 | $ 340 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.65 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | - J | .26 |
Net realized and unrealized gain (loss) | 2.74 | (12.91) |
Total from investment operations | 2.74 | (12.65) |
Distributions from net investment income | (.14) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.25 | $ 16.65 |
Total Return B,C,D | 16.61% | (43.14)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 1.65% A | 1.68% A |
Expenses net of fee waivers, if any | 1.65% A | 1.68% A |
Expenses net of all reductions | 1.55% A | 1.53% A |
Net investment income (loss) | .05% A | 2.40% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 765 | $ 107 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.61 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | (.04) | .20 |
Net realized and unrealized gain (loss) | 2.74 | (12.89) |
Total from investment operations | 2.70 | (12.69) |
Distributions from net investment income | (.10) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.21 | $ 16.61 |
Total Return B,C,D | 16.35% | (43.27)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 2.14% A | 2.17% A |
Expenses net of fee waivers, if any | 2.14% A | 2.17% A |
Expenses net of all reductions | 2.05% A | 2.02% A |
Net investment income (loss) | (.44)% A | 1.91% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 495 | $ 155 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.61 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) E | (.04) | .20 |
Net realized and unrealized gain (loss) | 2.73 | (12.89) |
Total from investment operations | 2.69 | (12.69) |
Distributions from net investment income | (.12) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 19.18 | $ 16.61 |
Total Return B,C,D | 16.31% | (43.27)% |
Ratios to Average Net Assets F,I | | |
Expenses before reductions | 2.14% A | 2.13% A |
Expenses net of fee waivers, if any | 2.14% A | 2.13% A |
Expenses net of all reductions | 2.04% A | 1.98% A |
Net investment income (loss) | (.44)% A | 1.95% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,029 | $ 233 |
Portfolio turnover rate G | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - China Region
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 16.69 | $ 41.52 | $ 22.94 | $ 17.74 | $ 15.88 | $ 15.14 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .39 | .46 | .42 | .36 | .25 |
Net realized and unrealized gain (loss) | 2.75 | (20.42) | 18.58 | 4.99 | 1.75 | .73 |
Total from investment operations | 2.79 | (20.03) | 19.04 | 5.41 | 2.11 | .98 |
Distributions from net investment income | (.17) | (.32) | (.29) | (.22) | (.26) | (.26) |
Distributions from net realized gain | - | (4.53) | (.20) | - | - | - |
Total distributions | (.17) | (4.85) | (.49) | (.22) | (.26) | (.26) |
Redemption fees added to paid in capital D | - H | .05 | .03 | .01 | .01 | .02 |
Net asset value, end of period | $ 19.31 | $ 16.69 | $ 41.52 | $ 22.94 | $ 17.74 | $ 15.88 |
Total Return B,C | 16.93% | (53.75)% | 84.73% | 30.83% | 13.44% | 6.71% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.16% A | 1.11% | 1.08% | 1.14% | 1.16% | 1.22% |
Expenses net of fee waivers, if any | 1.16% A | 1.11% | 1.08% | 1.14% | 1.16% | 1.22% |
Expenses net of all reductions | 1.06% A | .96% | .92% | 1.08% | 1.12% | 1.22% |
Net investment income (loss) | .54% A | 1.45% | 1.64% | 1.99% | 2.04% | 1.64% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 981,298 | $ 740,289 | $ 2,044,527 | $ 734,793 | $ 396,905 | $ 296,004 |
Portfolio turnover rate F | 153% A | 133% | 173% | 36% | 44% | 101% |
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. |
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 16.70 | $ 29.28 |
Income from Investment Operations | | |
Net investment income (loss) D | .05 | .34 |
Net realized and unrealized gain (loss) | 2.73 | (12.94) |
Total from investment operations | 2.78 | (12.60) |
Distributions from net investment income | (.18) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 19.30 | $ 16.70 |
Total Return B,C | 16.88% | (42.96)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | 1.13% A | 1.05% A |
Expenses net of fee waivers, if any | 1.13% A | 1.05% A |
Expenses net of all reductions | 1.03% A | .91% A |
Net investment income (loss) | .57% A | 3.02% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 532 | $ 60 |
Portfolio turnover rate F | 153% A | 133% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
China Region
Notes to Financial Statements
For the period ended April 30, 2009 (Unaudited)
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, China Region 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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 | $ 107,245,660 |
Unrealized depreciation | (119,557,541) |
Net unrealized appreciation (depreciation) | $ (12,311,881) |
Cost for federal income tax purposes | $ 993,143,680 |
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 March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods 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.
Semiannual Report
China Region
Notes to Financial Statements (Unaudited) - continued
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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $705,222,596 and $561,464,477, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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% | $ 846 | $ 132 |
Class T | .25% | .25% | 640 | 138 |
Class B | .75% | .25% | 1,051 | 858 |
Class C | .75% | .25% | 2,039 | 1,266 |
| | | $ 4,576 | $ 2,394 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 1,875 |
Class T | 1,045 |
Class B* | 9 |
Class C* | 38 |
| $ 2,967 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 906 | .26 |
Class T | 381 | .29 |
Class B | 304 | .29 |
Class C | 589 | .29 |
China Region | 1,141,887 | .30 |
Institutional Class | 253 | .26 |
| $ 1,144,320 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $199 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,296 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. At period end, there were no security loans outstanding. 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.
Semiannual Report
China Region
Notes to Financial Statements (Unaudited) - continued
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of China Region's operating expenses. During the period, this reimbursement reduced the class' expenses by $15,625.
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 $360,523 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 4,014 | $ - |
Class T | 973 | - |
Class B | 969 | - |
Class C | 1,793 | - |
China Region | 7,623,415 | 15,794,709 |
Institutional Class | 649 | - |
Total | $ 7,631,813 | $ 15,794,709 |
From net realized gain | | |
China Region | $ - | $ 223,593,729 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class A | | | | |
Shares sold | 85,138 | 30,242 | $ 1,466,163 | $ 750,104 |
Reinvestment of distributions | 220 | - | 3,532 | - |
Shares redeemed | (4,210) | (9,830) | (70,452) | (195,417) |
Net increase (decrease) | 81,148 | 20,412 | $ 1,399,243 | $ 554,687 |
Class T | | | | |
Shares sold | 33,651 | 6,603 | $ 578,396 | $ 171,008 |
Reinvestment of distributions | 61 | - | 973 | - |
Shares redeemed | (388) | (170) | (6,048) | (3,942) |
Net increase (decrease) | 33,324 | 6,433 | $ 573,321 | $ 167,066 |
Class B | | | | |
Shares sold | 17,905 | 9,379 | $ 316,093 | $ 239,439 |
Reinvestment of distributions | 60 | - | 969 | - |
Shares redeemed | (1,504) | (69) | (23,221) | (1,147) |
Net increase (decrease) | 16,461 | 9,310 | $ 293,841 | $ 238,292 |
Class C | | | | |
Shares sold | 41,170 | 16,209 | $ 714,711 | $ 359,453 |
Reinvestment of distributions | 112 | - | 1,793 | - |
Shares redeemed | (1,653) | (2,193) | (25,022) | (34,305) |
Net increase (decrease) | 39,629 | 14,016 | $ 691,482 | $ 325,148 |
China Region | | | | |
Shares sold | 12,544,768 | 24,232,728 | $ 214,152,440 | $ 702,714,867 |
Reinvestment of distributions | 454,390 | 7,102,996 | 7,297,501 | 228,787,494 |
Shares redeemed | (6,528,447) | (36,222,341) | (106,508,988) | (967,305,455) |
Net increase (decrease) | 6,470,711 | (4,886,617) | $ 114,940,953 | $ (35,803,094) |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Institutional Class | | | | |
Shares sold | 24,097 | 5,359 | $ 407,843 | $ 145,686 |
Reinvestment of distributions | 40 | - | 649 | - |
Shares redeemed | (155) | (1,791) | (2,590) | (37,350) |
Net increase (decrease) | 23,982 | 3,568 | $ 405,902 | $ 108,336 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.,
Boston, MA
AHKCI-USAN-0609
1.861453.100
Fidelity®
Emerging Markets
Fund -
Class K
Semiannual Report
April 30, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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
Emerging Markets
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Emerging Markets | 1.14% | | | |
Actual | | $ 1,000.00 | $ 1,077.20 | $ 5.87 |
HypotheticalA | | $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class K | .91% | | | |
Actual | | $ 1,000.00 | $ 1,078.60 | $ 4.69 |
HypotheticalA | | $ 1,000.00 | $ 1,020.28 | $ 4.56 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Emerging Markets
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Brazil | 13.1% | |
| Korea (South) | 11.9% | |
| China | 9.6% | |
| Taiwan | 8.8% | |
| South Africa | 8.0% | |
| Russia | 6.6% | |
| India | 6.5% | |
| Hong Kong | 6.3% | |
| Indonesia | 3.9% | |
| Other | 25.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2008 |
| Brazil | 15.0% | |
| South Africa | 9.3% | |
| Russia | 8.9% | |
| Korea (South) | 8.5% | |
| China | 6.6% | |
| India | 6.5% | |
| United States of America | 5.7% | |
| Taiwan | 5.5% | |
| Hong Kong | 4.9% | |
| Other | 29.1% | |
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 | 97.9 | 95.1 |
Short-Term Investments and Net Other Assets | 2.1 | 4.9 |
Top Ten Stocks as of April 30, 2009 |
| % 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) | 3.8 | 3.6 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining) | 2.7 | 2.7 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 2.5 | 2.7 |
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services) | 2.3 | 2.2 |
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals) | 2.0 | 0.5 |
Industrial & Commercial Bank of China Ltd. (China, Commercial Banks) | 2.0 | 1.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.9 | 0.0 |
America Movil SAB de CV
Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 1.8 | 1.9 |
China Construction Bank Corp. (H Shares) (China, Commercial Banks) | 1.7 | 1.8 |
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 1.6 | 3.2 |
| 22.3 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.0 | 24.9 |
Energy | 14.5 | 15.7 |
Information Technology | 14.3 | 10.0 |
Materials | 12.6 | 11.2 |
Consumer Discretionary | 9.3 | 4.9 |
Telecommunication Services | 8.8 | 10.3 |
Industrials | 5.6 | 5.9 |
Consumer Staples | 5.0 | 6.0 |
Utilities | 3.3 | 4.8 |
Health Care | 2.5 | 1.4 |
Semiannual Report
Emerging Markets
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% |
| Shares | | Value |
Australia - 0.2% |
Sino Gold Mining Ltd. (a) | 1,099,122 | | $ 4,355,485 |
Austria - 0.4% |
Erste Bank AG (d) | 260,400 | | 5,431,962 |
Raiffeisen International Bank-Holding AG (d) | 129,400 | | 4,459,619 |
TOTAL AUSTRIA | | 9,891,581 |
Bermuda - 1.5% |
Aquarius Platinum Ltd. (a) | 250,391 | | 928,502 |
Aquarius Platinum Ltd.: | | | |
(Australia) | 2,253,523 | | 8,356,537 |
(United Kingdom) (a) | 731,222 | | 2,755,316 |
Credicorp Ltd. (NY Shares) | 216,700 | | 10,839,334 |
Huabao International Holdings Ltd. | 4,530,000 | | 3,202,044 |
Ports Design Ltd. | 5,846,500 | | 8,878,280 |
TOTAL BERMUDA | | 34,960,013 |
Brazil - 13.1% |
America Latina Logistica SA unit | 1,736,400 | | 8,924,363 |
Banco ABC Brasil SA | 804,300 | | 2,574,407 |
Banco Bradesco SA: | | | |
(PN) | 2,090,100 | | 25,995,437 |
(PN) sponsored ADR | 67,000 | | 822,760 |
Companhia de Saneamento de Minas Gerais | 19,364 | | 209,936 |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) | 572,600 | | 8,617,630 |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d) | 990,400 | | 18,342,208 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 4,512,300 | | 61,953,882 |
GVT Holding SA (a) | 667,300 | | 8,824,306 |
Itau Unibanco Banco Multiplo SA ADR | 243,542 | | 3,343,832 |
Localiza Rent a Car SA | 240,400 | | 1,246,547 |
Lojas Renner SA | 264,500 | | 2,401,962 |
MRV Engenharia e Participacoes SA | 615,700 | | 6,112,095 |
Net Servicos de Comunicacao SA sponsored ADR (d) | 1,268,366 | | 10,324,499 |
OGX Petroleo e Gas Participacoes SA | 36,000 | | 15,127,753 |
PDG Realty S.A. Empreendimentos e Participacoes | 605,100 | | 5,771,685 |
Perdigao SA (ON) | 464,900 | | 6,855,678 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) (non-vtg.) | 3,175,400 | | 43,007,544 |
(PN) sponsored ADR (non-vtg.) | 1,628,100 | | 43,926,138 |
sponsored ADR | 334,900 | | 11,242,593 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 1,121,779 | | 9,804,348 |
TOTAL BRAZIL | | 295,429,603 |
Canada - 0.3% |
Addax Petroleum, Inc. | 253,400 | | 6,973,942 |
|
| Shares | | Value |
Cayman Islands - 1.3% |
Anta Sports Products Ltd. | 4,560,000 | | $ 3,839,681 |
Chaoda Modern Agriculture (Holdings) Ltd. | 11,371,905 | | 6,430,265 |
China Dongxiang Group Co. Ltd. | 18,345,000 | | 8,909,141 |
Integra Group Holdings unit (a) | 2,905,100 | | 4,879,406 |
Want Want China Holdings Ltd. | 6,432,400 | | 3,207,377 |
Yingli Green Energy Holding Co. Ltd. ADR (a)(d) | 321,600 | | 2,244,768 |
TOTAL CAYMAN ISLANDS | | 29,510,638 |
China - 9.6% |
Baidu.com, Inc. sponsored ADR (a) | 44,100 | | 10,270,890 |
China BlueChemical Ltd. (H shares) | 4,412,000 | | 2,340,380 |
China Coal Energy Co. Ltd. (H Shares) | 7,758,700 | | 6,621,675 |
China Construction Bank Corp. (H Shares) | 67,368,000 | | 38,892,785 |
China Gas Holdings Ltd. | 15,880,000 | | 2,912,230 |
China Merchants Bank Co. Ltd. (H Shares) | 7,864,500 | | 14,051,707 |
China National Materials Co. Ltd. (a) | 3,005,000 | | 2,284,279 |
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares) | 16,773,000 | | 7,524,855 |
China Yurun Food Group Ltd. | 6,719,000 | | 7,957,711 |
Golden Eagle Retail Group Ltd. (H Shares) (d) | 13,396,000 | | 10,813,442 |
Industrial & Commercial Bank of China Ltd. | 79,901,000 | | 45,454,250 |
NetEase.com, Inc. sponsored ADR (a) | 72,400 | | 2,185,032 |
PICC Property & Casualty Co. Ltd. (H Shares) (a) | 11,420,000 | | 6,446,042 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 3,401,000 | | 21,009,674 |
Shanda Interactive Entertainment Ltd. sponsored ADR (a) | 90,700 | | 4,338,181 |
Tencent Holdings Ltd. | 1,813,200 | | 16,026,178 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 1,602,950 | | 7,005,363 |
ZTE Corp. (H Shares) | 3,291,080 | | 11,095,507 |
TOTAL CHINA | | 217,230,181 |
Cyprus - 0.0% |
XXI Century Investments Public Ltd. (a) | 332,965 | | 162,922 |
Czech Republic - 1.6% |
Ceske Energeticke Zavody AS | 502,400 | | 20,740,316 |
Komercni Banka AS (d) | 105,200 | | 14,251,007 |
Philip Morris CR AS | 1,502 | | 404,118 |
TOTAL CZECH REPUBLIC | | 35,395,441 |
Egypt - 0.8% |
Commercial International Bank Ltd. sponsored GDR | 1,439,719 | | 9,934,061 |
Eastern Tobacco Co. | 106,882 | | 2,940,488 |
Telecom Egypt SAE | 1,971,000 | | 5,548,466 |
TOTAL EGYPT | | 18,423,015 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - 6.3% |
China Mobile (Hong Kong) Ltd. | 6,016,900 | | $ 51,957,325 |
China Overseas Land & Investment Ltd. | 7,550,000 | | 13,149,950 |
China Resources Power Holdings Co. Ltd. | 6,241,500 | | 13,986,354 |
CNOOC Ltd. | 25,752,000 | | 28,747,451 |
CNPC (Hong Kong) Ltd. | 23,346,000 | | 11,583,492 |
Hong Kong Exchange & Clearing Ltd. | 389,900 | | 4,491,017 |
Shanghai Industrial Holdings Ltd. (H Shares) | 3,141,000 | | 10,701,896 |
Sino-Ocean Land Holdings Ltd. | 9,831,500 | | 7,224,718 |
TOTAL HONG KONG | | 141,842,203 |
Hungary - 0.6% |
OTP Bank Ltd. (a) | 1,040,000 | | 13,599,137 |
India - 6.5% |
Bharat Heavy Electricals Ltd. | 437,498 | | 14,663,414 |
Bharti Airtel Ltd. (a) | 789,704 | | 12,035,844 |
DLF Ltd. | 968,134 | | 4,516,444 |
Educomp Solutions Ltd. | 133,429 | | 6,704,845 |
Housing Development Finance Corp. Ltd. | 702,668 | | 24,575,989 |
ICICI Bank Ltd. | 1,759,035 | | 17,129,695 |
Infosys Technologies Ltd. sponsored ADR | 767,600 | | 23,649,756 |
ITC Ltd. | 1,500 | | 5,724 |
Jain Irrigation Systems Ltd. | 719,177 | | 7,280,442 |
Mahindra & Mahindra Ltd. | 756,877 | | 7,475,791 |
Maruti Suzuki India Ltd. | 338,125 | | 5,586,166 |
Power Finance Corp. Ltd. | 739,047 | | 2,303,027 |
Reliance Industries Ltd. | 242,641 | | 8,893,225 |
Rural Electrification Corp. Ltd. | 1,132,196 | | 2,366,325 |
Tata Power Co. Ltd. | 570,489 | | 10,359,421 |
TOTAL INDIA | | 147,546,108 |
Indonesia - 3.9% |
PT Astra International Tbk | 10,323,500 | | 17,489,289 |
PT Bank Central Asia Tbk | 35,680,500 | | 11,249,894 |
PT Bank Rakyat Indonesia Tbk | 33,185,000 | | 18,115,174 |
PT Bumi Resources Tbk | 62,344,000 | | 8,684,185 |
PT Perusahaan Gas Negara Tbk Series B | 61,120,600 | | 14,956,626 |
PT Telkomunikasi Indonesia Tbk: | | | |
Series B | 19,015,500 | | 14,049,152 |
sponsored ADR (d) | 87,400 | | 2,511,876 |
TOTAL INDONESIA | | 87,056,196 |
Ireland - 0.3% |
Dragon Oil PLC (a) | 1,750,860 | | 6,651,882 |
Israel - 3.6% |
Cellcom Israel Ltd. | 290,100 | | 6,321,279 |
Check Point Software Technologies Ltd. (a) | 416,700 | | 9,654,939 |
Israel Chemicals Ltd. | 1,685,400 | | 14,173,234 |
|
| Shares | | Value |
Nice Systems Ltd. sponsored ADR (a) | 170,448 | | $ 4,365,173 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,040,400 | | 45,663,156 |
TOTAL ISRAEL | | 80,177,781 |
Italy - 0.4% |
UniCredit SpA | 3,403,700 | | 8,285,723 |
Kazakhstan - 0.6% |
JSC Halyk Bank of Kazakhstan unit | 851,400 | | 3,150,180 |
KazMunaiGas Exploration & Production JSC (Reg. S) GDR | 617,059 | | 10,958,968 |
TOTAL KAZAKHSTAN | | 14,109,148 |
Korea (South) - 11.9% |
Hana Financial Group, Inc. | 924,030 | | 15,978,930 |
Hynix Semiconductor, Inc. (a) | 809,330 | | 9,119,216 |
Hyundai Engineering & Construction Co. Ltd. | 163,572 | | 7,743,436 |
Hyundai Heavy Industries Co. Ltd. | 32,202 | | 5,795,355 |
Hyundai Industrial Development & Construction Co. | 348,490 | | 10,907,361 |
Hyundai Mobis | 244,657 | | 18,799,162 |
Hyundai Motor Co. | 322,127 | | 17,265,814 |
Korea Exchange Bank | 1,422,780 | | 8,126,995 |
LG Electronics, Inc. | 203,245 | | 16,857,575 |
MegaStudy Co. Ltd. | 53,231 | | 9,038,445 |
NHN Corp. (a) | 112,396 | | 13,675,733 |
POSCO | 61,534 | | 19,115,031 |
POSCO sponsored ADR (d) | 146,700 | | 11,291,499 |
Samsung C&T Corp. | 179,130 | | 6,209,282 |
Samsung Card Co. Ltd. | 76,760 | | 2,300,399 |
Samsung Electronics Co. Ltd. | 119,800 | | 55,494,237 |
Samsung Securities Co. Ltd. | 107,818 | | 5,559,632 |
Shinhan Financial Group Co. Ltd. | 1,080,240 | | 26,829,682 |
Taewoong Co. Ltd. | 119,920 | | 8,867,328 |
TOTAL KOREA (SOUTH) | | 268,975,112 |
Luxembourg - 0.4% |
ArcelorMittal SA (NY Shares) Class A | 89,000 | | 2,098,620 |
Evraz Group SA GDR | 512,300 | | 6,736,745 |
TOTAL LUXEMBOURG | | 8,835,365 |
Malaysia - 0.0% |
DiGi.com Bhd | 51,200 | | 320,719 |
Parkson Holdings Bhd | 10,410 | | 12,164 |
Public Bank Bhd | 4,609 | | 10,810 |
TOTAL MALAYSIA | | 343,693 |
Mexico - 3.3% |
America Movil SAB de CV Series L sponsored ADR | 1,219,800 | | 40,070,430 |
Corporacion Geo SA de CV Series B (a) | 2,415,200 | | 3,164,751 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 441,700 | | 12,504,527 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Grupo Televisa SA de CV (CPO) sponsored ADR | 699,741 | | $ 10,831,991 |
Wal-Mart de Mexico SA de CV Series V | 3,257,700 | | 8,884,315 |
TOTAL MEXICO | | 75,456,014 |
Netherlands - 0.2% |
X5 Retail Group NV GDR (Reg. S) (a) | 357,250 | | 4,787,150 |
Papua New Guinea - 0.3% |
Oil Search Ltd. | 1,720,345 | | 6,416,926 |
Peru - 0.5% |
Compania de Minas Buenaventura SA sponsored ADR | 525,200 | | 11,113,232 |
Russia - 6.6% |
Bank St. Petersburg OJSC | 221,969 | | 189,690 |
Lukoil Oil Co. sponsored ADR | 728,710 | | 32,150,685 |
Magnit OJSC GDR (Reg. S) (a) | 829,400 | | 6,593,730 |
Mobile TeleSystems OJSC sponsored ADR | 456,400 | | 15,125,096 |
OAO Gazprom sponsored ADR | 2,089,059 | | 36,976,344 |
OJSC MMC Norilsk Nickel sponsored ADR | 1,234,280 | | 10,182,810 |
OJSC Oil Company Rosneft GDR (Reg. S) | 3,962,000 | | 20,439,578 |
Polymetal JSC GDR (Reg. S) (a) | 1,041,600 | | 6,404,393 |
RusHydro OJSC (a) | 106,670,400 | | 2,935,847 |
Sberbank (Savings Bank of the Russian Federation) | 11,179,800 | | 9,221,334 |
Uralkali JSC | 1,542,600 | | 3,623,612 |
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)(d) | 122,175 | | 5,457,557 |
TOTAL RUSSIA | | 149,300,676 |
Singapore - 0.2% |
Singapore Exchange Ltd. | 809,000 | | 3,426,160 |
South Africa - 8.0% |
Absa Group Ltd. | 1,135,671 | | 13,101,274 |
African Bank Investments Ltd. | 3,731,999 | | 11,828,703 |
African Rainbow Minerals Ltd. | 762,561 | | 10,305,589 |
AngloGold Ashanti Ltd. | 366,600 | | 11,264,589 |
AngloGold Ashanti Ltd. sponsored ADR | 52,000 | | 1,601,600 |
Aspen Pharmacare Holdings Ltd. | 1,838,877 | | 9,333,925 |
Aveng Ltd. | 2,765,000 | | 10,577,682 |
Exxaro Resources Ltd. | 293,657 | | 2,153,534 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 672,600 | | 6,268,632 |
Illovo Sugar Ltd. | 2,331,176 | | 7,118,062 |
Impala Platinum Holdings Ltd. | 650,298 | | 12,428,936 |
JD Group Ltd. | 2,543,062 | | 10,194,218 |
Mr. Price Group Ltd. | 4,017,571 | | 12,301,164 |
MTN Group Ltd. | 2,696,800 | | 35,023,405 |
Mvelaphanda Resources Ltd. (a) | 1,001,846 | | 3,640,201 |
New Clicks Holdings Ltd. | 1,209,000 | | 2,332,013 |
|
| Shares | | Value |
Raubex Group Ltd. | 3,580,386 | | $ 9,243,114 |
Shoprite Holdings Ltd. | 1,796,835 | | 10,768,018 |
TOTAL SOUTH AFRICA | | 179,484,659 |
Taiwan - 8.8% |
Acer, Inc. | 7,972,000 | | 15,231,331 |
Advanced Semiconductor Engineering, Inc. | 7,156,000 | | 3,971,383 |
Advanced Semiconductor Engineering, Inc. sponsored ADR | 2,894,400 | | 8,770,032 |
Asia Cement Corp. | 12,057,000 | | 12,410,157 |
Chinatrust Financial Holding Co. Ltd. | 9,741,000 | | 4,450,848 |
First Financial Holding Co. Ltd. | 12,717,588 | | 6,715,066 |
Fubon Financial Holding Co. Ltd. | 7,182,000 | | 5,564,972 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 9,593,302 | | 27,686,592 |
HTC Corp. | 1,411,300 | | 19,104,688 |
MediaTek, Inc. | 1,668,000 | | 17,341,292 |
Siliconware Precision Industries Co. Ltd. | 11,277,633 | | 14,623,141 |
Taiwan Mobile Co. Ltd. | 4,067,000 | | 6,419,909 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 15,017,000 | | 25,403,564 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,599,162 | | 16,903,142 |
United Microelectronics Corp. | 9,849,000 | | 3,718,699 |
United Microelectronics Corp. sponsored ADR (d) | 1,838,700 | | 5,608,035 |
Wistron Corp. | 4,141,000 | | 5,235,754 |
TOTAL TAIWAN | | 199,158,605 |
Thailand - 1.1% |
Minor International PCL (For. Reg.) | 1,316,574 | | 238,800 |
PTT Exploration & Production PCL (For. Reg.) | 3,355,100 | | 9,841,373 |
Siam Commercial Bank PCL (For. Reg.) | 8,170,500 | | 13,951,329 |
Total Access Communication PCL (For. Reg.) | 105,200 | | 83,480 |
TOTAL THAILAND | | 24,114,982 |
Turkey - 2.9% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 1,392,665 | | 9,921,188 |
Bim Birlesik Magazalar AS JSC | 136,310 | | 3,747,939 |
Enka Insaat ve Sanayi AS | 1,930,963 | | 8,265,644 |
Tofas Turk Otomobil Fabrikasi AS | 2,912,293 | | 3,530,604 |
Tupras-Turkiye Petrol Rafinerileri AS | 713,700 | | 7,135,885 |
Turkiye Garanti Bankasi AS (a) | 9,490,895 | | 19,927,766 |
Turkiye Halk Bankasi | 1,363,000 | | 4,769,755 |
Turkiye Is Bankasi AS Series C | 2,686,000 | | 7,754,613 |
TOTAL TURKEY | | 65,053,394 |
United Kingdom - 1.3% |
Cairn Energy PLC (a) | 239,416 | | 7,503,583 |
Hikma Pharmaceuticals PLC | 353,723 | | 2,028,520 |
Randgold Resources Ltd. sponsored ADR | 182,500 | | 8,833,000 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Standard Chartered PLC (United Kingdom) | 388,400 | | $ 6,006,025 |
Xstrata PLC | 570,600 | | 5,028,615 |
TOTAL UNITED KINGDOM | | 29,399,743 |
United States of America - 1.4% |
Central European Distribution Corp. (a) | 532,030 | | 11,917,472 |
CTC Media, Inc. (a) | 1,236,617 | | 9,695,077 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 253,700 | | 10,820,305 |
TOTAL UNITED STATES OF AMERICA | | 32,432,854 |
TOTAL COMMON STOCKS (Cost $2,190,779,224) | 2,209,899,564 |
Money Market Funds - 2.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 23,230,562 | | $ 23,230,562 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 35,820,209 | | 35,820,209 |
TOTAL MONEY MARKET FUNDS (Cost $59,050,771) | 59,050,771 |
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $2,249,829,995) | | 2,268,950,335 |
NET OTHER ASSETS - (0.5)% | | (11,045,212) |
NET ASSETS - 100% | $ 2,257,905,123 |
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 | $ 246,675 |
Fidelity Securities Lending Cash Central Fund | 482,763 |
Total | $ 729,438 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,268,950,335 | $ 1,305,769,446 | $ 963,180,889 | $ - |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 10,123,190 |
Total Realized Gain (Loss) | (4,456,897) |
Total Unrealized Gain (Loss) | 3,830,789 |
Cost of Purchases | 376,985 |
Proceeds of Sales | (1,189,882) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | (8,684,185) |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $515,443,831 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $35,914,120) - See accompanying schedule: Unaffiliated issuers (cost $2,190,779,224) | $ 2,209,899,564 | |
Fidelity Central Funds (cost $59,050,771) | 59,050,771 | |
Total Investments (cost $2,249,829,995) | | $ 2,268,950,335 |
Cash | | 796,172 |
Foreign currency held at value (cost $1,618,623) | | 1,613,276 |
Receivable for investments sold | | 54,182,240 |
Receivable for fund shares sold | | 5,089,440 |
Dividends receivable | | 7,952,668 |
Interest receivable | | 5,675 |
Distributions receivable from Fidelity Central Funds | | 81,629 |
Prepaid expenses | | 18,020 |
Other receivables | | 1,425,898 |
Total assets | | 2,340,115,353 |
| | |
Liabilities | | |
Payable for investments purchased | $ 41,827,615 | |
Payable for fund shares redeemed | 2,540,934 | |
Accrued management fee | 1,280,483 | |
Other affiliated payables | 576,492 | |
Other payables and accrued expenses | 164,497 | |
Collateral on securities loaned, at value | 35,820,209 | |
Total liabilities | | 82,210,230 |
| | |
Net Assets | | $ 2,257,905,123 |
Net Assets consist of: | | |
Paid in capital | | $ 3,602,287,730 |
Undistributed net investment income | | 3,636,434 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,367,088,725) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 19,069,684 |
Net Assets | | $ 2,257,905,123 |
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Emerging Markets:
Net Asset Value, offering price and redemption price per share ($2,114,979,107 ÷ 146,151,285 shares) | | $ 14.47 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($142,926,016 ÷ 9,889,012 shares) | | $ 14.45 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 21,168,449 |
Interest | | 20,777 |
Income from Fidelity Central Funds (including $482,763 from security lending) | | 729,438 |
| | 21,918,664 |
Less foreign taxes withheld | | (1,612,900) |
Total income | | 20,305,764 |
| | |
Expenses | | |
Management fee | $ 7,034,333 | |
Transfer agent fees | 2,673,372 | |
Accounting and security lending fees | 439,229 | |
Custodian fees and expenses | 718,084 | |
Independent trustees' compensation | 7,336 | |
Registration fees | 48,056 | |
Audit | 69,773 | |
Legal | 6,807 | |
Interest | 941 | |
Miscellaneous | 22,184 | |
Total expenses before reductions | 11,020,115 | |
Expense reductions | (467,847) | 10,552,268 |
Net investment income (loss) | | 9,753,496 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (813,813,637) | |
Foreign currency transactions | (3,155,199) | |
Total net realized gain (loss) | | (816,968,836) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $984,917) | 945,494,368 | |
Assets and liabilities in foreign currencies | 948,583 | |
Total change in net unrealized appreciation (depreciation) | | 946,442,951 |
Net gain (loss) | | 129,474,115 |
Net increase (decrease) in net assets resulting from operations | | $ 139,227,611 |
Statement of Changes in Net Assets
| Six months ended
April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,753,496 | $ 78,601,138 |
Net realized gain (loss) | (816,968,836) | (545,285,593) |
Change in net unrealized appreciation (depreciation) | 946,442,951 | (3,581,772,253) |
Net increase (decrease) in net assets resulting from operations | 139,227,611 | (4,048,456,708) |
Distributions to shareholders from net investment income | (37,630,351) | (34,024,353) |
Distributions to shareholders from net realized gain | - | (245,333,468) |
Total distributions | (37,630,351) | (279,357,821) |
Share transactions - net increase (decrease) | (17,989,715) | (112,421,513) |
Redemption fees | 673,897 | 4,815,140 |
Total increase (decrease) in net assets | 84,281,442 | (4,435,420,902) |
| | |
Net Assets | | |
Beginning of period | 2,173,623,681 | 6,609,044,583 |
End of period (including undistributed net investment income of $3,636,434 and undistributed net investment income of $43,729,580, respectively) | $ 2,257,905,123 | $ 2,173,623,681 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.71 | $ 37.55 | $ 22.04 | $ 15.71 | $ 11.30 | $ 9.81 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .42 G | .25 | .21 | .21 | .14 |
Net realized and unrealized gain (loss) | .94 | (22.73) | 15.44 | 6.31 | 4.30 | 1.46 |
Total from investment operations | 1.00 | (22.31) | 15.69 | 6.52 | 4.51 | 1.60 |
Distributions from net investment income | (.24) | (.19) | (.20) | (.21) | (.11) | (.12) |
Distributions from net realized gain | - | (1.37) | - | - | - | - |
Total distributions | (.24) | (1.56) | (.20) | (.21) | (.11) | (.12) |
Redemption fees added to paid in capital D | - I | .03 | .02 | .02 | .01 | .01 |
Net asset value, end of period | $ 14.47 | $ 13.71 | $ 37.55 | $ 22.04 | $ 15.71 | $ 11.30 |
Total Return B,C | 7.72% | (61.84)% | 71.81% | 41.96% | 40.25% | 16.48% |
Ratios to Average Net Assets E,H | | | | | | |
Expenses before reductions | 1.14% A | 1.07% | 1.05% | 1.11% | 1.16% | 1.23% |
Expenses net of fee waivers, if any | 1.14% A | 1.07% | 1.05% | 1.11% | 1.16% | 1.23% |
Expenses net of all reductions | 1.09% A | 1.02% | .99% | 1.01% | 1.07% | 1.18% |
Net investment income (loss) | .98% A | 1.47% G | .89% | 1.04% | 1.53% | 1.27% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,114,979 | $ 2,086,196 | $ 6,609,045 | $ 3,005,145 | $ 1,392,223 | $ 604,550 |
Portfolio turnover rate F | 112% A | 63% | 52% | 66% | 68% | 112% |
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 Investment income per share reflects a special dividend which amounted to $.09 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.17%. 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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
Financial Highlights - Class K
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 13.72 | $ 31.99 |
Income from Investment Operations | | |
Net investment income (loss) D | .08 | .15 G |
Net realized and unrealized gain (loss) | .93 | (18.43) |
Total from investment operations | 1.01 | (18.28) |
Distributions from net investment income | (.28) | - |
Redemption fees added to paid in capital D | - J | .01 |
Net asset value, end of period | $ 14.45 | $ 13.72 |
Total Return B,C | 7.86% | (57.11)% |
Ratios to Average Net Assets E,I | | |
Expenses before reductions | .91% A | .92% A |
Expenses net of fee waivers, if any | .91% A | .92% A |
Expenses net of all reductions | .86% A | .87% A |
Net investment income (loss) | 1.21% A | 2.02% A,G |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 142,926 | $ 87,427 |
Portfolio turnover rate F | 112% A | 63% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%. H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
Emerging Markets
Notes to Financial Statements
For the period ended April 30, 2009 (Unaudited)
1. Organization.
Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Emerging Markets and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. After the commencement of Class K, the Fund began offering conversion privileges between Emerging Markets and Class K to eligible shareholders of Emerging Markets. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 332,632,306 |
Unrealized depreciation | (382,630,239) |
Net unrealized appreciation (depreciation) | $ (49,997,933) |
Cost for federal income tax purposes | $ 2,318,948,268 |
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.
Semiannual Report
Emerging Markets
Notes to Financial Statements (Unaudited) - continued
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 $1,095,389,112 and $1,085,095,409, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .72% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Emerging Markets. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Emerging Markets | $ 2,642,060 | .28 |
Class K | 31,312 | .06 |
| $ 2,673,372 | |
* 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.
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 | $ 9,891,875 | .43% | $ 941 |
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $6,184 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
9. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Emerging Market's operating expenses. During the period, this reimbursement reduced the class' expenses by $5,065.
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 $462,489 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 $293.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Emerging Markets | $ 35,658,333 | $ 34,024,353 |
Class K | 1,972,018 | - |
Total | $ 37,630,351 | $ 34,024,353 |
From net realized gain | | |
Emerging Markets | $ - | $ 245,333,468 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended April 30,
2009 | Year ended
October 31,
2008 A |
Emerging Markets | | | | |
Shares sold | 24,842,261 | 88,151,350 | $ 316,133,716 | $ 2,616,256,871 |
Conversion to Class K | (2,095,288) | (6,470,724) | (24,961,409) | (122,161,593) |
Reinvestment of distributions | 2,953,743 | 7,825,864 | 34,381,577 | 270,227,076 |
Shares redeemed | (31,714,162) | (113,371,134) | (386,713,661) | (2,997,083,479) |
Net increase (decrease) | (6,013,446) | (23,864,644) | $ (61,159,777) | $ (232,761,125) |
Class K | | | | |
Shares sold | 2,665,111 | 379,643 | $ 33,663,594 | $ 5,848,087 |
Conversion from Emerging Markets | 2,096,883 | 6,466,184 | 24,961,409 | 122,161,593 |
Reinvestment of distributions | 169,855 | - | 1,972,018 | - |
Shares redeemed | (1,413,075) | (475,589) | (17,426,959) | (7,670,068) |
Net increase (decrease) | 3,518,774 | 6,370,238 | $ 43,170,062 | $ 120,339,612 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
Semiannual Report
Emerging Markets
Notes to Financial Statements (Unaudited) - continued
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodians
JPMorgan Chase Bank
New York, NY
Fidelity's International Equity Funds
International Capital Appreciation Fund
Canada Fund
China Region Fund
Diversified International Fund
Emerging Markets Fund
Europe Fund
Europe Capital Appreciation Fund
Global Balanced Fund
Global Commodity Stock 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
EMF-K-USAN-0609
1.863017.100
Fidelity®
Emerging Europe,
Middle East, Africa (EMEA)
Fund
Semiannual Report
April 30, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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://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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008
to April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,171.40 | $ 8.08 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,168.60 | $ 9.41 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,169.10 | $ 12.10 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,169.10 | $ 12.10 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Emerging Europe, Middle East, Africa (EMEA) | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,173.10 | $ 6.74 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,173.10 | $ 6.74 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
 | South Africa 34.5% | |
 | Russia 27.3% | |
 | United States of America* 10.3% | |
 | Israel 6.7% | |
 | Egypt 4.3% | |
 | Czech Republic 4.3% | |
 | Nigeria 2.5% | |
 | Turkey 2.4% | |
 | Canada 1.9% | |
 | Other 5.8% | |
As of October 31, 2008 |
| South Africa 38.1% | |
| Russia 30.8% | |
| Israel 7.2% | |
| Czech Republic 5.7% | |
| United States of America* 3.9% | |
| Egypt 3.4% | |
| Turkey 2.4% | |
| Kenya 2.2% | |
| Nigeria 2.0% | |
| Other 4.3% | |
* Includes short-term investments and net other assets.
Semiannual Report
Asset Allocation |
| % of fund's
net assets | % of fund's net assets 6 months ago |
Stocks and Investment Companies | 90.0 | 96.1 |
Short-Term Investments and Net Other Assets | 10.0 | 3.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets 6 months ago |
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels) | 11.8 | 13.9 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 8.3 | 8.9 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 6.2 | 6.5 |
Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 6.0 | 6.4 |
Teva Pharmaceutical Industries Ltd. (Israel, Pharmaceuticals) | 5.9 | 6.7 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks) | 3.7 | 2.6 |
Egyptian Co. for Mobile Services (MobiNil) (Egypt, Wireless Telecommunication Services) | 3.3 | 2.2 |
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities) | 3.2 | 4.5 |
Raubex Group Ltd. (South Africa, Construction & Engineering) | 3.1 | 3.6 |
Harmony Gold Mining Co. Ltd. (South Africa, Metals & Mining) | 3.1 | 4.4 |
| 54.6 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets 6 months ago |
Energy | 27.5 | 29.4 |
Materials | 15.8 | 16.3 |
Telecommunication Services | 14.1 | 16.1 |
Financials | 7.9 | 4.4 |
Consumer Staples | 6.2 | 7.0 |
Health Care | 6.2 | 6.7 |
Industrials | 5.7 | 9.1 |
Utilities | 3.2 | 4.7 |
Consumer Discretionary | 1.4 | 1.0 |
Information Technology | 0.5 | 0.3 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 88.5% |
| Shares | | Value |
Australia - 0.5% |
Coal of Africa Ltd. (a) | 184,100 | | $ 182,911 |
International Ferro Metals | 149,500 | | 81,466 |
TOTAL AUSTRALIA | | 264,377 |
Canada - 0.4% |
Addax Petroleum, Inc. | 5,000 | | 137,607 |
Westernzagros Resources Ltd. (a) | 127,500 | | 84,412 |
TOTAL CANADA | | 222,019 |
Cayman Islands - 1.4% |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 93,300 | | 677,526 |
Czech Republic - 4.3% |
Ceske Energeticke Zavody AS | 39,350 | | 1,624,465 |
Telefonica O2 Czech Republic AS | 24,913 | | 537,022 |
TOTAL CZECH REPUBLIC | | 2,161,487 |
Egypt - 4.3% |
EFG-Hermes Holding SAE | 74,200 | | 260,767 |
Egyptian Co. for Mobile Services (MobiNil) | 44,544 | | 1,634,229 |
Orascom Construction Industries SAE | 9,580 | | 273,899 |
TOTAL EGYPT | | 2,168,895 |
Israel - 6.7% |
Bezeq Israeli Telecommunication Corp. Ltd. | 93,600 | | 147,754 |
Mizrahi Tefahot Bank Ltd. | 40,700 | | 227,361 |
Teva Pharmaceutical Industries Ltd. | 67,100 | | 2,972,907 |
TOTAL ISRAEL | | 3,348,022 |
Kenya - 1.7% |
Athi River Mining Ltd. | 283,422 | | 287,921 |
British American Tobacco Kenya Ltd. | 80,500 | | 144,133 |
East African Breweries Ltd. | 265,118 | | 400,623 |
TOTAL KENYA | | 832,677 |
Nigeria - 2.5% |
Guaranty Trust Bank PLC (Reg. S) unit | 226,017 | | 802,360 |
Nigerian Breweries PLC | 911,706 | | 264,888 |
Zenith Bank PLC | 1,940,000 | | 188,757 |
TOTAL NIGERIA | | 1,256,005 |
Russia - 27.3% |
Comstar United TeleSystems OJSC GDR (Reg. S) | 81,000 | | 352,590 |
Lukoil Oil Co. | 5,800 | | 258,881 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Lukoil Oil Co. sponsored ADR | 68,500 | | $ 3,005,946 |
Novolipetsk Iron & Steel Corp. | 19,000 | | 287,212 |
OAO Gazprom | 1,319,100 | | 5,880,929 |
OAO NOVATEK | 45,100 | | 148,819 |
OAO NOVATEK GDR | 3,200 | | 112,193 |
OAO Tatneft | 112,800 | | 324,666 |
OJSC MMC Norilsk Nickel | 1,500 | | 123,712 |
Polymetal JSC GDR (Reg. S) (a) | 149,550 | | 919,525 |
Sberbank (Savings Bank of the Russian Federation) | 2,217,000 | | 1,828,628 |
Sberbank (Savings Bank of the Russian Federation) GDR | 1,100 | | 154,538 |
Wimm-Bill-Dann Foods OJSC sponsored ADR (a) | 5,700 | | 254,619 |
TOTAL RUSSIA | | 13,652,258 |
South Africa - 34.5% |
Africa Cellular Towers Ltd. (a) | 2,702,300 | | 279,720 |
African Rainbow Minerals Ltd. | 25,200 | | 340,564 |
AngloGold Ashanti Ltd. | 20,800 | | 639,126 |
Aspen Pharmacare Holdings Ltd. | 30,300 | | 153,799 |
Austro Group Ltd. | 411,000 | | 23,088 |
Aveng Ltd. | 76,800 | | 293,803 |
Buildworks Group Ltd. (a) | 1,145,000 | | 50,841 |
Cashbuild Ltd. | 17,200 | | 131,973 |
DRDGOLD Ltd. | 923,454 | | 734,146 |
Exxaro Resources Ltd. | 142,600 | | 1,045,757 |
Gold Fields Ltd. | 67,100 | | 698,133 |
Harmony Gold Mining Co. Ltd. (a) | 164,600 | | 1,532,782 |
Kumba Iron Ore Ltd. | 7,700 | | 146,871 |
MTN Group Ltd. | 320,150 | | 4,157,796 |
Murray & Roberts Holdings Ltd. | 136,500 | | 762,080 |
New Clicks Holdings Ltd. | 171,000 | | 329,838 |
Paracon Holdings Ltd. | 1,953,200 | | 253,047 |
Raubex Group Ltd. | 608,800 | | 1,571,676 |
Sasol Ltd. | 102,900 | | 3,099,260 |
Shoprite Holdings Ltd. | 162,300 | | 972,627 |
Woolworths Holdings Ltd. | 35,400 | | 49,951 |
TOTAL SOUTH AFRICA | | 17,266,878 |
Turkey - 2.4% |
Bim Birlesik Magazalar AS JSC | 38,000 | | 1,044,837 |
Eregli Demir ve Celik Fabrikalari TAS | 71,000 | | 172,148 |
TOTAL TURKEY | | 1,216,985 |
Common Stocks - continued |
| Shares | | Value |
United Arab Emirates - 0.9% |
Dubai Financial Market PJSC | 1,203,976 | | $ 429,394 |
United Kingdom - 0.8% |
Randgold Resources Ltd. sponsored ADR | 8,300 | | 401,720 |
United States of America - 0.3% |
CTC Media, Inc. (a) | 15,900 | | 124,656 |
Zambia - 0.5% |
Celtel Zambia Ltd. | 2,790,201 | | 177,783 |
Zambeef Products PLC | 97,000 | | 51,504 |
TOTAL ZAMBIA | | 229,287 |
TOTAL COMMON STOCKS (Cost $63,885,467) | 44,252,186 |
Investment Companies - 1.5% |
| | | |
Canada - 1.5% |
Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a)
(Cost $827,933) | 57,600 | | 759,311 |
Money Market Funds - 10.3% |
| | | |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $5,154,795) | 5,154,795 | | 5,154,795 |
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $69,868,195) | | 50,166,292 |
NET OTHER ASSETS - (0.3)% | | (170,403) |
NET ASSETS - 100% | $ 49,995,889 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 5,539 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 50,166,292 | $ 18,559,872 | $ 31,606,420 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $9,997,975 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $64,713,400) | $ 45,011,497 | |
Fidelity Central Funds (cost $5,154,795) | 5,154,795 | |
Total Investments (cost $69,868,195) | | $ 50,166,292 |
Receivable for investments sold | | 788,679 |
Receivable for fund shares sold | | 412,823 |
Dividends receivable | | 56,029 |
Distributions receivable from Fidelity Central Funds | | 1,243 |
Prepaid expenses | | 284 |
Receivable from investment adviser for expense reductions | | 44,609 |
Other receivables | | 5,344 |
Total assets | | 51,475,303 |
| | |
Liabilities | | |
Payable to custodian bank | $ 299,550 | |
Payable for investments purchased | 1,060,446 | |
Payable for fund shares redeemed | 32,787 | |
Accrued management fee | 30,930 | |
Distribution fees payable | 1,942 | |
Other affiliated payables | 12,491 | |
Other payables and accrued expenses | 41,268 | |
Total liabilities | | 1,479,414 |
| | |
Net Assets | | $ 49,995,889 |
Net Assets consist of: | | |
Paid in capital | | $ 85,025,846 |
Undistributed net investment income | | 72,819 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (15,399,975) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (19,702,801) |
Net Assets | | $ 49,995,889 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($2,037,505 ÷ 368,166 shares) | | $ 5.53 |
| | |
Maximum offering price per share (100/94.25 of $5.53) | | $ 5.87 |
Class T:
Net Asset Value and redemption price per share ($823,377 ÷ 148,789 shares) | | $ 5.53 |
| | |
Maximum offering price per share (100/96.50 of $5.53) | | $ 5.73 |
Class B:
Net Asset Value and offering price per share
($578,856 ÷ 104,730 shares)A | | $ 5.53 |
| | |
Class C:
Net Asset Value and offering price per share ($1,116,236 ÷ 201,958 shares)A | | $ 5.53 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($42,437,458 ÷ 7,662,187 shares) | | $ 5.54 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,002,457 ÷ 542,132 shares) | | $ 5.54 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 382,469 |
Interest | | 6 |
Income from Fidelity Central Funds | | 5,539 |
| | 388,014 |
Less foreign taxes withheld | | (11,415) |
Total income | | 376,599 |
| | |
Expenses | | |
Management fee | $ 155,038 | |
Transfer agent fees | 54,665 | |
Distribution fees | 9,781 | |
Accounting fees and expenses | 9,818 | |
Custodian fees and expenses | 31,149 | |
Independent trustees' compensation | 134 | |
Registration fees | 101,722 | |
Audit | 28,882 | |
Legal | 14 | |
Miscellaneous | 302 | |
Total expenses before reductions | 391,505 | |
Expense reductions | (145,453) | 246,052 |
Net investment income (loss) | | 130,547 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (5,132,758) | |
Foreign currency transactions | 2,278 | |
Total net realized gain (loss) | | (5,130,480) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 11,671,474 | |
Assets and liabilities in foreign currencies | 857 | |
Total change in net unrealized appreciation (depreciation) | | 11,672,331 |
Net gain (loss) | | 6,541,851 |
Net increase (decrease) in net assets resulting from operations | | $ 6,672,398 |
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, 2009
(Unaudited) | For the period
May 8, 2008
(commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 130,547 | $ 351,784 |
Net realized gain (loss) | (5,130,480) | (10,405,654) |
Change in net unrealized appreciation (depreciation) | 11,672,331 | (31,375,132) |
Net increase (decrease) in net assets resulting from operations | 6,672,398 | (41,429,002) |
Distributions to shareholders from net investment income | (273,102) | - |
Share transactions - net increase (decrease) | 5,185,882 | 79,670,886 |
Redemption fees | 16,651 | 152,176 |
Total increase (decrease) in net assets | 11,601,829 | 38,394,060 |
| | |
Net Assets | | |
Beginning of period | 38,394,060 | - |
End of period (including undistributed net investment income of $72,819 and undistributed net investment income of $215,625, respectively) | $ 49,995,889 | $ 38,394,060 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.75 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .01 | .04 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .81 | (5.27) |
Distributions from net investment income | (.03) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.75 |
Total Return B, C, D | 17.14% | (52.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.26% A | 2.50% A |
Expenses net of fee waivers, if any | 1.50% A | 1.50% A |
Expenses net of all reductions | 1.49% A | 1.23% A |
Net investment income (loss) | .49% A | 1.20% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,038 | $ 1,368 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.75 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .01 | .04 |
Net realized and unrealized gain (loss) | .79 | (5.31) |
Total from investment operations | .80 | (5.27) |
Distributions from net investment income | (.02) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.75 |
Total Return B, C, D | 16.86% | (52.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.52% A | 2.78% A |
Expenses net of fee waivers, if any | 1.75% A | 1.75% A |
Expenses net of all reductions | 1.74% A | 1.49% A |
Net investment income (loss) | .24% A | .95% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 823 | $ 568 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.73 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.01) | .02 |
Net realized and unrealized gain (loss) | .81 | (5.31) |
Total from investment operations | .80 | (5.29) |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.73 |
Total Return B, C, D | 16.91% | (52.70)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.03% A | 3.32% A |
Expenses net of fee waivers, if any | 2.25% A | 2.25% A |
Expenses net of all reductions | 2.24% A | 1.99% A |
Net investment income (loss) | (.26)% A | .45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 579 | $ 487 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.73 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.01) | .02 |
Net realized and unrealized gain (loss) | .81 | (5.31) |
Total from investment operations | .80 | (5.29) |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.73 |
Total Return B, C, D | 16.91% | (52.70)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.02% A | 3.28% A |
Expenses net of fee waivers, if any | 2.25% A | 2.25% A |
Expenses net of all reductions | 2.24% A | 1.99% A |
Net investment income (loss) | (.26)% A | .45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,116 | $ 741 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.76 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .02 | .05 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .82 | (5.26) |
Distributions from net investment income | (.04) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 5.54 | $ 4.76 |
Total Return B, C | 17.31% | (52.40)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.01% A | 2.19% A |
Expenses net of fee waivers, if any | 1.25% A | 1.25% A |
Expenses net of all reductions | 1.24% A | .98% A |
Net investment income (loss) | .74% A | 1.45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 42,437 | $ 32,535 |
Portfolio turnover rate F | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.76 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .02 | .05 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .82 | (5.26) |
Distributions from net investment income | (.04) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 5.54 | $ 4.76 |
Total Return B, C | 17.31% | (52.40)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.96% A | 2.12% A |
Expenses net of fee waivers, if any | 1.25% A | 1.25% A |
Expenses net of all reductions | 1.24% A | .98% A |
Net investment income (loss) | .74% A | 1.46% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,002 | $ 2,695 |
Portfolio turnover rate F | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Emerging Europe, Middle East, Africa (EMEA) 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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), 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 | $ 3,666,993 |
Unrealized depreciation | (24,300,867) |
Net unrealized appreciation (depreciation) | $ (20,633,874) |
Cost for federal income tax purposes | $ 70,800,166 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $12,693,190 and $11,119,752, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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
Semiannual Report
6. 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 | .00% | .25% | $ 1,870 | $ 566 |
Class T | .25% | .25% | 1,536 | 930 |
Class B | .75% | .25% | 2,425 | 2,283 |
Class C | .75% | .25% | 3,950 | 3,274 |
| | | $ 9,781 | $ 7,053 |
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 | $ 939 |
Class T | 300 |
Class B* | 192 |
Class C* | 229 |
| $ 1,660 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 2,264 | .30 |
Class T | 965 | .31 |
Class B | 748 | .31 |
Class C | 1,205 | .30 |
Emerging Europe, Middle East, Africa (EMEA) | 46,295 | .29 |
Institutional Class | 3,188 | .25 |
| $ 54,665 | |
* 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 $73 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $69 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.50% | $ 5,719 |
Class T | 1.75% | 2,382 |
Class B | 2.25% | 1,899 |
Class C | 2.25% | 3,079 |
Emerging Europe, Middle East, Africa (EMEA) | 1.25% | 122,278 |
Institutional Class | 1.25% | 9,290 |
| | $ 144,647 |
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 $806.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Class A | $ 8,761 | $ - |
Class T | 2,185 | - |
Emerging Europe, Middle East, Africa (EMEA) | 241,410 | - |
Institutional Class | 20,746 | - |
Total | $ 273,102 | $ - |
A For the period May 8, 2008 (commencement of operations) to April 30, 2008.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2009 | Year ended
October 31, 2008 A | Six months ended April 30, 2009 | Year ended
October 31, 2008 A |
Class A | | | | |
Shares sold | 128,115 | 344,487 | $ 612,001 | $ 3,038,678 |
Reinvestment of distributions | 1,833 | - | 8,321 | - |
Shares redeemed | (49,734) | (56,535) | (232,407) | (363,899) |
Net increase (decrease) | 80,214 | 287,952 | $ 387,915 | $ 2,674,779 |
Class T | | | | |
Shares sold | 45,537 | 130,067 | $ 223,011 | $ 1,228,022 |
Reinvestment of distributions | 481 | - | 2,182 | - |
Shares redeemed | (16,806) | (10,490) | (74,802) | (50,821) |
Net increase (decrease) | 29,212 | 119,577 | $ 150,391 | $ 1,177,201 |
Class B | | | | |
Shares sold | 18,061 | 115,650 | $ 86,264 | $ 1,098,908 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (16,279) | (12,702) | (72,372) | (76,194) |
Net increase (decrease) | 1,782 | 102,948 | $ 13,892 | $ 1,022,714 |
Class C | | | | |
Shares sold | 70,912 | 174,986 | $ 361,273 | $ 1,629,690 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (25,450) | (18,490) | (118,517) | (109,269) |
Net increase (decrease) | 45,462 | 156,496 | $ 242,756 | $ 1,520,421 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 2,370,885 | 10,218,704 | $ 11,558,301 | $ 92,385,312 |
Reinvestment of distributions | 50,835 | - | 230,791 | - |
Shares redeemed | (1,597,610) | (3,380,627) | (7,290,256) | (23,437,711) |
Net increase (decrease) | 824,110 | 6,838,077 | $ 4,498,836 | $ 68,947,601 |
Institutional Class | | | | |
Shares sold | 40,267 | 598,356 | $ 188,979 | $ 4,518,354 |
Reinvestment of distributions | 1,053 | - | 4,781 | - |
Shares redeemed | (65,690) | (31,854) | (301,668) | (190,184) |
Net increase (decrease) | (24,370) | 566,502 | $ (107,908) | $ 4,328,170 |
A For the period May 8, 2008 (commencement of operations) to October 31, 2008.
Semiannual Report
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management &
Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
EME-USAN-0609
1.861974.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Emerging Europe,
Middle East, Africa (EMEA)
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2009
Class A, Class T, Class B, and Class C are classes of Fidelity® Emerging Europe,
Middle East, Africa (EMEA) 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. |
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://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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008
to April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,171.40 | $ 8.08 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,168.60 | $ 9.41 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,169.10 | $ 12.10 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,169.10 | $ 12.10 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Emerging Europe, Middle East, Africa (EMEA) | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,173.10 | $ 6.74 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,173.10 | $ 6.74 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| South Africa 34.5% | |
| Russia 27.3% | |
| United States of America* 10.3% | |
| Israel 6.7% | |
| Egypt 4.3% | |
| Czech Republic 4.3% | |
| Nigeria 2.5% | |
| Turkey 2.4% | |
| Canada 1.9% | |
| Other 5.8% | |
As of October 31, 2008 |
| South Africa 38.1% | |
| Russia 30.8% | |
| Israel 7.2% | |
| Czech Republic 5.7% | |
| United States of America* 3.9% | |
| Egypt 3.4% | |
| Turkey 2.4% | |
| Kenya 2.2% | |
| Nigeria 2.0% | |
| Other 4.3% | |
* Includes short-term investments and net other assets.
Semiannual Report
Investment Changes (Unaudited) - continued
Asset Allocation |
| % of fund's
net assets | % of fund's net assets 6 months ago |
Stocks and Investment Companies | 90.0 | 96.1 |
Short-Term Investments and Net Other Assets | 10.0 | 3.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets 6 months ago |
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels) | 11.8 | 13.9 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 8.3 | 8.9 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 6.2 | 6.5 |
Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 6.0 | 6.4 |
Teva Pharmaceutical Industries Ltd. (Israel, Pharmaceuticals) | 5.9 | 6.7 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks) | 3.7 | 2.6 |
Egyptian Co. for Mobile Services (MobiNil) (Egypt, Wireless Telecommunication Services) | 3.3 | 2.2 |
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities) | 3.2 | 4.5 |
Raubex Group Ltd. (South Africa, Construction & Engineering) | 3.1 | 3.6 |
Harmony Gold Mining Co. Ltd. (South Africa, Metals & Mining) | 3.1 | 4.4 |
| 54.6 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets 6 months ago |
Energy | 27.5 | 29.4 |
Materials | 15.8 | 16.3 |
Telecommunication Services | 14.1 | 16.1 |
Financials | 7.9 | 4.4 |
Consumer Staples | 6.2 | 7.0 |
Health Care | 6.2 | 6.7 |
Industrials | 5.7 | 9.1 |
Utilities | 3.2 | 4.7 |
Consumer Discretionary | 1.4 | 1.0 |
Information Technology | 0.5 | 0.3 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 88.5% |
| Shares | | Value |
Australia - 0.5% |
Coal of Africa Ltd. (a) | 184,100 | | $ 182,911 |
International Ferro Metals | 149,500 | | 81,466 |
TOTAL AUSTRALIA | | 264,377 |
Canada - 0.4% |
Addax Petroleum, Inc. | 5,000 | | 137,607 |
Westernzagros Resources Ltd. (a) | 127,500 | | 84,412 |
TOTAL CANADA | | 222,019 |
Cayman Islands - 1.4% |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 93,300 | | 677,526 |
Czech Republic - 4.3% |
Ceske Energeticke Zavody AS | 39,350 | | 1,624,465 |
Telefonica O2 Czech Republic AS | 24,913 | | 537,022 |
TOTAL CZECH REPUBLIC | | 2,161,487 |
Egypt - 4.3% |
EFG-Hermes Holding SAE | 74,200 | | 260,767 |
Egyptian Co. for Mobile Services (MobiNil) | 44,544 | | 1,634,229 |
Orascom Construction Industries SAE | 9,580 | | 273,899 |
TOTAL EGYPT | | 2,168,895 |
Israel - 6.7% |
Bezeq Israeli Telecommunication Corp. Ltd. | 93,600 | | 147,754 |
Mizrahi Tefahot Bank Ltd. | 40,700 | | 227,361 |
Teva Pharmaceutical Industries Ltd. | 67,100 | | 2,972,907 |
TOTAL ISRAEL | | 3,348,022 |
Kenya - 1.7% |
Athi River Mining Ltd. | 283,422 | | 287,921 |
British American Tobacco Kenya Ltd. | 80,500 | | 144,133 |
East African Breweries Ltd. | 265,118 | | 400,623 |
TOTAL KENYA | | 832,677 |
Nigeria - 2.5% |
Guaranty Trust Bank PLC (Reg. S) unit | 226,017 | | 802,360 |
Nigerian Breweries PLC | 911,706 | | 264,888 |
Zenith Bank PLC | 1,940,000 | | 188,757 |
TOTAL NIGERIA | | 1,256,005 |
Russia - 27.3% |
Comstar United TeleSystems OJSC GDR (Reg. S) | 81,000 | | 352,590 |
Lukoil Oil Co. | 5,800 | | 258,881 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Lukoil Oil Co. sponsored ADR | 68,500 | | $ 3,005,946 |
Novolipetsk Iron & Steel Corp. | 19,000 | | 287,212 |
OAO Gazprom | 1,319,100 | | 5,880,929 |
OAO NOVATEK | 45,100 | | 148,819 |
OAO NOVATEK GDR | 3,200 | | 112,193 |
OAO Tatneft | 112,800 | | 324,666 |
OJSC MMC Norilsk Nickel | 1,500 | | 123,712 |
Polymetal JSC GDR (Reg. S) (a) | 149,550 | | 919,525 |
Sberbank (Savings Bank of the Russian Federation) | 2,217,000 | | 1,828,628 |
Sberbank (Savings Bank of the Russian Federation) GDR | 1,100 | | 154,538 |
Wimm-Bill-Dann Foods OJSC sponsored ADR (a) | 5,700 | | 254,619 |
TOTAL RUSSIA | | 13,652,258 |
South Africa - 34.5% |
Africa Cellular Towers Ltd. (a) | 2,702,300 | | 279,720 |
African Rainbow Minerals Ltd. | 25,200 | | 340,564 |
AngloGold Ashanti Ltd. | 20,800 | | 639,126 |
Aspen Pharmacare Holdings Ltd. | 30,300 | | 153,799 |
Austro Group Ltd. | 411,000 | | 23,088 |
Aveng Ltd. | 76,800 | | 293,803 |
Buildworks Group Ltd. (a) | 1,145,000 | | 50,841 |
Cashbuild Ltd. | 17,200 | | 131,973 |
DRDGOLD Ltd. | 923,454 | | 734,146 |
Exxaro Resources Ltd. | 142,600 | | 1,045,757 |
Gold Fields Ltd. | 67,100 | | 698,133 |
Harmony Gold Mining Co. Ltd. (a) | 164,600 | | 1,532,782 |
Kumba Iron Ore Ltd. | 7,700 | | 146,871 |
MTN Group Ltd. | 320,150 | | 4,157,796 |
Murray & Roberts Holdings Ltd. | 136,500 | | 762,080 |
New Clicks Holdings Ltd. | 171,000 | | 329,838 |
Paracon Holdings Ltd. | 1,953,200 | | 253,047 |
Raubex Group Ltd. | 608,800 | | 1,571,676 |
Sasol Ltd. | 102,900 | | 3,099,260 |
Shoprite Holdings Ltd. | 162,300 | | 972,627 |
Woolworths Holdings Ltd. | 35,400 | | 49,951 |
TOTAL SOUTH AFRICA | | 17,266,878 |
Turkey - 2.4% |
Bim Birlesik Magazalar AS JSC | 38,000 | | 1,044,837 |
Eregli Demir ve Celik Fabrikalari TAS | 71,000 | | 172,148 |
TOTAL TURKEY | | 1,216,985 |
Common Stocks - continued |
| Shares | | Value |
United Arab Emirates - 0.9% |
Dubai Financial Market PJSC | 1,203,976 | | $ 429,394 |
United Kingdom - 0.8% |
Randgold Resources Ltd. sponsored ADR | 8,300 | | 401,720 |
United States of America - 0.3% |
CTC Media, Inc. (a) | 15,900 | | 124,656 |
Zambia - 0.5% |
Celtel Zambia Ltd. | 2,790,201 | | 177,783 |
Zambeef Products PLC | 97,000 | | 51,504 |
TOTAL ZAMBIA | | 229,287 |
TOTAL COMMON STOCKS (Cost $63,885,467) | 44,252,186 |
Investment Companies - 1.5% |
| | | |
Canada - 1.5% |
Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a)
(Cost $827,933) | 57,600 | | 759,311 |
Money Market Funds - 10.3% |
| | | |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $5,154,795) | 5,154,795 | | 5,154,795 |
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $69,868,195) | | 50,166,292 |
NET OTHER ASSETS - (0.3)% | | (170,403) |
NET ASSETS - 100% | $ 49,995,889 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 5,539 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 50,166,292 | $ 18,559,872 | $ 31,606,420 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $9,997,975 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $64,713,400) | $ 45,011,497 | |
Fidelity Central Funds (cost $5,154,795) | 5,154,795 | |
Total Investments (cost $69,868,195) | | $ 50,166,292 |
Receivable for investments sold | | 788,679 |
Receivable for fund shares sold | | 412,823 |
Dividends receivable | | 56,029 |
Distributions receivable from Fidelity Central Funds | | 1,243 |
Prepaid expenses | | 284 |
Receivable from investment adviser for expense reductions | | 44,609 |
Other receivables | | 5,344 |
Total assets | | 51,475,303 |
| | |
Liabilities | | |
Payable to custodian bank | $ 299,550 | |
Payable for investments purchased | 1,060,446 | |
Payable for fund shares redeemed | 32,787 | |
Accrued management fee | 30,930 | |
Distribution fees payable | 1,942 | |
Other affiliated payables | 12,491 | |
Other payables and accrued expenses | 41,268 | |
Total liabilities | | 1,479,414 |
| | |
Net Assets | | $ 49,995,889 |
Net Assets consist of: | | |
Paid in capital | | $ 85,025,846 |
Undistributed net investment income | | 72,819 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (15,399,975) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (19,702,801) |
Net Assets | | $ 49,995,889 |
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, 2009 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($2,037,505 ÷ 368,166 shares) | | $ 5.53 |
| | |
Maximum offering price per share (100/94.25 of $5.53) | | $ 5.87 |
Class T:
Net Asset Value and redemption price per share ($823,377 ÷ 148,789 shares) | | $ 5.53 |
| | |
Maximum offering price per share (100/96.50 of $5.53) | | $ 5.73 |
Class B:
Net Asset Value and offering price per share
($578,856 ÷ 104,730 shares)A | | $ 5.53 |
| | |
Class C:
Net Asset Value and offering price per share ($1,116,236 ÷ 201,958 shares)A | | $ 5.53 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($42,437,458 ÷ 7,662,187 shares) | | $ 5.54 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,002,457 ÷ 542,132 shares) | | $ 5.54 |
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, 2009 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 382,469 |
Interest | | 6 |
Income from Fidelity Central Funds | | 5,539 |
| | 388,014 |
Less foreign taxes withheld | | (11,415) |
Total income | | 376,599 |
| | |
Expenses | | |
Management fee | $ 155,038 | |
Transfer agent fees | 54,665 | |
Distribution fees | 9,781 | |
Accounting fees and expenses | 9,818 | |
Custodian fees and expenses | 31,149 | |
Independent trustees' compensation | 134 | |
Registration fees | 101,722 | |
Audit | 28,882 | |
Legal | 14 | |
Miscellaneous | 302 | |
Total expenses before reductions | 391,505 | |
Expense reductions | (145,453) | 246,052 |
Net investment income (loss) | | 130,547 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (5,132,758) | |
Foreign currency transactions | 2,278 | |
Total net realized gain (loss) | | (5,130,480) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 11,671,474 | |
Assets and liabilities in foreign currencies | 857 | |
Total change in net unrealized appreciation (depreciation) | | 11,672,331 |
Net gain (loss) | | 6,541,851 |
Net increase (decrease) in net assets resulting from operations | | $ 6,672,398 |
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, 2009
(Unaudited) | For the period
May 8, 2008
(commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 130,547 | $ 351,784 |
Net realized gain (loss) | (5,130,480) | (10,405,654) |
Change in net unrealized appreciation (depreciation) | 11,672,331 | (31,375,132) |
Net increase (decrease) in net assets resulting from operations | 6,672,398 | (41,429,002) |
Distributions to shareholders from net investment income | (273,102) | - |
Share transactions - net increase (decrease) | 5,185,882 | 79,670,886 |
Redemption fees | 16,651 | 152,176 |
Total increase (decrease) in net assets | 11,601,829 | 38,394,060 |
| | |
Net Assets | | |
Beginning of period | 38,394,060 | - |
End of period (including undistributed net investment income of $72,819 and undistributed net investment income of $215,625, respectively) | $ 49,995,889 | $ 38,394,060 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.75 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .01 | .04 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .81 | (5.27) |
Distributions from net investment income | (.03) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.75 |
Total Return B, C, D | 17.14% | (52.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.26% A | 2.50% A |
Expenses net of fee waivers, if any | 1.50% A | 1.50% A |
Expenses net of all reductions | 1.49% A | 1.23% A |
Net investment income (loss) | .49% A | 1.20% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,038 | $ 1,368 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.75 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .01 | .04 |
Net realized and unrealized gain (loss) | .79 | (5.31) |
Total from investment operations | .80 | (5.27) |
Distributions from net investment income | (.02) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.75 |
Total Return B, C, D | 16.86% | (52.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.52% A | 2.78% A |
Expenses net of fee waivers, if any | 1.75% A | 1.75% A |
Expenses net of all reductions | 1.74% A | 1.49% A |
Net investment income (loss) | .24% A | .95% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 823 | $ 568 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.73 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.01) | .02 |
Net realized and unrealized gain (loss) | .81 | (5.31) |
Total from investment operations | .80 | (5.29) |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.73 |
Total Return B, C, D | 16.91% | (52.70)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.03% A | 3.32% A |
Expenses net of fee waivers, if any | 2.25% A | 2.25% A |
Expenses net of all reductions | 2.24% A | 1.99% A |
Net investment income (loss) | (.26)% A | .45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 579 | $ 487 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.73 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.01) | .02 |
Net realized and unrealized gain (loss) | .81 | (5.31) |
Total from investment operations | .80 | (5.29) |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.73 |
Total Return B, C, D | 16.91% | (52.70)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.02% A | 3.28% A |
Expenses net of fee waivers, if any | 2.25% A | 2.25% A |
Expenses net of all reductions | 2.24% A | 1.99% A |
Net investment income (loss) | (.26)% A | .45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,116 | $ 741 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.76 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .02 | .05 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .82 | (5.26) |
Distributions from net investment income | (.04) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 5.54 | $ 4.76 |
Total Return B, C | 17.31% | (52.40)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.01% A | 2.19% A |
Expenses net of fee waivers, if any | 1.25% A | 1.25% A |
Expenses net of all reductions | 1.24% A | .98% A |
Net investment income (loss) | .74% A | 1.45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 42,437 | $ 32,535 |
Portfolio turnover rate F | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.76 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .02 | .05 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .82 | (5.26) |
Distributions from net investment income | (.04) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 5.54 | $ 4.76 |
Total Return B, C | 17.31% | (52.40)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.96% A | 2.12% A |
Expenses net of fee waivers, if any | 1.25% A | 1.25% A |
Expenses net of all reductions | 1.24% A | .98% A |
Net investment income (loss) | .74% A | 1.46% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,002 | $ 2,695 |
Portfolio turnover rate F | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Emerging Europe, Middle East, Africa (EMEA) 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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), 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 | $ 3,666,993 |
Unrealized depreciation | (24,300,867) |
Net unrealized appreciation (depreciation) | $ (20,633,874) |
Cost for federal income tax purposes | $ 70,800,166 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $12,693,190 and $11,119,752, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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
Semiannual Report
6. 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 | .00% | .25% | $ 1,870 | $ 566 |
Class T | .25% | .25% | 1,536 | 930 |
Class B | .75% | .25% | 2,425 | 2,283 |
Class C | .75% | .25% | 3,950 | 3,274 |
| | | $ 9,781 | $ 7,053 |
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 | $ 939 |
Class T | 300 |
Class B* | 192 |
Class C* | 229 |
| $ 1,660 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 2,264 | .30 |
Class T | 965 | .31 |
Class B | 748 | .31 |
Class C | 1,205 | .30 |
Emerging Europe, Middle East, Africa (EMEA) | 46,295 | .29 |
Institutional Class | 3,188 | .25 |
| $ 54,665 | |
* 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 $73 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $69 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.50% | $ 5,719 |
Class T | 1.75% | 2,382 |
Class B | 2.25% | 1,899 |
Class C | 2.25% | 3,079 |
Emerging Europe, Middle East, Africa (EMEA) | 1.25% | 122,278 |
Institutional Class | 1.25% | 9,290 |
| | $ 144,647 |
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 $806.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Class A | $ 8,761 | $ - |
Class T | 2,185 | - |
Emerging Europe, Middle East, Africa (EMEA) | 241,410 | - |
Institutional Class | 20,746 | - |
Total | $ 273,102 | $ - |
A For the period May 8, 2008 (commencement of operations) to April 30, 2008.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2009 | Year ended
October 31, 2008 A | Six months ended April 30, 2009 | Year ended
October 31, 2008 A |
Class A | | | | |
Shares sold | 128,115 | 344,487 | $ 612,001 | $ 3,038,678 |
Reinvestment of distributions | 1,833 | - | 8,321 | - |
Shares redeemed | (49,734) | (56,535) | (232,407) | (363,899) |
Net increase (decrease) | 80,214 | 287,952 | $ 387,915 | $ 2,674,779 |
Class T | | | | |
Shares sold | 45,537 | 130,067 | $ 223,011 | $ 1,228,022 |
Reinvestment of distributions | 481 | - | 2,182 | - |
Shares redeemed | (16,806) | (10,490) | (74,802) | (50,821) |
Net increase (decrease) | 29,212 | 119,577 | $ 150,391 | $ 1,177,201 |
Class B | | | | |
Shares sold | 18,061 | 115,650 | $ 86,264 | $ 1,098,908 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (16,279) | (12,702) | (72,372) | (76,194) |
Net increase (decrease) | 1,782 | 102,948 | $ 13,892 | $ 1,022,714 |
Class C | | | | |
Shares sold | 70,912 | 174,986 | $ 361,273 | $ 1,629,690 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (25,450) | (18,490) | (118,517) | (109,269) |
Net increase (decrease) | 45,462 | 156,496 | $ 242,756 | $ 1,520,421 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 2,370,885 | 10,218,704 | $ 11,558,301 | $ 92,385,312 |
Reinvestment of distributions | 50,835 | - | 230,791 | - |
Shares redeemed | (1,597,610) | (3,380,627) | (7,290,256) | (23,437,711) |
Net increase (decrease) | 824,110 | 6,838,077 | $ 4,498,836 | $ 68,947,601 |
Institutional Class | | | | |
Shares sold | 40,267 | 598,356 | $ 188,979 | $ 4,518,354 |
Reinvestment of distributions | 1,053 | - | 4,781 | - |
Shares redeemed | (65,690) | (31,854) | (301,668) | (190,184) |
Net increase (decrease) | (24,370) | 566,502 | $ (107,908) | $ 4,328,170 |
A For the period May 8, 2008 (commencement of operations) to October 31, 2008.
Semiannual Report
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
AEME-USAN-0609
1.861991.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Emerging Europe,
Middle East, Africa (EMEA)
Fund - Institutional Class
Semiannual Report
April 30, 2009
Institutional Class is a class of Fidelity® Emerging Europe, Middle East, Africa (EMEA) 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. |
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://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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008
to April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,171.40 | $ 8.08 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,168.60 | $ 9.41 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,169.10 | $ 12.10 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,169.10 | $ 12.10 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Emerging Europe, Middle East, Africa (EMEA) | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,173.10 | $ 6.74 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,173.10 | $ 6.74 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| South Africa 34.5% | |
| Russia 27.3% | |
| United States of America* 10.3% | |
| Israel 6.7% | |
| Egypt 4.3% | |
| Czech Republic 4.3% | |
| Nigeria 2.5% | |
| Turkey 2.4% | |
| Canada 1.9% | |
| Other 5.8% | |
As of October 31, 2008 |
| South Africa 38.1% | |
| Russia 30.8% | |
| Israel 7.2% | |
| Czech Republic 5.7% | |
| United States of America* 3.9% | |
| Egypt 3.4% | |
| Turkey 2.4% | |
| Kenya 2.2% | |
| Nigeria 2.0% | |
| Other 4.3% | |
* Includes short-term investments and net other assets.
Semiannual Report
Investment Changes (Unaudited) - continued
Asset Allocation |
| % of fund's
net assets | % of fund's net assets 6 months ago |
Stocks and Investment Companies | 90.0 | 96.1 |
Short-Term Investments and Net Other Assets | 10.0 | 3.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets 6 months ago |
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels) | 11.8 | 13.9 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 8.3 | 8.9 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 6.2 | 6.5 |
Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 6.0 | 6.4 |
Teva Pharmaceutical Industries Ltd. (Israel, Pharmaceuticals) | 5.9 | 6.7 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks) | 3.7 | 2.6 |
Egyptian Co. for Mobile Services (MobiNil) (Egypt, Wireless Telecommunication Services) | 3.3 | 2.2 |
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities) | 3.2 | 4.5 |
Raubex Group Ltd. (South Africa, Construction & Engineering) | 3.1 | 3.6 |
Harmony Gold Mining Co. Ltd. (South Africa, Metals & Mining) | 3.1 | 4.4 |
| 54.6 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets 6 months ago |
Energy | 27.5 | 29.4 |
Materials | 15.8 | 16.3 |
Telecommunication Services | 14.1 | 16.1 |
Financials | 7.9 | 4.4 |
Consumer Staples | 6.2 | 7.0 |
Health Care | 6.2 | 6.7 |
Industrials | 5.7 | 9.1 |
Utilities | 3.2 | 4.7 |
Consumer Discretionary | 1.4 | 1.0 |
Information Technology | 0.5 | 0.3 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 88.5% |
| Shares | | Value |
Australia - 0.5% |
Coal of Africa Ltd. (a) | 184,100 | | $ 182,911 |
International Ferro Metals | 149,500 | | 81,466 |
TOTAL AUSTRALIA | | 264,377 |
Canada - 0.4% |
Addax Petroleum, Inc. | 5,000 | | 137,607 |
Westernzagros Resources Ltd. (a) | 127,500 | | 84,412 |
TOTAL CANADA | | 222,019 |
Cayman Islands - 1.4% |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 93,300 | | 677,526 |
Czech Republic - 4.3% |
Ceske Energeticke Zavody AS | 39,350 | | 1,624,465 |
Telefonica O2 Czech Republic AS | 24,913 | | 537,022 |
TOTAL CZECH REPUBLIC | | 2,161,487 |
Egypt - 4.3% |
EFG-Hermes Holding SAE | 74,200 | | 260,767 |
Egyptian Co. for Mobile Services (MobiNil) | 44,544 | | 1,634,229 |
Orascom Construction Industries SAE | 9,580 | | 273,899 |
TOTAL EGYPT | | 2,168,895 |
Israel - 6.7% |
Bezeq Israeli Telecommunication Corp. Ltd. | 93,600 | | 147,754 |
Mizrahi Tefahot Bank Ltd. | 40,700 | | 227,361 |
Teva Pharmaceutical Industries Ltd. | 67,100 | | 2,972,907 |
TOTAL ISRAEL | | 3,348,022 |
Kenya - 1.7% |
Athi River Mining Ltd. | 283,422 | | 287,921 |
British American Tobacco Kenya Ltd. | 80,500 | | 144,133 |
East African Breweries Ltd. | 265,118 | | 400,623 |
TOTAL KENYA | | 832,677 |
Nigeria - 2.5% |
Guaranty Trust Bank PLC (Reg. S) unit | 226,017 | | 802,360 |
Nigerian Breweries PLC | 911,706 | | 264,888 |
Zenith Bank PLC | 1,940,000 | | 188,757 |
TOTAL NIGERIA | | 1,256,005 |
Russia - 27.3% |
Comstar United TeleSystems OJSC GDR (Reg. S) | 81,000 | | 352,590 |
Lukoil Oil Co. | 5,800 | | 258,881 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Lukoil Oil Co. sponsored ADR | 68,500 | | $ 3,005,946 |
Novolipetsk Iron & Steel Corp. | 19,000 | | 287,212 |
OAO Gazprom | 1,319,100 | | 5,880,929 |
OAO NOVATEK | 45,100 | | 148,819 |
OAO NOVATEK GDR | 3,200 | | 112,193 |
OAO Tatneft | 112,800 | | 324,666 |
OJSC MMC Norilsk Nickel | 1,500 | | 123,712 |
Polymetal JSC GDR (Reg. S) (a) | 149,550 | | 919,525 |
Sberbank (Savings Bank of the Russian Federation) | 2,217,000 | | 1,828,628 |
Sberbank (Savings Bank of the Russian Federation) GDR | 1,100 | | 154,538 |
Wimm-Bill-Dann Foods OJSC sponsored ADR (a) | 5,700 | | 254,619 |
TOTAL RUSSIA | | 13,652,258 |
South Africa - 34.5% |
Africa Cellular Towers Ltd. (a) | 2,702,300 | | 279,720 |
African Rainbow Minerals Ltd. | 25,200 | | 340,564 |
AngloGold Ashanti Ltd. | 20,800 | | 639,126 |
Aspen Pharmacare Holdings Ltd. | 30,300 | | 153,799 |
Austro Group Ltd. | 411,000 | | 23,088 |
Aveng Ltd. | 76,800 | | 293,803 |
Buildworks Group Ltd. (a) | 1,145,000 | | 50,841 |
Cashbuild Ltd. | 17,200 | | 131,973 |
DRDGOLD Ltd. | 923,454 | | 734,146 |
Exxaro Resources Ltd. | 142,600 | | 1,045,757 |
Gold Fields Ltd. | 67,100 | | 698,133 |
Harmony Gold Mining Co. Ltd. (a) | 164,600 | | 1,532,782 |
Kumba Iron Ore Ltd. | 7,700 | | 146,871 |
MTN Group Ltd. | 320,150 | | 4,157,796 |
Murray & Roberts Holdings Ltd. | 136,500 | | 762,080 |
New Clicks Holdings Ltd. | 171,000 | | 329,838 |
Paracon Holdings Ltd. | 1,953,200 | | 253,047 |
Raubex Group Ltd. | 608,800 | | 1,571,676 |
Sasol Ltd. | 102,900 | | 3,099,260 |
Shoprite Holdings Ltd. | 162,300 | | 972,627 |
Woolworths Holdings Ltd. | 35,400 | | 49,951 |
TOTAL SOUTH AFRICA | | 17,266,878 |
Turkey - 2.4% |
Bim Birlesik Magazalar AS JSC | 38,000 | | 1,044,837 |
Eregli Demir ve Celik Fabrikalari TAS | 71,000 | | 172,148 |
TOTAL TURKEY | | 1,216,985 |
Common Stocks - continued |
| Shares | | Value |
United Arab Emirates - 0.9% |
Dubai Financial Market PJSC | 1,203,976 | | $ 429,394 |
United Kingdom - 0.8% |
Randgold Resources Ltd. sponsored ADR | 8,300 | | 401,720 |
United States of America - 0.3% |
CTC Media, Inc. (a) | 15,900 | | 124,656 |
Zambia - 0.5% |
Celtel Zambia Ltd. | 2,790,201 | | 177,783 |
Zambeef Products PLC | 97,000 | | 51,504 |
TOTAL ZAMBIA | | 229,287 |
TOTAL COMMON STOCKS (Cost $63,885,467) | 44,252,186 |
Investment Companies - 1.5% |
| | | |
Canada - 1.5% |
Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a)
(Cost $827,933) | 57,600 | | 759,311 |
Money Market Funds - 10.3% |
| | | |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $5,154,795) | 5,154,795 | | 5,154,795 |
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $69,868,195) | | 50,166,292 |
NET OTHER ASSETS - (0.3)% | | (170,403) |
NET ASSETS - 100% | $ 49,995,889 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 5,539 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 50,166,292 | $ 18,559,872 | $ 31,606,420 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $9,997,975 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $64,713,400) | $ 45,011,497 | |
Fidelity Central Funds (cost $5,154,795) | 5,154,795 | |
Total Investments (cost $69,868,195) | | $ 50,166,292 |
Receivable for investments sold | | 788,679 |
Receivable for fund shares sold | | 412,823 |
Dividends receivable | | 56,029 |
Distributions receivable from Fidelity Central Funds | | 1,243 |
Prepaid expenses | | 284 |
Receivable from investment adviser for expense reductions | | 44,609 |
Other receivables | | 5,344 |
Total assets | | 51,475,303 |
| | |
Liabilities | | |
Payable to custodian bank | $ 299,550 | |
Payable for investments purchased | 1,060,446 | |
Payable for fund shares redeemed | 32,787 | |
Accrued management fee | 30,930 | |
Distribution fees payable | 1,942 | |
Other affiliated payables | 12,491 | |
Other payables and accrued expenses | 41,268 | |
Total liabilities | | 1,479,414 |
| | |
Net Assets | | $ 49,995,889 |
Net Assets consist of: | | |
Paid in capital | | $ 85,025,846 |
Undistributed net investment income | | 72,819 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (15,399,975) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (19,702,801) |
Net Assets | | $ 49,995,889 |
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, 2009 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($2,037,505 ÷ 368,166 shares) | | $ 5.53 |
| | |
Maximum offering price per share (100/94.25 of $5.53) | | $ 5.87 |
Class T:
Net Asset Value and redemption price per share ($823,377 ÷ 148,789 shares) | | $ 5.53 |
| | |
Maximum offering price per share (100/96.50 of $5.53) | | $ 5.73 |
Class B:
Net Asset Value and offering price per share
($578,856 ÷ 104,730 shares)A | | $ 5.53 |
| | |
Class C:
Net Asset Value and offering price per share ($1,116,236 ÷ 201,958 shares)A | | $ 5.53 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($42,437,458 ÷ 7,662,187 shares) | | $ 5.54 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,002,457 ÷ 542,132 shares) | | $ 5.54 |
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, 2009 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 382,469 |
Interest | | 6 |
Income from Fidelity Central Funds | | 5,539 |
| | 388,014 |
Less foreign taxes withheld | | (11,415) |
Total income | | 376,599 |
| | |
Expenses | | |
Management fee | $ 155,038 | |
Transfer agent fees | 54,665 | |
Distribution fees | 9,781 | |
Accounting fees and expenses | 9,818 | |
Custodian fees and expenses | 31,149 | |
Independent trustees' compensation | 134 | |
Registration fees | 101,722 | |
Audit | 28,882 | |
Legal | 14 | |
Miscellaneous | 302 | |
Total expenses before reductions | 391,505 | |
Expense reductions | (145,453) | 246,052 |
Net investment income (loss) | | 130,547 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (5,132,758) | |
Foreign currency transactions | 2,278 | |
Total net realized gain (loss) | | (5,130,480) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 11,671,474 | |
Assets and liabilities in foreign currencies | 857 | |
Total change in net unrealized appreciation (depreciation) | | 11,672,331 |
Net gain (loss) | | 6,541,851 |
Net increase (decrease) in net assets resulting from operations | | $ 6,672,398 |
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, 2009
(Unaudited) | For the period
May 8, 2008
(commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 130,547 | $ 351,784 |
Net realized gain (loss) | (5,130,480) | (10,405,654) |
Change in net unrealized appreciation (depreciation) | 11,672,331 | (31,375,132) |
Net increase (decrease) in net assets resulting from operations | 6,672,398 | (41,429,002) |
Distributions to shareholders from net investment income | (273,102) | - |
Share transactions - net increase (decrease) | 5,185,882 | 79,670,886 |
Redemption fees | 16,651 | 152,176 |
Total increase (decrease) in net assets | 11,601,829 | 38,394,060 |
| | |
Net Assets | | |
Beginning of period | 38,394,060 | - |
End of period (including undistributed net investment income of $72,819 and undistributed net investment income of $215,625, respectively) | $ 49,995,889 | $ 38,394,060 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.75 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .01 | .04 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .81 | (5.27) |
Distributions from net investment income | (.03) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.75 |
Total Return B, C, D | 17.14% | (52.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.26% A | 2.50% A |
Expenses net of fee waivers, if any | 1.50% A | 1.50% A |
Expenses net of all reductions | 1.49% A | 1.23% A |
Net investment income (loss) | .49% A | 1.20% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,038 | $ 1,368 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.75 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .01 | .04 |
Net realized and unrealized gain (loss) | .79 | (5.31) |
Total from investment operations | .80 | (5.27) |
Distributions from net investment income | (.02) | - |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.75 |
Total Return B, C, D | 16.86% | (52.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.52% A | 2.78% A |
Expenses net of fee waivers, if any | 1.75% A | 1.75% A |
Expenses net of all reductions | 1.74% A | 1.49% A |
Net investment income (loss) | .24% A | .95% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 823 | $ 568 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.73 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.01) | .02 |
Net realized and unrealized gain (loss) | .81 | (5.31) |
Total from investment operations | .80 | (5.29) |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.73 |
Total Return B, C, D | 16.91% | (52.70)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.03% A | 3.32% A |
Expenses net of fee waivers, if any | 2.25% A | 2.25% A |
Expenses net of all reductions | 2.24% A | 1.99% A |
Net investment income (loss) | (.26)% A | .45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 579 | $ 487 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.73 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.01) | .02 |
Net realized and unrealized gain (loss) | .81 | (5.31) |
Total from investment operations | .80 | (5.29) |
Redemption fees added to paid in capital E | - J | .02 |
Net asset value, end of period | $ 5.53 | $ 4.73 |
Total Return B, C, D | 16.91% | (52.70)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.02% A | 3.28% A |
Expenses net of fee waivers, if any | 2.25% A | 2.25% A |
Expenses net of all reductions | 2.24% A | 1.99% A |
Net investment income (loss) | (.26)% A | .45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,116 | $ 741 |
Portfolio turnover rate G | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.76 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .02 | .05 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .82 | (5.26) |
Distributions from net investment income | (.04) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 5.54 | $ 4.76 |
Total Return B, C | 17.31% | (52.40)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.01% A | 2.19% A |
Expenses net of fee waivers, if any | 1.25% A | 1.25% A |
Expenses net of all reductions | 1.24% A | .98% A |
Net investment income (loss) | .74% A | 1.45% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 42,437 | $ 32,535 |
Portfolio turnover rate F | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Year ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.76 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .02 | .05 |
Net realized and unrealized gain (loss) | .80 | (5.31) |
Total from investment operations | .82 | (5.26) |
Distributions from net investment income | (.04) | - |
Redemption fees added to paid in capital D | - I | .02 |
Net asset value, end of period | $ 5.54 | $ 4.76 |
Total Return B, C | 17.31% | (52.40)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.96% A | 2.12% A |
Expenses net of fee waivers, if any | 1.25% A | 1.25% A |
Expenses net of all reductions | 1.24% A | .98% A |
Net investment income (loss) | .74% A | 1.46% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,002 | $ 2,695 |
Portfolio turnover rate F | 59% A | 68% |
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 8, 2008 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Emerging Europe, Middle East, Africa (EMEA) 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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), 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 | $ 3,666,993 |
Unrealized depreciation | (24,300,867) |
Net unrealized appreciation (depreciation) | $ (20,633,874) |
Cost for federal income tax purposes | $ 70,800,166 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $12,693,190 and $11,119,752, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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
Semiannual Report
6. 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 | .00% | .25% | $ 1,870 | $ 566 |
Class T | .25% | .25% | 1,536 | 930 |
Class B | .75% | .25% | 2,425 | 2,283 |
Class C | .75% | .25% | 3,950 | 3,274 |
| | | $ 9,781 | $ 7,053 |
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 | $ 939 |
Class T | 300 |
Class B* | 192 |
Class C* | 229 |
| $ 1,660 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 2,264 | .30 |
Class T | 965 | .31 |
Class B | 748 | .31 |
Class C | 1,205 | .30 |
Emerging Europe, Middle East, Africa (EMEA) | 46,295 | .29 |
Institutional Class | 3,188 | .25 |
| $ 54,665 | |
* 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 $73 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $69 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.50% | $ 5,719 |
Class T | 1.75% | 2,382 |
Class B | 2.25% | 1,899 |
Class C | 2.25% | 3,079 |
Emerging Europe, Middle East, Africa (EMEA) | 1.25% | 122,278 |
Institutional Class | 1.25% | 9,290 |
| | $ 144,647 |
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 $806.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Class A | $ 8,761 | $ - |
Class T | 2,185 | - |
Emerging Europe, Middle East, Africa (EMEA) | 241,410 | - |
Institutional Class | 20,746 | - |
Total | $ 273,102 | $ - |
A For the period May 8, 2008 (commencement of operations) to April 30, 2008.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2009 | Year ended
October 31, 2008 A | Six months ended April 30, 2009 | Year ended
October 31, 2008 A |
Class A | | | | |
Shares sold | 128,115 | 344,487 | $ 612,001 | $ 3,038,678 |
Reinvestment of distributions | 1,833 | - | 8,321 | - |
Shares redeemed | (49,734) | (56,535) | (232,407) | (363,899) |
Net increase (decrease) | 80,214 | 287,952 | $ 387,915 | $ 2,674,779 |
Class T | | | | |
Shares sold | 45,537 | 130,067 | $ 223,011 | $ 1,228,022 |
Reinvestment of distributions | 481 | - | 2,182 | - |
Shares redeemed | (16,806) | (10,490) | (74,802) | (50,821) |
Net increase (decrease) | 29,212 | 119,577 | $ 150,391 | $ 1,177,201 |
Class B | | | | |
Shares sold | 18,061 | 115,650 | $ 86,264 | $ 1,098,908 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (16,279) | (12,702) | (72,372) | (76,194) |
Net increase (decrease) | 1,782 | 102,948 | $ 13,892 | $ 1,022,714 |
Class C | | | | |
Shares sold | 70,912 | 174,986 | $ 361,273 | $ 1,629,690 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (25,450) | (18,490) | (118,517) | (109,269) |
Net increase (decrease) | 45,462 | 156,496 | $ 242,756 | $ 1,520,421 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 2,370,885 | 10,218,704 | $ 11,558,301 | $ 92,385,312 |
Reinvestment of distributions | 50,835 | - | 230,791 | - |
Shares redeemed | (1,597,610) | (3,380,627) | (7,290,256) | (23,437,711) |
Net increase (decrease) | 824,110 | 6,838,077 | $ 4,498,836 | $ 68,947,601 |
Institutional Class | | | | |
Shares sold | 40,267 | 598,356 | $ 188,979 | $ 4,518,354 |
Reinvestment of distributions | 1,053 | - | 4,781 | - |
Shares redeemed | (65,690) | (31,854) | (301,668) | (190,184) |
Net increase (decrease) | (24,370) | 566,502 | $ (107,908) | $ 4,328,170 |
A For the period May 8, 2008 (commencement of operations) to October 31, 2008.
Semiannual Report
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments
Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
AEMEI-USAN-0609
1.861983.100
Fidelity®
Global Commodity Stock
Fund
Semiannual Report
April 30, 2009
(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 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. |
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.
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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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 25, 2009 to April 30, 2009). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.57B |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50C |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.83B |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75C |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 2.35B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23C |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 2.35B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23C |
Global Commodity Stock | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.30B |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26C |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.30B |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26C |
A 5% return per year before expenses
B Actual expenses are equal to each Class' annualized expense ratio; multiplied by the average account value over the period, multiplied by 37/365 (to reflect the period March 25, 2009 to April 30, 2009).
C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.)
Semiannual Report
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets |
BHP Billiton PLC | 4.7 |
Monsanto Co. | 4.6 |
Exxon Mobil Corp. | 3.6 |
Potash Corp. of Saskatchewan, Inc. | 2.6 |
Syngenta AG (Switzerland) | 2.4 |
Rio Tinto PLC (Reg.) | 2.3 |
Chevron Corp. | 1.9 |
Royal Dutch Shell PLC Class A (United Kingdom) | 1.9 |
BP PLC | 1.6 |
Archer Daniels Midland Co. | 1.5 |
| 27.1 |
Top Industries (% of fund's net assets) |
As of April 30, 2009 |
| Metals & Mining 30.5% | |
| Oil, Gas & Consumable Fuels 27.8% | |
| Chemicals 16.4% | |
| Paper & Forest Products 4.8% | |
| Food Products 3.9% | |
| All Others* 16.6% | |
* Includes short-term investments and net other assets. |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 87.7% |
| Shares | | Value |
CHEMICALS - 16.4% |
Diversified Chemicals - 0.2% |
FMC Corp. | 724 | | $ 35,281 |
Fertilizers & Agricultural Chemicals - 16.2% |
Agrium, Inc. | 3,100 | | 133,015 |
CF Industries Holdings, Inc. | 972 | | 70,033 |
Fertilizantes Fosfatados SA (PN) | 7,200 | | 54,750 |
Incitec Pivot Ltd. | 37,082 | | 56,891 |
Intrepid Potash, Inc. | 1,100 | | 27,159 |
Israel Chemicals Ltd. | 7,900 | | 66,434 |
K&S AG | 2,300 | | 136,915 |
Monsanto Co. | 8,700 | | 738,543 |
Nufarm Ltd. | 2,668 | | 25,665 |
Potash Corp. of Saskatchewan, Inc. | 4,900 | | 420,909 |
Sinofert Holdings Ltd. | 4,000 | | 1,855 |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 1,700 | | 53,567 |
Syngenta AG (Switzerland) | 1,805 | | 385,249 |
Terra Industries, Inc. | 3,600 | | 95,400 |
The Mosaic Co. | 5,500 | | 222,475 |
Yara International ASA | 4,500 | | 120,585 |
| | 2,609,445 |
TOTAL CHEMICALS | | 2,644,726 |
CONTAINERS & PACKAGING - 0.9% |
Paper Packaging - 0.9% |
Packaging Corp. of America | 1,200 | | 19,044 |
Rock-Tenn Co. Class A | 1,600 | | 60,416 |
Smurfit Kappa Group PLC | 2,400 | | 7,028 |
Temple-Inland, Inc. | 5,300 | | 63,282 |
| | 149,770 |
ELECTRICAL EQUIPMENT - 0.3% |
Electrical Components & Equipment - 0.3% |
First Solar, Inc. (a) | 60 | | 11,237 |
Sunpower Corp. Class B (a) | 1,300 | | 32,968 |
| | 44,205 |
ENERGY EQUIPMENT & SERVICES - 1.9% |
Oil & Gas Drilling - 1.0% |
Helmerich & Payne, Inc. | 400 | | 12,328 |
Noble Corp. | 3,200 | | 87,456 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Drilling - continued |
Seadrill Ltd. | 2,800 | | $ 29,879 |
Transocean Ltd. (a) | 500 | | 33,740 |
| | 163,403 |
Oil & Gas Equipment & Services - 0.9% |
Baker Hughes, Inc. | 200 | | 7,116 |
BJ Services Co. | 500 | | 6,945 |
Dril-Quip, Inc. (a) | 1,200 | | 41,256 |
Halliburton Co. | 300 | | 6,066 |
National Oilwell Varco, Inc. (a) | 500 | | 15,140 |
Schlumberger Ltd. (NY Shares) | 600 | | 29,394 |
Weatherford International Ltd. (a) | 2,500 | | 41,575 |
| | 147,492 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 310,895 |
FOOD PRODUCTS - 3.9% |
Agricultural Products - 3.9% |
Archer Daniels Midland Co. | 10,100 | | 248,662 |
Bunge Ltd. | 3,300 | | 158,433 |
Chaoda Modern Agriculture (Holdings) Ltd. | 18,000 | | 10,178 |
Corn Products International, Inc. | 2,800 | | 66,920 |
Danisco AS | 1,400 | | 45,848 |
Golden Agri-Resources Ltd. | 10,000 | | 2,499 |
IOI Corp. Bhd | 49,200 | | 59,427 |
PPB Group Bhd | 3,700 | | 11,017 |
Wilmar International Ltd. | 11,000 | | 26,599 |
| | 629,583 |
MACHINERY - 0.9% |
Construction & Farm Machinery & Heavy Trucks - 0.9% |
AGCO Corp. (a) | 1,700 | | 41,310 |
Caterpillar, Inc. | 200 | | 7,116 |
Deere & Co. | 1,400 | | 57,764 |
Jain Irrigation Systems Ltd. | 2,965 | | 30,016 |
| | 136,206 |
METALS & MINING - 30.5% |
Aluminum - 0.5% |
Alcoa, Inc. | 4,300 | | 39,001 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Aluminum - continued |
Aluminum Corp. of China Ltd. (H Shares) | 14,000 | | $ 10,722 |
Norsk Hydro ASA | 7,520 | | 33,153 |
| | 82,876 |
Diversified Metals & Mining - 12.5% |
African Rainbow Minerals Ltd. | 1,300 | | 17,569 |
Anglo American PLC (United Kingdom) | 8,000 | | 172,082 |
Antofagasta PLC | 2,700 | | 23,163 |
BHP Billiton PLC | 37,000 | | 767,647 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 16,600 | | 227,918 |
Eramet SA | 22 | | 4,723 |
Eurasian Natural Resources Corp. PLC | 1,700 | | 14,797 |
Exxaro Resources Ltd. | 3,000 | | 22,001 |
First Quantum Minerals Ltd. | 1,000 | | 38,676 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 2,200 | | 93,830 |
Grupo Mexico SA de CV Series B | 9,723 | | 7,641 |
Ivanhoe Mines Ltd. (a) | 1,800 | | 11,555 |
OJSC MMC Norilsk Nickel sponsored ADR | 3,200 | | 26,400 |
Rio Tinto PLC (Reg.) | 9,000 | | 365,545 |
Southern Copper Corp. | 500 | | 9,285 |
Sumitomo Metal Mining Co. Ltd. | 2,000 | | 22,341 |
Teck Resources Ltd. Class B (sub. vtg.) | 1,800 | | 18,901 |
Vedanta Resources PLC | 2,100 | | 32,836 |
Xstrata PLC | 16,000 | | 141,006 |
| | 2,017,916 |
Gold - 8.4% |
Agnico-Eagle Mines Ltd.: | | | |
(Canada) | 1,900 | | 83,993 |
(United States) | 100 | | 4,411 |
Andean Resources Ltd. (a) | 20,000 | | 23,558 |
AngloGold Ashanti Ltd. sponsored ADR | 2,300 | | 70,840 |
Barrick Gold Corp. | 7,200 | | 208,473 |
Eldorado Gold Corp. (a) | 4,700 | | 37,340 |
Franco-Nevada Corp. | 1,200 | | 25,534 |
Gold Fields Ltd. sponsored ADR | 1,900 | | 19,760 |
Goldcorp, Inc. | 5,200 | | 142,153 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 8,500 | | 79,220 |
IAMGOLD Corp. | 3,100 | | 24,706 |
Kinross Gold Corp. | 7,700 | | 118,670 |
Lihir Gold Ltd. (a) | 22,293 | | 48,628 |
Newcrest Mining Ltd. | 5,582 | | 121,517 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - continued |
Newmont Mining Corp. | 2,700 | | $ 108,648 |
Polyus Gold OJSC sponsored ADR | 400 | | 9,040 |
Randgold Resources Ltd. sponsored ADR | 1,200 | | 58,080 |
Red Back Mining, Inc. (a) | 4,300 | | 29,766 |
Royal Gold, Inc. | 1,700 | | 61,472 |
Simmer & Jack Mines Ltd. (a) | 22,000 | | 7,075 |
Yamana Gold, Inc. | 6,300 | | 49,418 |
Zijin Mining Group Co. Ltd. (H Shares) | 42,000 | | 32,168 |
| | 1,364,470 |
Precious Metals & Minerals - 1.7% |
Anglo Platinum Ltd. | 500 | | 26,755 |
Aquarius Platinum Ltd. (United Kingdom) (a) | 5,966 | | 22,480 |
Compania de Minas Buenaventura SA sponsored ADR | 2,100 | | 44,436 |
Impala Platinum Holdings Ltd. | 4,100 | | 78,362 |
Lonmin PLC | 700 | | 14,693 |
Mvelaphanda Resources Ltd. (a) | 2,300 | | 8,357 |
Northam Platinum Ltd. | 2,900 | | 9,591 |
Pan American Silver Corp. (a) | 1,700 | | 28,016 |
Silver Standard Resources, Inc. (a) | 2,600 | | 44,148 |
| | 276,838 |
Steel - 7.4% |
Acerinox SA | 400 | | 6,091 |
Allegheny Technologies, Inc. | 200 | | 6,546 |
ArcelorMittal SA (NY Shares) Class A | 9,900 | | 233,442 |
China Steel Corp. | 48,000 | | 37,124 |
Cliffs Natural Resources, Inc. | 2,400 | | 55,344 |
Companhia Siderurgica Nacional SA (CSN) | 2,800 | | 51,725 |
Fortescue Metals Group Ltd. (a) | 7,194 | | 12,345 |
Gerdau SA sponsored ADR | 8,700 | | 61,770 |
Hyundai Steel Co. | 300 | | 12,723 |
JFE Holdings, Inc. | 3,800 | | 103,816 |
Kobe Steel Ltd. | 3,000 | | 4,934 |
Nippon Steel Corp. | 23,000 | | 77,348 |
Nisshin Steel Co. Ltd. | 2,000 | | 3,860 |
Nucor Corp. | 2,000 | | 81,380 |
POSCO | 366 | | 113,695 |
Salzgitter AG | 800 | | 56,394 |
Sims Metal Management Ltd. | 447 | | 6,500 |
SSAB Svenskt Stal AB (B Shares) | 1,000 | | 8,966 |
Steel Dynamics, Inc. | 3,000 | | 37,350 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Sumitomo Metal Industries Ltd. | 25,000 | | $ 58,578 |
Thyssenkrupp AG | 2,000 | | 42,447 |
Tokyo Steel Manufacturing Co. Ltd. | 900 | | 9,220 |
United States Steel Corp. | 1,800 | | 47,790 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 1,800 | | 26,725 |
voestalpine AG | 2,100 | | 40,168 |
| | 1,196,281 |
TOTAL METALS & MINING | | 4,938,381 |
OIL, GAS & CONSUMABLE FUELS - 27.8% |
Coal & Consumable Fuels - 1.6% |
Alpha Natural Resources, Inc. (a) | 1,500 | | 30,720 |
Arch Coal, Inc. | 2,200 | | 30,734 |
Cameco Corp. | 500 | | 11,481 |
China Shenhua Energy Co. Ltd. (H Shares) | 2,000 | | 5,530 |
CONSOL Energy, Inc. | 2,100 | | 65,688 |
Foundation Coal Holdings, Inc. | 400 | | 6,496 |
Massey Energy Co. | 5,300 | | 84,323 |
Paladin Energy Ltd. (a) | 500 | | 1,676 |
Peabody Energy Corp. | 600 | | 15,834 |
| | 252,482 |
Integrated Oil & Gas - 19.4% |
BG Group PLC | 9,800 | | 156,427 |
BP PLC | 36,000 | | 254,304 |
Chevron Corp. | 4,600 | | 304,060 |
China Petroleum & Chemical Corp. (H Shares) | 42,000 | | 32,644 |
ConocoPhillips | 3,500 | | 143,500 |
ENI SpA | 9,000 | | 193,081 |
Exxon Mobil Corp. | 8,700 | | 580,029 |
Hess Corp. | 1,400 | | 76,706 |
Husky Energy, Inc. | 300 | | 7,268 |
Imperial Oil Ltd. | 500 | | 17,871 |
Lukoil Oil Co. sponsored ADR | 700 | | 30,884 |
Marathon Oil Corp. | 2,600 | | 77,220 |
Murphy Oil Corp. | 100 | | 4,771 |
OAO Gazprom sponsored ADR | 3,300 | | 58,410 |
Occidental Petroleum Corp. | 2,600 | | 146,354 |
OJSC Oil Company Rosneft GDR (Reg. S) | 1,100 | | 5,675 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
OMV AG | 200 | | $ 6,194 |
Origin Energy Ltd. | 816 | | 9,665 |
Petro-Canada | 2,500 | | 78,902 |
PetroChina Co. Ltd. (H Shares) | 24,000 | | 20,918 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) | 7,700 | | 207,746 |
Repsol YPF SA | 1,400 | | 26,604 |
Royal Dutch Shell PLC Class A (United Kingdom) | 13,200 | | 303,785 |
Sasol Ltd. | 700 | | 21,083 |
StatoilHydro ASA | 2,400 | | 44,723 |
Suncor Energy, Inc. | 4,200 | | 105,700 |
Surgutneftegaz JSC sponsored ADR | 830 | | 5,852 |
Total SA Series B | 4,400 | | 220,099 |
| | 3,140,475 |
Oil & Gas Exploration & Production - 6.7% |
Anadarko Petroleum Corp. | 1,500 | | 64,590 |
Apache Corp. | 500 | | 36,430 |
Berry Petroleum Co. Class A | 1,100 | | 18,128 |
Cabot Oil & Gas Corp. | 1,800 | | 54,342 |
Cairn Energy PLC (a) | 400 | | 12,536 |
Canadian Natural Resources Ltd. | 1,300 | | 59,931 |
Canadian Oil Sands Trust | 300 | | 6,195 |
Chesapeake Energy Corp. | 5,200 | | 102,492 |
CNOOC Ltd. sponsored ADR | 400 | | 44,540 |
Denbury Resources, Inc. (a) | 500 | | 8,140 |
Devon Energy Corp. | 600 | | 31,110 |
EnCana Corp. | 1,100 | | 50,416 |
EOG Resources, Inc. | 600 | | 38,088 |
Newfield Exploration Co. (a) | 500 | | 15,590 |
Nexen, Inc. | 1,300 | | 24,753 |
Niko Resources Ltd. | 100 | | 5,061 |
Noble Energy, Inc. | 300 | | 17,025 |
OPTI Canada, Inc. (a) | 21,800 | | 35,260 |
Petrobank Energy & Resources Ltd. (a) | 4,900 | | 105,330 |
Petrohawk Energy Corp. (a) | 1,400 | | 33,040 |
Plains Exploration & Production Co. (a) | 1,300 | | 24,531 |
Range Resources Corp. | 1,900 | | 75,943 |
Santos Ltd. | 511 | | 6,101 |
Southwestern Energy Co. (a) | 2,200 | | 78,892 |
Talisman Energy, Inc. | 1,500 | | 18,793 |
Tullow Oil PLC | 900 | | 10,620 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
Ultra Petroleum Corp. (a) | 500 | | $ 21,400 |
Whiting Petroleum Corp. (a) | 400 | | 13,104 |
Woodside Petroleum Ltd. | 1,271 | | 35,469 |
XTO Energy, Inc. | 1,100 | | 38,126 |
| | 1,085,976 |
Oil & Gas Refining & Marketing - 0.1% |
Frontier Oil Corp. | 900 | | 11,439 |
Tesoro Corp. | 800 | | 12,200 |
| | 23,639 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 4,502,572 |
PAPER & FOREST PRODUCTS - 4.8% |
Forest Products - 1.1% |
Sino-Forest Corp. (a) | 3,000 | | 26,248 |
Weyerhaeuser Co. | 4,000 | | 141,040 |
| | 167,288 |
Paper Products - 3.7% |
Holmen AB (B Shares) | 300 | | 6,615 |
International Paper Co. | 6,200 | | 78,492 |
MeadWestvaco Corp. | 500 | | 7,830 |
Nine Dragons Paper (Holdings) Ltd. | 56,000 | | 25,347 |
Nippon Paper Group, Inc. | 1,400 | | 39,745 |
Oji Paper Co. Ltd. | 12,000 | | 51,675 |
Sappi Ltd. | 18,649 | | 49,794 |
Stora Enso Oyj (R Shares) | 13,000 | | 74,183 |
Suzano Bahia Sul Papel e Celulose SA (a) | 1,000 | | 6,351 |
Svenska Cellulosa AB (SCA) (B Shares) | 10,400 | | 100,258 |
UPM-Kymmene Corp. | 11,500 | | 102,885 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 6,500 | | 56,810 |
| | 599,985 |
TOTAL PAPER & FOREST PRODUCTS | | 767,273 |
REAL ESTATE INVESTMENT TRUSTS - 0.3% |
Specialized REITs - 0.3% |
Plum Creek Timber Co., Inc. | 500 | | 17,260 |
Common Stocks - continued |
| Shares | | Value |
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
Specialized REITs - continued |
Potlatch Corp. | 600 | | $ 17,646 |
Rayonier, Inc. | 500 | | 19,310 |
| | 54,216 |
TOTAL COMMON STOCKS (Cost $13,535,835) | 14,177,827 |
Money Market Funds - 14.2% |
| | | |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $2,305,140) | 2,305,140 | | 2,305,140 |
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $15,840,975) | | 16,482,967 |
NET OTHER ASSETS - (1.9)% | | (308,430) |
NET ASSETS - 100% | $ 16,174,537 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 811 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 16,482,967 | $ 11,674,677 | $ 4,808,290 | $ - |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited) |
United States of America | 43.0% |
United Kingdom | 14.6% |
Canada | 12.3% |
Brazil | 4.3% |
Switzerland | 3.4% |
South Africa | 2.3% |
Japan | 2.2% |
Australia | 1.7% |
Germany | 1.6% |
Luxembourg | 1.4% |
France | 1.4% |
Bermuda | 1.3% |
Norway | 1.2% |
Italy | 1.2% |
Finland | 1.1% |
Others (individually less than 1%) | 7.0% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $13,535,835) | $ 14,177,827 | |
Fidelity Central Funds (cost $2,305,140) | 2,305,140 | |
Total Investments (cost $15,840,975) | | $ 16,482,967 |
Cash | | 31 |
Receivable for investments sold | | 56,786 |
Receivable for fund shares sold | | 457,888 |
Dividends receivable | | 11,243 |
Distributions receivable from Fidelity Central Funds | | 693 |
Prepaid expenses | | 76,768 |
Receivable from investment adviser for expense reductions | | 22,383 |
Other receivables | | 626 |
Total assets | | 17,109,385 |
| | |
Liabilities | | |
Payable for investments purchased | $ 827,242 | |
Payable for fund shares redeemed | 7 | |
Accrued management fee | 6,376 | |
Distribution fees payable | 1,908 | |
Other affiliated payables | 3,050 | |
Other payables and accrued expenses | 96,265 | |
Total liabilities | | 934,848 |
| | |
Net Assets | | $ 16,174,537 |
Net Assets consist of: | | |
Paid in capital | | $ 15,482,854 |
Undistributed net investment income | | 9,059 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 41,457 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 641,167 |
Net Assets | | $ 16,174,537 |
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, 2009 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,185,942 ÷ 111,982 shares) | | $ 10.59 |
| | |
Maximum offering price per share (100/94.25 of $10.59) | | $ 11.24 |
Class T:
Net Asset Value and redemption price per share ($922,585 ÷ 87,139 shares) | | $ 10.59 |
| | |
Maximum offering price per share (100/96.50 of $10.59) | | $ 10.97 |
Class B:
Net Asset Value, offering price and redemption price per share ($878,432 ÷ 83,012 shares)A | | $ 10.58 |
| | |
Class C:
Net Asset Value, offering price and redemption price per share ($868,200 ÷ 82,045 shares)A | | $ 10.58 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($11,430,151 ÷ 1,078,950 shares) | | $ 10.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($889,227 ÷ 83,944 shares) | | $ 10.59 |
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 March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 24,844 |
Interest | | 82 |
Income from Fidelity Central Funds | | 811 |
| | 25,737 |
Less foreign taxes withheld | | (2,370) |
Total income | | 23,367 |
| | |
Expenses | | |
Management fee | $ 7,044 | |
Transfer agent fees | 3,375 | |
Distribution fees | 2,316 | |
Accounting fees and expenses | 508 | |
Custodian fees and expenses | 5,241 | |
Independent trustees' compensation | 3 | |
Registration fees | 14,858 | |
Audit | 7,079 | |
Total expenses before reductions | 40,424 | |
Expense reductions | (26,116) | 14,308 |
Net investment income (loss) | | 9,059 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 41,750 | |
Foreign currency transactions | (293) | |
Total net realized gain (loss) | | 41,457 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $636) | 641,356 | |
Assets and liabilities in foreign currencies | (189) | |
Total change in net unrealized appreciation (depreciation) | | 641,167 |
Net gain (loss) | | 682,624 |
Net increase (decrease) in net assets resulting from operations | | $ 691,683 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| For the period March 25, 2009
(commencement of operations) to
April 30, 2009
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 9,059 |
Net realized gain (loss) | 41,457 |
Change in net unrealized appreciation (depreciation) | 641,167 |
Net increase (decrease) in net assets resulting from operations | 691,683 |
Share transactions - net increase (decrease) | 15,474,226 |
Redemption fees | 8,628 |
Total increase (decrease) in net assets | 16,174,537 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $9,059) | $ 16,174,537 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C, D | 5.90% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.06% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.43% A |
Net investment income (loss) | .89% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,186 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 T
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C, D | 5.90% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.27% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.68% A |
Net investment income (loss) | .64% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 923 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - J |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .57 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.58 |
Total Return B, C, D | 5.80% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.78% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.18% A |
Net investment income (loss) | .14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 878 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - J |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .57 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.58 |
Total Return B, C, D | 5.80% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.78% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.18% A |
Net investment income (loss) | .14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 868 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Global Commodity Stock
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C | 5.90% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 3.78% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.19% A |
Net investment income (loss) | 1.14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 11,430 |
Portfolio turnover rate F | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Institutional Class
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C | 5.90% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 3.75% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.18% A |
Net investment income (loss) | 1.14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 889 |
Portfolio turnover rate F | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Global Commodity Stock, 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 federal tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.
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.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 896,799 |
Unrealized depreciation | (257,646) |
Net unrealized appreciation (depreciation) | $ 639,153 |
Cost for federal income tax purposes | $ 15,843,814 |
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies - continued
Repurchase Agreements - continued
institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $14,055,141 and $561,059, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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% | $ 228 | $ 204 |
Class T | .25% | .25% | 428 | 410 |
Class B | .75% | .25% | 830 | 829 |
Class C | .75% | .25% | 830 | 827 |
| | | $ 2,316 | $ 2,270 |
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
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 | $ 1,551 |
Class T | 13 |
| $ 1,564 |
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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 338 | .36 |
Class T | 301 | .34 |
Class B | 313 | .37 |
Class C | 313 | .36 |
Global Commodity Stock | 1,848 | .33 |
Institutional Class | 262 | .30 |
| $ 3,375 | |
* 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $211 for the period.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.50% | $ 2,411 |
Class T | 1.75% | 2,231 |
Class B | 2.25% | 2,172 |
Class C | 2.25% | 2,170 |
Global Commodity Stock | 1.25% | 14,301 |
Institutional Class | 1.25% | 2,175 |
| | $ 25,460 |
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 $626 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 |
Class A | $ 6 |
Class T | 6 |
Class B | 6 |
Class C | 6 |
Institutional Class | 6 |
| $ 30 |
Semiannual Report
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares
Period ended
April 30,
2009A | Dollars
Period ended
April 30,
2009A |
Class A | | |
Shares sold | 111,982 | $ 1,128,217 |
Class T | | |
Shares sold | 87,139 | $ 873,398 |
Class B | | |
Shares sold | 83,012 | $ 831,539 |
Class C | | |
Shares sold | 82,045 | $ 821,023 |
Global Commodity Stock | | |
Shares sold | 1,166,737 | $ 11,843,677 |
Shares redeemed | (87,787) | (863,038) |
Net increase (decrease) | 1,078,950 | $ 10,980,639 |
Institutional Class | | |
Shares sold | 83,944 | $ 839,410 |
A For the period March 25, 2009 (commencement of operations) to April 30, 2009.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Global Commodity Stock Fund
On November 18, 2008, 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 in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's 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 manager and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board considered 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 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 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 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 Global Commodity Stock 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 investment 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.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that the fund's management fee and the projected total expenses of each class of the fund were 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.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
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
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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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
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Ohio
3805 Edwards Road
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Oregon
7493 SW Bridgeport Road
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Pennsylvania
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1735 Market Street
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Rhode Island
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Texas
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Washington, DC
1900 K Street, N.W.
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Wisconsin
16020 West Bluemound Road
Brookfield, WI
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
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
GCS-USAN-0609
1.879382.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Global Commodity Stock
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2009
Class A, Class T, Class B, and Class C are classes
of Fidelity® Global Commodity Stock 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 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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 25, 2009 to April 30, 2009). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.57B |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50C |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.83B |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75C |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 2.35B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23C |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 2.35B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23C |
Global Commodity Stock | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.30B |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26C |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.30B |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26C |
A 5% return per year before expenses
B Actual expenses are equal to each Class' annualized expense ratio; multiplied by the average account value over the period, multiplied by 37/365 (to reflect the period March 25, 2009 to April 30, 2009).
C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.)
Semiannual Report
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets |
BHP Billiton PLC | 4.7 |
Monsanto Co. | 4.6 |
Exxon Mobil Corp. | 3.6 |
Potash Corp. of Saskatchewan, Inc. | 2.6 |
Syngenta AG (Switzerland) | 2.4 |
Rio Tinto PLC (Reg.) | 2.3 |
Chevron Corp. | 1.9 |
Royal Dutch Shell PLC Class A (United Kingdom) | 1.9 |
BP PLC | 1.6 |
Archer Daniels Midland Co. | 1.5 |
| 27.1 |
Top Industries (% of fund's net assets) |
As of April 30, 2009 |
| Metals & Mining 30.5% | |
| Oil, Gas & Consumable Fuels 27.8% | |
| Chemicals 16.4% | |
| Paper & Forest Products 4.8% | |
| Food Products 3.9% | |
| All Others* 16.6% | |
* Includes short-term investments and net other assets. |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 87.7% |
| Shares | | Value |
CHEMICALS - 16.4% |
Diversified Chemicals - 0.2% |
FMC Corp. | 724 | | $ 35,281 |
Fertilizers & Agricultural Chemicals - 16.2% |
Agrium, Inc. | 3,100 | | 133,015 |
CF Industries Holdings, Inc. | 972 | | 70,033 |
Fertilizantes Fosfatados SA (PN) | 7,200 | | 54,750 |
Incitec Pivot Ltd. | 37,082 | | 56,891 |
Intrepid Potash, Inc. | 1,100 | | 27,159 |
Israel Chemicals Ltd. | 7,900 | | 66,434 |
K&S AG | 2,300 | | 136,915 |
Monsanto Co. | 8,700 | | 738,543 |
Nufarm Ltd. | 2,668 | | 25,665 |
Potash Corp. of Saskatchewan, Inc. | 4,900 | | 420,909 |
Sinofert Holdings Ltd. | 4,000 | | 1,855 |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 1,700 | | 53,567 |
Syngenta AG (Switzerland) | 1,805 | | 385,249 |
Terra Industries, Inc. | 3,600 | | 95,400 |
The Mosaic Co. | 5,500 | | 222,475 |
Yara International ASA | 4,500 | | 120,585 |
| | 2,609,445 |
TOTAL CHEMICALS | | 2,644,726 |
CONTAINERS & PACKAGING - 0.9% |
Paper Packaging - 0.9% |
Packaging Corp. of America | 1,200 | | 19,044 |
Rock-Tenn Co. Class A | 1,600 | | 60,416 |
Smurfit Kappa Group PLC | 2,400 | | 7,028 |
Temple-Inland, Inc. | 5,300 | | 63,282 |
| | 149,770 |
ELECTRICAL EQUIPMENT - 0.3% |
Electrical Components & Equipment - 0.3% |
First Solar, Inc. (a) | 60 | | 11,237 |
Sunpower Corp. Class B (a) | 1,300 | | 32,968 |
| | 44,205 |
ENERGY EQUIPMENT & SERVICES - 1.9% |
Oil & Gas Drilling - 1.0% |
Helmerich & Payne, Inc. | 400 | | 12,328 |
Noble Corp. | 3,200 | | 87,456 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Drilling - continued |
Seadrill Ltd. | 2,800 | | $ 29,879 |
Transocean Ltd. (a) | 500 | | 33,740 |
| | 163,403 |
Oil & Gas Equipment & Services - 0.9% |
Baker Hughes, Inc. | 200 | | 7,116 |
BJ Services Co. | 500 | | 6,945 |
Dril-Quip, Inc. (a) | 1,200 | | 41,256 |
Halliburton Co. | 300 | | 6,066 |
National Oilwell Varco, Inc. (a) | 500 | | 15,140 |
Schlumberger Ltd. (NY Shares) | 600 | | 29,394 |
Weatherford International Ltd. (a) | 2,500 | | 41,575 |
| | 147,492 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 310,895 |
FOOD PRODUCTS - 3.9% |
Agricultural Products - 3.9% |
Archer Daniels Midland Co. | 10,100 | | 248,662 |
Bunge Ltd. | 3,300 | | 158,433 |
Chaoda Modern Agriculture (Holdings) Ltd. | 18,000 | | 10,178 |
Corn Products International, Inc. | 2,800 | | 66,920 |
Danisco AS | 1,400 | | 45,848 |
Golden Agri-Resources Ltd. | 10,000 | | 2,499 |
IOI Corp. Bhd | 49,200 | | 59,427 |
PPB Group Bhd | 3,700 | | 11,017 |
Wilmar International Ltd. | 11,000 | | 26,599 |
| | 629,583 |
MACHINERY - 0.9% |
Construction & Farm Machinery & Heavy Trucks - 0.9% |
AGCO Corp. (a) | 1,700 | | 41,310 |
Caterpillar, Inc. | 200 | | 7,116 |
Deere & Co. | 1,400 | | 57,764 |
Jain Irrigation Systems Ltd. | 2,965 | | 30,016 |
| | 136,206 |
METALS & MINING - 30.5% |
Aluminum - 0.5% |
Alcoa, Inc. | 4,300 | | 39,001 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Aluminum - continued |
Aluminum Corp. of China Ltd. (H Shares) | 14,000 | | $ 10,722 |
Norsk Hydro ASA | 7,520 | | 33,153 |
| | 82,876 |
Diversified Metals & Mining - 12.5% |
African Rainbow Minerals Ltd. | 1,300 | | 17,569 |
Anglo American PLC (United Kingdom) | 8,000 | | 172,082 |
Antofagasta PLC | 2,700 | | 23,163 |
BHP Billiton PLC | 37,000 | | 767,647 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 16,600 | | 227,918 |
Eramet SA | 22 | | 4,723 |
Eurasian Natural Resources Corp. PLC | 1,700 | | 14,797 |
Exxaro Resources Ltd. | 3,000 | | 22,001 |
First Quantum Minerals Ltd. | 1,000 | | 38,676 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 2,200 | | 93,830 |
Grupo Mexico SA de CV Series B | 9,723 | | 7,641 |
Ivanhoe Mines Ltd. (a) | 1,800 | | 11,555 |
OJSC MMC Norilsk Nickel sponsored ADR | 3,200 | | 26,400 |
Rio Tinto PLC (Reg.) | 9,000 | | 365,545 |
Southern Copper Corp. | 500 | | 9,285 |
Sumitomo Metal Mining Co. Ltd. | 2,000 | | 22,341 |
Teck Resources Ltd. Class B (sub. vtg.) | 1,800 | | 18,901 |
Vedanta Resources PLC | 2,100 | | 32,836 |
Xstrata PLC | 16,000 | | 141,006 |
| | 2,017,916 |
Gold - 8.4% |
Agnico-Eagle Mines Ltd.: | | | |
(Canada) | 1,900 | | 83,993 |
(United States) | 100 | | 4,411 |
Andean Resources Ltd. (a) | 20,000 | | 23,558 |
AngloGold Ashanti Ltd. sponsored ADR | 2,300 | | 70,840 |
Barrick Gold Corp. | 7,200 | | 208,473 |
Eldorado Gold Corp. (a) | 4,700 | | 37,340 |
Franco-Nevada Corp. | 1,200 | | 25,534 |
Gold Fields Ltd. sponsored ADR | 1,900 | | 19,760 |
Goldcorp, Inc. | 5,200 | | 142,153 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 8,500 | | 79,220 |
IAMGOLD Corp. | 3,100 | | 24,706 |
Kinross Gold Corp. | 7,700 | | 118,670 |
Lihir Gold Ltd. (a) | 22,293 | | 48,628 |
Newcrest Mining Ltd. | 5,582 | | 121,517 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - continued |
Newmont Mining Corp. | 2,700 | | $ 108,648 |
Polyus Gold OJSC sponsored ADR | 400 | | 9,040 |
Randgold Resources Ltd. sponsored ADR | 1,200 | | 58,080 |
Red Back Mining, Inc. (a) | 4,300 | | 29,766 |
Royal Gold, Inc. | 1,700 | | 61,472 |
Simmer & Jack Mines Ltd. (a) | 22,000 | | 7,075 |
Yamana Gold, Inc. | 6,300 | | 49,418 |
Zijin Mining Group Co. Ltd. (H Shares) | 42,000 | | 32,168 |
| | 1,364,470 |
Precious Metals & Minerals - 1.7% |
Anglo Platinum Ltd. | 500 | | 26,755 |
Aquarius Platinum Ltd. (United Kingdom) (a) | 5,966 | | 22,480 |
Compania de Minas Buenaventura SA sponsored ADR | 2,100 | | 44,436 |
Impala Platinum Holdings Ltd. | 4,100 | | 78,362 |
Lonmin PLC | 700 | | 14,693 |
Mvelaphanda Resources Ltd. (a) | 2,300 | | 8,357 |
Northam Platinum Ltd. | 2,900 | | 9,591 |
Pan American Silver Corp. (a) | 1,700 | | 28,016 |
Silver Standard Resources, Inc. (a) | 2,600 | | 44,148 |
| | 276,838 |
Steel - 7.4% |
Acerinox SA | 400 | | 6,091 |
Allegheny Technologies, Inc. | 200 | | 6,546 |
ArcelorMittal SA (NY Shares) Class A | 9,900 | | 233,442 |
China Steel Corp. | 48,000 | | 37,124 |
Cliffs Natural Resources, Inc. | 2,400 | | 55,344 |
Companhia Siderurgica Nacional SA (CSN) | 2,800 | | 51,725 |
Fortescue Metals Group Ltd. (a) | 7,194 | | 12,345 |
Gerdau SA sponsored ADR | 8,700 | | 61,770 |
Hyundai Steel Co. | 300 | | 12,723 |
JFE Holdings, Inc. | 3,800 | | 103,816 |
Kobe Steel Ltd. | 3,000 | | 4,934 |
Nippon Steel Corp. | 23,000 | | 77,348 |
Nisshin Steel Co. Ltd. | 2,000 | | 3,860 |
Nucor Corp. | 2,000 | | 81,380 |
POSCO | 366 | | 113,695 |
Salzgitter AG | 800 | | 56,394 |
Sims Metal Management Ltd. | 447 | | 6,500 |
SSAB Svenskt Stal AB (B Shares) | 1,000 | | 8,966 |
Steel Dynamics, Inc. | 3,000 | | 37,350 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Sumitomo Metal Industries Ltd. | 25,000 | | $ 58,578 |
Thyssenkrupp AG | 2,000 | | 42,447 |
Tokyo Steel Manufacturing Co. Ltd. | 900 | | 9,220 |
United States Steel Corp. | 1,800 | | 47,790 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 1,800 | | 26,725 |
voestalpine AG | 2,100 | | 40,168 |
| | 1,196,281 |
TOTAL METALS & MINING | | 4,938,381 |
OIL, GAS & CONSUMABLE FUELS - 27.8% |
Coal & Consumable Fuels - 1.6% |
Alpha Natural Resources, Inc. (a) | 1,500 | | 30,720 |
Arch Coal, Inc. | 2,200 | | 30,734 |
Cameco Corp. | 500 | | 11,481 |
China Shenhua Energy Co. Ltd. (H Shares) | 2,000 | | 5,530 |
CONSOL Energy, Inc. | 2,100 | | 65,688 |
Foundation Coal Holdings, Inc. | 400 | | 6,496 |
Massey Energy Co. | 5,300 | | 84,323 |
Paladin Energy Ltd. (a) | 500 | | 1,676 |
Peabody Energy Corp. | 600 | | 15,834 |
| | 252,482 |
Integrated Oil & Gas - 19.4% |
BG Group PLC | 9,800 | | 156,427 |
BP PLC | 36,000 | | 254,304 |
Chevron Corp. | 4,600 | | 304,060 |
China Petroleum & Chemical Corp. (H Shares) | 42,000 | | 32,644 |
ConocoPhillips | 3,500 | | 143,500 |
ENI SpA | 9,000 | | 193,081 |
Exxon Mobil Corp. | 8,700 | | 580,029 |
Hess Corp. | 1,400 | | 76,706 |
Husky Energy, Inc. | 300 | | 7,268 |
Imperial Oil Ltd. | 500 | | 17,871 |
Lukoil Oil Co. sponsored ADR | 700 | | 30,884 |
Marathon Oil Corp. | 2,600 | | 77,220 |
Murphy Oil Corp. | 100 | | 4,771 |
OAO Gazprom sponsored ADR | 3,300 | | 58,410 |
Occidental Petroleum Corp. | 2,600 | | 146,354 |
OJSC Oil Company Rosneft GDR (Reg. S) | 1,100 | | 5,675 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
OMV AG | 200 | | $ 6,194 |
Origin Energy Ltd. | 816 | | 9,665 |
Petro-Canada | 2,500 | | 78,902 |
PetroChina Co. Ltd. (H Shares) | 24,000 | | 20,918 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) | 7,700 | | 207,746 |
Repsol YPF SA | 1,400 | | 26,604 |
Royal Dutch Shell PLC Class A (United Kingdom) | 13,200 | | 303,785 |
Sasol Ltd. | 700 | | 21,083 |
StatoilHydro ASA | 2,400 | | 44,723 |
Suncor Energy, Inc. | 4,200 | | 105,700 |
Surgutneftegaz JSC sponsored ADR | 830 | | 5,852 |
Total SA Series B | 4,400 | | 220,099 |
| | 3,140,475 |
Oil & Gas Exploration & Production - 6.7% |
Anadarko Petroleum Corp. | 1,500 | | 64,590 |
Apache Corp. | 500 | | 36,430 |
Berry Petroleum Co. Class A | 1,100 | | 18,128 |
Cabot Oil & Gas Corp. | 1,800 | | 54,342 |
Cairn Energy PLC (a) | 400 | | 12,536 |
Canadian Natural Resources Ltd. | 1,300 | | 59,931 |
Canadian Oil Sands Trust | 300 | | 6,195 |
Chesapeake Energy Corp. | 5,200 | | 102,492 |
CNOOC Ltd. sponsored ADR | 400 | | 44,540 |
Denbury Resources, Inc. (a) | 500 | | 8,140 |
Devon Energy Corp. | 600 | | 31,110 |
EnCana Corp. | 1,100 | | 50,416 |
EOG Resources, Inc. | 600 | | 38,088 |
Newfield Exploration Co. (a) | 500 | | 15,590 |
Nexen, Inc. | 1,300 | | 24,753 |
Niko Resources Ltd. | 100 | | 5,061 |
Noble Energy, Inc. | 300 | | 17,025 |
OPTI Canada, Inc. (a) | 21,800 | | 35,260 |
Petrobank Energy & Resources Ltd. (a) | 4,900 | | 105,330 |
Petrohawk Energy Corp. (a) | 1,400 | | 33,040 |
Plains Exploration & Production Co. (a) | 1,300 | | 24,531 |
Range Resources Corp. | 1,900 | | 75,943 |
Santos Ltd. | 511 | | 6,101 |
Southwestern Energy Co. (a) | 2,200 | | 78,892 |
Talisman Energy, Inc. | 1,500 | | 18,793 |
Tullow Oil PLC | 900 | | 10,620 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
Ultra Petroleum Corp. (a) | 500 | | $ 21,400 |
Whiting Petroleum Corp. (a) | 400 | | 13,104 |
Woodside Petroleum Ltd. | 1,271 | | 35,469 |
XTO Energy, Inc. | 1,100 | | 38,126 |
| | 1,085,976 |
Oil & Gas Refining & Marketing - 0.1% |
Frontier Oil Corp. | 900 | | 11,439 |
Tesoro Corp. | 800 | | 12,200 |
| | 23,639 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 4,502,572 |
PAPER & FOREST PRODUCTS - 4.8% |
Forest Products - 1.1% |
Sino-Forest Corp. (a) | 3,000 | | 26,248 |
Weyerhaeuser Co. | 4,000 | | 141,040 |
| | 167,288 |
Paper Products - 3.7% |
Holmen AB (B Shares) | 300 | | 6,615 |
International Paper Co. | 6,200 | | 78,492 |
MeadWestvaco Corp. | 500 | | 7,830 |
Nine Dragons Paper (Holdings) Ltd. | 56,000 | | 25,347 |
Nippon Paper Group, Inc. | 1,400 | | 39,745 |
Oji Paper Co. Ltd. | 12,000 | | 51,675 |
Sappi Ltd. | 18,649 | | 49,794 |
Stora Enso Oyj (R Shares) | 13,000 | | 74,183 |
Suzano Bahia Sul Papel e Celulose SA (a) | 1,000 | | 6,351 |
Svenska Cellulosa AB (SCA) (B Shares) | 10,400 | | 100,258 |
UPM-Kymmene Corp. | 11,500 | | 102,885 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 6,500 | | 56,810 |
| | 599,985 |
TOTAL PAPER & FOREST PRODUCTS | | 767,273 |
REAL ESTATE INVESTMENT TRUSTS - 0.3% |
Specialized REITs - 0.3% |
Plum Creek Timber Co., Inc. | 500 | | 17,260 |
Common Stocks - continued |
| Shares | | Value |
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
Specialized REITs - continued |
Potlatch Corp. | 600 | | $ 17,646 |
Rayonier, Inc. | 500 | | 19,310 |
| | 54,216 |
TOTAL COMMON STOCKS (Cost $13,535,835) | 14,177,827 |
Money Market Funds - 14.2% |
| | | |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $2,305,140) | 2,305,140 | | 2,305,140 |
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $15,840,975) | | 16,482,967 |
NET OTHER ASSETS - (1.9)% | | (308,430) |
NET ASSETS - 100% | $ 16,174,537 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 811 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 16,482,967 | $ 11,674,677 | $ 4,808,290 | $ - |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited) |
United States of America | 43.0% |
United Kingdom | 14.6% |
Canada | 12.3% |
Brazil | 4.3% |
Switzerland | 3.4% |
South Africa | 2.3% |
Japan | 2.2% |
Australia | 1.7% |
Germany | 1.6% |
Luxembourg | 1.4% |
France | 1.4% |
Bermuda | 1.3% |
Norway | 1.2% |
Italy | 1.2% |
Finland | 1.1% |
Others (individually less than 1%) | 7.0% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $13,535,835) | $ 14,177,827 | |
Fidelity Central Funds (cost $2,305,140) | 2,305,140 | |
Total Investments (cost $15,840,975) | | $ 16,482,967 |
Cash | | 31 |
Receivable for investments sold | | 56,786 |
Receivable for fund shares sold | | 457,888 |
Dividends receivable | | 11,243 |
Distributions receivable from Fidelity Central Funds | | 693 |
Prepaid expenses | | 76,768 |
Receivable from investment adviser for expense reductions | | 22,383 |
Other receivables | | 626 |
Total assets | | 17,109,385 |
| | |
Liabilities | | |
Payable for investments purchased | $ 827,242 | |
Payable for fund shares redeemed | 7 | |
Accrued management fee | 6,376 | |
Distribution fees payable | 1,908 | |
Other affiliated payables | 3,050 | |
Other payables and accrued expenses | 96,265 | |
Total liabilities | | 934,848 |
| | |
Net Assets | | $ 16,174,537 |
Net Assets consist of: | | |
Paid in capital | | $ 15,482,854 |
Undistributed net investment income | | 9,059 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 41,457 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 641,167 |
Net Assets | | $ 16,174,537 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,185,942 ÷ 111,982 shares) | | $ 10.59 |
| | |
Maximum offering price per share (100/94.25 of $10.59) | | $ 11.24 |
Class T:
Net Asset Value and redemption price per share ($922,585 ÷ 87,139 shares) | | $ 10.59 |
| | |
Maximum offering price per share (100/96.50 of $10.59) | | $ 10.97 |
Class B:
Net Asset Value, offering price and redemption price per share ($878,432 ÷ 83,012 shares)A | | $ 10.58 |
| | |
Class C:
Net Asset Value, offering price and redemption price per share ($868,200 ÷ 82,045 shares)A | | $ 10.58 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($11,430,151 ÷ 1,078,950 shares) | | $ 10.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($889,227 ÷ 83,944 shares) | | $ 10.59 |
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
For the period March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 24,844 |
Interest | | 82 |
Income from Fidelity Central Funds | | 811 |
| | 25,737 |
Less foreign taxes withheld | | (2,370) |
Total income | | 23,367 |
| | |
Expenses | | |
Management fee | $ 7,044 | |
Transfer agent fees | 3,375 | |
Distribution fees | 2,316 | |
Accounting fees and expenses | 508 | |
Custodian fees and expenses | 5,241 | |
Independent trustees' compensation | 3 | |
Registration fees | 14,858 | |
Audit | 7,079 | |
Total expenses before reductions | 40,424 | |
Expense reductions | (26,116) | 14,308 |
Net investment income (loss) | | 9,059 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 41,750 | |
Foreign currency transactions | (293) | |
Total net realized gain (loss) | | 41,457 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $636) | 641,356 | |
Assets and liabilities in foreign currencies | (189) | |
Total change in net unrealized appreciation (depreciation) | | 641,167 |
Net gain (loss) | | 682,624 |
Net increase (decrease) in net assets resulting from operations | | $ 691,683 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period March 25, 2009
(commencement of operations) to
April 30, 2009
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 9,059 |
Net realized gain (loss) | 41,457 |
Change in net unrealized appreciation (depreciation) | 641,167 |
Net increase (decrease) in net assets resulting from operations | 691,683 |
Share transactions - net increase (decrease) | 15,474,226 |
Redemption fees | 8,628 |
Total increase (decrease) in net assets | 16,174,537 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $9,059) | $ 16,174,537 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C, D | 5.90% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.06% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.43% A |
Net investment income (loss) | .89% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,186 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 T
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C, D | 5.90% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.27% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.68% A |
Net investment income (loss) | .64% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 923 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - J |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .57 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.58 |
Total Return B, C, D | 5.80% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.78% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.18% A |
Net investment income (loss) | .14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 878 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - J |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .57 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.58 |
Total Return B, C, D | 5.80% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.78% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.18% A |
Net investment income (loss) | .14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 868 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Global Commodity Stock
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C | 5.90% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 3.78% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.19% A |
Net investment income (loss) | 1.14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 11,430 |
Portfolio turnover rate F | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Institutional Class
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C | 5.90% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 3.75% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.18% A |
Net investment income (loss) | 1.14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 889 |
Portfolio turnover rate F | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Global Commodity Stock, 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 federal tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.
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.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 896,799 |
Unrealized depreciation | (257,646) |
Net unrealized appreciation (depreciation) | $ 639,153 |
Cost for federal income tax purposes | $ 15,843,814 |
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies - continued
Repurchase Agreements - continued
institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $14,055,141 and $561,059, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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% | $ 228 | $ 204 |
Class T | .25% | .25% | 428 | 410 |
Class B | .75% | .25% | 830 | 829 |
Class C | .75% | .25% | 830 | 827 |
| | | $ 2,316 | $ 2,270 |
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
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 | $ 1,551 |
Class T | 13 |
| $ 1,564 |
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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 338 | .36 |
Class T | 301 | .34 |
Class B | 313 | .37 |
Class C | 313 | .36 |
Global Commodity Stock | 1,848 | .33 |
Institutional Class | 262 | .30 |
| $ 3,375 | |
* 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $211 for the period.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.50% | $ 2,411 |
Class T | 1.75% | 2,231 |
Class B | 2.25% | 2,172 |
Class C | 2.25% | 2,170 |
Global Commodity Stock | 1.25% | 14,301 |
Institutional Class | 1.25% | 2,175 |
| | $ 25,460 |
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 $626 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 |
Class A | $ 6 |
Class T | 6 |
Class B | 6 |
Class C | 6 |
Institutional Class | 6 |
| $ 30 |
Semiannual Report
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares
Period ended
April 30,
2009A | Dollars
Period ended
April 30,
2009A |
Class A | | |
Shares sold | 111,982 | $ 1,128,217 |
Class T | | |
Shares sold | 87,139 | $ 873,398 |
Class B | | |
Shares sold | 83,012 | $ 831,539 |
Class C | | |
Shares sold | 82,045 | $ 821,023 |
Global Commodity Stock | | |
Shares sold | 1,166,737 | $ 11,843,677 |
Shares redeemed | (87,787) | (863,038) |
Net increase (decrease) | 1,078,950 | $ 10,980,639 |
Institutional Class | | |
Shares sold | 83,944 | $ 839,410 |
A For the period March 25, 2009 (commencement of operations) to April 30, 2009.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Global Commodity Stock Fund
On November 18, 2008, 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 in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's 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 manager and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board considered 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 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 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 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 Global Commodity Stock 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 investment 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.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that the fund's management fee and the projected total expenses of each class of the fund were 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.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
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
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
AGCS-USAN-0609
1.879398.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Global Commodity Stock
Fund - Institutional Class
Semiannual Report
April 30, 2009
Institutional Class is a class of
Fidelity® Global Commodity Stock 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 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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 25, 2009 to April 30, 2009). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.57B |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50C |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.83B |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75C |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 2.35B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23C |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 2.35B |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23C |
Global Commodity Stock | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.30B |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26C |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,059.00 | $ 1.30B |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26C |
A 5% return per year before expenses
B Actual expenses are equal to each Class' annualized expense ratio; multiplied by the average account value over the period, multiplied by 37/365 (to reflect the period March 25, 2009 to April 30, 2009).
C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.)
Semiannual Report
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets |
BHP Billiton PLC | 4.7 |
Monsanto Co. | 4.6 |
Exxon Mobil Corp. | 3.6 |
Potash Corp. of Saskatchewan, Inc. | 2.6 |
Syngenta AG (Switzerland) | 2.4 |
Rio Tinto PLC (Reg.) | 2.3 |
Chevron Corp. | 1.9 |
Royal Dutch Shell PLC Class A (United Kingdom) | 1.9 |
BP PLC | 1.6 |
Archer Daniels Midland Co. | 1.5 |
| 27.1 |
Top Industries (% of fund's net assets) |
As of April 30, 2009 |
| Metals & Mining 30.5% | |
| Oil, Gas & Consumable Fuels 27.8% | |
| Chemicals 16.4% | |
| Paper & Forest Products 4.8% | |
| Food Products 3.9% | |
| All Others* 16.6% | |
* Includes short-term investments and net other assets. |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 87.7% |
| Shares | | Value |
CHEMICALS - 16.4% |
Diversified Chemicals - 0.2% |
FMC Corp. | 724 | | $ 35,281 |
Fertilizers & Agricultural Chemicals - 16.2% |
Agrium, Inc. | 3,100 | | 133,015 |
CF Industries Holdings, Inc. | 972 | | 70,033 |
Fertilizantes Fosfatados SA (PN) | 7,200 | | 54,750 |
Incitec Pivot Ltd. | 37,082 | | 56,891 |
Intrepid Potash, Inc. | 1,100 | | 27,159 |
Israel Chemicals Ltd. | 7,900 | | 66,434 |
K&S AG | 2,300 | | 136,915 |
Monsanto Co. | 8,700 | | 738,543 |
Nufarm Ltd. | 2,668 | | 25,665 |
Potash Corp. of Saskatchewan, Inc. | 4,900 | | 420,909 |
Sinofert Holdings Ltd. | 4,000 | | 1,855 |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 1,700 | | 53,567 |
Syngenta AG (Switzerland) | 1,805 | | 385,249 |
Terra Industries, Inc. | 3,600 | | 95,400 |
The Mosaic Co. | 5,500 | | 222,475 |
Yara International ASA | 4,500 | | 120,585 |
| | 2,609,445 |
TOTAL CHEMICALS | | 2,644,726 |
CONTAINERS & PACKAGING - 0.9% |
Paper Packaging - 0.9% |
Packaging Corp. of America | 1,200 | | 19,044 |
Rock-Tenn Co. Class A | 1,600 | | 60,416 |
Smurfit Kappa Group PLC | 2,400 | | 7,028 |
Temple-Inland, Inc. | 5,300 | | 63,282 |
| | 149,770 |
ELECTRICAL EQUIPMENT - 0.3% |
Electrical Components & Equipment - 0.3% |
First Solar, Inc. (a) | 60 | | 11,237 |
Sunpower Corp. Class B (a) | 1,300 | | 32,968 |
| | 44,205 |
ENERGY EQUIPMENT & SERVICES - 1.9% |
Oil & Gas Drilling - 1.0% |
Helmerich & Payne, Inc. | 400 | | 12,328 |
Noble Corp. | 3,200 | | 87,456 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Drilling - continued |
Seadrill Ltd. | 2,800 | | $ 29,879 |
Transocean Ltd. (a) | 500 | | 33,740 |
| | 163,403 |
Oil & Gas Equipment & Services - 0.9% |
Baker Hughes, Inc. | 200 | | 7,116 |
BJ Services Co. | 500 | | 6,945 |
Dril-Quip, Inc. (a) | 1,200 | | 41,256 |
Halliburton Co. | 300 | | 6,066 |
National Oilwell Varco, Inc. (a) | 500 | | 15,140 |
Schlumberger Ltd. (NY Shares) | 600 | | 29,394 |
Weatherford International Ltd. (a) | 2,500 | | 41,575 |
| | 147,492 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 310,895 |
FOOD PRODUCTS - 3.9% |
Agricultural Products - 3.9% |
Archer Daniels Midland Co. | 10,100 | | 248,662 |
Bunge Ltd. | 3,300 | | 158,433 |
Chaoda Modern Agriculture (Holdings) Ltd. | 18,000 | | 10,178 |
Corn Products International, Inc. | 2,800 | | 66,920 |
Danisco AS | 1,400 | | 45,848 |
Golden Agri-Resources Ltd. | 10,000 | | 2,499 |
IOI Corp. Bhd | 49,200 | | 59,427 |
PPB Group Bhd | 3,700 | | 11,017 |
Wilmar International Ltd. | 11,000 | | 26,599 |
| | 629,583 |
MACHINERY - 0.9% |
Construction & Farm Machinery & Heavy Trucks - 0.9% |
AGCO Corp. (a) | 1,700 | | 41,310 |
Caterpillar, Inc. | 200 | | 7,116 |
Deere & Co. | 1,400 | | 57,764 |
Jain Irrigation Systems Ltd. | 2,965 | | 30,016 |
| | 136,206 |
METALS & MINING - 30.5% |
Aluminum - 0.5% |
Alcoa, Inc. | 4,300 | | 39,001 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Aluminum - continued |
Aluminum Corp. of China Ltd. (H Shares) | 14,000 | | $ 10,722 |
Norsk Hydro ASA | 7,520 | | 33,153 |
| | 82,876 |
Diversified Metals & Mining - 12.5% |
African Rainbow Minerals Ltd. | 1,300 | | 17,569 |
Anglo American PLC (United Kingdom) | 8,000 | | 172,082 |
Antofagasta PLC | 2,700 | | 23,163 |
BHP Billiton PLC | 37,000 | | 767,647 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 16,600 | | 227,918 |
Eramet SA | 22 | | 4,723 |
Eurasian Natural Resources Corp. PLC | 1,700 | | 14,797 |
Exxaro Resources Ltd. | 3,000 | | 22,001 |
First Quantum Minerals Ltd. | 1,000 | | 38,676 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 2,200 | | 93,830 |
Grupo Mexico SA de CV Series B | 9,723 | | 7,641 |
Ivanhoe Mines Ltd. (a) | 1,800 | | 11,555 |
OJSC MMC Norilsk Nickel sponsored ADR | 3,200 | | 26,400 |
Rio Tinto PLC (Reg.) | 9,000 | | 365,545 |
Southern Copper Corp. | 500 | | 9,285 |
Sumitomo Metal Mining Co. Ltd. | 2,000 | | 22,341 |
Teck Resources Ltd. Class B (sub. vtg.) | 1,800 | | 18,901 |
Vedanta Resources PLC | 2,100 | | 32,836 |
Xstrata PLC | 16,000 | | 141,006 |
| | 2,017,916 |
Gold - 8.4% |
Agnico-Eagle Mines Ltd.: | | | |
(Canada) | 1,900 | | 83,993 |
(United States) | 100 | | 4,411 |
Andean Resources Ltd. (a) | 20,000 | | 23,558 |
AngloGold Ashanti Ltd. sponsored ADR | 2,300 | | 70,840 |
Barrick Gold Corp. | 7,200 | | 208,473 |
Eldorado Gold Corp. (a) | 4,700 | | 37,340 |
Franco-Nevada Corp. | 1,200 | | 25,534 |
Gold Fields Ltd. sponsored ADR | 1,900 | | 19,760 |
Goldcorp, Inc. | 5,200 | | 142,153 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 8,500 | | 79,220 |
IAMGOLD Corp. | 3,100 | | 24,706 |
Kinross Gold Corp. | 7,700 | | 118,670 |
Lihir Gold Ltd. (a) | 22,293 | | 48,628 |
Newcrest Mining Ltd. | 5,582 | | 121,517 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - continued |
Newmont Mining Corp. | 2,700 | | $ 108,648 |
Polyus Gold OJSC sponsored ADR | 400 | | 9,040 |
Randgold Resources Ltd. sponsored ADR | 1,200 | | 58,080 |
Red Back Mining, Inc. (a) | 4,300 | | 29,766 |
Royal Gold, Inc. | 1,700 | | 61,472 |
Simmer & Jack Mines Ltd. (a) | 22,000 | | 7,075 |
Yamana Gold, Inc. | 6,300 | | 49,418 |
Zijin Mining Group Co. Ltd. (H Shares) | 42,000 | | 32,168 |
| | 1,364,470 |
Precious Metals & Minerals - 1.7% |
Anglo Platinum Ltd. | 500 | | 26,755 |
Aquarius Platinum Ltd. (United Kingdom) (a) | 5,966 | | 22,480 |
Compania de Minas Buenaventura SA sponsored ADR | 2,100 | | 44,436 |
Impala Platinum Holdings Ltd. | 4,100 | | 78,362 |
Lonmin PLC | 700 | | 14,693 |
Mvelaphanda Resources Ltd. (a) | 2,300 | | 8,357 |
Northam Platinum Ltd. | 2,900 | | 9,591 |
Pan American Silver Corp. (a) | 1,700 | | 28,016 |
Silver Standard Resources, Inc. (a) | 2,600 | | 44,148 |
| | 276,838 |
Steel - 7.4% |
Acerinox SA | 400 | | 6,091 |
Allegheny Technologies, Inc. | 200 | | 6,546 |
ArcelorMittal SA (NY Shares) Class A | 9,900 | | 233,442 |
China Steel Corp. | 48,000 | | 37,124 |
Cliffs Natural Resources, Inc. | 2,400 | | 55,344 |
Companhia Siderurgica Nacional SA (CSN) | 2,800 | | 51,725 |
Fortescue Metals Group Ltd. (a) | 7,194 | | 12,345 |
Gerdau SA sponsored ADR | 8,700 | | 61,770 |
Hyundai Steel Co. | 300 | | 12,723 |
JFE Holdings, Inc. | 3,800 | | 103,816 |
Kobe Steel Ltd. | 3,000 | | 4,934 |
Nippon Steel Corp. | 23,000 | | 77,348 |
Nisshin Steel Co. Ltd. | 2,000 | | 3,860 |
Nucor Corp. | 2,000 | | 81,380 |
POSCO | 366 | | 113,695 |
Salzgitter AG | 800 | | 56,394 |
Sims Metal Management Ltd. | 447 | | 6,500 |
SSAB Svenskt Stal AB (B Shares) | 1,000 | | 8,966 |
Steel Dynamics, Inc. | 3,000 | | 37,350 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Sumitomo Metal Industries Ltd. | 25,000 | | $ 58,578 |
Thyssenkrupp AG | 2,000 | | 42,447 |
Tokyo Steel Manufacturing Co. Ltd. | 900 | | 9,220 |
United States Steel Corp. | 1,800 | | 47,790 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 1,800 | | 26,725 |
voestalpine AG | 2,100 | | 40,168 |
| | 1,196,281 |
TOTAL METALS & MINING | | 4,938,381 |
OIL, GAS & CONSUMABLE FUELS - 27.8% |
Coal & Consumable Fuels - 1.6% |
Alpha Natural Resources, Inc. (a) | 1,500 | | 30,720 |
Arch Coal, Inc. | 2,200 | | 30,734 |
Cameco Corp. | 500 | | 11,481 |
China Shenhua Energy Co. Ltd. (H Shares) | 2,000 | | 5,530 |
CONSOL Energy, Inc. | 2,100 | | 65,688 |
Foundation Coal Holdings, Inc. | 400 | | 6,496 |
Massey Energy Co. | 5,300 | | 84,323 |
Paladin Energy Ltd. (a) | 500 | | 1,676 |
Peabody Energy Corp. | 600 | | 15,834 |
| | 252,482 |
Integrated Oil & Gas - 19.4% |
BG Group PLC | 9,800 | | 156,427 |
BP PLC | 36,000 | | 254,304 |
Chevron Corp. | 4,600 | | 304,060 |
China Petroleum & Chemical Corp. (H Shares) | 42,000 | | 32,644 |
ConocoPhillips | 3,500 | | 143,500 |
ENI SpA | 9,000 | | 193,081 |
Exxon Mobil Corp. | 8,700 | | 580,029 |
Hess Corp. | 1,400 | | 76,706 |
Husky Energy, Inc. | 300 | | 7,268 |
Imperial Oil Ltd. | 500 | | 17,871 |
Lukoil Oil Co. sponsored ADR | 700 | | 30,884 |
Marathon Oil Corp. | 2,600 | | 77,220 |
Murphy Oil Corp. | 100 | | 4,771 |
OAO Gazprom sponsored ADR | 3,300 | | 58,410 |
Occidental Petroleum Corp. | 2,600 | | 146,354 |
OJSC Oil Company Rosneft GDR (Reg. S) | 1,100 | | 5,675 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
OMV AG | 200 | | $ 6,194 |
Origin Energy Ltd. | 816 | | 9,665 |
Petro-Canada | 2,500 | | 78,902 |
PetroChina Co. Ltd. (H Shares) | 24,000 | | 20,918 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) | 7,700 | | 207,746 |
Repsol YPF SA | 1,400 | | 26,604 |
Royal Dutch Shell PLC Class A (United Kingdom) | 13,200 | | 303,785 |
Sasol Ltd. | 700 | | 21,083 |
StatoilHydro ASA | 2,400 | | 44,723 |
Suncor Energy, Inc. | 4,200 | | 105,700 |
Surgutneftegaz JSC sponsored ADR | 830 | | 5,852 |
Total SA Series B | 4,400 | | 220,099 |
| | 3,140,475 |
Oil & Gas Exploration & Production - 6.7% |
Anadarko Petroleum Corp. | 1,500 | | 64,590 |
Apache Corp. | 500 | | 36,430 |
Berry Petroleum Co. Class A | 1,100 | | 18,128 |
Cabot Oil & Gas Corp. | 1,800 | | 54,342 |
Cairn Energy PLC (a) | 400 | | 12,536 |
Canadian Natural Resources Ltd. | 1,300 | | 59,931 |
Canadian Oil Sands Trust | 300 | | 6,195 |
Chesapeake Energy Corp. | 5,200 | | 102,492 |
CNOOC Ltd. sponsored ADR | 400 | | 44,540 |
Denbury Resources, Inc. (a) | 500 | | 8,140 |
Devon Energy Corp. | 600 | | 31,110 |
EnCana Corp. | 1,100 | | 50,416 |
EOG Resources, Inc. | 600 | | 38,088 |
Newfield Exploration Co. (a) | 500 | | 15,590 |
Nexen, Inc. | 1,300 | | 24,753 |
Niko Resources Ltd. | 100 | | 5,061 |
Noble Energy, Inc. | 300 | | 17,025 |
OPTI Canada, Inc. (a) | 21,800 | | 35,260 |
Petrobank Energy & Resources Ltd. (a) | 4,900 | | 105,330 |
Petrohawk Energy Corp. (a) | 1,400 | | 33,040 |
Plains Exploration & Production Co. (a) | 1,300 | | 24,531 |
Range Resources Corp. | 1,900 | | 75,943 |
Santos Ltd. | 511 | | 6,101 |
Southwestern Energy Co. (a) | 2,200 | | 78,892 |
Talisman Energy, Inc. | 1,500 | | 18,793 |
Tullow Oil PLC | 900 | | 10,620 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
Ultra Petroleum Corp. (a) | 500 | | $ 21,400 |
Whiting Petroleum Corp. (a) | 400 | | 13,104 |
Woodside Petroleum Ltd. | 1,271 | | 35,469 |
XTO Energy, Inc. | 1,100 | | 38,126 |
| | 1,085,976 |
Oil & Gas Refining & Marketing - 0.1% |
Frontier Oil Corp. | 900 | | 11,439 |
Tesoro Corp. | 800 | | 12,200 |
| | 23,639 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 4,502,572 |
PAPER & FOREST PRODUCTS - 4.8% |
Forest Products - 1.1% |
Sino-Forest Corp. (a) | 3,000 | | 26,248 |
Weyerhaeuser Co. | 4,000 | | 141,040 |
| | 167,288 |
Paper Products - 3.7% |
Holmen AB (B Shares) | 300 | | 6,615 |
International Paper Co. | 6,200 | | 78,492 |
MeadWestvaco Corp. | 500 | | 7,830 |
Nine Dragons Paper (Holdings) Ltd. | 56,000 | | 25,347 |
Nippon Paper Group, Inc. | 1,400 | | 39,745 |
Oji Paper Co. Ltd. | 12,000 | | 51,675 |
Sappi Ltd. | 18,649 | | 49,794 |
Stora Enso Oyj (R Shares) | 13,000 | | 74,183 |
Suzano Bahia Sul Papel e Celulose SA (a) | 1,000 | | 6,351 |
Svenska Cellulosa AB (SCA) (B Shares) | 10,400 | | 100,258 |
UPM-Kymmene Corp. | 11,500 | | 102,885 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 6,500 | | 56,810 |
| | 599,985 |
TOTAL PAPER & FOREST PRODUCTS | | 767,273 |
REAL ESTATE INVESTMENT TRUSTS - 0.3% |
Specialized REITs - 0.3% |
Plum Creek Timber Co., Inc. | 500 | | 17,260 |
Common Stocks - continued |
| Shares | | Value |
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
Specialized REITs - continued |
Potlatch Corp. | 600 | | $ 17,646 |
Rayonier, Inc. | 500 | | 19,310 |
| | 54,216 |
TOTAL COMMON STOCKS (Cost $13,535,835) | 14,177,827 |
Money Market Funds - 14.2% |
| | | |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $2,305,140) | 2,305,140 | | 2,305,140 |
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $15,840,975) | | 16,482,967 |
NET OTHER ASSETS - (1.9)% | | (308,430) |
NET ASSETS - 100% | $ 16,174,537 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 811 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 16,482,967 | $ 11,674,677 | $ 4,808,290 | $ - |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited) |
United States of America | 43.0% |
United Kingdom | 14.6% |
Canada | 12.3% |
Brazil | 4.3% |
Switzerland | 3.4% |
South Africa | 2.3% |
Japan | 2.2% |
Australia | 1.7% |
Germany | 1.6% |
Luxembourg | 1.4% |
France | 1.4% |
Bermuda | 1.3% |
Norway | 1.2% |
Italy | 1.2% |
Finland | 1.1% |
Others (individually less than 1%) | 7.0% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $13,535,835) | $ 14,177,827 | |
Fidelity Central Funds (cost $2,305,140) | 2,305,140 | |
Total Investments (cost $15,840,975) | | $ 16,482,967 |
Cash | | 31 |
Receivable for investments sold | | 56,786 |
Receivable for fund shares sold | | 457,888 |
Dividends receivable | | 11,243 |
Distributions receivable from Fidelity Central Funds | | 693 |
Prepaid expenses | | 76,768 |
Receivable from investment adviser for expense reductions | | 22,383 |
Other receivables | | 626 |
Total assets | | 17,109,385 |
| | |
Liabilities | | |
Payable for investments purchased | $ 827,242 | |
Payable for fund shares redeemed | 7 | |
Accrued management fee | 6,376 | |
Distribution fees payable | 1,908 | |
Other affiliated payables | 3,050 | |
Other payables and accrued expenses | 96,265 | |
Total liabilities | | 934,848 |
| | |
Net Assets | | $ 16,174,537 |
Net Assets consist of: | | |
Paid in capital | | $ 15,482,854 |
Undistributed net investment income | | 9,059 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 41,457 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 641,167 |
Net Assets | | $ 16,174,537 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,185,942 ÷ 111,982 shares) | | $ 10.59 |
| | |
Maximum offering price per share (100/94.25 of $10.59) | | $ 11.24 |
Class T:
Net Asset Value and redemption price per share ($922,585 ÷ 87,139 shares) | | $ 10.59 |
| | |
Maximum offering price per share (100/96.50 of $10.59) | | $ 10.97 |
Class B:
Net Asset Value, offering price and redemption price per share ($878,432 ÷ 83,012 shares)A | | $ 10.58 |
| | |
Class C:
Net Asset Value, offering price and redemption price per share ($868,200 ÷ 82,045 shares)A | | $ 10.58 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($11,430,151 ÷ 1,078,950 shares) | | $ 10.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($889,227 ÷ 83,944 shares) | | $ 10.59 |
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
For the period March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 24,844 |
Interest | | 82 |
Income from Fidelity Central Funds | | 811 |
| | 25,737 |
Less foreign taxes withheld | | (2,370) |
Total income | | 23,367 |
| | |
Expenses | | |
Management fee | $ 7,044 | |
Transfer agent fees | 3,375 | |
Distribution fees | 2,316 | |
Accounting fees and expenses | 508 | |
Custodian fees and expenses | 5,241 | |
Independent trustees' compensation | 3 | |
Registration fees | 14,858 | |
Audit | 7,079 | |
Total expenses before reductions | 40,424 | |
Expense reductions | (26,116) | 14,308 |
Net investment income (loss) | | 9,059 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 41,750 | |
Foreign currency transactions | (293) | |
Total net realized gain (loss) | | 41,457 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $636) | 641,356 | |
Assets and liabilities in foreign currencies | (189) | |
Total change in net unrealized appreciation (depreciation) | | 641,167 |
Net gain (loss) | | 682,624 |
Net increase (decrease) in net assets resulting from operations | | $ 691,683 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period March 25, 2009
(commencement of operations) to
April 30, 2009
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 9,059 |
Net realized gain (loss) | 41,457 |
Change in net unrealized appreciation (depreciation) | 641,167 |
Net increase (decrease) in net assets resulting from operations | 691,683 |
Share transactions - net increase (decrease) | 15,474,226 |
Redemption fees | 8,628 |
Total increase (decrease) in net assets | 16,174,537 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $9,059) | $ 16,174,537 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C, D | 5.90% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.06% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.43% A |
Net investment income (loss) | .89% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,186 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 T
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C, D | 5.90% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.27% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.68% A |
Net investment income (loss) | .64% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 923 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - J |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .57 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.58 |
Total Return B, C, D | 5.80% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.78% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.18% A |
Net investment income (loss) | .14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 878 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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
| Period ended
April 30, 2009 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - J |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .57 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 10.58 |
Total Return B, C, D | 5.80% |
Ratios to Average Net Assets F, I | |
Expenses before reductions | 4.78% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.18% A |
Net investment income (loss) | .14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 868 |
Portfolio turnover rate G | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Global Commodity Stock
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C | 5.90% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 3.78% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.19% A |
Net investment income (loss) | 1.14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 11,430 |
Portfolio turnover rate F | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 - Institutional Class
| Period ended
April 30, 2009 G |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .01 |
Net realized and unrealized gain (loss) | .57 |
Total from investment operations | .58 |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 10.59 |
Total Return B, C | 5.90% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 3.75% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.18% A |
Net investment income (loss) | 1.14% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 889 |
Portfolio turnover rate F | 58% 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 For the period March 25, 2009 (commencement of operations) to April 30, 2009.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (Unaudited)
1. Organization.
Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Global Commodity Stock, 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 federal tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.
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.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 896,799 |
Unrealized depreciation | (257,646) |
Net unrealized appreciation (depreciation) | $ 639,153 |
Cost for federal income tax purposes | $ 15,843,814 |
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies - continued
Repurchase Agreements - continued
institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $14,055,141 and $561,059, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate 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% | $ 228 | $ 204 |
Class T | .25% | .25% | 428 | 410 |
Class B | .75% | .25% | 830 | 829 |
Class C | .75% | .25% | 830 | 827 |
| | | $ 2,316 | $ 2,270 |
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
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 | $ 1,551 |
Class T | 13 |
| $ 1,564 |
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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 338 | .36 |
Class T | 301 | .34 |
Class B | 313 | .37 |
Class C | 313 | .36 |
Global Commodity Stock | 1,848 | .33 |
Institutional Class | 262 | .30 |
| $ 3,375 | |
* 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $211 for the period.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.50% | $ 2,411 |
Class T | 1.75% | 2,231 |
Class B | 2.25% | 2,172 |
Class C | 2.25% | 2,170 |
Global Commodity Stock | 1.25% | 14,301 |
Institutional Class | 1.25% | 2,175 |
| | $ 25,460 |
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 $626 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 |
Class A | $ 6 |
Class T | 6 |
Class B | 6 |
Class C | 6 |
Institutional Class | 6 |
| $ 30 |
Semiannual Report
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares
Period ended
April 30,
2009A | Dollars
Period ended
April 30,
2009A |
Class A | | |
Shares sold | 111,982 | $ 1,128,217 |
Class T | | |
Shares sold | 87,139 | $ 873,398 |
Class B | | |
Shares sold | 83,012 | $ 831,539 |
Class C | | |
Shares sold | 82,045 | $ 821,023 |
Global Commodity Stock | | |
Shares sold | 1,166,737 | $ 11,843,677 |
Shares redeemed | (87,787) | (863,038) |
Net increase (decrease) | 1,078,950 | $ 10,980,639 |
Institutional Class | | |
Shares sold | 83,944 | $ 839,410 |
A For the period March 25, 2009 (commencement of operations) to April 30, 2009.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Global Commodity Stock Fund
On November 18, 2008, 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 in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's 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 manager and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board considered 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 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 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 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 Global Commodity Stock 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 investment 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.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that the fund's management fee and the projected total expenses of each class of the fund were 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.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
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
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
AGCSI-USAN-0609
1.879391.100
Fidelity®
International Discovery
Fund
Semiannual Report
April 30, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.39% | | | |
Actual | | $ 1,000.00 | $ 958.50 | $ 6.75 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | 1.64% | | | |
Actual | | $ 1,000.00 | $ 957.10 | $ 7.96 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 954.80 | $ 10.42 |
HypotheticalA | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% | | | |
Actual | | $ 1,000.00 | $ 954.50 | $ 10.32 |
HypotheticalA | | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Discovery | 1.14% | | | |
Actual | | $ 1,000.00 | $ 959.70 | $ 5.54 |
HypotheticalA | | $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class K | .89% | | | |
Actual | | $ 1,000.00 | $ 960.90 | $ 4.33 |
HypotheticalA | | $ 1,000.00 | $ 1,020.38 | $ 4.46 |
Institutional Class | 1.09% | | | |
Actual | | $ 1,000.00 | $ 959.90 | $ 5.30 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.46 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 22.9% | |
| United Kingdom 20.8% | |
| Germany 9.0% | |
| Switzerland 8.3% | |
| France 7.6% | |
| United States of America 3.6% | |
| Australia 3.4% | |
| Netherlands 2.5% | |
| Spain 2.4% | |
| Other 19.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom 22.5% | |
| Japan 16.0% | |
| Switzerland 12.5% | |
| Germany 12.1% | |
| United States of America 6.9% | |
| France 5.7% | |
| Australia 5.0% | |
| Spain 3.9% | |
| Italy 2.0% | |
| 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 and Equity Futures | 97.8 | 94.3 |
Short-Term Investments and Net Other Assets | 2.2 | 5.7 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.9 | 2.0 |
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks) | 1.8 | 1.9 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks) | 1.8 | 1.4 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.7 | 1.5 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 3.0 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.7 | 2.7 |
Toyota Motor Corp. (Japan, Automobiles) | 1.7 | 1.5 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.6 | 2.2 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.5 | 1.9 |
E.ON AG (Germany, Electric Utilities) | 1.5 | 2.2 |
| 16.9 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.6 | 19.8 |
Consumer Discretionary | 14.1 | 6.7 |
Information Technology | 10.2 | 7.3 |
Health Care | 9.6 | 15.8 |
Energy | 7.9 | 7.5 |
Industrials | 7.2 | 5.9 |
Telecommunication Services | 7.0 | 7.7 |
Consumer Staples | 6.4 | 10.8 |
Materials | 6.3 | 5.1 |
Utilities | 1.9 | 5.5 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value (000s) |
Australia - 3.4% |
ABB Grain Ltd. (d) | 1,537,145 | | $ 9,746 |
Billabong International Ltd. | 4,045,126 | | 30,883 |
Commonwealth Bank of Australia | 1,665,640 | | 42,521 |
CSL Ltd. | 952,963 | | 23,850 |
Macquarie Group Ltd. | 858,400 | | 20,896 |
Newcrest Mining Ltd. | 226,456 | | 4,930 |
QBE Insurance Group Ltd. | 2,479,998 | | 39,292 |
Wesfarmers Ltd. | 3,538,219 | | 58,245 |
Woolworths Ltd. | 871,468 | | 16,931 |
TOTAL AUSTRALIA | | 247,294 |
Belgium - 0.9% |
Anheuser-Busch InBev NV (d) | 2,119,800 | | 64,875 |
Bermuda - 0.3% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 1,418,333 | | 5,344 |
Huabao International Holdings Ltd. | 18,440,000 | | 13,034 |
TOTAL BERMUDA | | 18,378 |
Brazil - 1.4% |
BM&F BOVESPA SA | 3,185,694 | | 13,110 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 816,400 | | 27,407 |
Redecard SA | 2,178,500 | | 27,444 |
Vivo Participacoes SA sponsored ADR | 1,874,800 | | 29,922 |
TOTAL BRAZIL | | 97,883 |
Canada - 2.1% |
Canadian Natural Resources Ltd. | 840,200 | | 38,734 |
Niko Resources Ltd. | 498,400 | | 25,224 |
Open Text Corp. (a)(d) | 784,000 | | 25,821 |
Petro-Canada | 474,800 | | 14,985 |
Petrobank Energy & Resources Ltd. (a) | 813,500 | | 17,487 |
Suncor Energy, Inc. | 1,124,000 | | 28,287 |
TOTAL CANADA | | 150,538 |
Cayman Islands - 1.0% |
Belle International Holdings Ltd. | 42,872,000 | | 32,663 |
China Dongxiang Group Co. Ltd. | 59,994,000 | | 29,136 |
Want Want China Holdings Ltd. | 17,513,000 | | 8,732 |
TOTAL CAYMAN ISLANDS | | 70,531 |
China - 2.4% |
BYD Co. Ltd. (H Shares) | 4,827,000 | | 12,681 |
Changyou.com Ltd. (A Shares) ADR | 29,200 | | 898 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
China Merchants Bank Co. Ltd. (H Shares) | 9,459,000 | | $ 16,901 |
China Telecom Corp. Ltd. (H Shares) | 66,250,000 | | 32,613 |
Industrial & Commercial Bank of China Ltd. | 31,345,000 | | 17,832 |
Li Ning Co. Ltd. | 8,355,000 | | 17,098 |
Tencent Holdings Ltd. | 3,426,200 | | 30,283 |
ZTE Corp. (H Shares) | 12,177,464 | | 41,055 |
TOTAL CHINA | | 169,361 |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)(e) | 10,023,000 | | 805 |
Denmark - 1.0% |
Novo Nordisk AS Series B | 1,094,500 | | 52,074 |
Vestas Wind Systems AS (a) | 276,400 | | 17,941 |
TOTAL DENMARK | | 70,015 |
Finland - 0.5% |
Nokia Corp. sponsored ADR | 2,333,400 | | 32,994 |
France - 7.6% |
Accor SA | 463,700 | | 19,615 |
Alstom SA | 656,812 | | 40,933 |
AXA SA (d) | 3,118,066 | | 52,375 |
BNP Paribas SA | 1,702,239 | | 89,589 |
Cap Gemini SA (d) | 684,300 | | 25,573 |
Iliad Group SA | 191,840 | | 20,144 |
LVMH Moet Hennessy - Louis Vuitton | 272,400 | | 20,560 |
Orpea (a) | 560,828 | | 22,927 |
PPR SA (d) | 492,800 | | 37,745 |
Sanofi-Aventis (d) | 466,800 | | 26,813 |
Schneider Electric SA (d) | 393,300 | | 29,922 |
Societe Generale Series A | 779,120 | | 39,809 |
Total SA Series B | 2,104,400 | | 105,267 |
Unibail-Rodamco | 118,400 | | 17,652 |
TOTAL FRANCE | | 548,924 |
Germany - 8.0% |
Allianz AG (Reg.) (d) | 410,830 | | 37,220 |
Bayerische Motoren Werke AG (BMW) (d) | 882,300 | | 30,268 |
Daimler AG (Reg.) | 999,200 | | 35,673 |
Deutsche Bank AG | 834,900 | | 43,775 |
Deutsche Boerse AG | 673,925 | | 49,321 |
E.ON AG | 3,151,900 | | 105,615 |
Fresenius Medical Care AG & Co. KGaA (d) | 1,015,900 | | 39,498 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
GEA Group AG | 2,379,000 | | $ 30,966 |
Gerresheimer AG | 604,000 | | 14,406 |
MAN AG | 726,000 | | 44,584 |
Munich Re Group (Reg.) (d) | 592,500 | | 81,018 |
Siemens AG (Reg.) | 820,700 | | 54,932 |
Wincor Nixdorf AG | 183,300 | | 9,103 |
TOTAL GERMANY | | 576,379 |
Greece - 0.2% |
Public Power Corp. of Greece | 652,245 | | 12,570 |
Hong Kong - 0.8% |
Cheung Kong Holdings Ltd. | 3,875,000 | | 39,973 |
Hang Lung Properties Ltd. | 4,149,000 | | 11,653 |
Techtronic Industries Co. Ltd. | 6,460,000 | | 3,820 |
TOTAL HONG KONG | | 55,446 |
India - 0.8% |
Bharti Airtel Ltd. (a) | 2,000,000 | | 30,482 |
Infosys Technologies Ltd. | 718,452 | | 21,983 |
Titan Industries Ltd. | 226,153 | | 3,422 |
TOTAL INDIA | | 55,887 |
Ireland - 0.8% |
CRH PLC | 1,184,400 | | 30,783 |
Paddy Power PLC (Ireland) | 1,445,597 | | 26,617 |
TOTAL IRELAND | | 57,400 |
Israel - 0.8% |
Nice Systems Ltd. sponsored ADR (a) | 918,700 | | 23,528 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 790,500 | | 34,695 |
TOTAL ISRAEL | | 58,223 |
Italy - 0.5% |
Fiat SpA | 4,035,900 | | 39,446 |
Japan - 19.3% |
Asics Corp. | 3,914,000 | | 25,450 |
Canon Marketing Japan, Inc. | 2,296,500 | | 27,776 |
Canon, Inc. | 1,929,350 | | 57,752 |
Daiwa Securities Group, Inc. | 6,962,000 | | 36,482 |
Denso Corp. | 1,461,500 | | 34,557 |
Eisai Co. Ltd. | 609,500 | | 16,360 |
Fanuc Ltd. | 334,300 | | 24,130 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Fast Retailing Co. Ltd. | 134,400 | | $ 14,129 |
Honda Motor Co. Ltd. | 1,974,500 | | 57,881 |
JTEKT Corp. | 1,639,200 | | 15,814 |
Keyence Corp. | 89,500 | | 15,809 |
Misumi Group, Inc. | 504,000 | | 6,807 |
Mitsubishi Corp. | 1,640,800 | | 25,257 |
Mitsubishi UFJ Financial Group, Inc. | 22,998,800 | | 125,487 |
Mitsui & Co. Ltd. | 2,244,000 | | 23,807 |
Murata Manufacturing Co. Ltd. | 528,700 | | 21,433 |
NGK Insulators Ltd. | 1,582,000 | | 24,268 |
Nichi-iko Pharmaceutical Co. Ltd. | 268,400 | | 7,249 |
Nippon Building Fund, Inc. | 2,590 | | 21,048 |
Nippon Electric Glass Co. Ltd. | 1,996,000 | | 16,246 |
Nippon Steel Corp. | 4,858,000 | | 16,337 |
Nissan Motor Co. Ltd. | 6,947,800 | | 36,273 |
Nitori Co. Ltd. | 95,350 | | 5,367 |
Nomura Holdings, Inc. | 11,214,700 | | 67,693 |
NSK Ltd. | 3,271,000 | | 14,563 |
Omron Corp. | 983,300 | | 14,700 |
Point, Inc. | 217,600 | | 9,699 |
Promise Co. Ltd. (d) | 2,724,600 | | 36,011 |
Rakuten, Inc. | 72,690 | | 36,990 |
Ricoh Co. Ltd. | 4,194,000 | | 51,867 |
Sawai Pharmaceutical Co. Ltd. (d) | 160,300 | | 7,431 |
Seven & i Holdings Co., Ltd. | 905,200 | | 20,460 |
Shin-Etsu Chemical Co., Ltd. | 752,400 | | 36,578 |
SMC Corp. | 105,900 | | 10,391 |
Softbank Corp. (d) | 2,491,000 | | 39,418 |
Sony Corp. sponsored ADR (d) | 1,189,100 | | 30,750 |
Sony Financial Holdings, Inc. | 7,546 | | 23,747 |
Sumitomo Mitsui Financial Group, Inc. | 1,711,400 | | 59,368 |
THK Co. Ltd. | 1,760,000 | | 24,415 |
Tokio Marine Holdings, Inc. | 1,642,100 | | 43,319 |
Tokyo Electron Ltd. | 1,263,200 | | 57,780 |
Toyota Motor Corp. | 3,041,600 | | 120,413 |
Tsumura & Co. | 507,800 | | 13,910 |
USS Co. Ltd. | 326,080 | | 14,780 |
TOTAL JAPAN | | 1,390,002 |
Common Stocks - continued |
| Shares | | Value (000s) |
Korea (South) - 0.6% |
NHN Corp. (a) | 212,392 | | $ 25,843 |
Samsung Electronics Co. Ltd. | 38,010 | | 17,607 |
TOTAL KOREA (SOUTH) | | 43,450 |
Luxembourg - 1.2% |
ArcelorMittal SA (NY Shares) Class A (d) | 1,226,100 | | 28,911 |
SES SA (A Shares) FDR unit | 2,524,868 | | 44,851 |
Tenaris SA | 945,300 | | 11,887 |
TOTAL LUXEMBOURG | | 85,649 |
Mexico - 0.2% |
America Movil SAB de CV Series L sponsored ADR | 405,400 | | 13,317 |
Netherlands - 2.5% |
Akzo Nobel NV | 686,300 | | 28,694 |
ASML Holding NV (Netherlands) | 1,536,400 | | 32,231 |
Gemalto NV (a)(d) | 1,074,757 | | 33,832 |
James Hardie Industries NV unit | 5,306,155 | | 17,747 |
Koninklijke Ahold NV | 2,258,600 | | 24,739 |
Koninklijke KPN NV (d) | 1,489,800 | | 17,906 |
Royal DSM NV | 899,500 | | 27,888 |
TOTAL NETHERLANDS | | 183,037 |
Norway - 0.2% |
Pronova BioPharma ASA (a) | 4,726,590 | | 11,855 |
Papua New Guinea - 0.5% |
Oil Search Ltd. | 8,855,875 | | 33,033 |
Russia - 0.4% |
OAO Gazprom sponsored ADR | 1,508,300 | | 26,697 |
Singapore - 0.4% |
Ascendas Real Estate Investment Trust (A-REIT) | 7,883,000 | | 7,135 |
Singapore Exchange Ltd. | 5,754,250 | | 24,370 |
TOTAL SINGAPORE | | 31,505 |
South Africa - 0.9% |
MTN Group Ltd. | 5,254,600 | | 68,242 |
Spain - 2.4% |
Banco Santander SA | 3,311,500 | | 31,463 |
Inditex SA | 416,900 | | 17,771 |
Red Electrica Corporacion SA | 277,900 | | 11,628 |
Telefonica SA | 5,833,800 | | 110,499 |
TOTAL SPAIN | | 171,361 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - 0.5% |
H&M Hennes & Mauritz AB (B Shares) | 891,750 | | $ 39,694 |
Switzerland - 8.3% |
Actelion Ltd. (Reg.) (a) | 1,286,795 | | 58,611 |
BB BIOTECH AG | 354,261 | | 20,605 |
Credit Suisse Group sponsored ADR | 1,452,500 | | 55,602 |
Nestle SA (Reg.) | 3,742,549 | | 121,963 |
Nobel Biocare Holding AG (Switzerland) | 1,045,000 | | 21,298 |
Novartis AG (Reg.) | 437,573 | | 16,557 |
Partners Group Holding | 255,836 | | 22,348 |
Roche Holding AG (participation certificate) | 879,208 | | 110,843 |
Sonova Holding AG | 574,683 | | 37,176 |
Syngenta AG (Switzerland) | 181,599 | | 38,759 |
UBS AG (For. Reg.) | 2,862,686 | | 39,313 |
Zurich Financial Services AG (Reg.) | 285,674 | | 53,073 |
TOTAL SWITZERLAND | | 596,148 |
Taiwan - 0.7% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,754,000 | | 50,333 |
United Kingdom - 20.8% |
Aberdeen Asset Management PLC (d) | 21,064,600 | | 40,834 |
Aegis Group PLC | 7,593,391 | | 10,162 |
AstraZeneca PLC (United Kingdom) | 1,223,700 | | 42,832 |
Autonomy Corp. PLC (a) | 1,836,100 | | 38,505 |
BAE Systems PLC | 4,387,009 | | 23,068 |
Barclays PLC | 8,483,500 | | 34,431 |
BG Group PLC | 2,519,900 | | 40,222 |
BG Group PLC sponsored ADR | 207,400 | | 16,451 |
BHP Billiton PLC | 6,069,100 | | 125,917 |
BP PLC | 6,979,400 | | 49,303 |
British American Tobacco PLC (United Kingdom) | 1,125,478 | | 27,133 |
Capita Group PLC | 3,272,693 | | 32,985 |
Carphone Warehouse Group PLC | 5,567,300 | | 12,187 |
Compass Group PLC | 6,402,100 | | 30,430 |
Cookson Group PLC | 30,974,600 | | 8,845 |
DSG INTL PLC | 11,467,900 | | 7,220 |
DSG International PLC (g) | 10,246,400 | | 4,546 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 1,281,644 | | 8,984 |
(United Kingdom) (Reg.) | 17,822,658 | | 126,698 |
Imperial Tobacco Group PLC | 1,644,800 | | 37,514 |
Informa PLC | 8,669,900 | | 37,879 |
InterContinental Hotel Group PLC | 2,118,900 | | 20,124 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Man Group PLC | 13,203,500 | | $ 48,785 |
Misys PLC | 7,892,600 | | 16,103 |
NEXT PLC | 1,290,800 | | 30,862 |
Prudential PLC | 6,511,200 | | 37,410 |
Reckitt Benckiser Group PLC | 1,467,200 | | 57,574 |
Rio Tinto PLC (Reg.) | 1,879,100 | | 76,322 |
Royal Bank of Scotland Group PLC | 10,165,495 | | 6,202 |
Royal Dutch Shell PLC Class B | 5,374,259 | | 121,577 |
SSL International PLC | 4,962,409 | | 34,778 |
Standard Chartered PLC (United Kingdom) | 4,385,673 | | 67,818 |
Vodafone Group PLC | 73,315,735 | | 134,702 |
William Morrison Supermarkets PLC | 5,814,500 | | 21,054 |
Wolseley PLC | 2,388,864 | | 42,828 |
WPP PLC | 2,864,700 | | 19,593 |
Xstrata PLC | 769,400 | | 6,781 |
TOTAL UNITED KINGDOM | | 1,498,659 |
United States of America - 1.4% |
Applied Materials, Inc. | 1,598,400 | | 19,516 |
Cummins, Inc. | 273,300 | | 9,292 |
Goldman Sachs Group, Inc. | 190,400 | | 24,466 |
Morgan Stanley | 731,400 | | 17,290 |
Regal-Beloit Corp. | 493,900 | | 20,067 |
Visa, Inc. | 187,600 | | 12,186 |
TOTAL UNITED STATES OF AMERICA | | 102,817 |
TOTAL COMMON STOCKS (Cost $7,971,828) | 6,672,748 |
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.0% |
Fresenius SE (non-vtg.) (d) | 1,371,100 | | 69,954 |
Italy - 0.4% |
Intesa Sanpaolo SpA | 15,194,902 | | 33,736 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $148,385) | 103,690 |
Government Obligations - 0.4% |
| Principal Amount (000s) | | Value (000s) |
United States of America - 0.4% |
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.22% 5/14/09 to 5/28/09 (f)
(Cost $30,146) | | $ 30,150 | | $ 30,149 |
Money Market Funds - 10.8% |
| Shares | | |
Fidelity Cash Central Fund, 0.53% (b) | 357,038,773 | | 357,039 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 422,886,377 | | 422,886 |
TOTAL MONEY MARKET FUNDS (Cost $779,925) | 779,925 |
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,930,284) | | 7,586,512 |
NET OTHER ASSETS - (5.4)% | | (391,569) |
NET ASSETS - 100% | $ 7,194,943 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
1,759 CME NIKKEI 225 Index Contracts (Japan) | June 2009 | | $ 78,232 | | $ 13,233 |
2,070 TOPIX 150 Index Contracts (Japan) | June 2009 | | 176,568 | | 26,544 |
TOTAL EQUITY INDEX CONTRACTS | | $ 254,800 | | $ 39,777 |
|
The face value of futures purchased as a percentage of net assets - 3.5% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security 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 $22,899,000. |
(g) Security or a portion of the security purchased on a delayed delivery or when issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 1,970 |
Fidelity Securities Lending Cash Central Fund | 2,151 |
Total | $ 4,121 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Aisi Realty Public Ltd. | $ 1,469 | $ - | $ - | $ - | $ 805 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 7,586,512 | $ 1,768,035 | $ 5,818,477 | $ - |
Other Financial Instruments* | $ 39,777 | $ 39,777 | $ - | $ - |
* Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
(Amounts in thousands) | Investments in Securities |
Beginning Balance | $ 6,158 |
Total Realized Gain (Loss) | (24,765) |
Total Unrealized Gain (Loss) | 21,068 |
Cost of Purchases | - |
Proceeds of Sales | (2,461) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $637,482,000 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $409,948) - See accompanying schedule: Unaffiliated issuers (cost $8,143,744) | $ 6,805,782 | |
Fidelity Central Funds (cost $779,925) | 779,925 | |
Other affiliated issuers (cost $6,615) | 805 | |
Total Investments (cost $8,930,284) | | $ 7,586,512 |
Foreign currency held at value (cost $11,200) | | 11,201 |
Receivable for investments sold | | 55,780 |
Receivable for fund shares sold | | 8,725 |
Dividends receivable | | 36,861 |
Distributions receivable from Fidelity Central Funds | | 1,228 |
Receivable for daily variation on futures contracts | | 7,309 |
Prepaid expenses | | 62 |
Other receivables | | 1,176 |
Total assets | | 7,708,854 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 74,165 | |
Delayed delivery | 4,546 | |
Payable for fund shares redeemed | 5,815 | |
Accrued management fee | 4,418 | |
Distribution fees payable | 131 | |
Other affiliated payables | 1,812 | |
Other payables and accrued expenses | 138 | |
Collateral on securities loaned, at value | 422,886 | |
Total liabilities | | 513,911 |
| | |
Net Assets | | $ 7,194,943 |
Net Assets consist of: | | |
Paid in capital | | $ 10,870,729 |
Undistributed net investment income | | 55,513 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,426,976) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (1,304,323) |
Net Assets | | $ 7,194,943 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($324,030 ÷ 14,455.5 shares) | | $ 22.42 |
| | |
Maximum offering price per share (100/94.25 of $22.42) | | $ 23.79 |
Class T:
Net Asset Value and redemption price per share ($58,741 ÷ 2,636.6 shares) | | $ 22.28 |
| | |
Maximum offering price per share (100/96.50 of $22.28) | | $ 23.09 |
Class B:
Net Asset Value and offering price per share ($12,414 ÷ 559.3 shares)A | | $ 22.20 |
| | |
Class C:
Net Asset Value and offering price per share ($41,128 ÷ 1,849.8 shares)A | | $ 22.23 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($6,104,867 ÷ 270,596.2 shares) | | $ 22.56 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($470,471 ÷ 20,890.0 shares) | | $ 22.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($183,291 ÷ 8,133.0 shares) | | $ 22.54 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 112,334 |
Interest | | 39 |
Income from Fidelity Central Funds | | 4,121 |
| | 116,494 |
Less foreign taxes withheld | | (8,130) |
Total income | | 108,364 |
| | |
Expenses | | |
Management fee
Basic fee | $ 24,824 | |
Performance adjustment | 2,221 | |
Transfer agent fees | 10,268 | |
Distribution fees | 800 | |
Accounting and security lending fees | 830 | |
Custodian fees and expenses | 385 | |
Independent trustees' compensation | 27 | |
Registration fees | 181 | |
Audit | 61 | |
Legal | 22 | |
Miscellaneous | 69 | |
Total expenses before reductions | 39,688 | |
Expense reductions | (1,291) | 38,397 |
Net investment income (loss) | | 69,967 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (1,675,864) | |
Foreign currency transactions | (5,353) | |
Futures contracts | (109,695) | |
Total net realized gain (loss) | | (1,790,912) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,265,742 | |
Assets and liabilities in foreign currencies | (181) | |
Futures contracts | 105,058 | |
Total change in net unrealized appreciation (depreciation) | | 1,370,619 |
Net gain (loss) | | (420,293) |
Net increase (decrease) in net assets resulting from operations | | $ (350,326) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 69,967 | $ 190,750 |
Net realized gain (loss) | (1,790,912) | (664,568) |
Change in net unrealized appreciation (depreciation) | 1,370,619 | (6,888,436) |
Net increase (decrease) in net assets resulting from operations | (350,326) | (7,362,254) |
Distributions to shareholders from net investment income | (107,705) | (129,574) |
Distributions to shareholders from net realized gain | - | (528,706) |
Total distributions | (107,705) | (658,280) |
Share transactions - net increase (decrease) | (144,918) | 1,069,130 |
Redemption fees | 235 | 709 |
Total increase (decrease) in net assets | (602,714) | (6,950,695) |
| | |
Net Assets | | |
Beginning of period | 7,797,657 | 14,748,352 |
End of period (including undistributed net investment income of $55,513 and undistributed net investment income of $120,184, respectively) | $ 7,194,943 | $ 7,797,657 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.68 | $ 47.34 | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .19 | .46 | .44 | .42 | .28 |
Net realized and unrealized gain (loss) | (1.19) | (22.08) | 11.76 | 7.19 | 2.88 |
Total from investment operations | (1.00) | (21.62) | 12.20 | 7.61 | 3.16 |
Distributions from net investment income | (.26) | (.37) | (.35) | (.31) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.26) | (2.04) | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.42 | $ 23.68 | $ 47.34 | $ 36.47 | $ 30.57 |
Total Return B,C,D | (4.15)% | (47.65)% | 34.54% | 26.01% | 11.53% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.39% A | 1.32% | 1.25% | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.39% A | 1.32% | 1.25% | 1.27% | 1.42% A |
Expenses net of all reductions | 1.36% A | 1.29% | 1.22% | 1.21% | 1.36% A |
Net investment income (loss) | 1.78% A | 1.27% | 1.08% | 1.22% | 1.15% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 324 | $ 380 | $ 417 | $ 140 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.49 | $ 47.06 | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .16 | .33 | .29 | .27 | .20 |
Net realized and unrealized gain (loss) | (1.18) | (21.94) | 11.71 | 7.18 | 2.88 |
Total from investment operations | (1.02) | (21.61) | 12.00 | 7.45 | 3.08 |
Distributions from net investment income | (.19) | (.29) | (.26) | (.24) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.19) | (1.96) | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.28 | $ 23.49 | $ 47.06 | $ 36.30 | $ 30.49 |
Total Return B,C,D | (4.29)% | (47.84)% | 34.08% | 25.49% | 11.24% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.64% A | 1.68% | 1.63% | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.64% A | 1.68% | 1.63% | 1.71% | 1.75% A |
Expenses net of all reductions | 1.61% A | 1.64% | 1.60% | 1.65% | 1.69% A |
Net investment income (loss) | 1.53% A | .91% | .70% | .78% | .83% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 59 | $ 64 | $ 53 | $ 10 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.25 | $ 46.70 | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .15 | .08 | .08 | .08 |
Net realized and unrealized gain (loss) | (1.16) | (21.77) | 11.64 | 7.19 | 2.87 |
Total from investment operations | (1.05) | (21.62) | 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 | - | - | - | - | - |
Net asset value, end of period | $ 22.20 | $ 23.25 | $ 46.70 | $ 36.12 | $ 30.36 |
Total Return B,C,D | (4.52)% | (48.11)% | 33.37% | 24.91% | 10.76% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.14% | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.15% A | 2.19% | 2.14% | 2.25% | 2.24% A |
Expenses net of all reductions | 2.11% A | 2.15% | 2.10% | 2.19% | 2.18% A |
Net investment income (loss) | 1.02% A | .40% | .19% | .24% | .33% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 12 | $ 15 | $ 17 | $ 4 | $ 1 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected PerShare Data | | | | | |
Net asset value, beginning of period | $ 23.31 | $ 46.82 | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .15 | .09 | .11 | .13 |
Net realized and unrealized gain (loss) | (1.17) | (21.82) | 11.66 | 7.19 | 2.87 |
Total from investment operations | (1.06) | (21.67) | 11.75 | 7.30 | 3.00 |
Distributions from net investment income | (.02) | (.17) | (.14) | (.12) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.02) | (1.84) | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.23 | $ 23.31 | $ 46.82 | $ 36.19 | $ 30.41 |
Total Return B,C,D | (4.55)% | (48.10)% | 33.38% | 24.97% | 10.94% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.13% A | 2.17% | 2.11% | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.13% A | 2.17% | 2.11% | 2.16% | 2.04% A |
Expenses net of all reductions | 2.09% A | 2.13% | 2.08% | 2.11% | 1.98% A |
Net investment income (loss) | 1.04% A | .42% | .22% | .33% | .53% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 41 | $ 36 | $ 28 | $ 6 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.88 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .22 | .57 | .53 | .48 | .37 | .22 |
Net realized and unrealized gain (loss) | (1.20) | (22.29) | 11.84 | 7.25 | 5.24 | 3.40 |
Total from investment operations | (.98) | (21.72) | 12.37 | 7.73 | 5.61 | 3.62 |
Distributions from net investment income | (.34) | (.41) | (.38) | (.31) | (.15) | (.18) |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | (.12) | - |
Total distributions | (.34) | (2.08) | (1.36) | (1.71) | (.27) | (.18) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 22.56 | $ 23.88 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 |
Total Return B,C | (4.03)% | (47.55)% | 34.85% | 26.34% | 22.29% | 16.65% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.14% A | 1.09% | 1.04% | 1.09% | 1.08% | 1.10% |
Expenses net of fee waivers, if any | 1.14% A | 1.09% | 1.04% | 1.08% | 1.07% | 1.10% |
Expenses net of all reductions | 1.10% A | 1.05% | 1.00% | 1.03% | 1.01% | 1.06% |
Net investment income (loss) | 2.03% A | 1.51% | 1.30% | 1.41% | 1.35% | .92% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 6,105 | $ 6,999 | $ 14,176 | $ 8,054 | $ 3,949 | $ 2,193 |
Portfolio turnover rate F | 102% A | 79% | 56% | 56% | 75% | 87% |
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 - Class K
| Six months ended
April 30, 2009 | Years ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 23.90 | $ 40.32 |
Income from Investment Operations | | |
Net investment income (loss) D | .24 | .10 |
Net realized and unrealized gain (loss) | (1.20) | (16.52) |
Total from investment operations | (.96) | (16.42) |
Distributions from net investment income | (.42) | - |
Total distributions | (.42) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 22.52 | $ 23.90 |
Total Return B,C | (3.91)% | (40.72)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .89% A | .93% A |
Expenses net of fee waivers, if any | .89% A | .93% A |
Expenses net of all reductions | .85% A | .89% A |
Net investment income (loss) | 2.29% A | .83% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 470 | $ 145 |
Portfolio turnover rate F | 102% A | 79% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.91 | $ 47.73 | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .22 | .53 | .55 | .51 | .38 |
Net realized and unrealized gain (loss) | (1.20) | (22.24) | 11.85 | 7.25 | 2.89 |
Total from investment operations | (.98) | (21.71) | 12.40 | 7.76 | 3.27 |
Distributions from net investment income | (.39) | (.44) | (.40) | (.33) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.39) | (2.11) | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 22.54 | $ 23.91 | $ 47.73 | $ 36.71 | $ 30.68 |
Total Return B,C | (4.01)% | (47.51)% | 34.93% | 26.45% | 11.93% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.09% A | 1.05% | .97% | 1.00% | .97% A |
Expenses net of fee waivers, if any | 1.09% A | 1.05% | .97% | 1.00% | .97% A |
Expenses net of all reductions | 1.05% A | 1.01% | .94% | .95% | .90% A |
Net investment income (loss) | 2.08% A | 1.54% | 1.36% | 1.49% | 1.60% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 183 | $ 159 | $ 58 | $ 28 | $ 10 |
Portfolio turnover rate F | 102% A | 79% | 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, 2009 (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, Class K 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. After the commencement of Class K, the Fund began offering conversion privileges between International Discovery and Class K to eligible shareholders of International Discovery. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the other 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), 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, 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 557,250 |
Unrealized depreciation | (2,047,590) |
Net unrealized appreciation (depreciation) | $ (1,490,340) |
Cost for federal income tax purposes | $ 9,076,852 |
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 Pronouncement. 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 reporting periods 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.
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
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 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $3,377,441 and $3,375,638, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45%
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .78% 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% | $ 400 | $ 32 |
Class T | .25% | .25% | 144 | - |
Class B | .75% | .25% | 64 | 48 |
Class C | .75% | .25% | 192 | 42 |
International Discovery | -% | -% | - | - |
Class K | -% | -% | - | - |
| | | $ 800 | $ 122 |
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
(Amounts in thousands except ratios)
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 | $ 33 |
Class T | 7 |
Class B* | 19 |
Class C* | 5 |
| $ 64 |
* 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 respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 507 | .32 |
Class T | 91 | .32 |
Class B | 20 | .32 |
Class C | 58 | .30 |
International Discovery | 9,267 | .31 |
Class K | 101 | .06 |
Institutional Class | 224 | .26 |
| $ 10,268 | |
* 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 $13 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $22 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 $2,151.
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 $6,500. The weighted average interest rate was .42%. The interest expense amounted to two hundred and thirty dollars under the bank borrowing program. At period end, there were no bank borrowings outstanding.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,285 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, these credits reduced the Fund's custody expense by $6.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Class A | $ 3,982 | $ 3,599 |
Class T | 533 | 387 |
Class B | - | 67 |
Class C | 30 | 123 |
International Discovery | 96,783 | 124,823 |
Class K | 3,616 | - |
Institutional Class | 2,761 | 575 |
Total | $ 107,705 | $ 129,574 |
From net realized gain | | |
Class A | $ - | $ 16,423 |
Class T | - | 2,244 |
Class B | - | 719 |
Class C | - | 1,185 |
International Discovery | - | 505,958 |
Institutional Class | - | 2,177 |
Total | $ - | $ 528,706 |
A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class A | | | | |
Shares sold | 2,883 | 13,337 | $ 62,183 | $ 505,828 |
Reinvestment of distributions | 132 | 252 | 2,786 | 11,025 |
Shares redeemed | (4,591) | (6,361) | (97,487) | (213,706) |
Net increase (decrease) | (1,576) | 7,228 | $ (32,518) | $ 303,147 |
Semiannual Report
12. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class T | | | | |
Shares sold | 697 | 2,322 | $ 14,854 | $ 87,236 |
Reinvestment of distributions | 24 | 59 | 507 | 2,571 |
Shares redeemed | (796) | (800) | (16,573) | (27,654) |
Net increase (decrease) | (75) | 1,581 | $ (1,212) | $ 62,153 |
Class B | | | | |
Shares sold | 68 | 487 | $ 1,474 | $ 18,856 |
Reinvestment of distributions | - | 17 | - | 721 |
Shares redeemed | (153) | (228) | (3,152) | (7,554) |
Net increase (decrease) | (85) | 276 | $ (1,678) | $ 12,023 |
Class C | | | | |
Shares sold | 758 | 1,350 | $ 16,220 | $ 51,762 |
Reinvestment of distributions | 1 | 25 | 26 | 1,076 |
Shares redeemed | (471) | (405) | (9,627) | (13,335) |
Net increase (decrease) | 288 | 970 | $ 6,619 | $ 39,503 |
International Discovery | | | | |
Shares sold | 32,979 | 98,885 | $ 709,659 | $ 3,784,869 |
Conversion to Class K | (11,617) | (6,197) | (253,755) | (182,264) |
Reinvestment of distributions | 4,362 | 13,646 | 92,471 | 600,976 |
Shares redeemed | (48,188) | (110,609) | (1,022,926) | (3,914,448) |
Net increase (decrease) | (22,464) | (4,275) | $ (474,551) | $ 289,133 |
Class K | | | | |
Shares sold | 5,628 | 215 | $ 121,473 | $ 6,017 |
Conversion from International Discovery | 11,640 | 6,197 | 253,755 | 182,264 |
Reinvestment of distributions | 171 | - | 3,616 | - |
Shares redeemed | (2,623) | (338) | (53,990) | (8,716) |
Net increase (decrease) | 14,816 | 6,074 | $ 324,854 | $ 179,565 |
Institutional Class | | | | |
Shares sold | 8,310 | 7,551 | $ 176,304 | $ 243,799 |
Reinvestment of distributions | 41 | 42 | 875 | 1,852 |
Shares redeemed | (6,872) | (2,148) | (143,611) | (62,044) |
Net increase (decrease) | 1,479 | 5,445 | $ 33,568 | $ 183,607 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
13. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
13. Other - continued
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
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
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Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
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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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
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(letter_graphic)
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(letter_graphic)
For Retirement
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Buying shares
Fidelity Investments
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Cincinnati, OH 45277-0003
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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.
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(U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
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(Hong Kong) Limited
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(Japan) Inc.
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IGI-USAN-0609
1.807260.104
Fidelity®
International Discovery
Fund -
Class K
Semiannual Report
April 30, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.39% | | | |
Actual | | $ 1,000.00 | $ 958.50 | $ 6.75 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | 1.64% | | | |
Actual | | $ 1,000.00 | $ 957.10 | $ 7.96 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 954.80 | $ 10.42 |
HypotheticalA | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% | | | |
Actual | | $ 1,000.00 | $ 954.50 | $ 10.32 |
HypotheticalA | | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Discovery | 1.14% | | | |
Actual | | $ 1,000.00 | $ 959.70 | $ 5.54 |
HypotheticalA | | $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class K | .89% | | | |
Actual | | $ 1,000.00 | $ 960.90 | $ 4.33 |
HypotheticalA | | $ 1,000.00 | $ 1,020.38 | $ 4.46 |
Institutional Class | 1.09% | | | |
Actual | | $ 1,000.00 | $ 959.90 | $ 5.30 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.46 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 22.9% | |
| United Kingdom 20.8% | |
| Germany 9.0% | |
| Switzerland 8.3% | |
| France 7.6% | |
| United States of America 3.6% | |
| Australia 3.4% | |
| Netherlands 2.5% | |
| Spain 2.4% | |
| Other 19.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom 22.5% | |
| Japan 16.0% | |
| Switzerland 12.5% | |
| Germany 12.1% | |
| United States of America 6.9% | |
| France 5.7% | |
| Australia 5.0% | |
| Spain 3.9% | |
| Italy 2.0% | |
| 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 and Equity Futures | 97.8 | 94.3 |
Short-Term Investments and Net Other Assets | 2.2 | 5.7 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.9 | 2.0 |
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks) | 1.8 | 1.9 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks) | 1.8 | 1.4 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.7 | 1.5 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 3.0 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.7 | 2.7 |
Toyota Motor Corp. (Japan, Automobiles) | 1.7 | 1.5 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.6 | 2.2 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.5 | 1.9 |
E.ON AG (Germany, Electric Utilities) | 1.5 | 2.2 |
| 16.9 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.6 | 19.8 |
Consumer Discretionary | 14.1 | 6.7 |
Information Technology | 10.2 | 7.3 |
Health Care | 9.6 | 15.8 |
Energy | 7.9 | 7.5 |
Industrials | 7.2 | 5.9 |
Telecommunication Services | 7.0 | 7.7 |
Consumer Staples | 6.4 | 10.8 |
Materials | 6.3 | 5.1 |
Utilities | 1.9 | 5.5 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value (000s) |
Australia - 3.4% |
ABB Grain Ltd. (d) | 1,537,145 | | $ 9,746 |
Billabong International Ltd. | 4,045,126 | | 30,883 |
Commonwealth Bank of Australia | 1,665,640 | | 42,521 |
CSL Ltd. | 952,963 | | 23,850 |
Macquarie Group Ltd. | 858,400 | | 20,896 |
Newcrest Mining Ltd. | 226,456 | | 4,930 |
QBE Insurance Group Ltd. | 2,479,998 | | 39,292 |
Wesfarmers Ltd. | 3,538,219 | | 58,245 |
Woolworths Ltd. | 871,468 | | 16,931 |
TOTAL AUSTRALIA | | 247,294 |
Belgium - 0.9% |
Anheuser-Busch InBev NV (d) | 2,119,800 | | 64,875 |
Bermuda - 0.3% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 1,418,333 | | 5,344 |
Huabao International Holdings Ltd. | 18,440,000 | | 13,034 |
TOTAL BERMUDA | | 18,378 |
Brazil - 1.4% |
BM&F BOVESPA SA | 3,185,694 | | 13,110 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 816,400 | | 27,407 |
Redecard SA | 2,178,500 | | 27,444 |
Vivo Participacoes SA sponsored ADR | 1,874,800 | | 29,922 |
TOTAL BRAZIL | | 97,883 |
Canada - 2.1% |
Canadian Natural Resources Ltd. | 840,200 | | 38,734 |
Niko Resources Ltd. | 498,400 | | 25,224 |
Open Text Corp. (a)(d) | 784,000 | | 25,821 |
Petro-Canada | 474,800 | | 14,985 |
Petrobank Energy & Resources Ltd. (a) | 813,500 | | 17,487 |
Suncor Energy, Inc. | 1,124,000 | | 28,287 |
TOTAL CANADA | | 150,538 |
Cayman Islands - 1.0% |
Belle International Holdings Ltd. | 42,872,000 | | 32,663 |
China Dongxiang Group Co. Ltd. | 59,994,000 | | 29,136 |
Want Want China Holdings Ltd. | 17,513,000 | | 8,732 |
TOTAL CAYMAN ISLANDS | | 70,531 |
China - 2.4% |
BYD Co. Ltd. (H Shares) | 4,827,000 | | 12,681 |
Changyou.com Ltd. (A Shares) ADR | 29,200 | | 898 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
China Merchants Bank Co. Ltd. (H Shares) | 9,459,000 | | $ 16,901 |
China Telecom Corp. Ltd. (H Shares) | 66,250,000 | | 32,613 |
Industrial & Commercial Bank of China Ltd. | 31,345,000 | | 17,832 |
Li Ning Co. Ltd. | 8,355,000 | | 17,098 |
Tencent Holdings Ltd. | 3,426,200 | | 30,283 |
ZTE Corp. (H Shares) | 12,177,464 | | 41,055 |
TOTAL CHINA | | 169,361 |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)(e) | 10,023,000 | | 805 |
Denmark - 1.0% |
Novo Nordisk AS Series B | 1,094,500 | | 52,074 |
Vestas Wind Systems AS (a) | 276,400 | | 17,941 |
TOTAL DENMARK | | 70,015 |
Finland - 0.5% |
Nokia Corp. sponsored ADR | 2,333,400 | | 32,994 |
France - 7.6% |
Accor SA | 463,700 | | 19,615 |
Alstom SA | 656,812 | | 40,933 |
AXA SA (d) | 3,118,066 | | 52,375 |
BNP Paribas SA | 1,702,239 | | 89,589 |
Cap Gemini SA (d) | 684,300 | | 25,573 |
Iliad Group SA | 191,840 | | 20,144 |
LVMH Moet Hennessy - Louis Vuitton | 272,400 | | 20,560 |
Orpea (a) | 560,828 | | 22,927 |
PPR SA (d) | 492,800 | | 37,745 |
Sanofi-Aventis (d) | 466,800 | | 26,813 |
Schneider Electric SA (d) | 393,300 | | 29,922 |
Societe Generale Series A | 779,120 | | 39,809 |
Total SA Series B | 2,104,400 | | 105,267 |
Unibail-Rodamco | 118,400 | | 17,652 |
TOTAL FRANCE | | 548,924 |
Germany - 8.0% |
Allianz AG (Reg.) (d) | 410,830 | | 37,220 |
Bayerische Motoren Werke AG (BMW) (d) | 882,300 | | 30,268 |
Daimler AG (Reg.) | 999,200 | | 35,673 |
Deutsche Bank AG | 834,900 | | 43,775 |
Deutsche Boerse AG | 673,925 | | 49,321 |
E.ON AG | 3,151,900 | | 105,615 |
Fresenius Medical Care AG & Co. KGaA (d) | 1,015,900 | | 39,498 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
GEA Group AG | 2,379,000 | | $ 30,966 |
Gerresheimer AG | 604,000 | | 14,406 |
MAN AG | 726,000 | | 44,584 |
Munich Re Group (Reg.) (d) | 592,500 | | 81,018 |
Siemens AG (Reg.) | 820,700 | | 54,932 |
Wincor Nixdorf AG | 183,300 | | 9,103 |
TOTAL GERMANY | | 576,379 |
Greece - 0.2% |
Public Power Corp. of Greece | 652,245 | | 12,570 |
Hong Kong - 0.8% |
Cheung Kong Holdings Ltd. | 3,875,000 | | 39,973 |
Hang Lung Properties Ltd. | 4,149,000 | | 11,653 |
Techtronic Industries Co. Ltd. | 6,460,000 | | 3,820 |
TOTAL HONG KONG | | 55,446 |
India - 0.8% |
Bharti Airtel Ltd. (a) | 2,000,000 | | 30,482 |
Infosys Technologies Ltd. | 718,452 | | 21,983 |
Titan Industries Ltd. | 226,153 | | 3,422 |
TOTAL INDIA | | 55,887 |
Ireland - 0.8% |
CRH PLC | 1,184,400 | | 30,783 |
Paddy Power PLC (Ireland) | 1,445,597 | | 26,617 |
TOTAL IRELAND | | 57,400 |
Israel - 0.8% |
Nice Systems Ltd. sponsored ADR (a) | 918,700 | | 23,528 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 790,500 | | 34,695 |
TOTAL ISRAEL | | 58,223 |
Italy - 0.5% |
Fiat SpA | 4,035,900 | | 39,446 |
Japan - 19.3% |
Asics Corp. | 3,914,000 | | 25,450 |
Canon Marketing Japan, Inc. | 2,296,500 | | 27,776 |
Canon, Inc. | 1,929,350 | | 57,752 |
Daiwa Securities Group, Inc. | 6,962,000 | | 36,482 |
Denso Corp. | 1,461,500 | | 34,557 |
Eisai Co. Ltd. | 609,500 | | 16,360 |
Fanuc Ltd. | 334,300 | | 24,130 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Fast Retailing Co. Ltd. | 134,400 | | $ 14,129 |
Honda Motor Co. Ltd. | 1,974,500 | | 57,881 |
JTEKT Corp. | 1,639,200 | | 15,814 |
Keyence Corp. | 89,500 | | 15,809 |
Misumi Group, Inc. | 504,000 | | 6,807 |
Mitsubishi Corp. | 1,640,800 | | 25,257 |
Mitsubishi UFJ Financial Group, Inc. | 22,998,800 | | 125,487 |
Mitsui & Co. Ltd. | 2,244,000 | | 23,807 |
Murata Manufacturing Co. Ltd. | 528,700 | | 21,433 |
NGK Insulators Ltd. | 1,582,000 | | 24,268 |
Nichi-iko Pharmaceutical Co. Ltd. | 268,400 | | 7,249 |
Nippon Building Fund, Inc. | 2,590 | | 21,048 |
Nippon Electric Glass Co. Ltd. | 1,996,000 | | 16,246 |
Nippon Steel Corp. | 4,858,000 | | 16,337 |
Nissan Motor Co. Ltd. | 6,947,800 | | 36,273 |
Nitori Co. Ltd. | 95,350 | | 5,367 |
Nomura Holdings, Inc. | 11,214,700 | | 67,693 |
NSK Ltd. | 3,271,000 | | 14,563 |
Omron Corp. | 983,300 | | 14,700 |
Point, Inc. | 217,600 | | 9,699 |
Promise Co. Ltd. (d) | 2,724,600 | | 36,011 |
Rakuten, Inc. | 72,690 | | 36,990 |
Ricoh Co. Ltd. | 4,194,000 | | 51,867 |
Sawai Pharmaceutical Co. Ltd. (d) | 160,300 | | 7,431 |
Seven & i Holdings Co., Ltd. | 905,200 | | 20,460 |
Shin-Etsu Chemical Co., Ltd. | 752,400 | | 36,578 |
SMC Corp. | 105,900 | | 10,391 |
Softbank Corp. (d) | 2,491,000 | | 39,418 |
Sony Corp. sponsored ADR (d) | 1,189,100 | | 30,750 |
Sony Financial Holdings, Inc. | 7,546 | | 23,747 |
Sumitomo Mitsui Financial Group, Inc. | 1,711,400 | | 59,368 |
THK Co. Ltd. | 1,760,000 | | 24,415 |
Tokio Marine Holdings, Inc. | 1,642,100 | | 43,319 |
Tokyo Electron Ltd. | 1,263,200 | | 57,780 |
Toyota Motor Corp. | 3,041,600 | | 120,413 |
Tsumura & Co. | 507,800 | | 13,910 |
USS Co. Ltd. | 326,080 | | 14,780 |
TOTAL JAPAN | | 1,390,002 |
Common Stocks - continued |
| Shares | | Value (000s) |
Korea (South) - 0.6% |
NHN Corp. (a) | 212,392 | | $ 25,843 |
Samsung Electronics Co. Ltd. | 38,010 | | 17,607 |
TOTAL KOREA (SOUTH) | | 43,450 |
Luxembourg - 1.2% |
ArcelorMittal SA (NY Shares) Class A (d) | 1,226,100 | | 28,911 |
SES SA (A Shares) FDR unit | 2,524,868 | | 44,851 |
Tenaris SA | 945,300 | | 11,887 |
TOTAL LUXEMBOURG | | 85,649 |
Mexico - 0.2% |
America Movil SAB de CV Series L sponsored ADR | 405,400 | | 13,317 |
Netherlands - 2.5% |
Akzo Nobel NV | 686,300 | | 28,694 |
ASML Holding NV (Netherlands) | 1,536,400 | | 32,231 |
Gemalto NV (a)(d) | 1,074,757 | | 33,832 |
James Hardie Industries NV unit | 5,306,155 | | 17,747 |
Koninklijke Ahold NV | 2,258,600 | | 24,739 |
Koninklijke KPN NV (d) | 1,489,800 | | 17,906 |
Royal DSM NV | 899,500 | | 27,888 |
TOTAL NETHERLANDS | | 183,037 |
Norway - 0.2% |
Pronova BioPharma ASA (a) | 4,726,590 | | 11,855 |
Papua New Guinea - 0.5% |
Oil Search Ltd. | 8,855,875 | | 33,033 |
Russia - 0.4% |
OAO Gazprom sponsored ADR | 1,508,300 | | 26,697 |
Singapore - 0.4% |
Ascendas Real Estate Investment Trust (A-REIT) | 7,883,000 | | 7,135 |
Singapore Exchange Ltd. | 5,754,250 | | 24,370 |
TOTAL SINGAPORE | | 31,505 |
South Africa - 0.9% |
MTN Group Ltd. | 5,254,600 | | 68,242 |
Spain - 2.4% |
Banco Santander SA | 3,311,500 | | 31,463 |
Inditex SA | 416,900 | | 17,771 |
Red Electrica Corporacion SA | 277,900 | | 11,628 |
Telefonica SA | 5,833,800 | | 110,499 |
TOTAL SPAIN | | 171,361 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - 0.5% |
H&M Hennes & Mauritz AB (B Shares) | 891,750 | | $ 39,694 |
Switzerland - 8.3% |
Actelion Ltd. (Reg.) (a) | 1,286,795 | | 58,611 |
BB BIOTECH AG | 354,261 | | 20,605 |
Credit Suisse Group sponsored ADR | 1,452,500 | | 55,602 |
Nestle SA (Reg.) | 3,742,549 | | 121,963 |
Nobel Biocare Holding AG (Switzerland) | 1,045,000 | | 21,298 |
Novartis AG (Reg.) | 437,573 | | 16,557 |
Partners Group Holding | 255,836 | | 22,348 |
Roche Holding AG (participation certificate) | 879,208 | | 110,843 |
Sonova Holding AG | 574,683 | | 37,176 |
Syngenta AG (Switzerland) | 181,599 | | 38,759 |
UBS AG (For. Reg.) | 2,862,686 | | 39,313 |
Zurich Financial Services AG (Reg.) | 285,674 | | 53,073 |
TOTAL SWITZERLAND | | 596,148 |
Taiwan - 0.7% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,754,000 | | 50,333 |
United Kingdom - 20.8% |
Aberdeen Asset Management PLC (d) | 21,064,600 | | 40,834 |
Aegis Group PLC | 7,593,391 | | 10,162 |
AstraZeneca PLC (United Kingdom) | 1,223,700 | | 42,832 |
Autonomy Corp. PLC (a) | 1,836,100 | | 38,505 |
BAE Systems PLC | 4,387,009 | | 23,068 |
Barclays PLC | 8,483,500 | | 34,431 |
BG Group PLC | 2,519,900 | | 40,222 |
BG Group PLC sponsored ADR | 207,400 | | 16,451 |
BHP Billiton PLC | 6,069,100 | | 125,917 |
BP PLC | 6,979,400 | | 49,303 |
British American Tobacco PLC (United Kingdom) | 1,125,478 | | 27,133 |
Capita Group PLC | 3,272,693 | | 32,985 |
Carphone Warehouse Group PLC | 5,567,300 | | 12,187 |
Compass Group PLC | 6,402,100 | | 30,430 |
Cookson Group PLC | 30,974,600 | | 8,845 |
DSG INTL PLC | 11,467,900 | | 7,220 |
DSG International PLC (g) | 10,246,400 | | 4,546 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 1,281,644 | | 8,984 |
(United Kingdom) (Reg.) | 17,822,658 | | 126,698 |
Imperial Tobacco Group PLC | 1,644,800 | | 37,514 |
Informa PLC | 8,669,900 | | 37,879 |
InterContinental Hotel Group PLC | 2,118,900 | | 20,124 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Man Group PLC | 13,203,500 | | $ 48,785 |
Misys PLC | 7,892,600 | | 16,103 |
NEXT PLC | 1,290,800 | | 30,862 |
Prudential PLC | 6,511,200 | | 37,410 |
Reckitt Benckiser Group PLC | 1,467,200 | | 57,574 |
Rio Tinto PLC (Reg.) | 1,879,100 | | 76,322 |
Royal Bank of Scotland Group PLC | 10,165,495 | | 6,202 |
Royal Dutch Shell PLC Class B | 5,374,259 | | 121,577 |
SSL International PLC | 4,962,409 | | 34,778 |
Standard Chartered PLC (United Kingdom) | 4,385,673 | | 67,818 |
Vodafone Group PLC | 73,315,735 | | 134,702 |
William Morrison Supermarkets PLC | 5,814,500 | | 21,054 |
Wolseley PLC | 2,388,864 | | 42,828 |
WPP PLC | 2,864,700 | | 19,593 |
Xstrata PLC | 769,400 | | 6,781 |
TOTAL UNITED KINGDOM | | 1,498,659 |
United States of America - 1.4% |
Applied Materials, Inc. | 1,598,400 | | 19,516 |
Cummins, Inc. | 273,300 | | 9,292 |
Goldman Sachs Group, Inc. | 190,400 | | 24,466 |
Morgan Stanley | 731,400 | | 17,290 |
Regal-Beloit Corp. | 493,900 | | 20,067 |
Visa, Inc. | 187,600 | | 12,186 |
TOTAL UNITED STATES OF AMERICA | | 102,817 |
TOTAL COMMON STOCKS (Cost $7,971,828) | 6,672,748 |
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.0% |
Fresenius SE (non-vtg.) (d) | 1,371,100 | | 69,954 |
Italy - 0.4% |
Intesa Sanpaolo SpA | 15,194,902 | | 33,736 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $148,385) | 103,690 |
Government Obligations - 0.4% |
| Principal Amount (000s) | | Value (000s) |
United States of America - 0.4% |
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.22% 5/14/09 to 5/28/09 (f)
(Cost $30,146) | | $ 30,150 | | $ 30,149 |
Money Market Funds - 10.8% |
| Shares | | |
Fidelity Cash Central Fund, 0.53% (b) | 357,038,773 | | 357,039 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 422,886,377 | | 422,886 |
TOTAL MONEY MARKET FUNDS (Cost $779,925) | 779,925 |
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,930,284) | | 7,586,512 |
NET OTHER ASSETS - (5.4)% | | (391,569) |
NET ASSETS - 100% | $ 7,194,943 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
1,759 CME NIKKEI 225 Index Contracts (Japan) | June 2009 | | $ 78,232 | | $ 13,233 |
2,070 TOPIX 150 Index Contracts (Japan) | June 2009 | | 176,568 | | 26,544 |
TOTAL EQUITY INDEX CONTRACTS | | $ 254,800 | | $ 39,777 |
|
The face value of futures purchased as a percentage of net assets - 3.5% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security 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 $22,899,000. |
(g) Security or a portion of the security purchased on a delayed delivery or when issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 1,970 |
Fidelity Securities Lending Cash Central Fund | 2,151 |
Total | $ 4,121 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Aisi Realty Public Ltd. | $ 1,469 | $ - | $ - | $ - | $ 805 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 7,586,512 | $ 1,768,035 | $ 5,818,477 | $ - |
Other Financial Instruments* | $ 39,777 | $ 39,777 | $ - | $ - |
* Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
(Amounts in thousands) | Investments in Securities |
Beginning Balance | $ 6,158 |
Total Realized Gain (Loss) | (24,765) |
Total Unrealized Gain (Loss) | 21,068 |
Cost of Purchases | - |
Proceeds of Sales | (2,461) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $637,482,000 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $409,948) - See accompanying schedule: Unaffiliated issuers (cost $8,143,744) | $ 6,805,782 | |
Fidelity Central Funds (cost $779,925) | 779,925 | |
Other affiliated issuers (cost $6,615) | 805 | |
Total Investments (cost $8,930,284) | | $ 7,586,512 |
Foreign currency held at value (cost $11,200) | | 11,201 |
Receivable for investments sold | | 55,780 |
Receivable for fund shares sold | | 8,725 |
Dividends receivable | | 36,861 |
Distributions receivable from Fidelity Central Funds | | 1,228 |
Receivable for daily variation on futures contracts | | 7,309 |
Prepaid expenses | | 62 |
Other receivables | | 1,176 |
Total assets | | 7,708,854 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 74,165 | |
Delayed delivery | 4,546 | |
Payable for fund shares redeemed | 5,815 | |
Accrued management fee | 4,418 | |
Distribution fees payable | 131 | |
Other affiliated payables | 1,812 | |
Other payables and accrued expenses | 138 | |
Collateral on securities loaned, at value | 422,886 | |
Total liabilities | | 513,911 |
| | |
Net Assets | | $ 7,194,943 |
Net Assets consist of: | | |
Paid in capital | | $ 10,870,729 |
Undistributed net investment income | | 55,513 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,426,976) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (1,304,323) |
Net Assets | | $ 7,194,943 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($324,030 ÷ 14,455.5 shares) | | $ 22.42 |
| | |
Maximum offering price per share (100/94.25 of $22.42) | | $ 23.79 |
Class T:
Net Asset Value and redemption price per share ($58,741 ÷ 2,636.6 shares) | | $ 22.28 |
| | |
Maximum offering price per share (100/96.50 of $22.28) | | $ 23.09 |
Class B:
Net Asset Value and offering price per share ($12,414 ÷ 559.3 shares)A | | $ 22.20 |
| | |
Class C:
Net Asset Value and offering price per share ($41,128 ÷ 1,849.8 shares)A | | $ 22.23 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($6,104,867 ÷ 270,596.2 shares) | | $ 22.56 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($470,471 ÷ 20,890.0 shares) | | $ 22.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($183,291 ÷ 8,133.0 shares) | | $ 22.54 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 112,334 |
Interest | | 39 |
Income from Fidelity Central Funds | | 4,121 |
| | 116,494 |
Less foreign taxes withheld | | (8,130) |
Total income | | 108,364 |
| | |
Expenses | | |
Management fee
Basic fee | $ 24,824 | |
Performance adjustment | 2,221 | |
Transfer agent fees | 10,268 | |
Distribution fees | 800 | |
Accounting and security lending fees | 830 | |
Custodian fees and expenses | 385 | |
Independent trustees' compensation | 27 | |
Registration fees | 181 | |
Audit | 61 | |
Legal | 22 | |
Miscellaneous | 69 | |
Total expenses before reductions | 39,688 | |
Expense reductions | (1,291) | 38,397 |
Net investment income (loss) | | 69,967 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (1,675,864) | |
Foreign currency transactions | (5,353) | |
Futures contracts | (109,695) | |
Total net realized gain (loss) | | (1,790,912) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,265,742 | |
Assets and liabilities in foreign currencies | (181) | |
Futures contracts | 105,058 | |
Total change in net unrealized appreciation (depreciation) | | 1,370,619 |
Net gain (loss) | | (420,293) |
Net increase (decrease) in net assets resulting from operations | | $ (350,326) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 69,967 | $ 190,750 |
Net realized gain (loss) | (1,790,912) | (664,568) |
Change in net unrealized appreciation (depreciation) | 1,370,619 | (6,888,436) |
Net increase (decrease) in net assets resulting from operations | (350,326) | (7,362,254) |
Distributions to shareholders from net investment income | (107,705) | (129,574) |
Distributions to shareholders from net realized gain | - | (528,706) |
Total distributions | (107,705) | (658,280) |
Share transactions - net increase (decrease) | (144,918) | 1,069,130 |
Redemption fees | 235 | 709 |
Total increase (decrease) in net assets | (602,714) | (6,950,695) |
| | |
Net Assets | | |
Beginning of period | 7,797,657 | 14,748,352 |
End of period (including undistributed net investment income of $55,513 and undistributed net investment income of $120,184, respectively) | $ 7,194,943 | $ 7,797,657 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.68 | $ 47.34 | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .19 | .46 | .44 | .42 | .28 |
Net realized and unrealized gain (loss) | (1.19) | (22.08) | 11.76 | 7.19 | 2.88 |
Total from investment operations | (1.00) | (21.62) | 12.20 | 7.61 | 3.16 |
Distributions from net investment income | (.26) | (.37) | (.35) | (.31) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.26) | (2.04) | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.42 | $ 23.68 | $ 47.34 | $ 36.47 | $ 30.57 |
Total Return B,C,D | (4.15)% | (47.65)% | 34.54% | 26.01% | 11.53% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.39% A | 1.32% | 1.25% | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.39% A | 1.32% | 1.25% | 1.27% | 1.42% A |
Expenses net of all reductions | 1.36% A | 1.29% | 1.22% | 1.21% | 1.36% A |
Net investment income (loss) | 1.78% A | 1.27% | 1.08% | 1.22% | 1.15% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 324 | $ 380 | $ 417 | $ 140 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.49 | $ 47.06 | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .16 | .33 | .29 | .27 | .20 |
Net realized and unrealized gain (loss) | (1.18) | (21.94) | 11.71 | 7.18 | 2.88 |
Total from investment operations | (1.02) | (21.61) | 12.00 | 7.45 | 3.08 |
Distributions from net investment income | (.19) | (.29) | (.26) | (.24) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.19) | (1.96) | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.28 | $ 23.49 | $ 47.06 | $ 36.30 | $ 30.49 |
Total Return B,C,D | (4.29)% | (47.84)% | 34.08% | 25.49% | 11.24% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.64% A | 1.68% | 1.63% | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.64% A | 1.68% | 1.63% | 1.71% | 1.75% A |
Expenses net of all reductions | 1.61% A | 1.64% | 1.60% | 1.65% | 1.69% A |
Net investment income (loss) | 1.53% A | .91% | .70% | .78% | .83% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 59 | $ 64 | $ 53 | $ 10 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.25 | $ 46.70 | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .15 | .08 | .08 | .08 |
Net realized and unrealized gain (loss) | (1.16) | (21.77) | 11.64 | 7.19 | 2.87 |
Total from investment operations | (1.05) | (21.62) | 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 | - | - | - | - | - |
Net asset value, end of period | $ 22.20 | $ 23.25 | $ 46.70 | $ 36.12 | $ 30.36 |
Total Return B,C,D | (4.52)% | (48.11)% | 33.37% | 24.91% | 10.76% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.14% | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.15% A | 2.19% | 2.14% | 2.25% | 2.24% A |
Expenses net of all reductions | 2.11% A | 2.15% | 2.10% | 2.19% | 2.18% A |
Net investment income (loss) | 1.02% A | .40% | .19% | .24% | .33% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 12 | $ 15 | $ 17 | $ 4 | $ 1 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected PerShare Data | | | | | |
Net asset value, beginning of period | $ 23.31 | $ 46.82 | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .15 | .09 | .11 | .13 |
Net realized and unrealized gain (loss) | (1.17) | (21.82) | 11.66 | 7.19 | 2.87 |
Total from investment operations | (1.06) | (21.67) | 11.75 | 7.30 | 3.00 |
Distributions from net investment income | (.02) | (.17) | (.14) | (.12) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.02) | (1.84) | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.23 | $ 23.31 | $ 46.82 | $ 36.19 | $ 30.41 |
Total Return B,C,D | (4.55)% | (48.10)% | 33.38% | 24.97% | 10.94% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.13% A | 2.17% | 2.11% | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.13% A | 2.17% | 2.11% | 2.16% | 2.04% A |
Expenses net of all reductions | 2.09% A | 2.13% | 2.08% | 2.11% | 1.98% A |
Net investment income (loss) | 1.04% A | .42% | .22% | .33% | .53% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 41 | $ 36 | $ 28 | $ 6 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.88 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .22 | .57 | .53 | .48 | .37 | .22 |
Net realized and unrealized gain (loss) | (1.20) | (22.29) | 11.84 | 7.25 | 5.24 | 3.40 |
Total from investment operations | (.98) | (21.72) | 12.37 | 7.73 | 5.61 | 3.62 |
Distributions from net investment income | (.34) | (.41) | (.38) | (.31) | (.15) | (.18) |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | (.12) | - |
Total distributions | (.34) | (2.08) | (1.36) | (1.71) | (.27) | (.18) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 22.56 | $ 23.88 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 |
Total Return B,C | (4.03)% | (47.55)% | 34.85% | 26.34% | 22.29% | 16.65% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.14% A | 1.09% | 1.04% | 1.09% | 1.08% | 1.10% |
Expenses net of fee waivers, if any | 1.14% A | 1.09% | 1.04% | 1.08% | 1.07% | 1.10% |
Expenses net of all reductions | 1.10% A | 1.05% | 1.00% | 1.03% | 1.01% | 1.06% |
Net investment income (loss) | �� 2.03% A | 1.51% | 1.30% | 1.41% | 1.35% | .92% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 6,105 | $ 6,999 | $ 14,176 | $ 8,054 | $ 3,949 | $ 2,193 |
Portfolio turnover rate F | 102% A | 79% | 56% | 56% | 75% | 87% |
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 - Class K
| Six months ended
April 30, 2009 | Years ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 23.90 | $ 40.32 |
Income from Investment Operations | | |
Net investment income (loss) D | .24 | .10 |
Net realized and unrealized gain (loss) | (1.20) | (16.52) |
Total from investment operations | (.96) | (16.42) |
Distributions from net investment income | (.42) | - |
Total distributions | (.42) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 22.52 | $ 23.90 |
Total Return B,C | (3.91)% | (40.72)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .89% A | .93% A |
Expenses net of fee waivers, if any | .89% A | .93% A |
Expenses net of all reductions | .85% A | .89% A |
Net investment income (loss) | 2.29% A | .83% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 470 | $ 145 |
Portfolio turnover rate F | 102% A | 79% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.91 | $ 47.73 | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .22 | .53 | .55 | .51 | .38 |
Net realized and unrealized gain (loss) | (1.20) | (22.24) | 11.85 | 7.25 | 2.89 |
Total from investment operations | (.98) | (21.71) | 12.40 | 7.76 | 3.27 |
Distributions from net investment income | (.39) | (.44) | (.40) | (.33) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.39) | (2.11) | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 22.54 | $ 23.91 | $ 47.73 | $ 36.71 | $ 30.68 |
Total Return B,C | (4.01)% | (47.51)% | 34.93% | 26.45% | 11.93% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.09% A | 1.05% | .97% | 1.00% | .97% A |
Expenses net of fee waivers, if any | 1.09% A | 1.05% | .97% | 1.00% | .97% A |
Expenses net of all reductions | 1.05% A | 1.01% | .94% | .95% | .90% A |
Net investment income (loss) | 2.08% A | 1.54% | 1.36% | 1.49% | 1.60% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 183 | $ 159 | $ 58 | $ 28 | $ 10 |
Portfolio turnover rate F | 102% A | 79% | 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, 2009 (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, Class K 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. After the commencement of Class K, the Fund began offering conversion privileges between International Discovery and Class K to eligible shareholders of International Discovery. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the other 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), 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, 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 557,250 |
Unrealized depreciation | (2,047,590) |
Net unrealized appreciation (depreciation) | $ (1,490,340) |
Cost for federal income tax purposes | $ 9,076,852 |
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 Pronouncement. 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 reporting periods 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.
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
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 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $3,377,441 and $3,375,638, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45%
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .78% 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% | $ 400 | $ 32 |
Class T | .25% | .25% | 144 | - |
Class B | .75% | .25% | 64 | 48 |
Class C | .75% | .25% | 192 | 42 |
International Discovery | -% | -% | - | - |
Class K | -% | -% | - | - |
| | | $ 800 | $ 122 |
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
(Amounts in thousands except ratios)
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 | $ 33 |
Class T | 7 |
Class B* | 19 |
Class C* | 5 |
| $ 64 |
* 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 respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 507 | .32 |
Class T | 91 | .32 |
Class B | 20 | .32 |
Class C | 58 | .30 |
International Discovery | 9,267 | .31 |
Class K | 101 | .06 |
Institutional Class | 224 | .26 |
| $ 10,268 | |
* 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 $13 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $22 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 $2,151.
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 $6,500. The weighted average interest rate was .42%. The interest expense amounted to two hundred and thirty dollars under the bank borrowing program. At period end, there were no bank borrowings outstanding.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,285 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, these credits reduced the Fund's custody expense by $6.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Class A | $ 3,982 | $ 3,599 |
Class T | 533 | 387 |
Class B | - | 67 |
Class C | 30 | 123 |
International Discovery | 96,783 | 124,823 |
Class K | 3,616 | - |
Institutional Class | 2,761 | 575 |
Total | $ 107,705 | $ 129,574 |
From net realized gain | | |
Class A | $ - | $ 16,423 |
Class T | - | 2,244 |
Class B | - | 719 |
Class C | - | 1,185 |
International Discovery | - | 505,958 |
Institutional Class | - | 2,177 |
Total | $ - | $ 528,706 |
A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class A | | | | |
Shares sold | 2,883 | 13,337 | $ 62,183 | $ 505,828 |
Reinvestment of distributions | 132 | 252 | 2,786 | 11,025 |
Shares redeemed | (4,591) | (6,361) | (97,487) | (213,706) |
Net increase (decrease) | (1,576) | 7,228 | $ (32,518) | $ 303,147 |
Semiannual Report
12. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class T | | | | |
Shares sold | 697 | 2,322 | $ 14,854 | $ 87,236 |
Reinvestment of distributions | 24 | 59 | 507 | 2,571 |
Shares redeemed | (796) | (800) | (16,573) | (27,654) |
Net increase (decrease) | (75) | 1,581 | $ (1,212) | $ 62,153 |
Class B | | | | |
Shares sold | 68 | 487 | $ 1,474 | $ 18,856 |
Reinvestment of distributions | - | 17 | - | 721 |
Shares redeemed | (153) | (228) | (3,152) | (7,554) |
Net increase (decrease) | (85) | 276 | $ (1,678) | $ 12,023 |
Class C | | | | |
Shares sold | 758 | 1,350 | $ 16,220 | $ 51,762 |
Reinvestment of distributions | 1 | 25 | 26 | 1,076 |
Shares redeemed | (471) | (405) | (9,627) | (13,335) |
Net increase (decrease) | 288 | 970 | $ 6,619 | $ 39,503 |
International Discovery | | | | |
Shares sold | 32,979 | 98,885 | $ 709,659 | $ 3,784,869 |
Conversion to Class K | (11,617) | (6,197) | (253,755) | (182,264) |
Reinvestment of distributions | 4,362 | 13,646 | 92,471 | 600,976 |
Shares redeemed | (48,188) | (110,609) | (1,022,926) | (3,914,448) |
Net increase (decrease) | (22,464) | (4,275) | $ (474,551) | $ 289,133 |
Class K | | | | |
Shares sold | 5,628 | 215 | $ 121,473 | $ 6,017 |
Conversion from International Discovery | 11,640 | 6,197 | 253,755 | 182,264 |
Reinvestment of distributions | 171 | - | 3,616 | - |
Shares redeemed | (2,623) | (338) | (53,990) | (8,716) |
Net increase (decrease) | 14,816 | 6,074 | $ 324,854 | $ 179,565 |
Institutional Class | | | | |
Shares sold | 8,310 | 7,551 | $ 176,304 | $ 243,799 |
Reinvestment of distributions | 41 | 42 | 875 | 1,852 |
Shares redeemed | (6,872) | (2,148) | (143,611) | (62,044) |
Net increase (decrease) | 1,479 | 5,445 | $ 33,568 | $ 183,607 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
13. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
13. Other - continued
enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments
Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
IGI-K-USAN-0609
1.863310.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Discovery
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2009
Class A, Class T, Class B, and Class C are classes 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 financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.39% | | | |
Actual | | $ 1,000.00 | $ 958.50 | $ 6.75 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | 1.64% | | | |
Actual | | $ 1,000.00 | $ 957.10 | $ 7.96 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 954.80 | $ 10.42 |
HypotheticalA | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% | | | |
Actual | | $ 1,000.00 | $ 954.50 | $ 10.32 |
HypotheticalA | | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Discovery | 1.14% | | | |
Actual | | $ 1,000.00 | $ 959.70 | $ 5.54 |
HypotheticalA | | $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class K | .89% | | | |
Actual | | $ 1,000.00 | $ 960.90 | $ 4.33 |
HypotheticalA | | $ 1,000.00 | $ 1,020.38 | $ 4.46 |
Institutional Class | 1.09% | | | |
Actual | | $ 1,000.00 | $ 959.90 | $ 5.30 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.46 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 22.9% | |
| United Kingdom 20.8% | |
| Germany 9.0% | |
| Switzerland 8.3% | |
| France 7.6% | |
| United States of America 3.6% | |
| Australia 3.4% | |
| Netherlands 2.5% | |
| Spain 2.4% | |
| Other 19.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom 22.5% | |
| Japan 16.0% | |
| Switzerland 12.5% | |
| Germany 12.1% | |
| United States of America 6.9% | |
| France 5.7% | |
| Australia 5.0% | |
| Spain 3.9% | |
| Italy 2.0% | |
| 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 and Equity Futures | 97.8 | 94.3 |
Short-Term Investments and Net Other Assets | 2.2 | 5.7 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.9 | 2.0 |
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks) | 1.8 | 1.9 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks) | 1.8 | 1.4 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.7 | 1.5 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 3.0 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.7 | 2.7 |
Toyota Motor Corp. (Japan, Automobiles) | 1.7 | 1.5 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.6 | 2.2 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.5 | 1.9 |
E.ON AG (Germany, Electric Utilities) | 1.5 | 2.2 |
| 16.9 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.6 | 19.8 |
Consumer Discretionary | 14.1 | 6.7 |
Information Technology | 10.2 | 7.3 |
Health Care | 9.6 | 15.8 |
Energy | 7.9 | 7.5 |
Industrials | 7.2 | 5.9 |
Telecommunication Services | 7.0 | 7.7 |
Consumer Staples | 6.4 | 10.8 |
Materials | 6.3 | 5.1 |
Utilities | 1.9 | 5.5 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value (000s) |
Australia - 3.4% |
ABB Grain Ltd. (d) | 1,537,145 | | $ 9,746 |
Billabong International Ltd. | 4,045,126 | | 30,883 |
Commonwealth Bank of Australia | 1,665,640 | | 42,521 |
CSL Ltd. | 952,963 | | 23,850 |
Macquarie Group Ltd. | 858,400 | | 20,896 |
Newcrest Mining Ltd. | 226,456 | | 4,930 |
QBE Insurance Group Ltd. | 2,479,998 | | 39,292 |
Wesfarmers Ltd. | 3,538,219 | | 58,245 |
Woolworths Ltd. | 871,468 | | 16,931 |
TOTAL AUSTRALIA | | 247,294 |
Belgium - 0.9% |
Anheuser-Busch InBev NV (d) | 2,119,800 | | 64,875 |
Bermuda - 0.3% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 1,418,333 | | 5,344 |
Huabao International Holdings Ltd. | 18,440,000 | | 13,034 |
TOTAL BERMUDA | | 18,378 |
Brazil - 1.4% |
BM&F BOVESPA SA | 3,185,694 | | 13,110 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 816,400 | | 27,407 |
Redecard SA | 2,178,500 | | 27,444 |
Vivo Participacoes SA sponsored ADR | 1,874,800 | | 29,922 |
TOTAL BRAZIL | | 97,883 |
Canada - 2.1% |
Canadian Natural Resources Ltd. | 840,200 | | 38,734 |
Niko Resources Ltd. | 498,400 | | 25,224 |
Open Text Corp. (a)(d) | 784,000 | | 25,821 |
Petro-Canada | 474,800 | | 14,985 |
Petrobank Energy & Resources Ltd. (a) | 813,500 | | 17,487 |
Suncor Energy, Inc. | 1,124,000 | | 28,287 |
TOTAL CANADA | | 150,538 |
Cayman Islands - 1.0% |
Belle International Holdings Ltd. | 42,872,000 | | 32,663 |
China Dongxiang Group Co. Ltd. | 59,994,000 | | 29,136 |
Want Want China Holdings Ltd. | 17,513,000 | | 8,732 |
TOTAL CAYMAN ISLANDS | | 70,531 |
China - 2.4% |
BYD Co. Ltd. (H Shares) | 4,827,000 | | 12,681 |
Changyou.com Ltd. (A Shares) ADR | 29,200 | | 898 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
China Merchants Bank Co. Ltd. (H Shares) | 9,459,000 | | $ 16,901 |
China Telecom Corp. Ltd. (H Shares) | 66,250,000 | | 32,613 |
Industrial & Commercial Bank of China Ltd. | 31,345,000 | | 17,832 |
Li Ning Co. Ltd. | 8,355,000 | | 17,098 |
Tencent Holdings Ltd. | 3,426,200 | | 30,283 |
ZTE Corp. (H Shares) | 12,177,464 | | 41,055 |
TOTAL CHINA | | 169,361 |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)(e) | 10,023,000 | | 805 |
Denmark - 1.0% |
Novo Nordisk AS Series B | 1,094,500 | | 52,074 |
Vestas Wind Systems AS (a) | 276,400 | | 17,941 |
TOTAL DENMARK | | 70,015 |
Finland - 0.5% |
Nokia Corp. sponsored ADR | 2,333,400 | | 32,994 |
France - 7.6% |
Accor SA | 463,700 | | 19,615 |
Alstom SA | 656,812 | | 40,933 |
AXA SA (d) | 3,118,066 | | 52,375 |
BNP Paribas SA | 1,702,239 | | 89,589 |
Cap Gemini SA (d) | 684,300 | | 25,573 |
Iliad Group SA | 191,840 | | 20,144 |
LVMH Moet Hennessy - Louis Vuitton | 272,400 | | 20,560 |
Orpea (a) | 560,828 | | 22,927 |
PPR SA (d) | 492,800 | | 37,745 |
Sanofi-Aventis (d) | 466,800 | | 26,813 |
Schneider Electric SA (d) | 393,300 | | 29,922 |
Societe Generale Series A | 779,120 | | 39,809 |
Total SA Series B | 2,104,400 | | 105,267 |
Unibail-Rodamco | 118,400 | | 17,652 |
TOTAL FRANCE | | 548,924 |
Germany - 8.0% |
Allianz AG (Reg.) (d) | 410,830 | | 37,220 |
Bayerische Motoren Werke AG (BMW) (d) | 882,300 | | 30,268 |
Daimler AG (Reg.) | 999,200 | | 35,673 |
Deutsche Bank AG | 834,900 | | 43,775 |
Deutsche Boerse AG | 673,925 | | 49,321 |
E.ON AG | 3,151,900 | | 105,615 |
Fresenius Medical Care AG & Co. KGaA (d) | 1,015,900 | | 39,498 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
GEA Group AG | 2,379,000 | | $ 30,966 |
Gerresheimer AG | 604,000 | | 14,406 |
MAN AG | 726,000 | | 44,584 |
Munich Re Group (Reg.) (d) | 592,500 | | 81,018 |
Siemens AG (Reg.) | 820,700 | | 54,932 |
Wincor Nixdorf AG | 183,300 | | 9,103 |
TOTAL GERMANY | | 576,379 |
Greece - 0.2% |
Public Power Corp. of Greece | 652,245 | | 12,570 |
Hong Kong - 0.8% |
Cheung Kong Holdings Ltd. | 3,875,000 | | 39,973 |
Hang Lung Properties Ltd. | 4,149,000 | | 11,653 |
Techtronic Industries Co. Ltd. | 6,460,000 | | 3,820 |
TOTAL HONG KONG | | 55,446 |
India - 0.8% |
Bharti Airtel Ltd. (a) | 2,000,000 | | 30,482 |
Infosys Technologies Ltd. | 718,452 | | 21,983 |
Titan Industries Ltd. | 226,153 | | 3,422 |
TOTAL INDIA | | 55,887 |
Ireland - 0.8% |
CRH PLC | 1,184,400 | | 30,783 |
Paddy Power PLC (Ireland) | 1,445,597 | | 26,617 |
TOTAL IRELAND | | 57,400 |
Israel - 0.8% |
Nice Systems Ltd. sponsored ADR (a) | 918,700 | | 23,528 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 790,500 | | 34,695 |
TOTAL ISRAEL | | 58,223 |
Italy - 0.5% |
Fiat SpA | 4,035,900 | | 39,446 |
Japan - 19.3% |
Asics Corp. | 3,914,000 | | 25,450 |
Canon Marketing Japan, Inc. | 2,296,500 | | 27,776 |
Canon, Inc. | 1,929,350 | | 57,752 |
Daiwa Securities Group, Inc. | 6,962,000 | | 36,482 |
Denso Corp. | 1,461,500 | | 34,557 |
Eisai Co. Ltd. | 609,500 | | 16,360 |
Fanuc Ltd. | 334,300 | | 24,130 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Fast Retailing Co. Ltd. | 134,400 | | $ 14,129 |
Honda Motor Co. Ltd. | 1,974,500 | | 57,881 |
JTEKT Corp. | 1,639,200 | | 15,814 |
Keyence Corp. | 89,500 | | 15,809 |
Misumi Group, Inc. | 504,000 | | 6,807 |
Mitsubishi Corp. | 1,640,800 | | 25,257 |
Mitsubishi UFJ Financial Group, Inc. | 22,998,800 | | 125,487 |
Mitsui & Co. Ltd. | 2,244,000 | | 23,807 |
Murata Manufacturing Co. Ltd. | 528,700 | | 21,433 |
NGK Insulators Ltd. | 1,582,000 | | 24,268 |
Nichi-iko Pharmaceutical Co. Ltd. | 268,400 | | 7,249 |
Nippon Building Fund, Inc. | 2,590 | | 21,048 |
Nippon Electric Glass Co. Ltd. | 1,996,000 | | 16,246 |
Nippon Steel Corp. | 4,858,000 | | 16,337 |
Nissan Motor Co. Ltd. | 6,947,800 | | 36,273 |
Nitori Co. Ltd. | 95,350 | | 5,367 |
Nomura Holdings, Inc. | 11,214,700 | | 67,693 |
NSK Ltd. | 3,271,000 | | 14,563 |
Omron Corp. | 983,300 | | 14,700 |
Point, Inc. | 217,600 | | 9,699 |
Promise Co. Ltd. (d) | 2,724,600 | | 36,011 |
Rakuten, Inc. | 72,690 | | 36,990 |
Ricoh Co. Ltd. | 4,194,000 | | 51,867 |
Sawai Pharmaceutical Co. Ltd. (d) | 160,300 | | 7,431 |
Seven & i Holdings Co., Ltd. | 905,200 | | 20,460 |
Shin-Etsu Chemical Co., Ltd. | 752,400 | | 36,578 |
SMC Corp. | 105,900 | | 10,391 |
Softbank Corp. (d) | 2,491,000 | | 39,418 |
Sony Corp. sponsored ADR (d) | 1,189,100 | | 30,750 |
Sony Financial Holdings, Inc. | 7,546 | | 23,747 |
Sumitomo Mitsui Financial Group, Inc. | 1,711,400 | | 59,368 |
THK Co. Ltd. | 1,760,000 | | 24,415 |
Tokio Marine Holdings, Inc. | 1,642,100 | | 43,319 |
Tokyo Electron Ltd. | 1,263,200 | | 57,780 |
Toyota Motor Corp. | 3,041,600 | | 120,413 |
Tsumura & Co. | 507,800 | | 13,910 |
USS Co. Ltd. | 326,080 | | 14,780 |
TOTAL JAPAN | | 1,390,002 |
Common Stocks - continued |
| Shares | | Value (000s) |
Korea (South) - 0.6% |
NHN Corp. (a) | 212,392 | | $ 25,843 |
Samsung Electronics Co. Ltd. | 38,010 | | 17,607 |
TOTAL KOREA (SOUTH) | | 43,450 |
Luxembourg - 1.2% |
ArcelorMittal SA (NY Shares) Class A (d) | 1,226,100 | | 28,911 |
SES SA (A Shares) FDR unit | 2,524,868 | | 44,851 |
Tenaris SA | 945,300 | | 11,887 |
TOTAL LUXEMBOURG | | 85,649 |
Mexico - 0.2% |
America Movil SAB de CV Series L sponsored ADR | 405,400 | | 13,317 |
Netherlands - 2.5% |
Akzo Nobel NV | 686,300 | | 28,694 |
ASML Holding NV (Netherlands) | 1,536,400 | | 32,231 |
Gemalto NV (a)(d) | 1,074,757 | | 33,832 |
James Hardie Industries NV unit | 5,306,155 | | 17,747 |
Koninklijke Ahold NV | 2,258,600 | | 24,739 |
Koninklijke KPN NV (d) | 1,489,800 | | 17,906 |
Royal DSM NV | 899,500 | | 27,888 |
TOTAL NETHERLANDS | | 183,037 |
Norway - 0.2% |
Pronova BioPharma ASA (a) | 4,726,590 | | 11,855 |
Papua New Guinea - 0.5% |
Oil Search Ltd. | 8,855,875 | | 33,033 |
Russia - 0.4% |
OAO Gazprom sponsored ADR | 1,508,300 | | 26,697 |
Singapore - 0.4% |
Ascendas Real Estate Investment Trust (A-REIT) | 7,883,000 | | 7,135 |
Singapore Exchange Ltd. | 5,754,250 | | 24,370 |
TOTAL SINGAPORE | | 31,505 |
South Africa - 0.9% |
MTN Group Ltd. | 5,254,600 | | 68,242 |
Spain - 2.4% |
Banco Santander SA | 3,311,500 | | 31,463 |
Inditex SA | 416,900 | | 17,771 |
Red Electrica Corporacion SA | 277,900 | | 11,628 |
Telefonica SA | 5,833,800 | | 110,499 |
TOTAL SPAIN | | 171,361 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - 0.5% |
H&M Hennes & Mauritz AB (B Shares) | 891,750 | | $ 39,694 |
Switzerland - 8.3% |
Actelion Ltd. (Reg.) (a) | 1,286,795 | | 58,611 |
BB BIOTECH AG | 354,261 | | 20,605 |
Credit Suisse Group sponsored ADR | 1,452,500 | | 55,602 |
Nestle SA (Reg.) | 3,742,549 | | 121,963 |
Nobel Biocare Holding AG (Switzerland) | 1,045,000 | | 21,298 |
Novartis AG (Reg.) | 437,573 | | 16,557 |
Partners Group Holding | 255,836 | | 22,348 |
Roche Holding AG (participation certificate) | 879,208 | | 110,843 |
Sonova Holding AG | 574,683 | | 37,176 |
Syngenta AG (Switzerland) | 181,599 | | 38,759 |
UBS AG (For. Reg.) | 2,862,686 | | 39,313 |
Zurich Financial Services AG (Reg.) | 285,674 | | 53,073 |
TOTAL SWITZERLAND | | 596,148 |
Taiwan - 0.7% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,754,000 | | 50,333 |
United Kingdom - 20.8% |
Aberdeen Asset Management PLC (d) | 21,064,600 | | 40,834 |
Aegis Group PLC | 7,593,391 | | 10,162 |
AstraZeneca PLC (United Kingdom) | 1,223,700 | | 42,832 |
Autonomy Corp. PLC (a) | 1,836,100 | | 38,505 |
BAE Systems PLC | 4,387,009 | | 23,068 |
Barclays PLC | 8,483,500 | | 34,431 |
BG Group PLC | 2,519,900 | | 40,222 |
BG Group PLC sponsored ADR | 207,400 | | 16,451 |
BHP Billiton PLC | 6,069,100 | | 125,917 |
BP PLC | 6,979,400 | | 49,303 |
British American Tobacco PLC (United Kingdom) | 1,125,478 | | 27,133 |
Capita Group PLC | 3,272,693 | | 32,985 |
Carphone Warehouse Group PLC | 5,567,300 | | 12,187 |
Compass Group PLC | 6,402,100 | | 30,430 |
Cookson Group PLC | 30,974,600 | | 8,845 |
DSG INTL PLC | 11,467,900 | | 7,220 |
DSG International PLC (g) | 10,246,400 | | 4,546 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 1,281,644 | | 8,984 |
(United Kingdom) (Reg.) | 17,822,658 | | 126,698 |
Imperial Tobacco Group PLC | 1,644,800 | | 37,514 |
Informa PLC | 8,669,900 | | 37,879 |
InterContinental Hotel Group PLC | 2,118,900 | | 20,124 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Man Group PLC | 13,203,500 | | $ 48,785 |
Misys PLC | 7,892,600 | | 16,103 |
NEXT PLC | 1,290,800 | | 30,862 |
Prudential PLC | 6,511,200 | | 37,410 |
Reckitt Benckiser Group PLC | 1,467,200 | | 57,574 |
Rio Tinto PLC (Reg.) | 1,879,100 | | 76,322 |
Royal Bank of Scotland Group PLC | 10,165,495 | | 6,202 |
Royal Dutch Shell PLC Class B | 5,374,259 | | 121,577 |
SSL International PLC | 4,962,409 | | 34,778 |
Standard Chartered PLC (United Kingdom) | 4,385,673 | | 67,818 |
Vodafone Group PLC | 73,315,735 | | 134,702 |
William Morrison Supermarkets PLC | 5,814,500 | | 21,054 |
Wolseley PLC | 2,388,864 | | 42,828 |
WPP PLC | 2,864,700 | | 19,593 |
Xstrata PLC | 769,400 | | 6,781 |
TOTAL UNITED KINGDOM | | 1,498,659 |
United States of America - 1.4% |
Applied Materials, Inc. | 1,598,400 | | 19,516 |
Cummins, Inc. | 273,300 | | 9,292 |
Goldman Sachs Group, Inc. | 190,400 | | 24,466 |
Morgan Stanley | 731,400 | | 17,290 |
Regal-Beloit Corp. | 493,900 | | 20,067 |
Visa, Inc. | 187,600 | | 12,186 |
TOTAL UNITED STATES OF AMERICA | | 102,817 |
TOTAL COMMON STOCKS (Cost $7,971,828) | 6,672,748 |
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.0% |
Fresenius SE (non-vtg.) (d) | 1,371,100 | | 69,954 |
Italy - 0.4% |
Intesa Sanpaolo SpA | 15,194,902 | | 33,736 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $148,385) | 103,690 |
Government Obligations - 0.4% |
| Principal Amount (000s) | | Value (000s) |
United States of America - 0.4% |
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.22% 5/14/09 to 5/28/09 (f)
(Cost $30,146) | | $ 30,150 | | $ 30,149 |
Money Market Funds - 10.8% |
| Shares | | |
Fidelity Cash Central Fund, 0.53% (b) | 357,038,773 | | 357,039 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 422,886,377 | | 422,886 |
TOTAL MONEY MARKET FUNDS (Cost $779,925) | 779,925 |
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,930,284) | | 7,586,512 |
NET OTHER ASSETS - (5.4)% | | (391,569) |
NET ASSETS - 100% | $ 7,194,943 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
1,759 CME NIKKEI 225 Index Contracts (Japan) | June 2009 | | $ 78,232 | | $ 13,233 |
2,070 TOPIX 150 Index Contracts (Japan) | June 2009 | | 176,568 | | 26,544 |
TOTAL EQUITY INDEX CONTRACTS | | $ 254,800 | | $ 39,777 |
|
The face value of futures purchased as a percentage of net assets - 3.5% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security 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 $22,899,000. |
(g) Security or a portion of the security purchased on a delayed delivery or when issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 1,970 |
Fidelity Securities Lending Cash Central Fund | 2,151 |
Total | $ 4,121 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Aisi Realty Public Ltd. | $ 1,469 | $ - | $ - | $ - | $ 805 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 7,586,512 | $ 1,768,035 | $ 5,818,477 | $ - |
Other Financial Instruments* | $ 39,777 | $ 39,777 | $ - | $ - |
* Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
(Amounts in thousands) | Investments in Securities |
Beginning Balance | $ 6,158 |
Total Realized Gain (Loss) | (24,765) |
Total Unrealized Gain (Loss) | 21,068 |
Cost of Purchases | - |
Proceeds of Sales | (2,461) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $637,482,000 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $409,948) - See accompanying schedule: Unaffiliated issuers (cost $8,143,744) | $ 6,805,782 | |
Fidelity Central Funds (cost $779,925) | 779,925 | |
Other affiliated issuers (cost $6,615) | 805 | |
Total Investments (cost $8,930,284) | | $ 7,586,512 |
Foreign currency held at value (cost $11,200) | | 11,201 |
Receivable for investments sold | | 55,780 |
Receivable for fund shares sold | | 8,725 |
Dividends receivable | | 36,861 |
Distributions receivable from Fidelity Central Funds | | 1,228 |
Receivable for daily variation on futures contracts | | 7,309 |
Prepaid expenses | | 62 |
Other receivables | | 1,176 |
Total assets | | 7,708,854 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 74,165 | |
Delayed delivery | 4,546 | |
Payable for fund shares redeemed | 5,815 | |
Accrued management fee | 4,418 | |
Distribution fees payable | 131 | |
Other affiliated payables | 1,812 | |
Other payables and accrued expenses | 138 | |
Collateral on securities loaned, at value | 422,886 | |
Total liabilities | | 513,911 |
| | |
Net Assets | | $ 7,194,943 |
Net Assets consist of: | | |
Paid in capital | | $ 10,870,729 |
Undistributed net investment income | | 55,513 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,426,976) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (1,304,323) |
Net Assets | | $ 7,194,943 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($324,030 ÷ 14,455.5 shares) | | $ 22.42 |
| | |
Maximum offering price per share (100/94.25 of $22.42) | | $ 23.79 |
Class T:
Net Asset Value and redemption price per share ($58,741 ÷ 2,636.6 shares) | | $ 22.28 |
| | |
Maximum offering price per share (100/96.50 of $22.28) | | $ 23.09 |
Class B:
Net Asset Value and offering price per share ($12,414 ÷ 559.3 shares)A | | $ 22.20 |
| | |
Class C:
Net Asset Value and offering price per share ($41,128 ÷ 1,849.8 shares)A | | $ 22.23 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($6,104,867 ÷ 270,596.2 shares) | | $ 22.56 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($470,471 ÷ 20,890.0 shares) | | $ 22.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($183,291 ÷ 8,133.0 shares) | | $ 22.54 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 112,334 |
Interest | | 39 |
Income from Fidelity Central Funds | | 4,121 |
| | 116,494 |
Less foreign taxes withheld | | (8,130) |
Total income | | 108,364 |
| | |
Expenses | | |
Management fee
Basic fee | $ 24,824 | |
Performance adjustment | 2,221 | |
Transfer agent fees | 10,268 | |
Distribution fees | 800 | |
Accounting and security lending fees | 830 | |
Custodian fees and expenses | 385 | |
Independent trustees' compensation | 27 | |
Registration fees | 181 | |
Audit | 61 | |
Legal | 22 | |
Miscellaneous | 69 | |
Total expenses before reductions | 39,688 | |
Expense reductions | (1,291) | 38,397 |
Net investment income (loss) | | 69,967 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (1,675,864) | |
Foreign currency transactions | (5,353) | |
Futures contracts | (109,695) | |
Total net realized gain (loss) | | (1,790,912) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,265,742 | |
Assets and liabilities in foreign currencies | (181) | |
Futures contracts | 105,058 | |
Total change in net unrealized appreciation (depreciation) | | 1,370,619 |
Net gain (loss) | | (420,293) |
Net increase (decrease) in net assets resulting from operations | | $ (350,326) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 69,967 | $ 190,750 |
Net realized gain (loss) | (1,790,912) | (664,568) |
Change in net unrealized appreciation (depreciation) | 1,370,619 | (6,888,436) |
Net increase (decrease) in net assets resulting from operations | (350,326) | (7,362,254) |
Distributions to shareholders from net investment income | (107,705) | (129,574) |
Distributions to shareholders from net realized gain | - | (528,706) |
Total distributions | (107,705) | (658,280) |
Share transactions - net increase (decrease) | (144,918) | 1,069,130 |
Redemption fees | 235 | 709 |
Total increase (decrease) in net assets | (602,714) | (6,950,695) |
| | |
Net Assets | | |
Beginning of period | 7,797,657 | 14,748,352 |
End of period (including undistributed net investment income of $55,513 and undistributed net investment income of $120,184, respectively) | $ 7,194,943 | $ 7,797,657 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.68 | $ 47.34 | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .19 | .46 | .44 | .42 | .28 |
Net realized and unrealized gain (loss) | (1.19) | (22.08) | 11.76 | 7.19 | 2.88 |
Total from investment operations | (1.00) | (21.62) | 12.20 | 7.61 | 3.16 |
Distributions from net investment income | (.26) | (.37) | (.35) | (.31) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.26) | (2.04) | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.42 | $ 23.68 | $ 47.34 | $ 36.47 | $ 30.57 |
Total Return B,C,D | (4.15)% | (47.65)% | 34.54% | 26.01% | 11.53% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.39% A | 1.32% | 1.25% | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.39% A | 1.32% | 1.25% | 1.27% | 1.42% A |
Expenses net of all reductions | 1.36% A | 1.29% | 1.22% | 1.21% | 1.36% A |
Net investment income (loss) | 1.78% A | 1.27% | 1.08% | 1.22% | 1.15% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 324 | $ 380 | $ 417 | $ 140 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.49 | $ 47.06 | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .16 | .33 | .29 | .27 | .20 |
Net realized and unrealized gain (loss) | (1.18) | (21.94) | 11.71 | 7.18 | 2.88 |
Total from investment operations | (1.02) | (21.61) | 12.00 | 7.45 | 3.08 |
Distributions from net investment income | (.19) | (.29) | (.26) | (.24) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.19) | (1.96) | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.28 | $ 23.49 | $ 47.06 | $ 36.30 | $ 30.49 |
Total Return B,C,D | (4.29)% | (47.84)% | 34.08% | 25.49% | 11.24% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.64% A | 1.68% | 1.63% | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.64% A | 1.68% | 1.63% | 1.71% | 1.75% A |
Expenses net of all reductions | 1.61% A | 1.64% | 1.60% | 1.65% | 1.69% A |
Net investment income (loss) | 1.53% A | .91% | .70% | .78% | .83% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 59 | $ 64 | $ 53 | $ 10 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.25 | $ 46.70 | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .15 | .08 | .08 | .08 |
Net realized and unrealized gain (loss) | (1.16) | (21.77) | 11.64 | 7.19 | 2.87 |
Total from investment operations | (1.05) | (21.62) | 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 | - | - | - | - | - |
Net asset value, end of period | $ 22.20 | $ 23.25 | $ 46.70 | $ 36.12 | $ 30.36 |
Total Return B,C,D | (4.52)% | (48.11)% | 33.37% | 24.91% | 10.76% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.14% | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.15% A | 2.19% | 2.14% | 2.25% | 2.24% A |
Expenses net of all reductions | 2.11% A | 2.15% | 2.10% | 2.19% | 2.18% A |
Net investment income (loss) | 1.02% A | .40% | .19% | .24% | .33% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 12 | $ 15 | $ 17 | $ 4 | $ 1 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected PerShare Data | | | | | |
Net asset value, beginning of period | $ 23.31 | $ 46.82 | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .15 | .09 | .11 | .13 |
Net realized and unrealized gain (loss) | (1.17) | (21.82) | 11.66 | 7.19 | 2.87 |
Total from investment operations | (1.06) | (21.67) | 11.75 | 7.30 | 3.00 |
Distributions from net investment income | (.02) | (.17) | (.14) | (.12) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.02) | (1.84) | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.23 | $ 23.31 | $ 46.82 | $ 36.19 | $ 30.41 |
Total Return B,C,D | (4.55)% | (48.10)% | 33.38% | 24.97% | 10.94% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.13% A | 2.17% | 2.11% | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.13% A | 2.17% | 2.11% | 2.16% | 2.04% A |
Expenses net of all reductions | 2.09% A | 2.13% | 2.08% | 2.11% | 1.98% A |
Net investment income (loss) | 1.04% A | .42% | .22% | .33% | .53% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 41 | $ 36 | $ 28 | $ 6 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.88 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .22 | .57 | .53 | .48 | .37 | .22 |
Net realized and unrealized gain (loss) | (1.20) | (22.29) | 11.84 | 7.25 | 5.24 | 3.40 |
Total from investment operations | (.98) | (21.72) | 12.37 | 7.73 | 5.61 | 3.62 |
Distributions from net investment income | (.34) | (.41) | (.38) | (.31) | (.15) | (.18) |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | (.12) | - |
Total distributions | (.34) | (2.08) | (1.36) | (1.71) | (.27) | (.18) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 22.56 | $ 23.88 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 |
Total Return B,C | (4.03)% | (47.55)% | 34.85% | 26.34% | 22.29% | 16.65% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.14% A | 1.09% | 1.04% | 1.09% | 1.08% | 1.10% |
Expenses net of fee waivers, if any | 1.14% A | 1.09% | 1.04% | 1.08% | 1.07% | 1.10% |
Expenses net of all reductions | 1.10% A | 1.05% | 1.00% | 1.03% | 1.01% | 1.06% |
Net investment income (loss) | 2.03% A | 1.51% | 1.30% | 1.41% | 1.35% | .92% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 6,105 | $ 6,999 | $ 14,176 | $ 8,054 | $ 3,949 | $ 2,193 |
Portfolio turnover rate F | 102% A | 79% | 56% | 56% | 75% | 87% |
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 - Class K
| Six months ended
April 30, 2009 | Years ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 23.90 | $ 40.32 |
Income from Investment Operations | | |
Net investment income (loss) D | .24 | .10 |
Net realized and unrealized gain (loss) | (1.20) | (16.52) |
Total from investment operations | (.96) | (16.42) |
Distributions from net investment income | (.42) | - |
Total distributions | (.42) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 22.52 | $ 23.90 |
Total Return B,C | (3.91)% | (40.72)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .89% A | .93% A |
Expenses net of fee waivers, if any | .89% A | .93% A |
Expenses net of all reductions | .85% A | .89% A |
Net investment income (loss) | 2.29% A | .83% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 470 | $ 145 |
Portfolio turnover rate F | 102% A | 79% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.91 | $ 47.73 | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .22 | .53 | .55 | .51 | .38 |
Net realized and unrealized gain (loss) | (1.20) | (22.24) | 11.85 | 7.25 | 2.89 |
Total from investment operations | (.98) | (21.71) | 12.40 | 7.76 | 3.27 |
Distributions from net investment income | (.39) | (.44) | (.40) | (.33) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.39) | (2.11) | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 22.54 | $ 23.91 | $ 47.73 | $ 36.71 | $ 30.68 |
Total Return B,C | (4.01)% | (47.51)% | 34.93% | 26.45% | 11.93% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.09% A | 1.05% | .97% | 1.00% | .97% A |
Expenses net of fee waivers, if any | 1.09% A | 1.05% | .97% | 1.00% | .97% A |
Expenses net of all reductions | 1.05% A | 1.01% | .94% | .95% | .90% A |
Net investment income (loss) | 2.08% A | 1.54% | 1.36% | 1.49% | 1.60% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 183 | $ 159 | $ 58 | $ 28 | $ 10 |
Portfolio turnover rate F | 102% A | 79% | 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, 2009 (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, Class K 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. After the commencement of Class K, the Fund began offering conversion privileges between International Discovery and Class K to eligible shareholders of International Discovery. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the other 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), 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, 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 557,250 |
Unrealized depreciation | (2,047,590) |
Net unrealized appreciation (depreciation) | $ (1,490,340) |
Cost for federal income tax purposes | $ 9,076,852 |
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 Pronouncement. 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 reporting periods 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.
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
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 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $3,377,441 and $3,375,638, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45%
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .78% 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% | $ 400 | $ 32 |
Class T | .25% | .25% | 144 | - |
Class B | .75% | .25% | 64 | 48 |
Class C | .75% | .25% | 192 | 42 |
International Discovery | -% | -% | - | - |
Class K | -% | -% | - | - |
| | | $ 800 | $ 122 |
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
(Amounts in thousands except ratios)
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 | $ 33 |
Class T | 7 |
Class B* | 19 |
Class C* | 5 |
| $ 64 |
* 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 respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 507 | .32 |
Class T | 91 | .32 |
Class B | 20 | .32 |
Class C | 58 | .30 |
International Discovery | 9,267 | .31 |
Class K | 101 | .06 |
Institutional Class | 224 | .26 |
| $ 10,268 | |
* 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 $13 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $22 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 $2,151.
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 $6,500. The weighted average interest rate was .42%. The interest expense amounted to two hundred and thirty dollars under the bank borrowing program. At period end, there were no bank borrowings outstanding.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,285 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, these credits reduced the Fund's custody expense by $6.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Class A | $ 3,982 | $ 3,599 |
Class T | 533 | 387 |
Class B | - | 67 |
Class C | 30 | 123 |
International Discovery | 96,783 | 124,823 |
Class K | 3,616 | - |
Institutional Class | 2,761 | 575 |
Total | $ 107,705 | $ 129,574 |
From net realized gain | | |
Class A | $ - | $ 16,423 |
Class T | - | 2,244 |
Class B | - | 719 |
Class C | - | 1,185 |
International Discovery | - | 505,958 |
Institutional Class | - | 2,177 |
Total | $ - | $ 528,706 |
A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class A | | | | |
Shares sold | 2,883 | 13,337 | $ 62,183 | $ 505,828 |
Reinvestment of distributions | 132 | 252 | 2,786 | 11,025 |
Shares redeemed | (4,591) | (6,361) | (97,487) | (213,706) |
Net increase (decrease) | (1,576) | 7,228 | $ (32,518) | $ 303,147 |
Semiannual Report
12. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class T | | | | |
Shares sold | 697 | 2,322 | $ 14,854 | $ 87,236 |
Reinvestment of distributions | 24 | 59 | 507 | 2,571 |
Shares redeemed | (796) | (800) | (16,573) | (27,654) |
Net increase (decrease) | (75) | 1,581 | $ (1,212) | $ 62,153 |
Class B | | | | |
Shares sold | 68 | 487 | $ 1,474 | $ 18,856 |
Reinvestment of distributions | - | 17 | - | 721 |
Shares redeemed | (153) | (228) | (3,152) | (7,554) |
Net increase (decrease) | (85) | 276 | $ (1,678) | $ 12,023 |
Class C | | | | |
Shares sold | 758 | 1,350 | $ 16,220 | $ 51,762 |
Reinvestment of distributions | 1 | 25 | 26 | 1,076 |
Shares redeemed | (471) | (405) | (9,627) | (13,335) |
Net increase (decrease) | 288 | 970 | $ 6,619 | $ 39,503 |
International Discovery | | | | |
Shares sold | 32,979 | 98,885 | $ 709,659 | $ 3,784,869 |
Conversion to Class K | (11,617) | (6,197) | (253,755) | (182,264) |
Reinvestment of distributions | 4,362 | 13,646 | 92,471 | 600,976 |
Shares redeemed | (48,188) | (110,609) | (1,022,926) | (3,914,448) |
Net increase (decrease) | (22,464) | (4,275) | $ (474,551) | $ 289,133 |
Class K | | | | |
Shares sold | 5,628 | 215 | $ 121,473 | $ 6,017 |
Conversion from International Discovery | 11,640 | 6,197 | 253,755 | 182,264 |
Reinvestment of distributions | 171 | - | 3,616 | - |
Shares redeemed | (2,623) | (338) | (53,990) | (8,716) |
Net increase (decrease) | 14,816 | 6,074 | $ 324,854 | $ 179,565 |
Institutional Class | | | | |
Shares sold | 8,310 | 7,551 | $ 176,304 | $ 243,799 |
Reinvestment of distributions | 41 | 42 | 875 | 1,852 |
Shares redeemed | (6,872) | (2,148) | (143,611) | (62,044) |
Net increase (decrease) | 1,479 | 5,445 | $ 33,568 | $ 183,607 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
13. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
13. Other - continued
enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
AID-USAN-0609
1.806663.104
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Discovery
Fund - Institutional Class
Semiannual Report
April 30, 2009
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 financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.39% | | | |
Actual | | $ 1,000.00 | $ 958.50 | $ 6.75 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | 1.64% | | | |
Actual | | $ 1,000.00 | $ 957.10 | $ 7.96 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 954.80 | $ 10.42 |
HypotheticalA | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% | | | |
Actual | | $ 1,000.00 | $ 954.50 | $ 10.32 |
HypotheticalA | | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Discovery | 1.14% | | | |
Actual | | $ 1,000.00 | $ 959.70 | $ 5.54 |
HypotheticalA | | $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class K | .89% | | | |
Actual | | $ 1,000.00 | $ 960.90 | $ 4.33 |
HypotheticalA | | $ 1,000.00 | $ 1,020.38 | $ 4.46 |
Institutional Class | 1.09% | | | |
Actual | | $ 1,000.00 | $ 959.90 | $ 5.30 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.46 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 22.9% | |
| United Kingdom 20.8% | |
| Germany 9.0% | |
| Switzerland 8.3% | |
| France 7.6% | |
| United States of America 3.6% | |
| Australia 3.4% | |
| Netherlands 2.5% | |
| Spain 2.4% | |
| Other 19.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| United Kingdom 22.5% | |
| Japan 16.0% | |
| Switzerland 12.5% | |
| Germany 12.1% | |
| United States of America 6.9% | |
| France 5.7% | |
| Australia 5.0% | |
| Spain 3.9% | |
| Italy 2.0% | |
| 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 and Equity Futures | 97.8 | 94.3 |
Short-Term Investments and Net Other Assets | 2.2 | 5.7 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.9 | 2.0 |
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks) | 1.8 | 1.9 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks) | 1.8 | 1.4 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.7 | 1.5 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 3.0 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.7 | 2.7 |
Toyota Motor Corp. (Japan, Automobiles) | 1.7 | 1.5 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.6 | 2.2 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.5 | 1.9 |
E.ON AG (Germany, Electric Utilities) | 1.5 | 2.2 |
| 16.9 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.6 | 19.8 |
Consumer Discretionary | 14.1 | 6.7 |
Information Technology | 10.2 | 7.3 |
Health Care | 9.6 | 15.8 |
Energy | 7.9 | 7.5 |
Industrials | 7.2 | 5.9 |
Telecommunication Services | 7.0 | 7.7 |
Consumer Staples | 6.4 | 10.8 |
Materials | 6.3 | 5.1 |
Utilities | 1.9 | 5.5 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value (000s) |
Australia - 3.4% |
ABB Grain Ltd. (d) | 1,537,145 | | $ 9,746 |
Billabong International Ltd. | 4,045,126 | | 30,883 |
Commonwealth Bank of Australia | 1,665,640 | | 42,521 |
CSL Ltd. | 952,963 | | 23,850 |
Macquarie Group Ltd. | 858,400 | | 20,896 |
Newcrest Mining Ltd. | 226,456 | | 4,930 |
QBE Insurance Group Ltd. | 2,479,998 | | 39,292 |
Wesfarmers Ltd. | 3,538,219 | | 58,245 |
Woolworths Ltd. | 871,468 | | 16,931 |
TOTAL AUSTRALIA | | 247,294 |
Belgium - 0.9% |
Anheuser-Busch InBev NV (d) | 2,119,800 | | 64,875 |
Bermuda - 0.3% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 1,418,333 | | 5,344 |
Huabao International Holdings Ltd. | 18,440,000 | | 13,034 |
TOTAL BERMUDA | | 18,378 |
Brazil - 1.4% |
BM&F BOVESPA SA | 3,185,694 | | 13,110 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 816,400 | | 27,407 |
Redecard SA | 2,178,500 | | 27,444 |
Vivo Participacoes SA sponsored ADR | 1,874,800 | | 29,922 |
TOTAL BRAZIL | | 97,883 |
Canada - 2.1% |
Canadian Natural Resources Ltd. | 840,200 | | 38,734 |
Niko Resources Ltd. | 498,400 | | 25,224 |
Open Text Corp. (a)(d) | 784,000 | | 25,821 |
Petro-Canada | 474,800 | | 14,985 |
Petrobank Energy & Resources Ltd. (a) | 813,500 | | 17,487 |
Suncor Energy, Inc. | 1,124,000 | | 28,287 |
TOTAL CANADA | | 150,538 |
Cayman Islands - 1.0% |
Belle International Holdings Ltd. | 42,872,000 | | 32,663 |
China Dongxiang Group Co. Ltd. | 59,994,000 | | 29,136 |
Want Want China Holdings Ltd. | 17,513,000 | | 8,732 |
TOTAL CAYMAN ISLANDS | | 70,531 |
China - 2.4% |
BYD Co. Ltd. (H Shares) | 4,827,000 | | 12,681 |
Changyou.com Ltd. (A Shares) ADR | 29,200 | | 898 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
China Merchants Bank Co. Ltd. (H Shares) | 9,459,000 | | $ 16,901 |
China Telecom Corp. Ltd. (H Shares) | 66,250,000 | | 32,613 |
Industrial & Commercial Bank of China Ltd. | 31,345,000 | | 17,832 |
Li Ning Co. Ltd. | 8,355,000 | | 17,098 |
Tencent Holdings Ltd. | 3,426,200 | | 30,283 |
ZTE Corp. (H Shares) | 12,177,464 | | 41,055 |
TOTAL CHINA | | 169,361 |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)(e) | 10,023,000 | | 805 |
Denmark - 1.0% |
Novo Nordisk AS Series B | 1,094,500 | | 52,074 |
Vestas Wind Systems AS (a) | 276,400 | | 17,941 |
TOTAL DENMARK | | 70,015 |
Finland - 0.5% |
Nokia Corp. sponsored ADR | 2,333,400 | | 32,994 |
France - 7.6% |
Accor SA | 463,700 | | 19,615 |
Alstom SA | 656,812 | | 40,933 |
AXA SA (d) | 3,118,066 | | 52,375 |
BNP Paribas SA | 1,702,239 | | 89,589 |
Cap Gemini SA (d) | 684,300 | | 25,573 |
Iliad Group SA | 191,840 | | 20,144 |
LVMH Moet Hennessy - Louis Vuitton | 272,400 | | 20,560 |
Orpea (a) | 560,828 | | 22,927 |
PPR SA (d) | 492,800 | | 37,745 |
Sanofi-Aventis (d) | 466,800 | | 26,813 |
Schneider Electric SA (d) | 393,300 | | 29,922 |
Societe Generale Series A | 779,120 | | 39,809 |
Total SA Series B | 2,104,400 | | 105,267 |
Unibail-Rodamco | 118,400 | | 17,652 |
TOTAL FRANCE | | 548,924 |
Germany - 8.0% |
Allianz AG (Reg.) (d) | 410,830 | | 37,220 |
Bayerische Motoren Werke AG (BMW) (d) | 882,300 | | 30,268 |
Daimler AG (Reg.) | 999,200 | | 35,673 |
Deutsche Bank AG | 834,900 | | 43,775 |
Deutsche Boerse AG | 673,925 | | 49,321 |
E.ON AG | 3,151,900 | | 105,615 |
Fresenius Medical Care AG & Co. KGaA (d) | 1,015,900 | | 39,498 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
GEA Group AG | 2,379,000 | | $ 30,966 |
Gerresheimer AG | 604,000 | | 14,406 |
MAN AG | 726,000 | | 44,584 |
Munich Re Group (Reg.) (d) | 592,500 | | 81,018 |
Siemens AG (Reg.) | 820,700 | | 54,932 |
Wincor Nixdorf AG | 183,300 | | 9,103 |
TOTAL GERMANY | | 576,379 |
Greece - 0.2% |
Public Power Corp. of Greece | 652,245 | | 12,570 |
Hong Kong - 0.8% |
Cheung Kong Holdings Ltd. | 3,875,000 | | 39,973 |
Hang Lung Properties Ltd. | 4,149,000 | | 11,653 |
Techtronic Industries Co. Ltd. | 6,460,000 | | 3,820 |
TOTAL HONG KONG | | 55,446 |
India - 0.8% |
Bharti Airtel Ltd. (a) | 2,000,000 | | 30,482 |
Infosys Technologies Ltd. | 718,452 | | 21,983 |
Titan Industries Ltd. | 226,153 | | 3,422 |
TOTAL INDIA | | 55,887 |
Ireland - 0.8% |
CRH PLC | 1,184,400 | | 30,783 |
Paddy Power PLC (Ireland) | 1,445,597 | | 26,617 |
TOTAL IRELAND | | 57,400 |
Israel - 0.8% |
Nice Systems Ltd. sponsored ADR (a) | 918,700 | | 23,528 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 790,500 | | 34,695 |
TOTAL ISRAEL | | 58,223 |
Italy - 0.5% |
Fiat SpA | 4,035,900 | | 39,446 |
Japan - 19.3% |
Asics Corp. | 3,914,000 | | 25,450 |
Canon Marketing Japan, Inc. | 2,296,500 | | 27,776 |
Canon, Inc. | 1,929,350 | | 57,752 |
Daiwa Securities Group, Inc. | 6,962,000 | | 36,482 |
Denso Corp. | 1,461,500 | | 34,557 |
Eisai Co. Ltd. | 609,500 | | 16,360 |
Fanuc Ltd. | 334,300 | | 24,130 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Fast Retailing Co. Ltd. | 134,400 | | $ 14,129 |
Honda Motor Co. Ltd. | 1,974,500 | | 57,881 |
JTEKT Corp. | 1,639,200 | | 15,814 |
Keyence Corp. | 89,500 | | 15,809 |
Misumi Group, Inc. | 504,000 | | 6,807 |
Mitsubishi Corp. | 1,640,800 | | 25,257 |
Mitsubishi UFJ Financial Group, Inc. | 22,998,800 | | 125,487 |
Mitsui & Co. Ltd. | 2,244,000 | | 23,807 |
Murata Manufacturing Co. Ltd. | 528,700 | | 21,433 |
NGK Insulators Ltd. | 1,582,000 | | 24,268 |
Nichi-iko Pharmaceutical Co. Ltd. | 268,400 | | 7,249 |
Nippon Building Fund, Inc. | 2,590 | | 21,048 |
Nippon Electric Glass Co. Ltd. | 1,996,000 | | 16,246 |
Nippon Steel Corp. | 4,858,000 | | 16,337 |
Nissan Motor Co. Ltd. | 6,947,800 | | 36,273 |
Nitori Co. Ltd. | 95,350 | | 5,367 |
Nomura Holdings, Inc. | 11,214,700 | | 67,693 |
NSK Ltd. | 3,271,000 | | 14,563 |
Omron Corp. | 983,300 | | 14,700 |
Point, Inc. | 217,600 | | 9,699 |
Promise Co. Ltd. (d) | 2,724,600 | | 36,011 |
Rakuten, Inc. | 72,690 | | 36,990 |
Ricoh Co. Ltd. | 4,194,000 | | 51,867 |
Sawai Pharmaceutical Co. Ltd. (d) | 160,300 | | 7,431 |
Seven & i Holdings Co., Ltd. | 905,200 | | 20,460 |
Shin-Etsu Chemical Co., Ltd. | 752,400 | | 36,578 |
SMC Corp. | 105,900 | | 10,391 |
Softbank Corp. (d) | 2,491,000 | | 39,418 |
Sony Corp. sponsored ADR (d) | 1,189,100 | | 30,750 |
Sony Financial Holdings, Inc. | 7,546 | | 23,747 |
Sumitomo Mitsui Financial Group, Inc. | 1,711,400 | | 59,368 |
THK Co. Ltd. | 1,760,000 | | 24,415 |
Tokio Marine Holdings, Inc. | 1,642,100 | | 43,319 |
Tokyo Electron Ltd. | 1,263,200 | | 57,780 |
Toyota Motor Corp. | 3,041,600 | | 120,413 |
Tsumura & Co. | 507,800 | | 13,910 |
USS Co. Ltd. | 326,080 | | 14,780 |
TOTAL JAPAN | | 1,390,002 |
Common Stocks - continued |
| Shares | | Value (000s) |
Korea (South) - 0.6% |
NHN Corp. (a) | 212,392 | | $ 25,843 |
Samsung Electronics Co. Ltd. | 38,010 | | 17,607 |
TOTAL KOREA (SOUTH) | | 43,450 |
Luxembourg - 1.2% |
ArcelorMittal SA (NY Shares) Class A (d) | 1,226,100 | | 28,911 |
SES SA (A Shares) FDR unit | 2,524,868 | | 44,851 |
Tenaris SA | 945,300 | | 11,887 |
TOTAL LUXEMBOURG | | 85,649 |
Mexico - 0.2% |
America Movil SAB de CV Series L sponsored ADR | 405,400 | | 13,317 |
Netherlands - 2.5% |
Akzo Nobel NV | 686,300 | | 28,694 |
ASML Holding NV (Netherlands) | 1,536,400 | | 32,231 |
Gemalto NV (a)(d) | 1,074,757 | | 33,832 |
James Hardie Industries NV unit | 5,306,155 | | 17,747 |
Koninklijke Ahold NV | 2,258,600 | | 24,739 |
Koninklijke KPN NV (d) | 1,489,800 | | 17,906 |
Royal DSM NV | 899,500 | | 27,888 |
TOTAL NETHERLANDS | | 183,037 |
Norway - 0.2% |
Pronova BioPharma ASA (a) | 4,726,590 | | 11,855 |
Papua New Guinea - 0.5% |
Oil Search Ltd. | 8,855,875 | | 33,033 |
Russia - 0.4% |
OAO Gazprom sponsored ADR | 1,508,300 | | 26,697 |
Singapore - 0.4% |
Ascendas Real Estate Investment Trust (A-REIT) | 7,883,000 | | 7,135 |
Singapore Exchange Ltd. | 5,754,250 | | 24,370 |
TOTAL SINGAPORE | | 31,505 |
South Africa - 0.9% |
MTN Group Ltd. | 5,254,600 | | 68,242 |
Spain - 2.4% |
Banco Santander SA | 3,311,500 | | 31,463 |
Inditex SA | 416,900 | | 17,771 |
Red Electrica Corporacion SA | 277,900 | | 11,628 |
Telefonica SA | 5,833,800 | | 110,499 |
TOTAL SPAIN | | 171,361 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - 0.5% |
H&M Hennes & Mauritz AB (B Shares) | 891,750 | | $ 39,694 |
Switzerland - 8.3% |
Actelion Ltd. (Reg.) (a) | 1,286,795 | | 58,611 |
BB BIOTECH AG | 354,261 | | 20,605 |
Credit Suisse Group sponsored ADR | 1,452,500 | | 55,602 |
Nestle SA (Reg.) | 3,742,549 | | 121,963 |
Nobel Biocare Holding AG (Switzerland) | 1,045,000 | | 21,298 |
Novartis AG (Reg.) | 437,573 | | 16,557 |
Partners Group Holding | 255,836 | | 22,348 |
Roche Holding AG (participation certificate) | 879,208 | | 110,843 |
Sonova Holding AG | 574,683 | | 37,176 |
Syngenta AG (Switzerland) | 181,599 | | 38,759 |
UBS AG (For. Reg.) | 2,862,686 | | 39,313 |
Zurich Financial Services AG (Reg.) | 285,674 | | 53,073 |
TOTAL SWITZERLAND | | 596,148 |
Taiwan - 0.7% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,754,000 | | 50,333 |
United Kingdom - 20.8% |
Aberdeen Asset Management PLC (d) | 21,064,600 | | 40,834 |
Aegis Group PLC | 7,593,391 | | 10,162 |
AstraZeneca PLC (United Kingdom) | 1,223,700 | | 42,832 |
Autonomy Corp. PLC (a) | 1,836,100 | | 38,505 |
BAE Systems PLC | 4,387,009 | | 23,068 |
Barclays PLC | 8,483,500 | | 34,431 |
BG Group PLC | 2,519,900 | | 40,222 |
BG Group PLC sponsored ADR | 207,400 | | 16,451 |
BHP Billiton PLC | 6,069,100 | | 125,917 |
BP PLC | 6,979,400 | | 49,303 |
British American Tobacco PLC (United Kingdom) | 1,125,478 | | 27,133 |
Capita Group PLC | 3,272,693 | | 32,985 |
Carphone Warehouse Group PLC | 5,567,300 | | 12,187 |
Compass Group PLC | 6,402,100 | | 30,430 |
Cookson Group PLC | 30,974,600 | | 8,845 |
DSG INTL PLC | 11,467,900 | | 7,220 |
DSG International PLC (g) | 10,246,400 | | 4,546 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 1,281,644 | | 8,984 |
(United Kingdom) (Reg.) | 17,822,658 | | 126,698 |
Imperial Tobacco Group PLC | 1,644,800 | | 37,514 |
Informa PLC | 8,669,900 | | 37,879 |
InterContinental Hotel Group PLC | 2,118,900 | | 20,124 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Man Group PLC | 13,203,500 | | $ 48,785 |
Misys PLC | 7,892,600 | | 16,103 |
NEXT PLC | 1,290,800 | | 30,862 |
Prudential PLC | 6,511,200 | | 37,410 |
Reckitt Benckiser Group PLC | 1,467,200 | | 57,574 |
Rio Tinto PLC (Reg.) | 1,879,100 | | 76,322 |
Royal Bank of Scotland Group PLC | 10,165,495 | | 6,202 |
Royal Dutch Shell PLC Class B | 5,374,259 | | 121,577 |
SSL International PLC | 4,962,409 | | 34,778 |
Standard Chartered PLC (United Kingdom) | 4,385,673 | | 67,818 |
Vodafone Group PLC | 73,315,735 | | 134,702 |
William Morrison Supermarkets PLC | 5,814,500 | | 21,054 |
Wolseley PLC | 2,388,864 | | 42,828 |
WPP PLC | 2,864,700 | | 19,593 |
Xstrata PLC | 769,400 | | 6,781 |
TOTAL UNITED KINGDOM | | 1,498,659 |
United States of America - 1.4% |
Applied Materials, Inc. | 1,598,400 | | 19,516 |
Cummins, Inc. | 273,300 | | 9,292 |
Goldman Sachs Group, Inc. | 190,400 | | 24,466 |
Morgan Stanley | 731,400 | | 17,290 |
Regal-Beloit Corp. | 493,900 | | 20,067 |
Visa, Inc. | 187,600 | | 12,186 |
TOTAL UNITED STATES OF AMERICA | | 102,817 |
TOTAL COMMON STOCKS (Cost $7,971,828) | 6,672,748 |
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.0% |
Fresenius SE (non-vtg.) (d) | 1,371,100 | | 69,954 |
Italy - 0.4% |
Intesa Sanpaolo SpA | 15,194,902 | | 33,736 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $148,385) | 103,690 |
Government Obligations - 0.4% |
| Principal Amount (000s) | | Value (000s) |
United States of America - 0.4% |
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.22% 5/14/09 to 5/28/09 (f)
(Cost $30,146) | | $ 30,150 | | $ 30,149 |
Money Market Funds - 10.8% |
| Shares | | |
Fidelity Cash Central Fund, 0.53% (b) | 357,038,773 | | 357,039 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 422,886,377 | | 422,886 |
TOTAL MONEY MARKET FUNDS (Cost $779,925) | 779,925 |
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,930,284) | | 7,586,512 |
NET OTHER ASSETS - (5.4)% | | (391,569) |
NET ASSETS - 100% | $ 7,194,943 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
1,759 CME NIKKEI 225 Index Contracts (Japan) | June 2009 | | $ 78,232 | | $ 13,233 |
2,070 TOPIX 150 Index Contracts (Japan) | June 2009 | | 176,568 | | 26,544 |
TOTAL EQUITY INDEX CONTRACTS | | $ 254,800 | | $ 39,777 |
|
The face value of futures purchased as a percentage of net assets - 3.5% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security 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 $22,899,000. |
(g) Security or a portion of the security purchased on a delayed delivery or when issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 1,970 |
Fidelity Securities Lending Cash Central Fund | 2,151 |
Total | $ 4,121 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Aisi Realty Public Ltd. | $ 1,469 | $ - | $ - | $ - | $ 805 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 7,586,512 | $ 1,768,035 | $ 5,818,477 | $ - |
Other Financial Instruments* | $ 39,777 | $ 39,777 | $ - | $ - |
* Other financial instruments include Futures Contracts. |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
(Amounts in thousands) | Investments in Securities |
Beginning Balance | $ 6,158 |
Total Realized Gain (Loss) | (24,765) |
Total Unrealized Gain (Loss) | 21,068 |
Cost of Purchases | - |
Proceeds of Sales | (2,461) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $637,482,000 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $409,948) - See accompanying schedule: Unaffiliated issuers (cost $8,143,744) | $ 6,805,782 | |
Fidelity Central Funds (cost $779,925) | 779,925 | |
Other affiliated issuers (cost $6,615) | 805 | |
Total Investments (cost $8,930,284) | | $ 7,586,512 |
Foreign currency held at value (cost $11,200) | | 11,201 |
Receivable for investments sold | | 55,780 |
Receivable for fund shares sold | | 8,725 |
Dividends receivable | | 36,861 |
Distributions receivable from Fidelity Central Funds | | 1,228 |
Receivable for daily variation on futures contracts | | 7,309 |
Prepaid expenses | | 62 |
Other receivables | | 1,176 |
Total assets | | 7,708,854 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 74,165 | |
Delayed delivery | 4,546 | |
Payable for fund shares redeemed | 5,815 | |
Accrued management fee | 4,418 | |
Distribution fees payable | 131 | |
Other affiliated payables | 1,812 | |
Other payables and accrued expenses | 138 | |
Collateral on securities loaned, at value | 422,886 | |
Total liabilities | | 513,911 |
| | |
Net Assets | | $ 7,194,943 |
Net Assets consist of: | | |
Paid in capital | | $ 10,870,729 |
Undistributed net investment income | | 55,513 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,426,976) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (1,304,323) |
Net Assets | | $ 7,194,943 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($324,030 ÷ 14,455.5 shares) | | $ 22.42 |
| | |
Maximum offering price per share (100/94.25 of $22.42) | | $ 23.79 |
Class T:
Net Asset Value and redemption price per share ($58,741 ÷ 2,636.6 shares) | | $ 22.28 |
| | |
Maximum offering price per share (100/96.50 of $22.28) | | $ 23.09 |
Class B:
Net Asset Value and offering price per share ($12,414 ÷ 559.3 shares)A | | $ 22.20 |
| | |
Class C:
Net Asset Value and offering price per share ($41,128 ÷ 1,849.8 shares)A | | $ 22.23 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($6,104,867 ÷ 270,596.2 shares) | | $ 22.56 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($470,471 ÷ 20,890.0 shares) | | $ 22.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($183,291 ÷ 8,133.0 shares) | | $ 22.54 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 112,334 |
Interest | | 39 |
Income from Fidelity Central Funds | | 4,121 |
| | 116,494 |
Less foreign taxes withheld | | (8,130) |
Total income | | 108,364 |
| | |
Expenses | | |
Management fee
Basic fee | $ 24,824 | |
Performance adjustment | 2,221 | |
Transfer agent fees | 10,268 | |
Distribution fees | 800 | |
Accounting and security lending fees | 830 | |
Custodian fees and expenses | 385 | |
Independent trustees' compensation | 27 | |
Registration fees | 181 | |
Audit | 61 | |
Legal | 22 | |
Miscellaneous | 69 | |
Total expenses before reductions | 39,688 | |
Expense reductions | (1,291) | 38,397 |
Net investment income (loss) | | 69,967 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (1,675,864) | |
Foreign currency transactions | (5,353) | |
Futures contracts | (109,695) | |
Total net realized gain (loss) | | (1,790,912) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,265,742 | |
Assets and liabilities in foreign currencies | (181) | |
Futures contracts | 105,058 | |
Total change in net unrealized appreciation (depreciation) | | 1,370,619 |
Net gain (loss) | | (420,293) |
Net increase (decrease) in net assets resulting from operations | | $ (350,326) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 69,967 | $ 190,750 |
Net realized gain (loss) | (1,790,912) | (664,568) |
Change in net unrealized appreciation (depreciation) | 1,370,619 | (6,888,436) |
Net increase (decrease) in net assets resulting from operations | (350,326) | (7,362,254) |
Distributions to shareholders from net investment income | (107,705) | (129,574) |
Distributions to shareholders from net realized gain | - | (528,706) |
Total distributions | (107,705) | (658,280) |
Share transactions - net increase (decrease) | (144,918) | 1,069,130 |
Redemption fees | 235 | 709 |
Total increase (decrease) in net assets | (602,714) | (6,950,695) |
| | |
Net Assets | | |
Beginning of period | 7,797,657 | 14,748,352 |
End of period (including undistributed net investment income of $55,513 and undistributed net investment income of $120,184, respectively) | $ 7,194,943 | $ 7,797,657 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.68 | $ 47.34 | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .19 | .46 | .44 | .42 | .28 |
Net realized and unrealized gain (loss) | (1.19) | (22.08) | 11.76 | 7.19 | 2.88 |
Total from investment operations | (1.00) | (21.62) | 12.20 | 7.61 | 3.16 |
Distributions from net investment income | (.26) | (.37) | (.35) | (.31) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.26) | (2.04) | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.42 | $ 23.68 | $ 47.34 | $ 36.47 | $ 30.57 |
Total Return B,C,D | (4.15)% | (47.65)% | 34.54% | 26.01% | 11.53% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.39% A | 1.32% | 1.25% | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.39% A | 1.32% | 1.25% | 1.27% | 1.42% A |
Expenses net of all reductions | 1.36% A | 1.29% | 1.22% | 1.21% | 1.36% A |
Net investment income (loss) | 1.78% A | 1.27% | 1.08% | 1.22% | 1.15% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 324 | $ 380 | $ 417 | $ 140 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.49 | $ 47.06 | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .16 | .33 | .29 | .27 | .20 |
Net realized and unrealized gain (loss) | (1.18) | (21.94) | 11.71 | 7.18 | 2.88 |
Total from investment operations | (1.02) | (21.61) | 12.00 | 7.45 | 3.08 |
Distributions from net investment income | (.19) | (.29) | (.26) | (.24) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.19) | (1.96) | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.28 | $ 23.49 | $ 47.06 | $ 36.30 | $ 30.49 |
Total Return B,C,D | (4.29)% | (47.84)% | 34.08% | 25.49% | 11.24% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.64% A | 1.68% | 1.63% | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.64% A | 1.68% | 1.63% | 1.71% | 1.75% A |
Expenses net of all reductions | 1.61% A | 1.64% | 1.60% | 1.65% | 1.69% A |
Net investment income (loss) | 1.53% A | .91% | .70% | .78% | .83% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 59 | $ 64 | $ 53 | $ 10 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.25 | $ 46.70 | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .15 | .08 | .08 | .08 |
Net realized and unrealized gain (loss) | (1.16) | (21.77) | 11.64 | 7.19 | 2.87 |
Total from investment operations | (1.05) | (21.62) | 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 | - | - | - | - | - |
Net asset value, end of period | $ 22.20 | $ 23.25 | $ 46.70 | $ 36.12 | $ 30.36 |
Total Return B,C,D | (4.52)% | (48.11)% | 33.37% | 24.91% | 10.76% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.14% | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.15% A | 2.19% | 2.14% | 2.25% | 2.24% A |
Expenses net of all reductions | 2.11% A | 2.15% | 2.10% | 2.19% | 2.18% A |
Net investment income (loss) | 1.02% A | .40% | .19% | .24% | .33% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 12 | $ 15 | $ 17 | $ 4 | $ 1 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected PerShare Data | | | | | |
Net asset value, beginning of period | $ 23.31 | $ 46.82 | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .15 | .09 | .11 | .13 |
Net realized and unrealized gain (loss) | (1.17) | (21.82) | 11.66 | 7.19 | 2.87 |
Total from investment operations | (1.06) | (21.67) | 11.75 | 7.30 | 3.00 |
Distributions from net investment income | (.02) | (.17) | (.14) | (.12) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.02) | (1.84) | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 22.23 | $ 23.31 | $ 46.82 | $ 36.19 | $ 30.41 |
Total Return B,C,D | (4.55)% | (48.10)% | 33.38% | 24.97% | 10.94% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.13% A | 2.17% | 2.11% | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.13% A | 2.17% | 2.11% | 2.16% | 2.04% A |
Expenses net of all reductions | 2.09% A | 2.13% | 2.08% | 2.11% | 1.98% A |
Net investment income (loss) | 1.04% A | .42% | .22% | .33% | .53% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 41 | $ 36 | $ 28 | $ 6 | $ 2 |
Portfolio turnover rate G | 102% A | 79% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.88 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .22 | .57 | .53 | .48 | .37 | .22 |
Net realized and unrealized gain (loss) | (1.20) | (22.29) | 11.84 | 7.25 | 5.24 | 3.40 |
Total from investment operations | (.98) | (21.72) | 12.37 | 7.73 | 5.61 | 3.62 |
Distributions from net investment income | (.34) | (.41) | (.38) | (.31) | (.15) | (.18) |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | (.12) | - |
Total distributions | (.34) | (2.08) | (1.36) | (1.71) | (.27) | (.18) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 22.56 | $ 23.88 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 |
Total Return B,C | (4.03)% | (47.55)% | 34.85% | 26.34% | 22.29% | 16.65% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.14% A | 1.09% | 1.04% | 1.09% | 1.08% | 1.10% |
Expenses net of fee waivers, if any | 1.14% A | 1.09% | 1.04% | 1.08% | 1.07% | 1.10% |
Expenses net of all reductions | 1.10% A | 1.05% | 1.00% | 1.03% | 1.01% | 1.06% |
Net investment income (loss) | 2.03% A | 1.51% | 1.30% | 1.41% | 1.35% | .92% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 6,105 | $ 6,999 | $ 14,176 | $ 8,054 | $ 3,949 | $ 2,193 |
Portfolio turnover rate F | 102% A | 79% | 56% | 56% | 75% | 87% |
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 - Class K
| Six months ended
April 30, 2009 | Years ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 23.90 | $ 40.32 |
Income from Investment Operations | | |
Net investment income (loss) D | .24 | .10 |
Net realized and unrealized gain (loss) | (1.20) | (16.52) |
Total from investment operations | (.96) | (16.42) |
Distributions from net investment income | (.42) | - |
Total distributions | (.42) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 22.52 | $ 23.90 |
Total Return B,C | (3.91)% | (40.72)% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .89% A | .93% A |
Expenses net of fee waivers, if any | .89% A | .93% A |
Expenses net of all reductions | .85% A | .89% A |
Net investment income (loss) | 2.29% A | .83% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 470 | $ 145 |
Portfolio turnover rate F | 102% A | 79% |
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 9, 2008 (commencement of sale of shares) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 23.91 | $ 47.73 | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .22 | .53 | .55 | .51 | .38 |
Net realized and unrealized gain (loss) | (1.20) | (22.24) | 11.85 | 7.25 | 2.89 |
Total from investment operations | (.98) | (21.71) | 12.40 | 7.76 | 3.27 |
Distributions from net investment income | (.39) | (.44) | (.40) | (.33) | - |
Distributions from net realized gain | - | (1.67) | (.98) | (1.40) | - |
Total distributions | (.39) | (2.11) | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 22.54 | $ 23.91 | $ 47.73 | $ 36.71 | $ 30.68 |
Total Return B,C | (4.01)% | (47.51)% | 34.93% | 26.45% | 11.93% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.09% A | 1.05% | .97% | 1.00% | .97% A |
Expenses net of fee waivers, if any | 1.09% A | 1.05% | .97% | 1.00% | .97% A |
Expenses net of all reductions | 1.05% A | 1.01% | .94% | .95% | .90% A |
Net investment income (loss) | 2.08% A | 1.54% | 1.36% | 1.49% | 1.60% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 183 | $ 159 | $ 58 | $ 28 | $ 10 |
Portfolio turnover rate F | 102% A | 79% | 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, 2009 (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, Class K 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. After the commencement of Class K, the Fund began offering conversion privileges between International Discovery and Class K to eligible shareholders of International Discovery. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the other 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), 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, 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 557,250 |
Unrealized depreciation | (2,047,590) |
Net unrealized appreciation (depreciation) | $ (1,490,340) |
Cost for federal income tax purposes | $ 9,076,852 |
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 Pronouncement. 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 reporting periods 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.
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
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 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $3,377,441 and $3,375,638, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45%
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .78% 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% | $ 400 | $ 32 |
Class T | .25% | .25% | 144 | - |
Class B | .75% | .25% | 64 | 48 |
Class C | .75% | .25% | 192 | 42 |
International Discovery | -% | -% | - | - |
Class K | -% | -% | - | - |
| | | $ 800 | $ 122 |
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
(Amounts in thousands except ratios)
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 | $ 33 |
Class T | 7 |
Class B* | 19 |
Class C* | 5 |
| $ 64 |
* 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 respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 507 | .32 |
Class T | 91 | .32 |
Class B | 20 | .32 |
Class C | 58 | .30 |
International Discovery | 9,267 | .31 |
Class K | 101 | .06 |
Institutional Class | 224 | .26 |
| $ 10,268 | |
* 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 $13 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $22 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 $2,151.
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 $6,500. The weighted average interest rate was .42%. The interest expense amounted to two hundred and thirty dollars under the bank borrowing program. At period end, there were no bank borrowings outstanding.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,285 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, these credits reduced the Fund's custody expense by $6.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
From net investment income | | |
Class A | $ 3,982 | $ 3,599 |
Class T | 533 | 387 |
Class B | - | 67 |
Class C | 30 | 123 |
International Discovery | 96,783 | 124,823 |
Class K | 3,616 | - |
Institutional Class | 2,761 | 575 |
Total | $ 107,705 | $ 129,574 |
From net realized gain | | |
Class A | $ - | $ 16,423 |
Class T | - | 2,244 |
Class B | - | 719 |
Class C | - | 1,185 |
International Discovery | - | 505,958 |
Institutional Class | - | 2,177 |
Total | $ - | $ 528,706 |
A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class A | | | | |
Shares sold | 2,883 | 13,337 | $ 62,183 | $ 505,828 |
Reinvestment of distributions | 132 | 252 | 2,786 | 11,025 |
Shares redeemed | (4,591) | (6,361) | (97,487) | (213,706) |
Net increase (decrease) | (1,576) | 7,228 | $ (32,518) | $ 303,147 |
Semiannual Report
12. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 A | Six months ended
April 30,
2009 | Year ended
October 31,
2008 A |
Class T | | | | |
Shares sold | 697 | 2,322 | $ 14,854 | $ 87,236 |
Reinvestment of distributions | 24 | 59 | 507 | 2,571 |
Shares redeemed | (796) | (800) | (16,573) | (27,654) |
Net increase (decrease) | (75) | 1,581 | $ (1,212) | $ 62,153 |
Class B | | | | |
Shares sold | 68 | 487 | $ 1,474 | $ 18,856 |
Reinvestment of distributions | - | 17 | - | 721 |
Shares redeemed | (153) | (228) | (3,152) | (7,554) |
Net increase (decrease) | (85) | 276 | $ (1,678) | $ 12,023 |
Class C | | | | |
Shares sold | 758 | 1,350 | $ 16,220 | $ 51,762 |
Reinvestment of distributions | 1 | 25 | 26 | 1,076 |
Shares redeemed | (471) | (405) | (9,627) | (13,335) |
Net increase (decrease) | 288 | 970 | $ 6,619 | $ 39,503 |
International Discovery | | | | |
Shares sold | 32,979 | 98,885 | $ 709,659 | $ 3,784,869 |
Conversion to Class K | (11,617) | (6,197) | (253,755) | (182,264) |
Reinvestment of distributions | 4,362 | 13,646 | 92,471 | 600,976 |
Shares redeemed | (48,188) | (110,609) | (1,022,926) | (3,914,448) |
Net increase (decrease) | (22,464) | (4,275) | $ (474,551) | $ 289,133 |
Class K | | | | |
Shares sold | 5,628 | 215 | $ 121,473 | $ 6,017 |
Conversion from International Discovery | 11,640 | 6,197 | 253,755 | 182,264 |
Reinvestment of distributions | 171 | - | 3,616 | - |
Shares redeemed | (2,623) | (338) | (53,990) | (8,716) |
Net increase (decrease) | 14,816 | 6,074 | $ 324,854 | $ 179,565 |
Institutional Class | | | | |
Shares sold | 8,310 | 7,551 | $ 176,304 | $ 243,799 |
Reinvestment of distributions | 41 | 42 | 875 | 1,852 |
Shares redeemed | (6,872) | (2,148) | (143,611) | (62,044) |
Net increase (decrease) | 1,479 | 5,445 | $ 33,568 | $ 183,607 |
A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.
13. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
13. Other - continued
enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
AIDI-USAN-0609
1.806664.104
Fidelity®
Total International Equity Fund
and
Fidelity
International Growth Fund
Semiannual Report
April 30, 2009
(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 fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,001.90 | $ 7.45 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,001.00 | $ 8.68 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 998.70 | $ 11.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 997.70 | $ 11.14 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Total International Equity | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,003.10 | $ 6.21 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,003.10 | $ 6.21 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Total International Equity Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 15.6% | |
| United Kingdom 15.1% | |
| Switzerland 8.0% | |
| Germany 7.0% | |
| United States of America 6.2% | |
| France 6.0% | |
| Brazil 3.3% | |
| South Africa 3.2% | |
| Canada 2.8% | |
| Other 32.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 14.1% | |
| United Kingdom 13.8% | |
| Switzerland 11.0% | |
| Germany 8.7% | |
| France 7.2% | |
| United States of America 6.9% | |
| Australia 3.6% | |
| Spain 3.1% | |
| Italy 2.4% | |
| Other 29.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.5 | 98.4 |
Short-Term Investments and Net Other Assets | 1.5 | 1.6 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 3.5 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 3.4 |
E.ON AG (Germany, Electric Utilities) | 1.7 | 2.8 |
Toyota Motor Corp. (Japan, Automobiles) | 1.6 | 1.7 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.6 | 1.9 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 1.4 | 1.4 |
Royal Dutch Shell PLC Class A (United Kingdom, Oil, Gas & Consumable Fuels) | 1.4 | 2.1 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.4 | 0.9 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commerical Banks) | 1.3 | 1.0 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.3 | 1.1 |
| 15.7 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.7 | 22.9 |
Consumer Discretionary | 9.9 | 6.6 |
Energy | 10.0 | 10.1 |
Industrials | 10.1 | 8.5 |
Materials | 9.7 | 7.0 |
Consumer Staples | 8.4 | 12.9 |
Health Care | 7.7 | 9.8 |
Telecommunication Services | 7.6 | 6.7 |
Information Technology | 6.9 | 7.9 |
Utilities | 4.5 | 6.0 |
Semiannual Report
Fidelity Total International Equity Fund
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.1% |
| Shares | | Value |
Australia - 2.6% |
AMP Ltd. | 35,175 | | $ 132,738 |
CSL Ltd. | 7,084 | | 177,290 |
Macquarie Airports unit | 41,945 | | 55,202 |
Macquarie Group Ltd. | 3,378 | | 82,232 |
Macquarie Infrastructure Group unit | 58,602 | | 57,523 |
QBE Insurance Group Ltd. | 5,911 | | 93,651 |
Sino Gold Mining Ltd. (a) | 3,917 | | 15,522 |
Wesfarmers Ltd. | 1,901 | | 31,293 |
Woolworths Ltd. | 10,536 | | 204,695 |
TOTAL AUSTRALIA | | 850,146 |
Austria - 0.1% |
Andritz AG | 240 | | 8,157 |
Erste Bank AG | 600 | | 12,516 |
TOTAL AUSTRIA | | 20,673 |
Belgium - 1.2% |
Anheuser-Busch InBev NV | 10,680 | | 326,852 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 6,080 | | 16 |
Umicore SA | 3,100 | | 60,739 |
TOTAL BELGIUM | | 387,607 |
Bermuda - 1.3% |
Aquarius Platinum Ltd. (a) | 581 | | 2,154 |
Aquarius Platinum Ltd. (Australia) | 5,231 | | 19,398 |
China Sports International Ltd. | 44,000 | | 3,121 |
Credicorp Ltd. (NY Shares) | 300 | | 15,006 |
Lazard Ltd. Class A | 2,000 | | 54,600 |
Orient Overseas International Ltd. | 4,500 | | 12,890 |
Ports Design Ltd. | 86,000 | | 130,596 |
Seadrill Ltd. | 15,700 | | 167,537 |
TOTAL BERMUDA | | 405,302 |
Brazil - 3.3% |
B2W Companhia Global Do Varejo | 500 | | 7,945 |
Banco ABC Brasil SA | 2,800 | | 8,962 |
Banco Bradesco SA: | | | |
(PN) | 5,000 | | 62,187 |
(PN) sponsored ADR | 800 | | 9,824 |
BM&F BOVESPA SA | 20,800 | | 85,599 |
Braskem SA Class A sponsored ADR | 500 | | 2,835 |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) | 600 | | 9,030 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR | 1,300 | | $ 24,076 |
Companhia Vale do Rio Doce: | | | |
(PN-A) sponsored ADR | 8,400 | | 115,332 |
sponsored ADR | 4,500 | | 74,295 |
GVT Holding SA (a) | 1,700 | | 22,481 |
Iguatemi Empresa de Shopping Centers SA | 1,700 | | 12,842 |
Itau Unibanco Banco Multiplo SA ADR | 6,470 | | 88,833 |
Localiza Rent a Car SA | 1,700 | | 8,815 |
Log-in Logistica Intermodal SA | 5,500 | | 18,485 |
MRV Engenharia e Participacoes SA | 7,600 | | 75,446 |
Natura Cosmeticos SA | 1,420 | | 16,882 |
Net Servicos de Comunicacao SA sponsored ADR | 2,900 | | 23,606 |
OGX Petroleo e Gas Participacoes SA | 100 | | 42,022 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 3,600 | | 97,128 |
sponsored ADR | 6,700 | | 224,919 |
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.) | 1,200 | | 18,660 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 2,500 | | 21,850 |
TOTAL BRAZIL | | 1,072,054 |
Canada - 2.8% |
Addax Petroleum, Inc. | 500 | | 13,761 |
Agnico-Eagle Mines Ltd. (Canada) | 2,360 | | 104,329 |
Cameco Corp. | 2,200 | | 50,517 |
Canadian Natural Resources Ltd. | 1,700 | | 78,372 |
Eldorado Gold Corp. (a) | 1,200 | | 9,534 |
Fairfax Financial Holdings Ltd. | 300 | | 79,346 |
First Quantum Minerals Ltd. | 1,200 | | 46,411 |
ING Canada, Inc. | 800 | | 23,170 |
Niko Resources Ltd. | 1,190 | | 60,226 |
Petrobank Energy & Resources Ltd. (a) | 9,600 | | 206,361 |
Potash Corp. of Saskatchewan, Inc. | 300 | | 25,770 |
Power Corp. of Canada (sub. vtg.) | 2,400 | | 44,872 |
Sino-Forest Corp. (a) | 1,600 | | 13,999 |
Suncor Energy, Inc. | 2,600 | | 65,433 |
Toronto-Dominion Bank | 2,300 | | 90,786 |
TOTAL CANADA | | 912,887 |
Cayman Islands - 0.8% |
Bosideng International Holdings Ltd. | 26,000 | | 2,101 |
Chaoda Modern Agriculture (Holdings) Ltd. | 168,216 | | 95,118 |
China Dongxiang Group Co. Ltd. | 15,000 | | 7,285 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
China Infrastructure Machinery Holdings Ltd. | 24,000 | | $ 18,082 |
CNinsure, Inc. ADR (a) | 500 | | 3,810 |
Foxconn International Holdings Ltd. (a) | 23,000 | | 14,174 |
Himax Technologies, Inc. sponsored ADR | 3,800 | | 10,298 |
Integra Group Holdings unit (a) | 5,700 | | 9,574 |
Stella International Holdings Ltd. | 14,000 | | 18,550 |
Subsea 7, Inc. (a) | 3,500 | | 26,160 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 900 | | 13,437 |
Xinao Gas Holdings Ltd. | 12,000 | | 16,403 |
Yingli Green Energy Holding Co. Ltd. ADR (a) | 2,300 | | 16,054 |
TOTAL CAYMAN ISLANDS | | 251,046 |
China - 2.0% |
Baidu.com, Inc. sponsored ADR (a) | 100 | | 23,290 |
China BlueChemical Ltd. (H shares) | 15,000 | | 7,957 |
China Communications Construction Co. Ltd. (H Shares) | 23,000 | | 27,280 |
China Construction Bank Corp. (H Shares) | 141,000 | | 81,402 |
China Gas Holdings Ltd. | 104,000 | | 19,073 |
China Merchants Bank Co. Ltd. (H Shares) | 46,000 | | 82,189 |
China National Materials Co. Ltd. (a) | 16,000 | | 12,163 |
China Nepstar Chain Drugstore Ltd. ADR | 800 | | 4,032 |
China Shenhua Energy Co. Ltd. (H Shares) | 12,000 | | 33,178 |
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares) | 29,000 | | 13,010 |
China Yurun Food Group Ltd. | 16,000 | | 18,950 |
China Zaino International Ltd. | 10,000 | | 1,756 |
Golden Eagle Retail Group Ltd. (H Shares) | 16,000 | | 12,915 |
Industrial & Commercial Bank of China Ltd. | 197,000 | | 112,070 |
Li Ning Co. Ltd. | 9,500 | | 19,441 |
Nine Dragons Paper (Holdings) Ltd. | 97,000 | | 43,904 |
Parkson Retail Group Ltd. | 11,000 | | 13,815 |
PICC Property & Casualty Co. Ltd. (H Shares) (a) | 20,000 | | 11,289 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 9,000 | | 55,597 |
Tencent Holdings Ltd. | 2,800 | | 24,748 |
ZTE Corp. (H Shares) | 6,240 | | 21,037 |
TOTAL CHINA | | 639,096 |
Cyprus - 0.0% |
XXI Century Investments Public Ltd. (a) | 1,000 | | 489 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody AS | 850 | | 35,090 |
Denmark - 0.7% |
Novo Nordisk AS Series B sponsored ADR | 2,400 | | 114,024 |
Common Stocks - continued |
| Shares | | Value |
Denmark - continued |
Vestas Wind Systems AS (a) | 1,100 | | $ 71,399 |
Vestas Wind Systems AS (a)(f) | 500 | | 32,992 |
TOTAL DENMARK | | 218,415 |
Egypt - 0.1% |
Eastern Tobacco Co. | 390 | | 10,730 |
Orascom Construction Industries SAE | 480 | | 13,724 |
Telecom Egypt SAE | 4,500 | | 12,668 |
TOTAL EGYPT | | 37,122 |
Finland - 1.0% |
Nokia Corp. sponsored ADR (d) | 13,500 | | 190,890 |
Nokian Tyres PLC | 4,802 | | 75,813 |
Outotec Oyj | 1,900 | | 40,284 |
Poyry Oyj | 512 | | 6,361 |
TOTAL FINLAND | | 313,348 |
France - 6.0% |
Alstom SA | 188 | | 11,716 |
Audika SA | 3,250 | | 78,424 |
AXA SA sponsored ADR | 20,200 | | 347,036 |
BNP Paribas SA | 5,000 | | 263,149 |
Compagnie de St. Gobain | 1,670 | | 59,896 |
Danone | 1,036 | | 49,266 |
Delachaux SA | 791 | | 43,942 |
GDF Suez (d) | 6,181 | | 220,524 |
Laurent-Perrier Group | 410 | | 24,045 |
Pernod Ricard SA | 409 | | 24,152 |
Pernod Ricard SA rights 4/29/09 (a) | 409 | | 1,746 |
Remy Cointreau SA | 1,171 | | 38,592 |
Saft Groupe SA | 580 | | 17,747 |
Societe Generale Series A | 2,200 | | 112,409 |
Total SA: | | | |
Series B | 6,600 | | 330,149 |
sponsored ADR | 3,600 | | 178,992 |
Unibail-Rodamco | 1,000 | | 149,086 |
TOTAL FRANCE | | 1,950,871 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 5,300 | | 21,200 |
Germany - 7.0% |
Allianz AG sponsored ADR | 32,300 | | 292,638 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
BASF AG | 1,600 | | $ 59,740 |
Bayer AG | 1,900 | | 93,388 |
Bilfinger Berger AG | 250 | | 11,755 |
Daimler AG | 9,600 | | 342,720 |
Deutsche Bank AG | 1,100 | | 57,674 |
DIC Asset AG | 1,200 | | 9,457 |
E.ON AG | 16,500 | | 552,887 |
GEA Group AG | 1,400 | | 18,223 |
GFK AG | 2,100 | | 48,741 |
Linde AG | 800 | | 63,075 |
Metro AG | 800 | | 33,665 |
Munich Re Group (Reg.) | 2,900 | | 396,542 |
Siemens AG sponsored ADR | 2,700 | | 180,711 |
Software AG (Bearer) | 610 | | 37,723 |
Vossloh AG | 560 | | 57,092 |
TOTAL GERMANY | | 2,256,031 |
Greece - 0.4% |
Public Power Corp. of Greece | 4,600 | | 88,649 |
Terna Energy SA | 8,549 | | 50,953 |
TOTAL GREECE | | 139,602 |
Hong Kong - 2.3% |
China Mobile (Hong Kong) Ltd. | 9,500 | | 82,035 |
China Mobile (Hong Kong) Ltd. sponsored ADR | 700 | | 30,212 |
China Overseas Land & Investment Ltd. | 65,564 | | 114,194 |
China Resources Power Holdings Co. Ltd. | 6,000 | | 13,445 |
CNOOC Ltd. | 25,000 | | 27,908 |
CNOOC Ltd. sponsored ADR | 460 | | 51,221 |
CNPC (Hong Kong) Ltd. | 30,000 | | 14,885 |
Hong Kong Exchange & Clearing Ltd. | 12,900 | | 148,587 |
Shanghai Industrial Holdings Ltd. (H Shares) | 7,000 | | 23,850 |
Swire Pacific Ltd. (A Shares) | 31,500 | | 246,232 |
TOTAL HONG KONG | | 752,569 |
Hungary - 0.0% |
OTP Bank Ltd. (a) | 1,100 | | 14,384 |
India - 1.7% |
Bank of Baroda | 1,000 | | 6,611 |
Bharat Heavy Electricals Ltd. | 796 | | 26,679 |
Bharti Airtel Ltd. (a) | 16,278 | | 248,092 |
Educomp Solutions Ltd. | 200 | | 10,050 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Godrej Consumer Products Ltd. | 6,000 | | $ 16,930 |
Housing Development Finance Corp. Ltd. | 800 | | 27,980 |
Infosys Technologies Ltd. | 530 | | 16,217 |
Infosys Technologies Ltd. sponsored ADR | 900 | | 27,729 |
IVRCL Infrastructures & Projects Ltd. | 7,100 | | 22,916 |
Jain Irrigation Systems Ltd. | 2,280 | | 23,081 |
Pantaloon Retail India Ltd. | 5,418 | | 20,809 |
Pantaloon Retail India Ltd. Class B | 341 | | 839 |
Piramal Healthcare Ltd. | 5,000 | | 23,396 |
Reliance Industries Ltd. GDR (Reg. S) (e) | 424 | | 32,309 |
Rural Electrification Corp. Ltd. | 130 | | 272 |
Satyam Computer Services Ltd. sponsored ADR | 100 | | 180 |
Suzlon Energy Ltd. | 20,812 | | 26,865 |
Tata Power Co. Ltd. | 1,000 | | 18,159 |
Union Bank of India | 2,000 | | 6,653 |
TOTAL INDIA | | 555,767 |
Indonesia - 0.4% |
PT Bank Central Asia Tbk | 105,500 | | 33,264 |
PT Bank Rakyat Indonesia Tbk | 89,500 | | 48,857 |
PT Perusahaan Gas Negara Tbk Series B | 102,000 | | 24,960 |
PT Telkomunikasi Indonesia Tbk Series B | 35,000 | | 25,859 |
TOTAL INDONESIA | | 132,940 |
Ireland - 0.8% |
CRH PLC | 485 | | 12,605 |
CRH PLC sponsored ADR | 9,100 | | 234,052 |
Dragon Oil PLC (a) | 5,000 | | 18,996 |
Kerry Group PLC Class A | 400 | | 8,196 |
TOTAL IRELAND | | 273,849 |
Israel - 0.8% |
Cellcom Israel Ltd. | 700 | | 15,253 |
Israel Chemicals Ltd. | 3,000 | | 25,228 |
Mellanox Technologies Ltd. (a) | 800 | | 8,160 |
Mizrahi Tefahot Bank Ltd. | 1,500 | | 8,379 |
Nice Systems Ltd. sponsored ADR (a) | 400 | | 10,244 |
Partner Communications Co. Ltd. ADR | 5,500 | | 89,375 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 2,100 | | 92,169 |
TOTAL ISRAEL | | 248,808 |
Italy - 2.2% |
Azimut Holdings SpA | 8,800 | | 61,479 |
Common Stocks - continued |
| Shares | | Value |
Italy - continued |
ENI SpA sponsored ADR | 4,000 | | $ 170,760 |
Finmeccanica SpA | 6,500 | | 91,542 |
UniCredit SpA | 160,700 | | 391,197 |
TOTAL ITALY | | 714,978 |
Japan - 15.6% |
Alpen Co. Ltd. | 100 | | 1,652 |
Autobacs Seven Co. Ltd. | 2,600 | | 71,092 |
Daikoku Denki Co. Ltd. | 500 | | 5,751 |
Denso Corp. | 9,600 | | 226,991 |
East Japan Railway Co. | 3,800 | | 214,182 |
Eisai Co. Ltd. | 1,000 | | 26,842 |
Fanuc Ltd. | 1,100 | | 79,399 |
FCC Co. Ltd. | 600 | | 7,604 |
Glory Ltd. | 400 | | 7,342 |
Japan Retail Fund Investment Corp. | 7 | | 24,486 |
JSR Corp. | 3,000 | | 36,562 |
Kamigumi Co. Ltd. | 1,000 | | 6,425 |
Kansai Electric Power Co., Inc. | 4,300 | | 87,584 |
Keyence Corp. | 310 | | 54,759 |
Kobayashi Pharmaceutical Co. Ltd. | 3,100 | | 100,861 |
Konica Minolta Holdings, Inc. | 9,000 | | 74,364 |
Miraca Holdings, Inc. | 6,200 | | 126,574 |
Mitsubishi Estate Co. Ltd. | 2,000 | | 26,149 |
Mitsubishi UFJ Financial Group, Inc. | 38,200 | | 208,429 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 38,880 | | 210,730 |
Mitsui & Co. Ltd. | 38,100 | | 404,212 |
Nagaileben Co. Ltd. | 2,100 | | 37,334 |
NGK Insulators Ltd. | 6,200 | | 95,109 |
Nihon Parkerizing Co. Ltd. | 1,000 | | 8,339 |
Nintendo Co. Ltd. | 200 | | 53,840 |
Nippon Electric Glass Co. Ltd. | 3,000 | | 24,419 |
Nippon Seiki Co. Ltd. | 8,000 | | 72,175 |
Nippon Thompson Co. Ltd. | 16,000 | | 69,192 |
Nitta Corp. | 200 | | 2,299 |
Obic Co. Ltd. | 450 | | 61,104 |
Ohashi Technica, Inc. | 300 | | 1,858 |
ORIX Corp. | 890 | | 41,692 |
Osaka Gas Co. Ltd. | 83,000 | | 263,088 |
Osaka Securities Exchange Co. Ltd. | 25 | | 79,422 |
OSG Corp. | 1,200 | | 7,557 |
Ozeki Co. Ltd. | 4,200 | | 104,594 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Pal Co. Ltd. | 250 | | $ 3,827 |
Promise Co. Ltd. | 13,250 | | 175,127 |
SAZABY, Inc. | 300 | | 3,206 |
Seven & i Holdings Co., Ltd. | 1,500 | | 33,904 |
SHIMANO, Inc. | 200 | | 5,918 |
Shin-Etsu Chemical Co., Ltd. | 2,100 | | 102,092 |
Shiseido Co. Ltd. | 4,000 | | 70,244 |
SHO-BOND Holdings Co. Ltd. | 600 | | 10,790 |
Sony Financial Holdings, Inc. | 43 | | 135,322 |
Sparx Group Co. Ltd. | 40 | | 5,246 |
Sumitomo Corp. | 9,600 | | 83,585 |
Sumitomo Metal Industries Ltd. | 30,000 | | 70,294 |
Sumitomo Mitsui Financial Group, Inc. | 5,600 | | 194,264 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 16,000 | | 55,785 |
THK Co. Ltd. | 700 | | 9,711 |
Toho Holdings Co. Ltd. | 800 | | 7,741 |
Tokuyama Corp. | 13,000 | | 77,541 |
Tokyo Gas Co. Ltd. | 20,000 | | 75,843 |
Toyota Motor Corp. | 13,100 | | 518,613 |
Tsumura & Co. | 3,900 | | 106,832 |
Tsutsumi Jewelry Co. Ltd. | 500 | | 8,212 |
USS Co. Ltd. | 3,190 | | 144,595 |
Xebio Co. Ltd. | 4,900 | | 75,307 |
Yamada Denki Co. Ltd. | 3,080 | | 141,905 |
Yamato Kogyo Co. Ltd. | 200 | | 4,544 |
TOTAL JAPAN | | 5,044,460 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan unit | 13,500 | | 49,950 |
KazMunaiGas Exploration & Production JSC (Reg. S) GDR | 1,300 | | 23,088 |
TOTAL KAZAKHSTAN | | 73,038 |
Korea (South) - 1.4% |
GS Engineering & Construction Corp. | 374 | | 19,724 |
Hana Financial Group, Inc. | 1,710 | | 29,570 |
Hyundai Industrial Development & Construction Co. | 876 | | 27,418 |
Hyunjin Materials Co. Ltd. | 988 | | 29,880 |
KT&G Corp. | 306 | | 16,904 |
MegaStudy Co. Ltd. | 100 | | 16,980 |
NHN Corp. (a) | 829 | | 100,868 |
POSCO sponsored ADR | 700 | | 53,879 |
Samsung Electronics Co. Ltd. | 198 | | 91,718 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 549 | | $ 13,635 |
Shinhan Financial Group Co. Ltd. sponsored ADR | 800 | | 39,480 |
TOTAL KOREA (SOUTH) | | 440,056 |
Luxembourg - 0.3% |
ArcelorMittal SA: | | | |
(Netherlands) | 1,600 | | 37,469 |
(NY Shares) Class A | 2,300 | | 54,234 |
Evraz Group SA GDR | 1,000 | | 13,150 |
TOTAL LUXEMBOURG | | 104,853 |
Malaysia - 0.0% |
DiGi.com Bhd | 2,400 | | 15,034 |
Mexico - 1.7% |
America Movil SAB de CV Series L sponsored ADR | 8,350 | | 274,298 |
Cemex SA de CV sponsored ADR | 5,800 | | 43,384 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 2,600 | | 73,606 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 1,700 | | 26,316 |
Telmex Internacional SAB de CV Series L ADR | 1,300 | | 13,494 |
Wal-Mart de Mexico SA de CV Series V | 45,200 | | 123,268 |
TOTAL MEXICO | | 554,366 |
Netherlands - 1.7% |
Aalberts Industries NV | 800 | | 6,106 |
ASML Holding NV (NY Shares) | 10,150 | | 214,673 |
Gemalto NV (a) | 2,300 | | 72,402 |
Heineken NV (Bearer) | 1,000 | | 29,708 |
James Hardie Industries NV sponsored ADR | 400 | | 6,524 |
Koninklijke KPN NV | 12,300 | | 147,835 |
QIAGEN NV (a) | 4,100 | | 67,568 |
TOTAL NETHERLANDS | | 544,816 |
Norway - 0.9% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 6,000 | | 5,068 |
DnB Nor ASA | 20,400 | | 126,955 |
Orkla ASA (A Shares) | 17,000 | | 121,686 |
Petroleum Geo-Services ASA (a) | 6,800 | | 32,892 |
TOTAL NORWAY | | 286,601 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 0.4% |
Lihir Gold Ltd. sponsored ADR (a) | 3,750 | | $ 80,250 |
Oil Search Ltd. | 12,335 | | 46,010 |
TOTAL PAPUA NEW GUINEA | | 126,260 |
Peru - 0.1% |
Compania de Minas Buenaventura SA sponsored ADR | 800 | | 16,928 |
Philippines - 0.4% |
Jollibee Food Corp. | 55,200 | | 52,790 |
Philippine Long Distance Telephone Co. | 300 | | 13,628 |
Philippine Long Distance Telephone Co. sponsored ADR | 1,600 | | 73,392 |
TOTAL PHILIPPINES | | 139,810 |
Russia - 0.7% |
Bank St. Petersburg OJSC | 700 | | 598 |
Lukoil Oil Co. sponsored ADR | 1,300 | | 57,356 |
OAO Gazprom sponsored ADR | 3,780 | | 66,906 |
OJSC MMC Norilsk Nickel sponsored ADR | 3,000 | | 24,750 |
OJSC Oil Company Rosneft GDR (Reg. S) | 6,400 | | 33,017 |
Sberbank (Savings Bank of the Russian Federation) GDR | 190 | | 26,693 |
TOTAL RUSSIA | | 209,320 |
Singapore - 1.1% |
DBS Group Holdings Ltd. | 27,000 | | 173,252 |
Keppel Land Ltd. | 27,000 | | 31,368 |
Singapore Exchange Ltd. | 27,000 | | 114,347 |
Wing Tai Holdings Ltd. | 51,000 | | 30,314 |
TOTAL SINGAPORE | | 349,281 |
South Africa - 3.2% |
Absa Group Ltd. | 1,473 | | 16,993 |
African Bank Investments Ltd. | 2,600 | | 8,241 |
African Rainbow Minerals Ltd. | 13,463 | | 181,945 |
AngloGold Ashanti Ltd. sponsored ADR | 800 | | 24,640 |
Aspen Pharmacare Holdings Ltd. | 2,100 | | 10,659 |
Exxaro Resources Ltd. | 2,300 | | 16,867 |
FirstRand Ltd. | 16,900 | | 25,822 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 1,900 | | 17,708 |
Impala Platinum Holdings Ltd. | 6,900 | | 131,878 |
Imperial Holdings Ltd. | 1,489 | | 9,543 |
JSE Ltd. | 9,800 | | 60,165 |
Lewis Group Ltd. | 1,600 | | 7,902 |
Mr. Price Group Ltd. | 26,600 | | 81,445 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
MTN Group Ltd. | 26,303 | | $ 341,598 |
Mvelaphanda Resources Ltd. (a) | 3,422 | | 12,434 |
Naspers Ltd. Class N | 900 | | 18,346 |
New Clicks Holdings Ltd. | 4,600 | | 8,873 |
Sasol Ltd. sponsored ADR | 900 | | 27,099 |
Shoprite Holdings Ltd. | 2,700 | | 16,180 |
TOTAL SOUTH AFRICA | | 1,018,338 |
Spain - 2.5% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 3,759 | | 40,672 |
Banco Santander SA | 4,300 | | 40,854 |
Grifols SA | 6,549 | | 114,890 |
Inditex SA | 1,900 | | 80,990 |
Prosegur Comp Securidad SA (Reg.) | 2,291 | | 65,407 |
Telefonica SA sponsored ADR | 8,140 | | 458,201 |
TOTAL SPAIN | | 801,014 |
Sweden - 0.7% |
H&M Hennes & Mauritz AB (B Shares) | 2,900 | | 129,086 |
Swedish Match Co. | 4,500 | | 64,205 |
Telefonaktiebolaget LM Ericsson (B Shares) | 4,800 | | 40,764 |
TOTAL SWEDEN | | 234,055 |
Switzerland - 8.0% |
ABB Ltd. sponsored ADR | 6,200 | | 88,164 |
Actelion Ltd. (Reg.) (a) | 2,085 | | 94,967 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 4,815 | | 114,750 |
Credit Suisse Group sponsored ADR | 1,800 | | 68,904 |
EFG International | 7,440 | | 89,987 |
Nestle SA (Reg.) | 17,283 | | 563,221 |
Novartis AG sponsored ADR | 4,700 | | 178,177 |
Roche Holding AG (participation certificate) | 5,978 | | 753,639 |
Sonova Holding AG | 3,341 | | 216,128 |
Transocean Ltd. (a) | 2,220 | | 149,806 |
Zurich Financial Services AG (Reg.) | 1,397 | | 259,537 |
TOTAL SWITZERLAND | | 2,577,280 |
Taiwan - 0.8% |
Acer, Inc. | 5,000 | | 9,553 |
Asia Cement Corp. | 20,000 | | 20,586 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 39,100 | | 112,844 |
HTC Corp. | 2,600 | | 35,196 |
Innolux Display Corp. | 31,900 | | 35,167 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - continued |
Powertech Technology, Inc. | 5,500 | | $ 11,454 |
Taiwan Mobile Co. Ltd. | 10,000 | | 15,785 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,000 | | 11,842 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,000 | | 10,570 |
TOTAL TAIWAN | | 262,997 |
Thailand - 0.2% |
PTT Exploration & Production PCL (For. Reg.) | 7,100 | | 20,826 |
Siam Commercial Bank PCL (For. Reg.) | 28,100 | | 47,981 |
TOTAL THAILAND | | 68,807 |
Turkey - 0.7% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 15,330 | | 109,209 |
Asya Katilim Bankasi AS | 12,200 | | 11,664 |
Coca-Cola Icecek AS | 3,350 | | 15,805 |
Enka Insaat ve Sanayi AS | 4,450 | | 19,049 |
Tupras-Turkiye Petrol Rafinerileri AS | 3,500 | | 34,995 |
Turkiye Garanti Bankasi AS (a) | 12,200 | | 25,616 |
TOTAL TURKEY | | 216,338 |
United Kingdom - 15.1% |
Aberdeen Asset Management PLC | 28,700 | | 55,636 |
Aegis Group PLC | 32,400 | | 43,359 |
Anglo American PLC (United Kingdom) | 2,942 | | 63,283 |
AstraZeneca PLC (United Kingdom) | 2,000 | | 70,005 |
Autonomy Corp. PLC (a) | 4,715 | | 98,880 |
Babcock International Group PLC | 1,200 | | 7,695 |
BAE Systems PLC | 40,000 | | 210,331 |
Begbies Traynor Group PLC | 3,400 | | 5,567 |
BG Group PLC | 17,400 | | 277,737 |
BHP Billiton PLC | 2,300 | | 47,719 |
BHP Billiton PLC ADR (d) | 9,600 | | 401,664 |
Bovis Homes Group PLC | 11,748 | | 79,531 |
BP PLC sponsored ADR | 1,500 | | 63,690 |
British American Tobacco PLC sponsored ADR | 1,400 | | 68,068 |
Cairn Energy PLC (a) | 300 | | 9,402 |
Cobham PLC | 22,500 | | 58,268 |
Derwent London PLC | 600 | | 7,388 |
easyJet PLC (a) | 15,100 | | 70,171 |
Great Portland Estates PLC | 9,100 | | 41,029 |
H&T Group PLC | 2,700 | | 7,750 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 12,130 | | 86,230 |
Imperial Tobacco Group PLC | 700 | | 15,965 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Informa PLC | 24,000 | | $ 104,858 |
InterContinental Hotel Group PLC ADR | 600 | | 5,682 |
Johnson Matthey PLC | 4,200 | | 74,139 |
Man Group PLC | 62,975 | | 232,685 |
Misys PLC | 41,300 | | 84,262 |
Persimmon PLC | 15,900 | | 88,652 |
Prudential PLC | 29,800 | | 171,217 |
Randgold Resources Ltd. sponsored ADR | 300 | | 14,520 |
Reckitt Benckiser Group PLC | 4,900 | | 192,278 |
Rio Tinto PLC: | | | |
(Reg.) | 2,300 | | 93,417 |
sponsored ADR | 990 | | 161,321 |
Royal Dutch Shell PLC: | | | |
Class A (United Kingdom) | 4,800 | | 110,467 |
Class A sponsored ADR | 7,500 | | 342,600 |
Serco Group PLC | 34,600 | | 186,602 |
Shaftesbury PLC | 9,500 | | 48,985 |
Spirax-Sarco Engineering PLC | 6,384 | | 80,404 |
SSL International PLC | 4,000 | | 28,033 |
Standard Chartered PLC: | | | |
(Hong Kong) | 950 | | 14,301 |
(United Kingdom) | 13,700 | | 211,850 |
Ted Baker PLC | 12,075 | | 65,901 |
Tesco PLC | 24,900 | | 123,329 |
Ultra Electronics Holdings PLC | 900 | | 15,774 |
Victrex PLC | 8,018 | | 63,335 |
Vodafone Group PLC | 33,100 | | 60,814 |
Vodafone Group PLC sponsored ADR | 18,800 | | 344,980 |
Wolseley PLC | 2,496 | | 44,748 |
WPP PLC | 15,200 | | 103,959 |
Xstrata PLC | 1,600 | | 14,101 |
TOTAL UNITED KINGDOM | | 4,872,582 |
United States of America - 4.7% |
Advanced Energy Industries, Inc. (a) | 9,381 | | 79,082 |
Airgas, Inc. | 1,080 | | 46,570 |
Allergan, Inc. | 1,400 | | 65,324 |
Autoliv, Inc. | 3,600 | | 88,812 |
Berkshire Hathaway, Inc. Class B (a) | 29 | | 88,885 |
CTC Media, Inc. (a) | 1,600 | | 12,544 |
CyberSource Corp. (a) | 7,800 | | 113,958 |
Dril-Quip, Inc. (a) | 130 | | 4,469 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
FMC Technologies, Inc. (a) | 950 | | $ 32,519 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 500 | | 21,325 |
Gilead Sciences, Inc. (a) | 1,000 | | 45,800 |
Goldman Sachs Group, Inc. | 500 | | 64,250 |
Juniper Networks, Inc. (a) | 3,000 | | 64,950 |
Martin Marietta Materials, Inc. | 600 | | 50,418 |
MasterCard, Inc. Class A | 300 | | 55,035 |
Mohawk Industries, Inc. (a) | 2,740 | | 129,629 |
Philip Morris International, Inc. | 1,700 | | 61,540 |
Pricesmart, Inc. | 7,495 | | 133,786 |
Varian Semiconductor Equipment Associates, Inc. (a) | 3,400 | | 87,006 |
Visa, Inc. | 4,360 | | 283,226 |
TOTAL UNITED STATES OF AMERICA | | 1,529,128 |
TOTAL COMMON STOCKS (Cost $44,138,448) | 31,689,636 |
Nonconvertible Preferred Stocks - 0.4% |
| | | |
Italy - 0.4% |
Fiat SpA (Risparmio Shares) | 5,300 | | 32,000 |
Telecom Italia SpA (Risparmio Shares) | 104,200 | | 93,064 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $178,595) | 125,064 |
Money Market Funds - 1.6% |
| | | |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)
(Cost $512,575) | 512,575 | | 512,575 |
Cash Equivalents - 1.2% |
| Maturity Amount | | Value |
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) #
(Cost $385,000) | $ 385,002 | | $ 385,000 |
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $45,214,618) | | 32,712,275 |
NET OTHER ASSETS - (1.3)% | | (432,258) |
NET ASSETS - 100% | $ 32,280,017 |
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 $32,309 or 0.1% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,992 or 0.1% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Vestas Wind Systems AS | 4/29/09 | $ 28,726 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$385,000 due 5/01/09 at 0.15% |
BNP Paribas Securities Corp. | $ 68,285 |
Barclays Capital, Inc. | 10,923 |
Credit Suisse Securities (USA) LLC | 14,188 |
Deutsche Bank Securities, Inc. | 144,189 |
HSBC Securities (USA), Inc. | 109,233 |
Mizuho Securities USA, Inc. | 10,923 |
Societe Generale, New York Branch | 27,259 |
| $ 385,000 |
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 Securities Lending Cash Central Fund | $ 2,412 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 32,712,275 | $ 12,928,396 | $ 19,783,879 | $ - |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 16,955 |
Total Realized Gain (Loss) | (71,038) |
Total Unrealized Gain (Loss) | 64,053 |
Cost of Purchases | - |
Proceeds of Sales | (9,970) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $10,058,675 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $502,951 and repurchase agreements of $385,000) - See accompanying schedule: Unaffiliated issuers (cost $44,702,043) | $ 32,199,700 | |
Fidelity Central Funds (cost $512,575) | 512,575 | |
Total Investments (cost $45,214,618) | | $ 32,712,275 |
Foreign currency held at value (cost $84) | | 84 |
Receivable for investments sold | | 387,098 |
Receivable for fund shares sold | | 27,231 |
Dividends receivable | | 219,594 |
Distributions receivable from Fidelity Central Funds | | 2,465 |
Prepaid expenses | | 300 |
Receivable from investment adviser for expense reductions | | 8,364 |
Other receivables | | 1,931 |
Total assets | | 33,359,342 |
| | |
Liabilities | | |
Payable to custodian bank | $ 55,082 | |
Payable for investments purchased | 411,303 | |
Payable for fund shares redeemed | 14,443 | |
Accrued management fee | 16,693 | |
Distribution fees payable | 5,297 | |
Other affiliated payables | 8,925 | |
Other payables and accrued expenses | 55,007 | |
Collateral on securities loaned, at value | 512,575 | |
Total liabilities | | 1,079,325 |
| | |
Net Assets | | $ 32,280,017 |
Net Assets consist of: | | |
Paid in capital | | $ 71,804,810 |
Undistributed net investment income | | 199,203 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (27,217,939) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (12,506,057) |
Net Assets | | $ 32,280,017 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($4,357,364 ÷ 910,388 shares) | | $ 4.79 |
| | |
Maximum offering price per share (100/94.25 of $4.79) | | $ 5.08 |
Class T:
Net Asset Value and redemption price per share ($2,074,308 ÷ 432,783 shares) | | $ 4.79 |
| | |
Maximum offering price per share (100/96.50 of $4.79) | | $ 4.96 |
Class B:
Net Asset Value and offering price per share ($1,972,142 ÷ 411,049 shares)A | | $ 4.80 |
| | |
Class C:
Net Asset Value and offering price per share ($2,236,713 ÷ 466,751 shares)A | | $ 4.79 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($19,625,331 ÷ 4,100,098 shares) | | $ 4.79 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,014,159 ÷ 420,779 shares) | | $ 4.79 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 552,764 |
Interest | | 603 |
Income from Fidelity Central Funds | | 2,412 |
| | 555,779 |
Less foreign taxes withheld | | (53,608) |
Total income | | 502,171 |
| | |
Expenses | | |
Management fee
Basic fee | $ 120,423 | |
Performance adjustment | (14,014) | |
Transfer agent fees | 46,749 | |
Distribution fees | 34,387 | |
Accounting and security lending fees | 8,812 | |
Custodian fees and expenses | 77,834 | |
Independent trustees' compensation | 134 | |
Registration fees | 30,797 | |
Audit | 38,794 | |
Legal | 1,006 | |
Miscellaneous | 367 | |
Total expenses before reductions | 345,289 | |
Expense reductions | (105,181) | 240,108 |
Net investment income (loss) | | 262,063 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (16,374,849) | |
Foreign currency transactions | (21,381) | |
Total net realized gain (loss) | | (16,396,230) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 15,540,519 | |
Assets and liabilities in foreign currencies | (1,214) | |
Total change in net unrealized appreciation (depreciation) | | 15,539,305 |
Net gain (loss) | | (856,925) |
Net increase (decrease) in net assets resulting from operations | | $ (594,862) |
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, 2009
(Unaudited) | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 262,063 | $ 857,641 |
Net realized gain (loss) | (16,396,230) | (10,866,711) |
Change in net unrealized appreciation (depreciation) | 15,539,305 | (28,045,362) |
Net increase (decrease) in net assets resulting from operations | (594,862) | (38,054,432) |
Distributions to shareholders from net investment income | (859,670) | (15,829) |
Share transactions - net increase (decrease) | (6,029,281) | 77,824,722 |
Redemption fees | 1,587 | 7,782 |
Total increase (decrease) in net assets | (7,482,226) | 39,762,243 |
| | |
Net Assets | | |
Beginning of period | 39,762,243 | - |
End of period (including undistributed net investment income of $199,203 and undistributed net investment income of $796,810, respectively) | $ 32,280,017 | $ 39,762,243 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.90 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .11 |
Net realized and unrealized gain (loss) | (.03) | (5.21) |
Total from investment operations | - | (5.10) |
Distributions from net investment income | (.11) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.90 |
Total Return B, C, D | .19% | (51.00)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.10% A | 2.00% |
Expenses net of fee waivers, if any | 1.50% A | 1.50% |
Expenses net of all reductions | 1.48% A | 1.48% |
Net investment income (loss) | 1.52% A | 1.35% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 4,357 | $ 5,944 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.88 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .09 |
Net realized and unrealized gain (loss) | (.03) | (5.21) |
Total from investment operations | - | (5.12) |
Distributions from net investment income | (.09) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.88 |
Total Return B, C, D | .10% | (51.20)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.34% A | 2.42% |
Expenses net of fee waivers, if any | 1.75% A | 1.75% |
Expenses net of all reductions | 1.73% A | 1.73% |
Net investment income (loss) | 1.27% A | 1.10% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,074 | $ 2,567 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.86 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | .05 |
Net realized and unrealized gain (loss) | (.03) | (5.19) |
Total from investment operations | (.01) | (5.14) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.80 | $ 4.86 |
Total Return B, C, D | (.13)% | (51.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.83% A | 2.92% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.24% |
Net investment income (loss) | .77% A | .60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,972 | $ 2,505 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.86 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | .05 |
Net realized and unrealized gain (loss) | (.04) | (5.19) |
Total from investment operations | (.02) | (5.14) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.86 |
Total Return B, C, D | (.23)% | (51.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.87% A | 2.92% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.23% |
Net investment income (loss) | .77% A | .60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,237 | $ 2,787 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.91 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .13 |
Net realized and unrealized gain (loss) | (.04) | (5.21) |
Total from investment operations | - | (5.08) |
Distributions from net investment income | (.12) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 4.79 | $ 4.91 |
Total Return B, C | .31% | (50.87)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.87% A | 1.89% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.77% A | 1.60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,625 | $ 23,226 |
Portfolio turnover rate F | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.91 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .13 |
Net realized and unrealized gain (loss) | (.04) | (5.21) |
Total from investment operations | - | (5.08) |
Distributions from net investment income | (.12) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 4.79 | $ 4.91 |
Total Return B, C | .31% | (50.87)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.81% A | 1.91% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.77% A | 1.60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,014 | $ 2,733 |
Portfolio turnover rate F | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (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. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,449,464 |
Unrealized depreciation | (14,999,655) |
Net unrealized appreciation (depreciation) | $ (13,550,191) |
Cost for federal income tax purposes | $ 46,262,466 |
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.
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 $16,547,794 and $23,012,899, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
annualized management fee rate, including the performance adjustment, was .64% 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% | $ 6,276 | $ 2,016 |
Class T | .25% | .25% | 5,522 | 5,122 |
Class B | .75% | .25% | 10,626 | 10,523 |
Class C | .75% | .25% | 11,963 | 11,122 |
| | | $ 34,387 | $ 28,783 |
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 | $ 1,514 |
Class T | 175 |
Class B* | 276 |
Class C* | 43 |
| $ 2,008 |
* 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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,419 | .26 |
Class T | 2,883 | .26 |
Class B | 2,672 | .25 |
Class C | 3,487 | .29 |
Total International Equity | 28,700 | .29 |
Institutional Class | 2,588 | .23 |
| $ 46,749 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $446 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $110 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
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 $2,412.
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 | 1.50% | $ 14,868 |
Class T | 1.75% | 6,483 |
Class B | 2.25% | 6,139 |
Class C | 2.25% | 7,403 |
Total International Equity | 1.25% | 60,235 |
Institutional Class | 1.25% | 6,225 |
| | $ 101,353 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,828 for the period.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | For the period
November 1, 2007 (commencement of
operations) to
October 31,
2008 |
From net investment income | | |
Class A | $ 131,963 | $ - |
Class T | 45,379 | - |
Class B | 24,856 | - |
Class C | 30,949 | - |
Total International Equity | 560,888 | 13,264 |
Institutional Class | 65,635 | 2,565 |
Total | $ 859,670 | $ 15,829 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class A | | | | |
Shares sold | 241,063 | 1,253,571 | $ 1,091,461 | $ 11,409,450 |
Reinvestment of distributions | 30,531 | - | 130,977 | - |
Shares redeemed | (575,420) | (39,357) | (2,564,493) | (262,908) |
Net increase (decrease) | (303,826) | 1,214,214 | $ (1,342,055) | $ 11,146,542 |
Class T | | | | |
Shares sold | 20,450 | 536,757 | $ 88,186 | $ 5,311,723 |
Reinvestment of distributions | 10,553 | - | 45,379 | - |
Shares redeemed | (123,821) | (11,156) | (552,742) | (95,096) |
Net increase (decrease) | (92,818) | 525,601 | $ (419,177) | $ 5,216,627 |
Class B | | | | |
Shares sold | 7,984 | 516,780 | $ 36,162 | $ 5,142,958 |
Reinvestment of distributions | 5,760 | - | 24,827 | - |
Shares redeemed | (118,291) | (1,184) | (527,935) | (8,679) |
Net increase (decrease) | (104,547) | 515,596 | $ (466,946) | $ 5,134,279 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class C | | | | |
Shares sold | 35,456 | 576,912 | $ 158,699 | $ 5,653,538 |
Reinvestment of distributions | 7,163 | - | 30,872 | - |
Shares redeemed | (149,371) | (3,409) | (661,810) | (27,077) |
Net increase (decrease) | (106,752) | 573,503 | $ (472,239) | $ 5,626,461 |
Total International
Equity | | | |
Shares sold | 905,974 | 7,339,025 | $ 4,093,508 | $ 65,416,828 |
Reinvestment of distributions | 124,381 | 1,313 | 533,594 | 12,459 |
Shares redeemed | (1,664,986) | (2,605,609) | (7,350,175) | (20,217,092) |
Net increase (decrease) | (634,631) | 4,734,729 | $ (2,723,073) | $ 45,212,195 |
Institutional Class | | | | |
Shares sold | 2,987 | 559,428 | $ 13,456 | $ 5,503,211 |
Reinvestment of distributions | 15,268 | 270 | 65,500 | 2,565 |
Shares redeemed | (154,496) | (2,678) | (684,747) | (17,158) |
Net increase (decrease) | (136,241) | 557,020 | $ (605,791) | $ 5,488,618 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, FMR or its affiliates were the owners of record of 29% of the total outstanding shares of the Fund.
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, 2008 to April 30, 2009).
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
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.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 982.60 | $ 7.37 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 982.10 | $ 8.60 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 979.70 | $ 11.04 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 979.70 | $ 11.04 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
International Growth | 1.25% | | | |
Actual | | $ 1,000.00 | $ 983.50 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 983.50 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity International Growth Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United Kingdom 18.3% | |
| Japan 14.7% | |
| Switzerland 11.5% | |
| United States of America 10.7% | |
| France 5.2% | |
| Australia 3.7% | |
| Spain 3.6% | |
| Germany 3.5% | |
| South Africa 3.2% | |
| Other 25.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Switzerland 18.2% | |
| United Kingdom 16.4% | |
| United States of America 13.1% | |
| Japan 10.2% | |
| Australia 6.7% | |
| Germany 5.9% | |
| France 4.6% | |
| Spain 3.8% | |
| Netherlands 2.9% | |
 | Other 18.2% | |
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 | 99.3 | 99.1 |
Short-Term Investments and Net Other Assets | 0.7 | 0.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Reg.) (Switzerland, Food Products) | 4.0 | 7.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.1 | 4.8 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 3.1 | 2.1 |
Anheuser-Busch InBev NV (Belgium, Beverages) | 2.5 | 0.0 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 2.4 | 0.0 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.1 | 1.4 |
Visa, Inc. (United States of America, IT Services) | 2.1 | 2.1 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 2.1 | 1.8 |
Woolworths Ltd. (Australia, Food & Staples Retailing) | 1.6 | 2.6 |
ASML Holding NV (NY Shares) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.5 | 1.8 |
| 24.5 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 16.8 | 25.0 |
Financials | 14.4 | 12.2 |
Health Care | 11.7 | 17.6 |
Materials | 11.9 | 7.3 |
Consumer Discretionary | 9.2 | 3.6 |
Information Technology | 8.8 | 10.6 |
Energy | 8.3 | 2.6 |
Industrials | 8.0 | 8.0 |
Telecommunication Services | 6.7 | 7.1 |
Utilities | 3.5 | 5.1 |
Semiannual Report
Fidelity International Growth Fund
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% |
| Shares | | Value |
Australia - 3.7% |
CSL Ltd. | 8,525 | | $ 213,353 |
QBE Insurance Group Ltd. | 7,461 | | 118,208 |
Woolworths Ltd. | 12,612 | | 245,027 |
TOTAL AUSTRALIA | | 576,588 |
Belgium - 2.9% |
Anheuser-Busch InBev NV (d) | 12,700 | | 388,672 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 6,400 | | 17 |
Umicore SA | 2,900 | | 56,820 |
TOTAL BELGIUM | | 445,509 |
Bermuda - 1.4% |
Lazard Ltd. Class A | 2,100 | | 57,330 |
Ports Design Ltd. | 75,500 | | 114,652 |
Seadrill Ltd. | 3,800 | | 40,550 |
TOTAL BERMUDA | | 212,532 |
Brazil - 2.6% |
BM&F BOVESPA SA | 19,500 | | 80,249 |
Companhia Vale do Rio Doce sponsored ADR | 5,300 | | 87,503 |
Itau Unibanco Banco Multiplo SA ADR | 3,800 | | 52,174 |
MRV Engenharia e Participacoes SA | 7,600 | | 75,446 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 3,500 | | 117,495 |
TOTAL BRAZIL | | 412,867 |
Canada - 2.0% |
Agnico-Eagle Mines Ltd. (Canada) | 2,500 | | 110,518 |
Fairfax Financial Holdings Ltd. | 240 | | 63,477 |
Niko Resources Ltd. | 1,100 | | 55,671 |
Petrobank Energy & Resources Ltd. (a) | 4,100 | | 88,133 |
TOTAL CANADA | | 317,799 |
Denmark - 1.1% |
Novo Nordisk AS Series B sponsored ADR | 2,800 | | 133,028 |
Vestas Wind Systems AS (a)(e) | 500 | | 32,992 |
TOTAL DENMARK | | 166,020 |
Finland - 1.6% |
Nokia Corp. sponsored ADR | 10,200 | | 144,228 |
Nokian Tyres PLC | 4,900 | | 77,361 |
Outotec Oyj | 1,600 | | 33,923 |
TOTAL FINLAND | | 255,512 |
Common Stocks - continued |
| Shares | | Value |
France - 5.2% |
Alstom SA | 310 | | $ 19,320 |
Audika SA | 2,850 | | 68,772 |
Danone (d) | 1,195 | | 56,827 |
Delachaux SA | 709 | | 39,386 |
GDF Suez (d) | 5,102 | | 182,028 |
Laurent-Perrier Group | 447 | | 26,215 |
Remy Cointreau SA | 1,204 | | 39,680 |
Total SA Series B | 7,400 | | 370,167 |
TOTAL FRANCE | | 802,395 |
Germany - 3.5% |
Bayer AG | 2,300 | | 113,049 |
E.ON AG | 3,300 | | 110,577 |
Linde AG | 1,000 | | 78,844 |
Siemens AG sponsored ADR (d) | 3,200 | | 214,176 |
Vossloh AG | 300 | | 30,585 |
TOTAL GERMANY | | 547,231 |
Greece - 0.3% |
Terna Energy SA | 8,700 | | 51,853 |
Hong Kong - 1.1% |
Hong Kong Exchange & Clearing Ltd. | 14,300 | | 164,713 |
India - 1.4% |
Bharti Airtel Ltd. (a) | 14,427 | | 219,881 |
Ireland - 0.6% |
CRH PLC sponsored ADR | 3,600 | | 92,592 |
Israel - 0.5% |
Partner Communications Co. Ltd. ADR | 5,000 | | 81,250 |
Italy - 0.4% |
Azimut Holdings SpA | 8,200 | | 57,287 |
Japan - 14.7% |
Autobacs Seven Co. Ltd. | 2,200 | | 60,155 |
Denso Corp. | 6,400 | | 151,327 |
East Japan Railway Co. | 1,800 | | 101,455 |
Fanuc Ltd. | 1,400 | | 101,053 |
Kansai Electric Power Co., Inc. | 5,100 | | 103,879 |
Keyence Corp. | 420 | | 74,189 |
Kobayashi Pharmaceutical Co. Ltd. | 2,300 | | 74,832 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 40,300 | | 218,426 |
Nagaileben Co. Ltd. | 2,000 | | 35,556 |
NGK Insulators Ltd. | 4,000 | | 61,361 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Nintendo Co. Ltd. | 200 | | $ 53,840 |
Nippon Seiki Co. Ltd. | 8,000 | | 72,175 |
Nippon Thompson Co. Ltd. | 14,000 | | 60,543 |
Osaka Securities Exchange Co. Ltd. | 17 | | 54,007 |
Ozeki Co. Ltd. | 4,300 | | 107,084 |
Promise Co. Ltd. (d) | 7,700 | | 101,772 |
Shin-Etsu Chemical Co., Ltd. | 2,600 | | 126,399 |
Shiseido Co. Ltd. | 5,000 | | 87,804 |
Sony Financial Holdings, Inc. | 50 | | 157,351 |
Sumitomo Mitsui Financial Group, Inc. | 5,100 | | 176,919 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 16,000 | | 55,785 |
Tokyo Gas Co. Ltd. | 23,000 | | 87,220 |
Tsumura & Co. | 3,000 | | 82,178 |
USS Co. Ltd. | 1,750 | | 79,323 |
TOTAL JAPAN | | 2,284,633 |
Korea (South) - 0.5% |
NHN Corp. (a) | 595 | | 72,396 |
Luxembourg - 0.4% |
ArcelorMittal SA (NY Shares) Class A | 2,500 | | 58,950 |
Mexico - 2.2% |
America Movil SAB de CV Series L sponsored ADR | 3,600 | | 118,260 |
Cemex SA de CV sponsored ADR | 6,000 | | 44,880 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 2,000 | | 56,620 |
Wal-Mart de Mexico SA de CV Series V | 42,600 | | 116,178 |
TOTAL MEXICO | | 335,938 |
Netherlands - 2.4% |
ASML Holding NV (NY Shares) | 11,300 | | 238,995 |
Koninklijke KPN NV | 5,800 | | 69,711 |
QIAGEN NV (a) | 3,600 | | 59,328 |
TOTAL NETHERLANDS | | 368,034 |
Papua New Guinea - 0.7% |
Lihir Gold Ltd. sponsored ADR (a) | 3,600 | | 77,040 |
Oil Search Ltd. | 8,155 | | 30,418 |
TOTAL PAPUA NEW GUINEA | | 107,458 |
Philippines - 0.3% |
Jollibee Food Corp. | 53,800 | | 51,451 |
Singapore - 1.0% |
Keppel Land Ltd. | 27,000 | | 31,368 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Singapore Exchange Ltd. | 23,000 | | $ 97,406 |
Wing Tai Holdings Ltd. | 54,000 | | 32,097 |
TOTAL SINGAPORE | | 160,871 |
South Africa - 3.2% |
African Rainbow Minerals Ltd. | 12,039 | | 162,700 |
JSE Ltd. | 9,800 | | 60,165 |
Mr. Price Group Ltd. | 21,300 | | 65,217 |
MTN Group Ltd. | 16,700 | | 216,883 |
TOTAL SOUTH AFRICA | | 504,965 |
Spain - 3.6% |
Grifols SA | 5,663 | | 99,347 |
Inditex SA | 2,200 | | 93,778 |
Prosegur Comp Securidad SA (Reg.) | 1,700 | | 48,534 |
Telefonica SA sponsored ADR | 5,700 | | 320,853 |
TOTAL SPAIN | | 562,512 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,500 | | 155,793 |
Swedish Match Co. | 4,000 | | 57,071 |
TOTAL SWEDEN | | 212,864 |
Switzerland - 11.5% |
ABB Ltd. sponsored ADR | 7,400 | | 105,228 |
Actelion Ltd. (Reg.) (a) | 2,180 | | 99,294 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 3,268 | | 77,882 |
Credit Suisse Group sponsored ADR | 2,300 | | 88,044 |
Nestle SA (Reg.) | 18,940 | | 617,218 |
Novartis AG sponsored ADR | 5,700 | | 216,087 |
Roche Holding AG (participation certificate) | 3,830 | | 482,852 |
Sonova Holding AG | 1,479 | | 95,676 |
TOTAL SWITZERLAND | | 1,782,281 |
Turkey - 0.8% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 11,800 | | 84,062 |
Tupras-Turkiye Petrol Rafinerileri AS | 3,500 | | 34,995 |
TOTAL TURKEY | | 119,057 |
United Kingdom - 18.3% |
Aberdeen Asset Management PLC | 26,600 | | 51,565 |
Autonomy Corp. PLC (a) | 3,600 | | 75,497 |
BAE Systems PLC | 29,600 | | 155,645 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
BG Group PLC | 20,700 | | $ 330,411 |
BHP Billiton PLC ADR (d) | 11,400 | | 476,976 |
Bovis Homes Group PLC | 9,300 | | 62,959 |
BP PLC sponsored ADR | 1,700 | | 72,182 |
British American Tobacco PLC sponsored ADR | 1,600 | | 77,792 |
Cobham PLC | 20,800 | | 53,865 |
Great Portland Estates PLC | 7,600 | | 34,266 |
Informa PLC | 8,200 | | 35,826 |
Johnson Matthey PLC | 4,100 | | 72,373 |
Man Group PLC | 14,737 | | 54,451 |
Persimmon PLC | 15,300 | | 85,307 |
Reckitt Benckiser Group PLC | 5,800 | | 227,595 |
Rio Tinto PLC sponsored ADR (d) | 1,150 | | 187,393 |
Royal Dutch Shell PLC Class A (United Kingdom) | 5,700 | | 131,180 |
Serco Group PLC | 30,800 | | 166,109 |
Shaftesbury PLC | 8,700 | | 44,860 |
Spirax-Sarco Engineering PLC | 3,300 | | 41,562 |
Standard Chartered PLC (United Kingdom) | 9,800 | | 151,542 |
Ted Baker PLC | 12,300 | | 67,129 |
Tesco PLC | 24,700 | | 122,338 |
Victrex PLC | 7,900 | | 62,403 |
TOTAL UNITED KINGDOM | | 2,841,226 |
United States of America - 10.0% |
Advanced Energy Industries, Inc. (a) | 7,100 | | 59,853 |
Airgas, Inc. | 800 | | 34,496 |
Allergan, Inc. | 1,600 | | 74,656 |
Autoliv, Inc. | 3,400 | | 83,878 |
Berkshire Hathaway, Inc. Class B (a) | 42 | | 128,730 |
CyberSource Corp. (a) | 5,200 | | 75,972 |
FMC Technologies, Inc. (a) | 1,000 | | 34,230 |
Gilead Sciences, Inc. (a) | 1,300 | | 59,540 |
Goldman Sachs Group, Inc. | 700 | | 89,950 |
Juniper Networks, Inc. (a) | 3,700 | | 80,105 |
Martin Marietta Materials, Inc. | 500 | | 42,015 |
MasterCard, Inc. Class A | 450 | | 82,553 |
Mohawk Industries, Inc. (a) | 2,600 | | 123,006 |
Philip Morris International, Inc. | 2,000 | | 72,400 |
Pricesmart, Inc. | 5,505 | | 98,264 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Varian Semiconductor Equipment Associates, Inc. (a) | 3,800 | | $ 97,242 |
Visa, Inc. | 5,000 | | 324,800 |
TOTAL UNITED STATES OF AMERICA | | 1,561,690 |
TOTAL COMMON STOCKS (Cost $18,131,292) | 15,428,355 |
Money Market Funds - 9.9% |
| | | |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)
(Cost $1,529,075) | 1,529,075 | | 1,529,075 |
Cash Equivalents - 0.6% |
| Maturity Amount | | |
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) #
(Cost $94,000) | $ 94,000 | | 94,000 |
TOTAL INVESTMENT PORTFOLIO - 109.8% (Cost $19,754,367) | | 17,051,430 |
NET OTHER ASSETS - (9.8)% | | (1,517,367) |
NET ASSETS - 100% | $ 15,534,063 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,992 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Vestas Wind Systems AS | 4/29/09 | $ 28,726 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$94,000 due 5/01/09 at 0.15% |
BNP Paribas Securities Corp. | $ 16,672 |
Barclays Capital, Inc. | 2,667 |
Credit Suisse Securities (USA) LLC | 3,464 |
Deutsche Bank Securities, Inc. | 35,204 |
HSBC Securities (USA), Inc. | 26,670 |
Mizuho Securities USA, Inc. | 2,667 |
Societe Generale, New York Branch | 6,656 |
| $ 94,000 |
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 Securities Lending Cash Central Fund | $ 969 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 17,051,430 | $ 8,121,040 | $ 8,930,390 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $4,969,583 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $1,479,227 and repurchase agreements of $94,000) - See accompanying schedule: Unaffiliated issuers (cost $18,225,292) | $ 15,522,355 | |
Fidelity Central Funds (cost $1,529,075) | 1,529,075 | |
Total Investments (cost $19,754,367) | | $ 17,051,430 |
Cash | | 78 |
Receivable for investments sold | | 256,461 |
Receivable for fund shares sold | | 17,008 |
Dividends receivable | | 115,755 |
Distributions receivable from Fidelity Central Funds | | 1,042 |
Prepaid expenses | | 121 |
Receivable from investment adviser for expense reductions | | 12,584 |
Other receivables | | 1,128 |
Total assets | | 17,455,607 |
| | |
Liabilities | | |
Payable for investments purchased | $ 274,499 | |
Payable for fund shares redeemed | 70,018 | |
Accrued management fee | 9,993 | |
Distribution fees payable | 1,379 | |
Other affiliated payables | 4,637 | |
Other payables and accrued expenses | 31,943 | |
Collateral on securities loaned, at value | 1,529,075 | |
Total liabilities | | 1,921,544 |
| | |
Net Assets | | $ 15,534,063 |
Net Assets consist of: | | |
Paid in capital | | $ 27,312,776 |
Undistributed net investment income | | 113,628 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (9,187,020) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (2,705,321) |
Net Assets | | $ 15,534,063 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($876,549 ÷ 164,975 shares) | | $ 5.31 |
| | |
Maximum offering price per share (100/94.25 of $5.31) | | $ 5.63 |
Class T:
Net Asset Value and redemption price per share ($514,333 ÷ 96,738 shares) | | $ 5.32 |
| | |
Maximum offering price per share (100/96.50 of $5.32) | | $ 5.51 |
Class B:
Net Asset Value and offering price per share ($510,152 ÷ 96,077 shares) A | | $ 5.31 |
| | |
Class C:
Net Asset Value and offering price per share ($686,852 ÷ 129,381 shares) A | | $ 5.31 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($12,535,260 ÷ 2,357,659 shares) | | $ 5.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($410,917 ÷ 77,279 shares) | | $ 5.32 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 250,329 |
Interest | | 267 |
Income from Fidelity Central Funds | | 969 |
| | 251,565 |
Less foreign taxes withheld | | (22,983) |
Total income | | 228,582 |
| | |
Expenses | | |
Management fee
Basic fee | $ 57,398 | |
Performance adjustment | 3,648 | |
Transfer agent fees | 24,593 | |
Distribution fees | 9,277 | |
Accounting and security lending fees | 4,266 | |
Custodian fees and expenses | 29,515 | |
Independent trustees' compensation | 61 | |
Registration fees | 28,442 | |
Audit | 28,476 | |
Legal | 944 | |
Miscellaneous | 137 | |
Total expenses before reductions | 186,757 | |
Expense reductions | (79,022) | 107,735 |
Net investment income (loss) | | 120,847 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (3,700,996) | |
Foreign currency transactions | (15,697) | |
Total net realized gain (loss) | | (3,716,693) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 3,400,058 | |
Assets and liabilities in foreign currencies | (110) | |
Total change in net unrealized appreciation (depreciation) | | 3,399,948 |
Net gain (loss) | | (316,745) |
Net increase (decrease) in net assets resulting from operations | | $ (195,898) |
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
| Six months ended April 30, 2009
Unaudited) | For the period
November 1, 2007
(commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 120,847 | $ 200,542 |
Net realized gain (loss) | (3,716,693) | (5,482,459) |
Change in net unrealized appreciation (depreciation) | 3,399,948 | (6,105,269) |
Net increase (decrease) in net assets resulting from operations | (195,898) | (11,387,186) |
Distributions to shareholders from net investment income | (188,551) | (7,494) |
Share transactions - net increase (decrease) | 859,102 | 26,448,569 |
Redemption fees | 1,325 | 4,196 |
Total increase (decrease) in net assets | 475,978 | 15,058,085 |
| | |
Net Assets | | |
Beginning of period | 15,058,085 | - |
End of period (including undistributed net investment income of $113,628 and undistributed net investment income of $181,332, respectively) | $ 15,534,063 | $ 15,058,085 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.46 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .07 |
Net realized and unrealized gain (loss) | (.13) | (4.61) |
Total from investment operations | (.10) | (4.54) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.46 |
Total Return B, C, D | (1.74)% | (45.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.47% A | 2.88% |
Expenses net of fee waivers, if any | 1.50% A | 1.50% |
Expenses net of all reductions | 1.48% A | 1.48% |
Net investment income (loss) | 1.38% A | .80% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 877 | $ 820 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.45 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .05 |
Net realized and unrealized gain (loss) | (.13) | (4.60) |
Total from investment operations | (.10) | (4.55) |
Distributions from net investment income | (.03) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.32 | $ 5.45 |
Total Return B, C, D | (1.79)% | (45.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.73% A | 3.07% |
Expenses net of fee waivers, if any | 1.75% A | 1.75% |
Expenses net of all reductions | 1.73% A | 1.73% |
Net investment income (loss) | 1.13% A | .55% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 514 | $ 507 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.42 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | - J |
Net realized and unrealized gain (loss) | (.13) | (4.58) |
Total from investment operations | (.11) | (4.58) |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.42 |
Total Return B, C, D | (2.03)% | (45.80)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.23% A | 3.55% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.23% |
Net investment income (loss) | .63% A | .05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 510 | $ 642 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.42 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | -J |
Net realized and unrealized gain (loss) | (.13) | (4.58) |
Total from investment operations | (.11) | (4.58) |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.42 |
Total Return B, C, D | (2.03)% | (45.80)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.26% A | 3.52% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.24% A | 2.23% |
Net investment income (loss) | .62% A | .05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 687 | $ 684 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 Growth
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.48 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .09 |
Net realized and unrealized gain (loss) | (.14) | (4.60) |
Total from investment operations | (.10) | (4.51) |
Distributions from net investment income | (.06) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 5.32 | $ 5.48 |
Total Return B, C | (1.65)% | (45.17)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.22% A | 2.35% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.63% A | 1.05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 12,535 | $ 11,884 |
Portfolio turnover rate F | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.48 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .09 |
Net realized and unrealized gain (loss) | (.14) | (4.60) |
Total from investment operations | (.10) | (4.51) |
Distributions from net investment income | (.06) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 5.32 | $ 5.48 |
Total Return B, C | (1.65)% | (45.17)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.14% A | 2.56% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.63% A | 1.05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 411 | $ 521 |
Portfolio turnover rate F | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (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. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 791,278 |
Unrealized depreciation | (4,256,262) |
Net unrealized appreciation (depreciation) | $ (3,464,984) |
Cost for federal income tax purposes | $ 20,516,414 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $12,279,249 and $11,470,037, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
annualized management fee rate, including the performance adjustment, was .76% 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% | $ 1,119 | $ 434 |
Class T | .25% | .25% | 1,256 | 902 |
Class B | .75% | .25% | 2,792 | 2,536 |
Class C | .75% | .25% | 4,110 | 2,081 |
| | | $ 9,277 | $ 5,953 |
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 | $ 984 |
Class T | 144 |
Class B* | 97 |
Class C* | 17 |
| $ 1,242 |
* 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 1,457 | .33 |
Class T | 845 | .34 |
Class B | 879 | .32 |
Class C | 1,314 | .32 |
International Growth | 19,599 | .31 |
Institutional Class | 499 | .22 |
| $ 24,593 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $379 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $50 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $969.
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 | 1.50% | $ 4,327 |
Class T | 1.75% | 2,462 |
Class B | 2.25% | 2,726 |
Class C | 2.25% | 4,127 |
International Growth | 1.25% | 61,863 |
Institutional Class | 1.25% | 1,984 |
| | $ 77,489 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,533 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | For the period
November 1, 2007 (commencement of
operations) to
October 31,
2008 |
From net investment income | | |
Class A | $ 7,994 | $ - |
Class T | 2,991 | - |
International Growth | 171,473 | 7,036 |
Institutional Class | 6,093 | 458 |
Total | $ 188,551 | $ 7,494 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class A | | | | |
Shares sold | 105,860 | 163,688 | $ 548,174 | $ 1,473,900 |
Reinvestment of distributions | 1,620 | - | 7,954 | - |
Shares redeemed | (92,492) | (13,701) | (459,456) | (105,944) |
Net increase (decrease) | 14,988 | 149,987 | $ 96,672 | $ 1,367,956 |
Class T | | | | |
Shares sold | 32,574 | 120,600 | $ 161,386 | $ 1,160,207 |
Reinvestment of distributions | 606 | - | 2,982 | - |
Shares redeemed | (29,491) | (27,551) | (150,661) | (234,209) |
Net increase (decrease) | 3,689 | 93,049 | $ 13,707 | $ 925,998 |
Class B | | | | |
Shares sold | 22,779 | 130,340 | $ 115,474 | $ 1,229,254 |
Shares redeemed | (45,115) | (11,927) | (223,808) | (88,741) |
Net increase (decrease) | (22,336) | 118,413 | $ (108,334) | $ 1,140,513 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class C | | | | |
Shares sold | 122,077 | 147,998 | $ 641,983 | $ 1,363,686 |
Shares redeemed | (118,807) | (21,887) | (567,951) | (174,264) |
Net increase (decrease) | 3,270 | 126,111 | $ 74,032 | $ 1,189,422 |
International Growth | | | | |
Shares sold | 1,115,113 | 3,641,791 | $ 5,498,952 | $ 32,862,391 |
Reinvestment of distributions | 27,149 | 663 | 133,303 | 6,366 |
Shares redeemed | (955,003) | (1,472,054) | (4,757,583) | (11,980,798) |
Net increase (decrease) | 187,259 | 2,170,400 | $ 874,672 | $ 20,887,959 |
Institutional Class | | | | |
Shares sold | 2,773 | 95,161 | $ 14,160 | $ 936,263 |
Reinvestment of distributions | 1,241 | 48 | 6,093 | 458 |
Shares redeemed | (21,944) | - | (111,900) | - |
Net increase (decrease) | (17,930) | 95,209 | $ (91,647) | $ 936,721 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
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Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
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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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
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501 Route 73 South
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3518 Route 1 North
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530 Broad Street
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2261 Q Street NE
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1271 Avenue of the Americas
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980 Madison Avenue
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2070 Broadway
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7011 Fayetteville Road
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3805 Edwards Road
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Oregon
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Pennsylvania
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1735 Market Street
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Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
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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
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Attn: Distribution Services
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Selling shares
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Attn: Distribution Services
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General Correspondence
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(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
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IGF/TIE-USAN-0609
1.867295.101
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Growth
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2009
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 Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
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
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.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 982.60 | $ 7.37 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 982.10 | $ 8.60 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 979.70 | $ 11.04 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 979.70 | $ 11.04 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
International Growth | 1.25% | | | |
Actual | | $ 1,000.00 | $ 983.50 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 983.50 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity International Growth Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United Kingdom 18.3% | |
| Japan 14.7% | |
| Switzerland 11.5% | |
| United States of America 10.7% | |
| France 5.2% | |
| Australia 3.7% | |
| Spain 3.6% | |
| Germany 3.5% | |
| South Africa 3.2% | |
| Other 25.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Switzerland 18.2% | |
| United Kingdom 16.4% | |
| United States of America 13.1% | |
| Japan 10.2% | |
| Australia 6.7% | |
| Germany 5.9% | |
| France 4.6% | |
| Spain 3.8% | |
| Netherlands 2.9% | |
| Other 18.2% | |
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 | 99.3 | 99.1 |
Short-Term Investments and Net Other Assets | 0.7 | 0.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Reg.) (Switzerland, Food Products) | 4.0 | 7.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.1 | 4.8 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 3.1 | 2.1 |
Anheuser-Busch InBev NV (Belgium, Beverages) | 2.5 | 0.0 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 2.4 | 0.0 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.1 | 1.4 |
Visa, Inc. (United States of America, IT Services) | 2.1 | 2.1 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 2.1 | 1.8 |
Woolworths Ltd. (Australia, Food & Staples Retailing) | 1.6 | 2.6 |
ASML Holding NV (NY Shares) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.5 | 1.8 |
| 24.5 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 16.8 | 25.0 |
Financials | 14.4 | 12.2 |
Health Care | 11.7 | 17.6 |
Materials | 11.9 | 7.3 |
Consumer Discretionary | 9.2 | 3.6 |
Information Technology | 8.8 | 10.6 |
Energy | 8.3 | 2.6 |
Industrials | 8.0 | 8.0 |
Telecommunication Services | 6.7 | 7.1 |
Utilities | 3.5 | 5.1 |
Semiannual Report
Fidelity International Growth Fund
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% |
| Shares | | Value |
Australia - 3.7% |
CSL Ltd. | 8,525 | | $ 213,353 |
QBE Insurance Group Ltd. | 7,461 | | 118,208 |
Woolworths Ltd. | 12,612 | | 245,027 |
TOTAL AUSTRALIA | | 576,588 |
Belgium - 2.9% |
Anheuser-Busch InBev NV (d) | 12,700 | | 388,672 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 6,400 | | 17 |
Umicore SA | 2,900 | | 56,820 |
TOTAL BELGIUM | | 445,509 |
Bermuda - 1.4% |
Lazard Ltd. Class A | 2,100 | | 57,330 |
Ports Design Ltd. | 75,500 | | 114,652 |
Seadrill Ltd. | 3,800 | | 40,550 |
TOTAL BERMUDA | | 212,532 |
Brazil - 2.6% |
BM&F BOVESPA SA | 19,500 | | 80,249 |
Companhia Vale do Rio Doce sponsored ADR | 5,300 | | 87,503 |
Itau Unibanco Banco Multiplo SA ADR | 3,800 | | 52,174 |
MRV Engenharia e Participacoes SA | 7,600 | | 75,446 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 3,500 | | 117,495 |
TOTAL BRAZIL | | 412,867 |
Canada - 2.0% |
Agnico-Eagle Mines Ltd. (Canada) | 2,500 | | 110,518 |
Fairfax Financial Holdings Ltd. | 240 | | 63,477 |
Niko Resources Ltd. | 1,100 | | 55,671 |
Petrobank Energy & Resources Ltd. (a) | 4,100 | | 88,133 |
TOTAL CANADA | | 317,799 |
Denmark - 1.1% |
Novo Nordisk AS Series B sponsored ADR | 2,800 | | 133,028 |
Vestas Wind Systems AS (a)(e) | 500 | | 32,992 |
TOTAL DENMARK | | 166,020 |
Finland - 1.6% |
Nokia Corp. sponsored ADR | 10,200 | | 144,228 |
Nokian Tyres PLC | 4,900 | | 77,361 |
Outotec Oyj | 1,600 | | 33,923 |
TOTAL FINLAND | | 255,512 |
Common Stocks - continued |
| Shares | | Value |
France - 5.2% |
Alstom SA | 310 | | $ 19,320 |
Audika SA | 2,850 | | 68,772 |
Danone (d) | 1,195 | | 56,827 |
Delachaux SA | 709 | | 39,386 |
GDF Suez (d) | 5,102 | | 182,028 |
Laurent-Perrier Group | 447 | | 26,215 |
Remy Cointreau SA | 1,204 | | 39,680 |
Total SA Series B | 7,400 | | 370,167 |
TOTAL FRANCE | | 802,395 |
Germany - 3.5% |
Bayer AG | 2,300 | | 113,049 |
E.ON AG | 3,300 | | 110,577 |
Linde AG | 1,000 | | 78,844 |
Siemens AG sponsored ADR (d) | 3,200 | | 214,176 |
Vossloh AG | 300 | | 30,585 |
TOTAL GERMANY | | 547,231 |
Greece - 0.3% |
Terna Energy SA | 8,700 | | 51,853 |
Hong Kong - 1.1% |
Hong Kong Exchange & Clearing Ltd. | 14,300 | | 164,713 |
India - 1.4% |
Bharti Airtel Ltd. (a) | 14,427 | | 219,881 |
Ireland - 0.6% |
CRH PLC sponsored ADR | 3,600 | | 92,592 |
Israel - 0.5% |
Partner Communications Co. Ltd. ADR | 5,000 | | 81,250 |
Italy - 0.4% |
Azimut Holdings SpA | 8,200 | | 57,287 |
Japan - 14.7% |
Autobacs Seven Co. Ltd. | 2,200 | | 60,155 |
Denso Corp. | 6,400 | | 151,327 |
East Japan Railway Co. | 1,800 | | 101,455 |
Fanuc Ltd. | 1,400 | | 101,053 |
Kansai Electric Power Co., Inc. | 5,100 | | 103,879 |
Keyence Corp. | 420 | | 74,189 |
Kobayashi Pharmaceutical Co. Ltd. | 2,300 | | 74,832 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 40,300 | | 218,426 |
Nagaileben Co. Ltd. | 2,000 | | 35,556 |
NGK Insulators Ltd. | 4,000 | | 61,361 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Nintendo Co. Ltd. | 200 | | $ 53,840 |
Nippon Seiki Co. Ltd. | 8,000 | | 72,175 |
Nippon Thompson Co. Ltd. | 14,000 | | 60,543 |
Osaka Securities Exchange Co. Ltd. | 17 | | 54,007 |
Ozeki Co. Ltd. | 4,300 | | 107,084 |
Promise Co. Ltd. (d) | 7,700 | | 101,772 |
Shin-Etsu Chemical Co., Ltd. | 2,600 | | 126,399 |
Shiseido Co. Ltd. | 5,000 | | 87,804 |
Sony Financial Holdings, Inc. | 50 | | 157,351 |
Sumitomo Mitsui Financial Group, Inc. | 5,100 | | 176,919 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 16,000 | | 55,785 |
Tokyo Gas Co. Ltd. | 23,000 | | 87,220 |
Tsumura & Co. | 3,000 | | 82,178 |
USS Co. Ltd. | 1,750 | | 79,323 |
TOTAL JAPAN | | 2,284,633 |
Korea (South) - 0.5% |
NHN Corp. (a) | 595 | | 72,396 |
Luxembourg - 0.4% |
ArcelorMittal SA (NY Shares) Class A | 2,500 | | 58,950 |
Mexico - 2.2% |
America Movil SAB de CV Series L sponsored ADR | 3,600 | | 118,260 |
Cemex SA de CV sponsored ADR | 6,000 | | 44,880 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 2,000 | | 56,620 |
Wal-Mart de Mexico SA de CV Series V | 42,600 | | 116,178 |
TOTAL MEXICO | | 335,938 |
Netherlands - 2.4% |
ASML Holding NV (NY Shares) | 11,300 | | 238,995 |
Koninklijke KPN NV | 5,800 | | 69,711 |
QIAGEN NV (a) | 3,600 | | 59,328 |
TOTAL NETHERLANDS | | 368,034 |
Papua New Guinea - 0.7% |
Lihir Gold Ltd. sponsored ADR (a) | 3,600 | | 77,040 |
Oil Search Ltd. | 8,155 | | 30,418 |
TOTAL PAPUA NEW GUINEA | | 107,458 |
Philippines - 0.3% |
Jollibee Food Corp. | 53,800 | | 51,451 |
Singapore - 1.0% |
Keppel Land Ltd. | 27,000 | | 31,368 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Singapore Exchange Ltd. | 23,000 | | $ 97,406 |
Wing Tai Holdings Ltd. | 54,000 | | 32,097 |
TOTAL SINGAPORE | | 160,871 |
South Africa - 3.2% |
African Rainbow Minerals Ltd. | 12,039 | | 162,700 |
JSE Ltd. | 9,800 | | 60,165 |
Mr. Price Group Ltd. | 21,300 | | 65,217 |
MTN Group Ltd. | 16,700 | | 216,883 |
TOTAL SOUTH AFRICA | | 504,965 |
Spain - 3.6% |
Grifols SA | 5,663 | | 99,347 |
Inditex SA | 2,200 | | 93,778 |
Prosegur Comp Securidad SA (Reg.) | 1,700 | | 48,534 |
Telefonica SA sponsored ADR | 5,700 | | 320,853 |
TOTAL SPAIN | | 562,512 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,500 | | 155,793 |
Swedish Match Co. | 4,000 | | 57,071 |
TOTAL SWEDEN | | 212,864 |
Switzerland - 11.5% |
ABB Ltd. sponsored ADR | 7,400 | | 105,228 |
Actelion Ltd. (Reg.) (a) | 2,180 | | 99,294 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 3,268 | | 77,882 |
Credit Suisse Group sponsored ADR | 2,300 | | 88,044 |
Nestle SA (Reg.) | 18,940 | | 617,218 |
Novartis AG sponsored ADR | 5,700 | | 216,087 |
Roche Holding AG (participation certificate) | 3,830 | | 482,852 |
Sonova Holding AG | 1,479 | | 95,676 |
TOTAL SWITZERLAND | | 1,782,281 |
Turkey - 0.8% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 11,800 | | 84,062 |
Tupras-Turkiye Petrol Rafinerileri AS | 3,500 | | 34,995 |
TOTAL TURKEY | | 119,057 |
United Kingdom - 18.3% |
Aberdeen Asset Management PLC | 26,600 | | 51,565 |
Autonomy Corp. PLC (a) | 3,600 | | 75,497 |
BAE Systems PLC | 29,600 | | 155,645 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
BG Group PLC | 20,700 | | $ 330,411 |
BHP Billiton PLC ADR (d) | 11,400 | | 476,976 |
Bovis Homes Group PLC | 9,300 | | 62,959 |
BP PLC sponsored ADR | 1,700 | | 72,182 |
British American Tobacco PLC sponsored ADR | 1,600 | | 77,792 |
Cobham PLC | 20,800 | | 53,865 |
Great Portland Estates PLC | 7,600 | | 34,266 |
Informa PLC | 8,200 | | 35,826 |
Johnson Matthey PLC | 4,100 | | 72,373 |
Man Group PLC | 14,737 | | 54,451 |
Persimmon PLC | 15,300 | | 85,307 |
Reckitt Benckiser Group PLC | 5,800 | | 227,595 |
Rio Tinto PLC sponsored ADR (d) | 1,150 | | 187,393 |
Royal Dutch Shell PLC Class A (United Kingdom) | 5,700 | | 131,180 |
Serco Group PLC | 30,800 | | 166,109 |
Shaftesbury PLC | 8,700 | | 44,860 |
Spirax-Sarco Engineering PLC | 3,300 | | 41,562 |
Standard Chartered PLC (United Kingdom) | 9,800 | | 151,542 |
Ted Baker PLC | 12,300 | | 67,129 |
Tesco PLC | 24,700 | | 122,338 |
Victrex PLC | 7,900 | | 62,403 |
TOTAL UNITED KINGDOM | | 2,841,226 |
United States of America - 10.0% |
Advanced Energy Industries, Inc. (a) | 7,100 | | 59,853 |
Airgas, Inc. | 800 | | 34,496 |
Allergan, Inc. | 1,600 | | 74,656 |
Autoliv, Inc. | 3,400 | | 83,878 |
Berkshire Hathaway, Inc. Class B (a) | 42 | | 128,730 |
CyberSource Corp. (a) | 5,200 | | 75,972 |
FMC Technologies, Inc. (a) | 1,000 | | 34,230 |
Gilead Sciences, Inc. (a) | 1,300 | | 59,540 |
Goldman Sachs Group, Inc. | 700 | | 89,950 |
Juniper Networks, Inc. (a) | 3,700 | | 80,105 |
Martin Marietta Materials, Inc. | 500 | | 42,015 |
MasterCard, Inc. Class A | 450 | | 82,553 |
Mohawk Industries, Inc. (a) | 2,600 | | 123,006 |
Philip Morris International, Inc. | 2,000 | | 72,400 |
Pricesmart, Inc. | 5,505 | | 98,264 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Varian Semiconductor Equipment Associates, Inc. (a) | 3,800 | | $ 97,242 |
Visa, Inc. | 5,000 | | 324,800 |
TOTAL UNITED STATES OF AMERICA | | 1,561,690 |
TOTAL COMMON STOCKS (Cost $18,131,292) | 15,428,355 |
Money Market Funds - 9.9% |
| | | |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)
(Cost $1,529,075) | 1,529,075 | | 1,529,075 |
Cash Equivalents - 0.6% |
| Maturity Amount | | |
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) #
(Cost $94,000) | $ 94,000 | | 94,000 |
TOTAL INVESTMENT PORTFOLIO - 109.8% (Cost $19,754,367) | | 17,051,430 |
NET OTHER ASSETS - (9.8)% | | (1,517,367) |
NET ASSETS - 100% | $ 15,534,063 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,992 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Vestas Wind Systems AS | 4/29/09 | $ 28,726 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$94,000 due 5/01/09 at 0.15% |
BNP Paribas Securities Corp. | $ 16,672 |
Barclays Capital, Inc. | 2,667 |
Credit Suisse Securities (USA) LLC | 3,464 |
Deutsche Bank Securities, Inc. | 35,204 |
HSBC Securities (USA), Inc. | 26,670 |
Mizuho Securities USA, Inc. | 2,667 |
Societe Generale, New York Branch | 6,656 |
| $ 94,000 |
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 Securities Lending Cash Central Fund | $ 969 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 17,051,430 | $ 8,121,040 | $ 8,930,390 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $4,969,583 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $1,479,227 and repurchase agreements of $94,000) - See accompanying schedule: Unaffiliated issuers (cost $18,225,292) | $ 15,522,355 | |
Fidelity Central Funds (cost $1,529,075) | 1,529,075 | |
Total Investments (cost $19,754,367) | | $ 17,051,430 |
Cash | | 78 |
Receivable for investments sold | | 256,461 |
Receivable for fund shares sold | | 17,008 |
Dividends receivable | | 115,755 |
Distributions receivable from Fidelity Central Funds | | 1,042 |
Prepaid expenses | | 121 |
Receivable from investment adviser for expense reductions | | 12,584 |
Other receivables | | 1,128 |
Total assets | | 17,455,607 |
| | |
Liabilities | | |
Payable for investments purchased | $ 274,499 | |
Payable for fund shares redeemed | 70,018 | |
Accrued management fee | 9,993 | |
Distribution fees payable | 1,379 | |
Other affiliated payables | 4,637 | |
Other payables and accrued expenses | 31,943 | |
Collateral on securities loaned, at value | 1,529,075 | |
Total liabilities | | 1,921,544 |
| | |
Net Assets | | $ 15,534,063 |
Net Assets consist of: | | |
Paid in capital | | $ 27,312,776 |
Undistributed net investment income | | 113,628 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (9,187,020) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (2,705,321) |
Net Assets | | $ 15,534,063 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($876,549 ÷ 164,975 shares) | | $ 5.31 |
| | |
Maximum offering price per share (100/94.25 of $5.31) | | $ 5.63 |
Class T:
Net Asset Value and redemption price per share ($514,333 ÷ 96,738 shares) | | $ 5.32 |
| | |
Maximum offering price per share (100/96.50 of $5.32) | | $ 5.51 |
Class B:
Net Asset Value and offering price per share ($510,152 ÷ 96,077 shares) A | | $ 5.31 |
| | |
Class C:
Net Asset Value and offering price per share ($686,852 ÷ 129,381 shares) A | | $ 5.31 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($12,535,260 ÷ 2,357,659 shares) | | $ 5.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($410,917 ÷ 77,279 shares) | | $ 5.32 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 250,329 |
Interest | | 267 |
Income from Fidelity Central Funds | | 969 |
| | 251,565 |
Less foreign taxes withheld | | (22,983) |
Total income | | 228,582 |
| | |
Expenses | | |
Management fee
Basic fee | $ 57,398 | |
Performance adjustment | 3,648 | |
Transfer agent fees | 24,593 | |
Distribution fees | 9,277 | |
Accounting and security lending fees | 4,266 | |
Custodian fees and expenses | 29,515 | |
Independent trustees' compensation | 61 | |
Registration fees | 28,442 | |
Audit | 28,476 | |
Legal | 944 | |
Miscellaneous | 137 | |
Total expenses before reductions | 186,757 | |
Expense reductions | (79,022) | 107,735 |
Net investment income (loss) | | 120,847 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (3,700,996) | |
Foreign currency transactions | (15,697) | |
Total net realized gain (loss) | | (3,716,693) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 3,400,058 | |
Assets and liabilities in foreign currencies | (110) | |
Total change in net unrealized appreciation (depreciation) | | 3,399,948 |
Net gain (loss) | | (316,745) |
Net increase (decrease) in net assets resulting from operations | | $ (195,898) |
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
| Six months ended April 30, 2009
Unaudited) | For the period
November 1, 2007
(commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 120,847 | $ 200,542 |
Net realized gain (loss) | (3,716,693) | (5,482,459) |
Change in net unrealized appreciation (depreciation) | 3,399,948 | (6,105,269) |
Net increase (decrease) in net assets resulting from operations | (195,898) | (11,387,186) |
Distributions to shareholders from net investment income | (188,551) | (7,494) |
Share transactions - net increase (decrease) | 859,102 | 26,448,569 |
Redemption fees | 1,325 | 4,196 |
Total increase (decrease) in net assets | 475,978 | 15,058,085 |
| | |
Net Assets | | |
Beginning of period | 15,058,085 | - |
End of period (including undistributed net investment income of $113,628 and undistributed net investment income of $181,332, respectively) | $ 15,534,063 | $ 15,058,085 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.46 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .07 |
Net realized and unrealized gain (loss) | (.13) | (4.61) |
Total from investment operations | (.10) | (4.54) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.46 |
Total Return B, C, D | (1.74)% | (45.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.47% A | 2.88% |
Expenses net of fee waivers, if any | 1.50% A | 1.50% |
Expenses net of all reductions | 1.48% A | 1.48% |
Net investment income (loss) | 1.38% A | .80% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 877 | $ 820 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.45 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .05 |
Net realized and unrealized gain (loss) | (.13) | (4.60) |
Total from investment operations | (.10) | (4.55) |
Distributions from net investment income | (.03) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.32 | $ 5.45 |
Total Return B, C, D | (1.79)% | (45.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.73% A | 3.07% |
Expenses net of fee waivers, if any | 1.75% A | 1.75% |
Expenses net of all reductions | 1.73% A | 1.73% |
Net investment income (loss) | 1.13% A | .55% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 514 | $ 507 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.42 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | - J |
Net realized and unrealized gain (loss) | (.13) | (4.58) |
Total from investment operations | (.11) | (4.58) |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.42 |
Total Return B, C, D | (2.03)% | (45.80)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.23% A | 3.55% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.23% |
Net investment income (loss) | .63% A | .05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 510 | $ 642 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.42 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | -J |
Net realized and unrealized gain (loss) | (.13) | (4.58) |
Total from investment operations | (.11) | (4.58) |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.42 |
Total Return B, C, D | (2.03)% | (45.80)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.26% A | 3.52% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.24% A | 2.23% |
Net investment income (loss) | .62% A | .05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 687 | $ 684 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 Growth
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.48 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .09 |
Net realized and unrealized gain (loss) | (.14) | (4.60) |
Total from investment operations | (.10) | (4.51) |
Distributions from net investment income | (.06) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 5.32 | $ 5.48 |
Total Return B, C | (1.65)% | (45.17)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.22% A | 2.35% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.63% A | 1.05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 12,535 | $ 11,884 |
Portfolio turnover rate F | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.48 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .09 |
Net realized and unrealized gain (loss) | (.14) | (4.60) |
Total from investment operations | (.10) | (4.51) |
Distributions from net investment income | (.06) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 5.32 | $ 5.48 |
Total Return B, C | (1.65)% | (45.17)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.14% A | 2.56% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.63% A | 1.05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 411 | $ 521 |
Portfolio turnover rate F | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (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. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 791,278 |
Unrealized depreciation | (4,256,262) |
Net unrealized appreciation (depreciation) | $ (3,464,984) |
Cost for federal income tax purposes | $ 20,516,414 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $12,279,249 and $11,470,037, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
annualized management fee rate, including the performance adjustment, was .76% 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% | $ 1,119 | $ 434 |
Class T | .25% | .25% | 1,256 | 902 |
Class B | .75% | .25% | 2,792 | 2,536 |
Class C | .75% | .25% | 4,110 | 2,081 |
| | | $ 9,277 | $ 5,953 |
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 | $ 984 |
Class T | 144 |
Class B* | 97 |
Class C* | 17 |
| $ 1,242 |
* 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 1,457 | .33 |
Class T | 845 | .34 |
Class B | 879 | .32 |
Class C | 1,314 | .32 |
International Growth | 19,599 | .31 |
Institutional Class | 499 | .22 |
| $ 24,593 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $379 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $50 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $969.
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 | 1.50% | $ 4,327 |
Class T | 1.75% | 2,462 |
Class B | 2.25% | 2,726 |
Class C | 2.25% | 4,127 |
International Growth | 1.25% | 61,863 |
Institutional Class | 1.25% | 1,984 |
| | $ 77,489 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,533 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | For the period
November 1, 2007 (commencement of
operations) to
October 31,
2008 |
From net investment income | | |
Class A | $ 7,994 | $ - |
Class T | 2,991 | - |
International Growth | 171,473 | 7,036 |
Institutional Class | 6,093 | 458 |
Total | $ 188,551 | $ 7,494 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class A | | | | |
Shares sold | 105,860 | 163,688 | $ 548,174 | $ 1,473,900 |
Reinvestment of distributions | 1,620 | - | 7,954 | - |
Shares redeemed | (92,492) | (13,701) | (459,456) | (105,944) |
Net increase (decrease) | 14,988 | 149,987 | $ 96,672 | $ 1,367,956 |
Class T | | | | |
Shares sold | 32,574 | 120,600 | $ 161,386 | $ 1,160,207 |
Reinvestment of distributions | 606 | - | 2,982 | - |
Shares redeemed | (29,491) | (27,551) | (150,661) | (234,209) |
Net increase (decrease) | 3,689 | 93,049 | $ 13,707 | $ 925,998 |
Class B | | | | |
Shares sold | 22,779 | 130,340 | $ 115,474 | $ 1,229,254 |
Shares redeemed | (45,115) | (11,927) | (223,808) | (88,741) |
Net increase (decrease) | (22,336) | 118,413 | $ (108,334) | $ 1,140,513 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class C | | | | |
Shares sold | 122,077 | 147,998 | $ 641,983 | $ 1,363,686 |
Shares redeemed | (118,807) | (21,887) | (567,951) | (174,264) |
Net increase (decrease) | 3,270 | 126,111 | $ 74,032 | $ 1,189,422 |
International Growth | | | | |
Shares sold | 1,115,113 | 3,641,791 | $ 5,498,952 | $ 32,862,391 |
Reinvestment of distributions | 27,149 | 663 | 133,303 | 6,366 |
Shares redeemed | (955,003) | (1,472,054) | (4,757,583) | (11,980,798) |
Net increase (decrease) | 187,259 | 2,170,400 | $ 874,672 | $ 20,887,959 |
Institutional Class | | | | |
Shares sold | 2,773 | 95,161 | $ 14,160 | $ 936,263 |
Reinvestment of distributions | 1,241 | 48 | 6,093 | 458 |
Shares redeemed | (21,944) | - | (111,900) | - |
Net increase (decrease) | (17,930) | 95,209 | $ (91,647) | $ 936,721 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
AIGF-USAN-0609
1.853351.101
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Growth
Fund - Institutional Class
Semiannual Report
April 30, 2009
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 Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
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
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.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 982.60 | $ 7.37 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 982.10 | $ 8.60 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 979.70 | $ 11.04 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 979.70 | $ 11.04 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
International Growth | 1.25% | | | |
Actual | | $ 1,000.00 | $ 983.50 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 983.50 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity International Growth Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| United Kingdom 18.3% | |
| Japan 14.7% | |
| Switzerland 11.5% | |
| United States of America 10.7% | |
| France 5.2% | |
| Australia 3.7% | |
| Spain 3.6% | |
| Germany 3.5% | |
| South Africa 3.2% | |
| Other 25.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Switzerland 18.2% | |
| United Kingdom 16.4% | |
| United States of America 13.1% | |
| Japan 10.2% | |
| Australia 6.7% | |
| Germany 5.9% | |
| France 4.6% | |
| Spain 3.8% | |
| Netherlands 2.9% | |
| Other 18.2% | |
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 | 99.3 | 99.1 |
Short-Term Investments and Net Other Assets | 0.7 | 0.9 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Reg.) (Switzerland, Food Products) | 4.0 | 7.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.1 | 4.8 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 3.1 | 2.1 |
Anheuser-Busch InBev NV (Belgium, Beverages) | 2.5 | 0.0 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 2.4 | 0.0 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.1 | 1.4 |
Visa, Inc. (United States of America, IT Services) | 2.1 | 2.1 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 2.1 | 1.8 |
Woolworths Ltd. (Australia, Food & Staples Retailing) | 1.6 | 2.6 |
ASML Holding NV (NY Shares) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.5 | 1.8 |
| 24.5 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 16.8 | 25.0 |
Financials | 14.4 | 12.2 |
Health Care | 11.7 | 17.6 |
Materials | 11.9 | 7.3 |
Consumer Discretionary | 9.2 | 3.6 |
Information Technology | 8.8 | 10.6 |
Energy | 8.3 | 2.6 |
Industrials | 8.0 | 8.0 |
Telecommunication Services | 6.7 | 7.1 |
Utilities | 3.5 | 5.1 |
Semiannual Report
Fidelity International Growth Fund
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% |
| Shares | | Value |
Australia - 3.7% |
CSL Ltd. | 8,525 | | $ 213,353 |
QBE Insurance Group Ltd. | 7,461 | | 118,208 |
Woolworths Ltd. | 12,612 | | 245,027 |
TOTAL AUSTRALIA | | 576,588 |
Belgium - 2.9% |
Anheuser-Busch InBev NV (d) | 12,700 | | 388,672 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 6,400 | | 17 |
Umicore SA | 2,900 | | 56,820 |
TOTAL BELGIUM | | 445,509 |
Bermuda - 1.4% |
Lazard Ltd. Class A | 2,100 | | 57,330 |
Ports Design Ltd. | 75,500 | | 114,652 |
Seadrill Ltd. | 3,800 | | 40,550 |
TOTAL BERMUDA | | 212,532 |
Brazil - 2.6% |
BM&F BOVESPA SA | 19,500 | | 80,249 |
Companhia Vale do Rio Doce sponsored ADR | 5,300 | | 87,503 |
Itau Unibanco Banco Multiplo SA ADR | 3,800 | | 52,174 |
MRV Engenharia e Participacoes SA | 7,600 | | 75,446 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 3,500 | | 117,495 |
TOTAL BRAZIL | | 412,867 |
Canada - 2.0% |
Agnico-Eagle Mines Ltd. (Canada) | 2,500 | | 110,518 |
Fairfax Financial Holdings Ltd. | 240 | | 63,477 |
Niko Resources Ltd. | 1,100 | | 55,671 |
Petrobank Energy & Resources Ltd. (a) | 4,100 | | 88,133 |
TOTAL CANADA | | 317,799 |
Denmark - 1.1% |
Novo Nordisk AS Series B sponsored ADR | 2,800 | | 133,028 |
Vestas Wind Systems AS (a)(e) | 500 | | 32,992 |
TOTAL DENMARK | | 166,020 |
Finland - 1.6% |
Nokia Corp. sponsored ADR | 10,200 | | 144,228 |
Nokian Tyres PLC | 4,900 | | 77,361 |
Outotec Oyj | 1,600 | | 33,923 |
TOTAL FINLAND | | 255,512 |
Common Stocks - continued |
| Shares | | Value |
France - 5.2% |
Alstom SA | 310 | | $ 19,320 |
Audika SA | 2,850 | | 68,772 |
Danone (d) | 1,195 | | 56,827 |
Delachaux SA | 709 | | 39,386 |
GDF Suez (d) | 5,102 | | 182,028 |
Laurent-Perrier Group | 447 | | 26,215 |
Remy Cointreau SA | 1,204 | | 39,680 |
Total SA Series B | 7,400 | | 370,167 |
TOTAL FRANCE | | 802,395 |
Germany - 3.5% |
Bayer AG | 2,300 | | 113,049 |
E.ON AG | 3,300 | | 110,577 |
Linde AG | 1,000 | | 78,844 |
Siemens AG sponsored ADR (d) | 3,200 | | 214,176 |
Vossloh AG | 300 | | 30,585 |
TOTAL GERMANY | | 547,231 |
Greece - 0.3% |
Terna Energy SA | 8,700 | | 51,853 |
Hong Kong - 1.1% |
Hong Kong Exchange & Clearing Ltd. | 14,300 | | 164,713 |
India - 1.4% |
Bharti Airtel Ltd. (a) | 14,427 | | 219,881 |
Ireland - 0.6% |
CRH PLC sponsored ADR | 3,600 | | 92,592 |
Israel - 0.5% |
Partner Communications Co. Ltd. ADR | 5,000 | | 81,250 |
Italy - 0.4% |
Azimut Holdings SpA | 8,200 | | 57,287 |
Japan - 14.7% |
Autobacs Seven Co. Ltd. | 2,200 | | 60,155 |
Denso Corp. | 6,400 | | 151,327 |
East Japan Railway Co. | 1,800 | | 101,455 |
Fanuc Ltd. | 1,400 | | 101,053 |
Kansai Electric Power Co., Inc. | 5,100 | | 103,879 |
Keyence Corp. | 420 | | 74,189 |
Kobayashi Pharmaceutical Co. Ltd. | 2,300 | | 74,832 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 40,300 | | 218,426 |
Nagaileben Co. Ltd. | 2,000 | | 35,556 |
NGK Insulators Ltd. | 4,000 | | 61,361 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Nintendo Co. Ltd. | 200 | | $ 53,840 |
Nippon Seiki Co. Ltd. | 8,000 | | 72,175 |
Nippon Thompson Co. Ltd. | 14,000 | | 60,543 |
Osaka Securities Exchange Co. Ltd. | 17 | | 54,007 |
Ozeki Co. Ltd. | 4,300 | | 107,084 |
Promise Co. Ltd. (d) | 7,700 | | 101,772 |
Shin-Etsu Chemical Co., Ltd. | 2,600 | | 126,399 |
Shiseido Co. Ltd. | 5,000 | | 87,804 |
Sony Financial Holdings, Inc. | 50 | | 157,351 |
Sumitomo Mitsui Financial Group, Inc. | 5,100 | | 176,919 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 16,000 | | 55,785 |
Tokyo Gas Co. Ltd. | 23,000 | | 87,220 |
Tsumura & Co. | 3,000 | | 82,178 |
USS Co. Ltd. | 1,750 | | 79,323 |
TOTAL JAPAN | | 2,284,633 |
Korea (South) - 0.5% |
NHN Corp. (a) | 595 | | 72,396 |
Luxembourg - 0.4% |
ArcelorMittal SA (NY Shares) Class A | 2,500 | | 58,950 |
Mexico - 2.2% |
America Movil SAB de CV Series L sponsored ADR | 3,600 | | 118,260 |
Cemex SA de CV sponsored ADR | 6,000 | | 44,880 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 2,000 | | 56,620 |
Wal-Mart de Mexico SA de CV Series V | 42,600 | | 116,178 |
TOTAL MEXICO | | 335,938 |
Netherlands - 2.4% |
ASML Holding NV (NY Shares) | 11,300 | | 238,995 |
Koninklijke KPN NV | 5,800 | | 69,711 |
QIAGEN NV (a) | 3,600 | | 59,328 |
TOTAL NETHERLANDS | | 368,034 |
Papua New Guinea - 0.7% |
Lihir Gold Ltd. sponsored ADR (a) | 3,600 | | 77,040 |
Oil Search Ltd. | 8,155 | | 30,418 |
TOTAL PAPUA NEW GUINEA | | 107,458 |
Philippines - 0.3% |
Jollibee Food Corp. | 53,800 | | 51,451 |
Singapore - 1.0% |
Keppel Land Ltd. | 27,000 | | 31,368 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Singapore Exchange Ltd. | 23,000 | | $ 97,406 |
Wing Tai Holdings Ltd. | 54,000 | | 32,097 |
TOTAL SINGAPORE | | 160,871 |
South Africa - 3.2% |
African Rainbow Minerals Ltd. | 12,039 | | 162,700 |
JSE Ltd. | 9,800 | | 60,165 |
Mr. Price Group Ltd. | 21,300 | | 65,217 |
MTN Group Ltd. | 16,700 | | 216,883 |
TOTAL SOUTH AFRICA | | 504,965 |
Spain - 3.6% |
Grifols SA | 5,663 | | 99,347 |
Inditex SA | 2,200 | | 93,778 |
Prosegur Comp Securidad SA (Reg.) | 1,700 | | 48,534 |
Telefonica SA sponsored ADR | 5,700 | | 320,853 |
TOTAL SPAIN | | 562,512 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,500 | | 155,793 |
Swedish Match Co. | 4,000 | | 57,071 |
TOTAL SWEDEN | | 212,864 |
Switzerland - 11.5% |
ABB Ltd. sponsored ADR | 7,400 | | 105,228 |
Actelion Ltd. (Reg.) (a) | 2,180 | | 99,294 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 3,268 | | 77,882 |
Credit Suisse Group sponsored ADR | 2,300 | | 88,044 |
Nestle SA (Reg.) | 18,940 | | 617,218 |
Novartis AG sponsored ADR | 5,700 | | 216,087 |
Roche Holding AG (participation certificate) | 3,830 | | 482,852 |
Sonova Holding AG | 1,479 | | 95,676 |
TOTAL SWITZERLAND | | 1,782,281 |
Turkey - 0.8% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 11,800 | | 84,062 |
Tupras-Turkiye Petrol Rafinerileri AS | 3,500 | | 34,995 |
TOTAL TURKEY | | 119,057 |
United Kingdom - 18.3% |
Aberdeen Asset Management PLC | 26,600 | | 51,565 |
Autonomy Corp. PLC (a) | 3,600 | | 75,497 |
BAE Systems PLC | 29,600 | | 155,645 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
BG Group PLC | 20,700 | | $ 330,411 |
BHP Billiton PLC ADR (d) | 11,400 | | 476,976 |
Bovis Homes Group PLC | 9,300 | | 62,959 |
BP PLC sponsored ADR | 1,700 | | 72,182 |
British American Tobacco PLC sponsored ADR | 1,600 | | 77,792 |
Cobham PLC | 20,800 | | 53,865 |
Great Portland Estates PLC | 7,600 | | 34,266 |
Informa PLC | 8,200 | | 35,826 |
Johnson Matthey PLC | 4,100 | | 72,373 |
Man Group PLC | 14,737 | | 54,451 |
Persimmon PLC | 15,300 | | 85,307 |
Reckitt Benckiser Group PLC | 5,800 | | 227,595 |
Rio Tinto PLC sponsored ADR (d) | 1,150 | | 187,393 |
Royal Dutch Shell PLC Class A (United Kingdom) | 5,700 | | 131,180 |
Serco Group PLC | 30,800 | | 166,109 |
Shaftesbury PLC | 8,700 | | 44,860 |
Spirax-Sarco Engineering PLC | 3,300 | | 41,562 |
Standard Chartered PLC (United Kingdom) | 9,800 | | 151,542 |
Ted Baker PLC | 12,300 | | 67,129 |
Tesco PLC | 24,700 | | 122,338 |
Victrex PLC | 7,900 | | 62,403 |
TOTAL UNITED KINGDOM | | 2,841,226 |
United States of America - 10.0% |
Advanced Energy Industries, Inc. (a) | 7,100 | | 59,853 |
Airgas, Inc. | 800 | | 34,496 |
Allergan, Inc. | 1,600 | | 74,656 |
Autoliv, Inc. | 3,400 | | 83,878 |
Berkshire Hathaway, Inc. Class B (a) | 42 | | 128,730 |
CyberSource Corp. (a) | 5,200 | | 75,972 |
FMC Technologies, Inc. (a) | 1,000 | | 34,230 |
Gilead Sciences, Inc. (a) | 1,300 | | 59,540 |
Goldman Sachs Group, Inc. | 700 | | 89,950 |
Juniper Networks, Inc. (a) | 3,700 | | 80,105 |
Martin Marietta Materials, Inc. | 500 | | 42,015 |
MasterCard, Inc. Class A | 450 | | 82,553 |
Mohawk Industries, Inc. (a) | 2,600 | | 123,006 |
Philip Morris International, Inc. | 2,000 | | 72,400 |
Pricesmart, Inc. | 5,505 | | 98,264 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Varian Semiconductor Equipment Associates, Inc. (a) | 3,800 | | $ 97,242 |
Visa, Inc. | 5,000 | | 324,800 |
TOTAL UNITED STATES OF AMERICA | | 1,561,690 |
TOTAL COMMON STOCKS (Cost $18,131,292) | 15,428,355 |
Money Market Funds - 9.9% |
| | | |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)
(Cost $1,529,075) | 1,529,075 | | 1,529,075 |
Cash Equivalents - 0.6% |
| Maturity Amount | | |
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) #
(Cost $94,000) | $ 94,000 | | 94,000 |
TOTAL INVESTMENT PORTFOLIO - 109.8% (Cost $19,754,367) | | 17,051,430 |
NET OTHER ASSETS - (9.8)% | | (1,517,367) |
NET ASSETS - 100% | $ 15,534,063 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,992 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Vestas Wind Systems AS | 4/29/09 | $ 28,726 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$94,000 due 5/01/09 at 0.15% |
BNP Paribas Securities Corp. | $ 16,672 |
Barclays Capital, Inc. | 2,667 |
Credit Suisse Securities (USA) LLC | 3,464 |
Deutsche Bank Securities, Inc. | 35,204 |
HSBC Securities (USA), Inc. | 26,670 |
Mizuho Securities USA, Inc. | 2,667 |
Societe Generale, New York Branch | 6,656 |
| $ 94,000 |
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 Securities Lending Cash Central Fund | $ 969 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 17,051,430 | $ 8,121,040 | $ 8,930,390 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $4,969,583 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $1,479,227 and repurchase agreements of $94,000) - See accompanying schedule: Unaffiliated issuers (cost $18,225,292) | $ 15,522,355 | |
Fidelity Central Funds (cost $1,529,075) | 1,529,075 | |
Total Investments (cost $19,754,367) | | $ 17,051,430 |
Cash | | 78 |
Receivable for investments sold | | 256,461 |
Receivable for fund shares sold | | 17,008 |
Dividends receivable | | 115,755 |
Distributions receivable from Fidelity Central Funds | | 1,042 |
Prepaid expenses | | 121 |
Receivable from investment adviser for expense reductions | | 12,584 |
Other receivables | | 1,128 |
Total assets | | 17,455,607 |
| | |
Liabilities | | |
Payable for investments purchased | $ 274,499 | |
Payable for fund shares redeemed | 70,018 | |
Accrued management fee | 9,993 | |
Distribution fees payable | 1,379 | |
Other affiliated payables | 4,637 | |
Other payables and accrued expenses | 31,943 | |
Collateral on securities loaned, at value | 1,529,075 | |
Total liabilities | | 1,921,544 |
| | |
Net Assets | | $ 15,534,063 |
Net Assets consist of: | | |
Paid in capital | | $ 27,312,776 |
Undistributed net investment income | | 113,628 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (9,187,020) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (2,705,321) |
Net Assets | | $ 15,534,063 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($876,549 ÷ 164,975 shares) | | $ 5.31 |
| | |
Maximum offering price per share (100/94.25 of $5.31) | | $ 5.63 |
Class T:
Net Asset Value and redemption price per share ($514,333 ÷ 96,738 shares) | | $ 5.32 |
| | |
Maximum offering price per share (100/96.50 of $5.32) | | $ 5.51 |
Class B:
Net Asset Value and offering price per share ($510,152 ÷ 96,077 shares) A | | $ 5.31 |
| | |
Class C:
Net Asset Value and offering price per share ($686,852 ÷ 129,381 shares) A | | $ 5.31 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($12,535,260 ÷ 2,357,659 shares) | | $ 5.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($410,917 ÷ 77,279 shares) | | $ 5.32 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 250,329 |
Interest | | 267 |
Income from Fidelity Central Funds | | 969 |
| | 251,565 |
Less foreign taxes withheld | | (22,983) |
Total income | | 228,582 |
| | |
Expenses | | |
Management fee
Basic fee | $ 57,398 | |
Performance adjustment | 3,648 | |
Transfer agent fees | 24,593 | |
Distribution fees | 9,277 | |
Accounting and security lending fees | 4,266 | |
Custodian fees and expenses | 29,515 | |
Independent trustees' compensation | 61 | |
Registration fees | 28,442 | |
Audit | 28,476 | |
Legal | 944 | |
Miscellaneous | 137 | |
Total expenses before reductions | 186,757 | |
Expense reductions | (79,022) | 107,735 |
Net investment income (loss) | | 120,847 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (3,700,996) | |
Foreign currency transactions | (15,697) | |
Total net realized gain (loss) | | (3,716,693) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 3,400,058 | |
Assets and liabilities in foreign currencies | (110) | |
Total change in net unrealized appreciation (depreciation) | | 3,399,948 |
Net gain (loss) | | (316,745) |
Net increase (decrease) in net assets resulting from operations | | $ (195,898) |
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
| Six months ended April 30, 2009
Unaudited) | For the period
November 1, 2007
(commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 120,847 | $ 200,542 |
Net realized gain (loss) | (3,716,693) | (5,482,459) |
Change in net unrealized appreciation (depreciation) | 3,399,948 | (6,105,269) |
Net increase (decrease) in net assets resulting from operations | (195,898) | (11,387,186) |
Distributions to shareholders from net investment income | (188,551) | (7,494) |
Share transactions - net increase (decrease) | 859,102 | 26,448,569 |
Redemption fees | 1,325 | 4,196 |
Total increase (decrease) in net assets | 475,978 | 15,058,085 |
| | |
Net Assets | | |
Beginning of period | 15,058,085 | - |
End of period (including undistributed net investment income of $113,628 and undistributed net investment income of $181,332, respectively) | $ 15,534,063 | $ 15,058,085 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.46 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .07 |
Net realized and unrealized gain (loss) | (.13) | (4.61) |
Total from investment operations | (.10) | (4.54) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.46 |
Total Return B, C, D | (1.74)% | (45.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.47% A | 2.88% |
Expenses net of fee waivers, if any | 1.50% A | 1.50% |
Expenses net of all reductions | 1.48% A | 1.48% |
Net investment income (loss) | 1.38% A | .80% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 877 | $ 820 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.45 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .05 |
Net realized and unrealized gain (loss) | (.13) | (4.60) |
Total from investment operations | (.10) | (4.55) |
Distributions from net investment income | (.03) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.32 | $ 5.45 |
Total Return B, C, D | (1.79)% | (45.50)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.73% A | 3.07% |
Expenses net of fee waivers, if any | 1.75% A | 1.75% |
Expenses net of all reductions | 1.73% A | 1.73% |
Net investment income (loss) | 1.13% A | .55% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 514 | $ 507 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.42 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | - J |
Net realized and unrealized gain (loss) | (.13) | (4.58) |
Total from investment operations | (.11) | (4.58) |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.42 |
Total Return B, C, D | (2.03)% | (45.80)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.23% A | 3.55% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.23% |
Net investment income (loss) | .63% A | .05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 510 | $ 642 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.42 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | -J |
Net realized and unrealized gain (loss) | (.13) | (4.58) |
Total from investment operations | (.11) | (4.58) |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 5.31 | $ 5.42 |
Total Return B, C, D | (2.03)% | (45.80)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 3.26% A | 3.52% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.24% A | 2.23% |
Net investment income (loss) | .62% A | .05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 687 | $ 684 |
Portfolio turnover rate G | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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 Growth
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.48 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .09 |
Net realized and unrealized gain (loss) | (.14) | (4.60) |
Total from investment operations | (.10) | (4.51) |
Distributions from net investment income | (.06) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 5.32 | $ 5.48 |
Total Return B, C | (1.65)% | (45.17)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.22% A | 2.35% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.63% A | 1.05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 12,535 | $ 11,884 |
Portfolio turnover rate F | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 5.48 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .09 |
Net realized and unrealized gain (loss) | (.14) | (4.60) |
Total from investment operations | (.10) | (4.51) |
Distributions from net investment income | (.06) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 5.32 | $ 5.48 |
Total Return B, C | (1.65)% | (45.17)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 2.14% A | 2.56% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.63% A | 1.05% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 411 | $ 521 |
Portfolio turnover rate F | 144% A | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (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. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 791,278 |
Unrealized depreciation | (4,256,262) |
Net unrealized appreciation (depreciation) | $ (3,464,984) |
Cost for federal income tax purposes | $ 20,516,414 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $12,279,249 and $11,470,037, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
annualized management fee rate, including the performance adjustment, was .76% 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% | $ 1,119 | $ 434 |
Class T | .25% | .25% | 1,256 | 902 |
Class B | .75% | .25% | 2,792 | 2,536 |
Class C | .75% | .25% | 4,110 | 2,081 |
| | | $ 9,277 | $ 5,953 |
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 | $ 984 |
Class T | 144 |
Class B* | 97 |
Class C* | 17 |
| $ 1,242 |
* 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 1,457 | .33 |
Class T | 845 | .34 |
Class B | 879 | .32 |
Class C | 1,314 | .32 |
International Growth | 19,599 | .31 |
Institutional Class | 499 | .22 |
| $ 24,593 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $379 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $50 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $969.
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 | 1.50% | $ 4,327 |
Class T | 1.75% | 2,462 |
Class B | 2.25% | 2,726 |
Class C | 2.25% | 4,127 |
International Growth | 1.25% | 61,863 |
Institutional Class | 1.25% | 1,984 |
| | $ 77,489 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,533 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | For the period
November 1, 2007 (commencement of
operations) to
October 31,
2008 |
From net investment income | | |
Class A | $ 7,994 | $ - |
Class T | 2,991 | - |
International Growth | 171,473 | 7,036 |
Institutional Class | 6,093 | 458 |
Total | $ 188,551 | $ 7,494 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class A | | | | |
Shares sold | 105,860 | 163,688 | $ 548,174 | $ 1,473,900 |
Reinvestment of distributions | 1,620 | - | 7,954 | - |
Shares redeemed | (92,492) | (13,701) | (459,456) | (105,944) |
Net increase (decrease) | 14,988 | 149,987 | $ 96,672 | $ 1,367,956 |
Class T | | | | |
Shares sold | 32,574 | 120,600 | $ 161,386 | $ 1,160,207 |
Reinvestment of distributions | 606 | - | 2,982 | - |
Shares redeemed | (29,491) | (27,551) | (150,661) | (234,209) |
Net increase (decrease) | 3,689 | 93,049 | $ 13,707 | $ 925,998 |
Class B | | | | |
Shares sold | 22,779 | 130,340 | $ 115,474 | $ 1,229,254 |
Shares redeemed | (45,115) | (11,927) | (223,808) | (88,741) |
Net increase (decrease) | (22,336) | 118,413 | $ (108,334) | $ 1,140,513 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class C | | | | |
Shares sold | 122,077 | 147,998 | $ 641,983 | $ 1,363,686 |
Shares redeemed | (118,807) | (21,887) | (567,951) | (174,264) |
Net increase (decrease) | 3,270 | 126,111 | $ 74,032 | $ 1,189,422 |
International Growth | | | | |
Shares sold | 1,115,113 | 3,641,791 | $ 5,498,952 | $ 32,862,391 |
Reinvestment of distributions | 27,149 | 663 | 133,303 | 6,366 |
Shares redeemed | (955,003) | (1,472,054) | (4,757,583) | (11,980,798) |
Net increase (decrease) | 187,259 | 2,170,400 | $ 874,672 | $ 20,887,959 |
Institutional Class | | | | |
Shares sold | 2,773 | 95,161 | $ 14,160 | $ 936,263 |
Reinvestment of distributions | 1,241 | 48 | 6,093 | 458 |
Shares redeemed | (21,944) | - | (111,900) | - |
Net increase (decrease) | (17,930) | 95,209 | $ (91,647) | $ 936,721 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
AIGFI-USAN-0609
1.853344.101
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Total International Equity
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2009
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 Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,001.90 | $ 7.45 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,001.00 | $ 8.68 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 998.70 | $ 11.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 997.70 | $ 11.14 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Total International Equity | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,003.10 | $ 6.21 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,003.10 | $ 6.21 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Total International Equity Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 15.6% | |
| United Kingdom 15.1% | |
| Switzerland 8.0% | |
| Germany 7.0% | |
| United States of America 6.2% | |
| France 6.0% | |
| Brazil 3.3% | |
| South Africa 3.2% | |
| Canada 2.8% | |
| Other 32.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 14.1% | |
| United Kingdom 13.8% | |
| Switzerland 11.0% | |
| Germany 8.7% | |
| France 7.2% | |
| United States of America 6.9% | |
| Australia 3.6% | |
| Spain 3.1% | |
| Italy 2.4% | |
| Other 29.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.5 | 98.4 |
Short-Term Investments and Net Other Assets | 1.5 | 1.6 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 3.5 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 3.4 |
E.ON AG (Germany, Electric Utilities) | 1.7 | 2.8 |
Toyota Motor Corp. (Japan, Automobiles) | 1.6 | 1.7 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.6 | 1.9 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 1.4 | 1.4 |
Royal Dutch Shell PLC Class A (United Kingdom, Oil, Gas & Consumable Fuels) | 1.4 | 2.1 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.4 | 0.9 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commerical Banks) | 1.3 | 1.0 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.3 | 1.1 |
| 15.7 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.7 | 22.9 |
Consumer Discretionary | 9.9 | 6.6 |
Energy | 10.0 | 10.1 |
Industrials | 10.1 | 8.5 |
Materials | 9.7 | 7.0 |
Consumer Staples | 8.4 | 12.9 |
Health Care | 7.7 | 9.8 |
Telecommunication Services | 7.6 | 6.7 |
Information Technology | 6.9 | 7.9 |
Utilities | 4.5 | 6.0 |
Semiannual Report
Fidelity Total International Equity Fund
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.1% |
| Shares | | Value |
Australia - 2.6% |
AMP Ltd. | 35,175 | | $ 132,738 |
CSL Ltd. | 7,084 | | 177,290 |
Macquarie Airports unit | 41,945 | | 55,202 |
Macquarie Group Ltd. | 3,378 | | 82,232 |
Macquarie Infrastructure Group unit | 58,602 | | 57,523 |
QBE Insurance Group Ltd. | 5,911 | | 93,651 |
Sino Gold Mining Ltd. (a) | 3,917 | | 15,522 |
Wesfarmers Ltd. | 1,901 | | 31,293 |
Woolworths Ltd. | 10,536 | | 204,695 |
TOTAL AUSTRALIA | | 850,146 |
Austria - 0.1% |
Andritz AG | 240 | | 8,157 |
Erste Bank AG | 600 | | 12,516 |
TOTAL AUSTRIA | | 20,673 |
Belgium - 1.2% |
Anheuser-Busch InBev NV | 10,680 | | 326,852 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 6,080 | | 16 |
Umicore SA | 3,100 | | 60,739 |
TOTAL BELGIUM | | 387,607 |
Bermuda - 1.3% |
Aquarius Platinum Ltd. (a) | 581 | | 2,154 |
Aquarius Platinum Ltd. (Australia) | 5,231 | | 19,398 |
China Sports International Ltd. | 44,000 | | 3,121 |
Credicorp Ltd. (NY Shares) | 300 | | 15,006 |
Lazard Ltd. Class A | 2,000 | | 54,600 |
Orient Overseas International Ltd. | 4,500 | | 12,890 |
Ports Design Ltd. | 86,000 | | 130,596 |
Seadrill Ltd. | 15,700 | | 167,537 |
TOTAL BERMUDA | | 405,302 |
Brazil - 3.3% |
B2W Companhia Global Do Varejo | 500 | | 7,945 |
Banco ABC Brasil SA | 2,800 | | 8,962 |
Banco Bradesco SA: | | | |
(PN) | 5,000 | | 62,187 |
(PN) sponsored ADR | 800 | | 9,824 |
BM&F BOVESPA SA | 20,800 | | 85,599 |
Braskem SA Class A sponsored ADR | 500 | | 2,835 |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) | 600 | | 9,030 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR | 1,300 | | $ 24,076 |
Companhia Vale do Rio Doce: | | | |
(PN-A) sponsored ADR | 8,400 | | 115,332 |
sponsored ADR | 4,500 | | 74,295 |
GVT Holding SA (a) | 1,700 | | 22,481 |
Iguatemi Empresa de Shopping Centers SA | 1,700 | | 12,842 |
Itau Unibanco Banco Multiplo SA ADR | 6,470 | | 88,833 |
Localiza Rent a Car SA | 1,700 | | 8,815 |
Log-in Logistica Intermodal SA | 5,500 | | 18,485 |
MRV Engenharia e Participacoes SA | 7,600 | | 75,446 |
Natura Cosmeticos SA | 1,420 | | 16,882 |
Net Servicos de Comunicacao SA sponsored ADR | 2,900 | | 23,606 |
OGX Petroleo e Gas Participacoes SA | 100 | | 42,022 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 3,600 | | 97,128 |
sponsored ADR | 6,700 | | 224,919 |
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.) | 1,200 | | 18,660 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 2,500 | | 21,850 |
TOTAL BRAZIL | | 1,072,054 |
Canada - 2.8% |
Addax Petroleum, Inc. | 500 | | 13,761 |
Agnico-Eagle Mines Ltd. (Canada) | 2,360 | | 104,329 |
Cameco Corp. | 2,200 | | 50,517 |
Canadian Natural Resources Ltd. | 1,700 | | 78,372 |
Eldorado Gold Corp. (a) | 1,200 | | 9,534 |
Fairfax Financial Holdings Ltd. | 300 | | 79,346 |
First Quantum Minerals Ltd. | 1,200 | | 46,411 |
ING Canada, Inc. | 800 | | 23,170 |
Niko Resources Ltd. | 1,190 | | 60,226 |
Petrobank Energy & Resources Ltd. (a) | 9,600 | | 206,361 |
Potash Corp. of Saskatchewan, Inc. | 300 | | 25,770 |
Power Corp. of Canada (sub. vtg.) | 2,400 | | 44,872 |
Sino-Forest Corp. (a) | 1,600 | | 13,999 |
Suncor Energy, Inc. | 2,600 | | 65,433 |
Toronto-Dominion Bank | 2,300 | | 90,786 |
TOTAL CANADA | | 912,887 |
Cayman Islands - 0.8% |
Bosideng International Holdings Ltd. | 26,000 | | 2,101 |
Chaoda Modern Agriculture (Holdings) Ltd. | 168,216 | | 95,118 |
China Dongxiang Group Co. Ltd. | 15,000 | | 7,285 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
China Infrastructure Machinery Holdings Ltd. | 24,000 | | $ 18,082 |
CNinsure, Inc. ADR (a) | 500 | | 3,810 |
Foxconn International Holdings Ltd. (a) | 23,000 | | 14,174 |
Himax Technologies, Inc. sponsored ADR | 3,800 | | 10,298 |
Integra Group Holdings unit (a) | 5,700 | | 9,574 |
Stella International Holdings Ltd. | 14,000 | | 18,550 |
Subsea 7, Inc. (a) | 3,500 | | 26,160 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 900 | | 13,437 |
Xinao Gas Holdings Ltd. | 12,000 | | 16,403 |
Yingli Green Energy Holding Co. Ltd. ADR (a) | 2,300 | | 16,054 |
TOTAL CAYMAN ISLANDS | | 251,046 |
China - 2.0% |
Baidu.com, Inc. sponsored ADR (a) | 100 | | 23,290 |
China BlueChemical Ltd. (H shares) | 15,000 | | 7,957 |
China Communications Construction Co. Ltd. (H Shares) | 23,000 | | 27,280 |
China Construction Bank Corp. (H Shares) | 141,000 | | 81,402 |
China Gas Holdings Ltd. | 104,000 | | 19,073 |
China Merchants Bank Co. Ltd. (H Shares) | 46,000 | | 82,189 |
China National Materials Co. Ltd. (a) | 16,000 | | 12,163 |
China Nepstar Chain Drugstore Ltd. ADR | 800 | | 4,032 |
China Shenhua Energy Co. Ltd. (H Shares) | 12,000 | | 33,178 |
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares) | 29,000 | | 13,010 |
China Yurun Food Group Ltd. | 16,000 | | 18,950 |
China Zaino International Ltd. | 10,000 | | 1,756 |
Golden Eagle Retail Group Ltd. (H Shares) | 16,000 | | 12,915 |
Industrial & Commercial Bank of China Ltd. | 197,000 | | 112,070 |
Li Ning Co. Ltd. | 9,500 | | 19,441 |
Nine Dragons Paper (Holdings) Ltd. | 97,000 | | 43,904 |
Parkson Retail Group Ltd. | 11,000 | | 13,815 |
PICC Property & Casualty Co. Ltd. (H Shares) (a) | 20,000 | | 11,289 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 9,000 | | 55,597 |
Tencent Holdings Ltd. | 2,800 | | 24,748 |
ZTE Corp. (H Shares) | 6,240 | | 21,037 |
TOTAL CHINA | | 639,096 |
Cyprus - 0.0% |
XXI Century Investments Public Ltd. (a) | 1,000 | | 489 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody AS | 850 | | 35,090 |
Denmark - 0.7% |
Novo Nordisk AS Series B sponsored ADR | 2,400 | | 114,024 |
Common Stocks - continued |
| Shares | | Value |
Denmark - continued |
Vestas Wind Systems AS (a) | 1,100 | | $ 71,399 |
Vestas Wind Systems AS (a)(f) | 500 | | 32,992 |
TOTAL DENMARK | | 218,415 |
Egypt - 0.1% |
Eastern Tobacco Co. | 390 | | 10,730 |
Orascom Construction Industries SAE | 480 | | 13,724 |
Telecom Egypt SAE | 4,500 | | 12,668 |
TOTAL EGYPT | | 37,122 |
Finland - 1.0% |
Nokia Corp. sponsored ADR (d) | 13,500 | | 190,890 |
Nokian Tyres PLC | 4,802 | | 75,813 |
Outotec Oyj | 1,900 | | 40,284 |
Poyry Oyj | 512 | | 6,361 |
TOTAL FINLAND | | 313,348 |
France - 6.0% |
Alstom SA | 188 | | 11,716 |
Audika SA | 3,250 | | 78,424 |
AXA SA sponsored ADR | 20,200 | | 347,036 |
BNP Paribas SA | 5,000 | | 263,149 |
Compagnie de St. Gobain | 1,670 | | 59,896 |
Danone | 1,036 | | 49,266 |
Delachaux SA | 791 | | 43,942 |
GDF Suez (d) | 6,181 | | 220,524 |
Laurent-Perrier Group | 410 | | 24,045 |
Pernod Ricard SA | 409 | | 24,152 |
Pernod Ricard SA rights 4/29/09 (a) | 409 | | 1,746 |
Remy Cointreau SA | 1,171 | | 38,592 |
Saft Groupe SA | 580 | | 17,747 |
Societe Generale Series A | 2,200 | | 112,409 |
Total SA: | | | |
Series B | 6,600 | | 330,149 |
sponsored ADR | 3,600 | | 178,992 |
Unibail-Rodamco | 1,000 | | 149,086 |
TOTAL FRANCE | | 1,950,871 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 5,300 | | 21,200 |
Germany - 7.0% |
Allianz AG sponsored ADR | 32,300 | | 292,638 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
BASF AG | 1,600 | | $ 59,740 |
Bayer AG | 1,900 | | 93,388 |
Bilfinger Berger AG | 250 | | 11,755 |
Daimler AG | 9,600 | | 342,720 |
Deutsche Bank AG | 1,100 | | 57,674 |
DIC Asset AG | 1,200 | | 9,457 |
E.ON AG | 16,500 | | 552,887 |
GEA Group AG | 1,400 | | 18,223 |
GFK AG | 2,100 | | 48,741 |
Linde AG | 800 | | 63,075 |
Metro AG | 800 | | 33,665 |
Munich Re Group (Reg.) | 2,900 | | 396,542 |
Siemens AG sponsored ADR | 2,700 | | 180,711 |
Software AG (Bearer) | 610 | | 37,723 |
Vossloh AG | 560 | | 57,092 |
TOTAL GERMANY | | 2,256,031 |
Greece - 0.4% |
Public Power Corp. of Greece | 4,600 | | 88,649 |
Terna Energy SA | 8,549 | | 50,953 |
TOTAL GREECE | | 139,602 |
Hong Kong - 2.3% |
China Mobile (Hong Kong) Ltd. | 9,500 | | 82,035 |
China Mobile (Hong Kong) Ltd. sponsored ADR | 700 | | 30,212 |
China Overseas Land & Investment Ltd. | 65,564 | | 114,194 |
China Resources Power Holdings Co. Ltd. | 6,000 | | 13,445 |
CNOOC Ltd. | 25,000 | | 27,908 |
CNOOC Ltd. sponsored ADR | 460 | | 51,221 |
CNPC (Hong Kong) Ltd. | 30,000 | | 14,885 |
Hong Kong Exchange & Clearing Ltd. | 12,900 | | 148,587 |
Shanghai Industrial Holdings Ltd. (H Shares) | 7,000 | | 23,850 |
Swire Pacific Ltd. (A Shares) | 31,500 | | 246,232 |
TOTAL HONG KONG | | 752,569 |
Hungary - 0.0% |
OTP Bank Ltd. (a) | 1,100 | | 14,384 |
India - 1.7% |
Bank of Baroda | 1,000 | | 6,611 |
Bharat Heavy Electricals Ltd. | 796 | | 26,679 |
Bharti Airtel Ltd. (a) | 16,278 | | 248,092 |
Educomp Solutions Ltd. | 200 | | 10,050 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Godrej Consumer Products Ltd. | 6,000 | | $ 16,930 |
Housing Development Finance Corp. Ltd. | 800 | | 27,980 |
Infosys Technologies Ltd. | 530 | | 16,217 |
Infosys Technologies Ltd. sponsored ADR | 900 | | 27,729 |
IVRCL Infrastructures & Projects Ltd. | 7,100 | | 22,916 |
Jain Irrigation Systems Ltd. | 2,280 | | 23,081 |
Pantaloon Retail India Ltd. | 5,418 | | 20,809 |
Pantaloon Retail India Ltd. Class B | 341 | | 839 |
Piramal Healthcare Ltd. | 5,000 | | 23,396 |
Reliance Industries Ltd. GDR (Reg. S) (e) | 424 | | 32,309 |
Rural Electrification Corp. Ltd. | 130 | | 272 |
Satyam Computer Services Ltd. sponsored ADR | 100 | | 180 |
Suzlon Energy Ltd. | 20,812 | | 26,865 |
Tata Power Co. Ltd. | 1,000 | | 18,159 |
Union Bank of India | 2,000 | | 6,653 |
TOTAL INDIA | | 555,767 |
Indonesia - 0.4% |
PT Bank Central Asia Tbk | 105,500 | | 33,264 |
PT Bank Rakyat Indonesia Tbk | 89,500 | | 48,857 |
PT Perusahaan Gas Negara Tbk Series B | 102,000 | | 24,960 |
PT Telkomunikasi Indonesia Tbk Series B | 35,000 | | 25,859 |
TOTAL INDONESIA | | 132,940 |
Ireland - 0.8% |
CRH PLC | 485 | | 12,605 |
CRH PLC sponsored ADR | 9,100 | | 234,052 |
Dragon Oil PLC (a) | 5,000 | | 18,996 |
Kerry Group PLC Class A | 400 | | 8,196 |
TOTAL IRELAND | | 273,849 |
Israel - 0.8% |
Cellcom Israel Ltd. | 700 | | 15,253 |
Israel Chemicals Ltd. | 3,000 | | 25,228 |
Mellanox Technologies Ltd. (a) | 800 | | 8,160 |
Mizrahi Tefahot Bank Ltd. | 1,500 | | 8,379 |
Nice Systems Ltd. sponsored ADR (a) | 400 | | 10,244 |
Partner Communications Co. Ltd. ADR | 5,500 | | 89,375 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 2,100 | | 92,169 |
TOTAL ISRAEL | | 248,808 |
Italy - 2.2% |
Azimut Holdings SpA | 8,800 | | 61,479 |
Common Stocks - continued |
| Shares | | Value |
Italy - continued |
ENI SpA sponsored ADR | 4,000 | | $ 170,760 |
Finmeccanica SpA | 6,500 | | 91,542 |
UniCredit SpA | 160,700 | | 391,197 |
TOTAL ITALY | | 714,978 |
Japan - 15.6% |
Alpen Co. Ltd. | 100 | | 1,652 |
Autobacs Seven Co. Ltd. | 2,600 | | 71,092 |
Daikoku Denki Co. Ltd. | 500 | | 5,751 |
Denso Corp. | 9,600 | | 226,991 |
East Japan Railway Co. | 3,800 | | 214,182 |
Eisai Co. Ltd. | 1,000 | | 26,842 |
Fanuc Ltd. | 1,100 | | 79,399 |
FCC Co. Ltd. | 600 | | 7,604 |
Glory Ltd. | 400 | | 7,342 |
Japan Retail Fund Investment Corp. | 7 | | 24,486 |
JSR Corp. | 3,000 | | 36,562 |
Kamigumi Co. Ltd. | 1,000 | | 6,425 |
Kansai Electric Power Co., Inc. | 4,300 | | 87,584 |
Keyence Corp. | 310 | | 54,759 |
Kobayashi Pharmaceutical Co. Ltd. | 3,100 | | 100,861 |
Konica Minolta Holdings, Inc. | 9,000 | | 74,364 |
Miraca Holdings, Inc. | 6,200 | | 126,574 |
Mitsubishi Estate Co. Ltd. | 2,000 | | 26,149 |
Mitsubishi UFJ Financial Group, Inc. | 38,200 | | 208,429 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 38,880 | | 210,730 |
Mitsui & Co. Ltd. | 38,100 | | 404,212 |
Nagaileben Co. Ltd. | 2,100 | | 37,334 |
NGK Insulators Ltd. | 6,200 | | 95,109 |
Nihon Parkerizing Co. Ltd. | 1,000 | | 8,339 |
Nintendo Co. Ltd. | 200 | | 53,840 |
Nippon Electric Glass Co. Ltd. | 3,000 | | 24,419 |
Nippon Seiki Co. Ltd. | 8,000 | | 72,175 |
Nippon Thompson Co. Ltd. | 16,000 | | 69,192 |
Nitta Corp. | 200 | | 2,299 |
Obic Co. Ltd. | 450 | | 61,104 |
Ohashi Technica, Inc. | 300 | | 1,858 |
ORIX Corp. | 890 | | 41,692 |
Osaka Gas Co. Ltd. | 83,000 | | 263,088 |
Osaka Securities Exchange Co. Ltd. | 25 | | 79,422 |
OSG Corp. | 1,200 | | 7,557 |
Ozeki Co. Ltd. | 4,200 | | 104,594 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Pal Co. Ltd. | 250 | | $ 3,827 |
Promise Co. Ltd. | 13,250 | | 175,127 |
SAZABY, Inc. | 300 | | 3,206 |
Seven & i Holdings Co., Ltd. | 1,500 | | 33,904 |
SHIMANO, Inc. | 200 | | 5,918 |
Shin-Etsu Chemical Co., Ltd. | 2,100 | | 102,092 |
Shiseido Co. Ltd. | 4,000 | | 70,244 |
SHO-BOND Holdings Co. Ltd. | 600 | | 10,790 |
Sony Financial Holdings, Inc. | 43 | | 135,322 |
Sparx Group Co. Ltd. | 40 | | 5,246 |
Sumitomo Corp. | 9,600 | | 83,585 |
Sumitomo Metal Industries Ltd. | 30,000 | | 70,294 |
Sumitomo Mitsui Financial Group, Inc. | 5,600 | | 194,264 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 16,000 | | 55,785 |
THK Co. Ltd. | 700 | | 9,711 |
Toho Holdings Co. Ltd. | 800 | | 7,741 |
Tokuyama Corp. | 13,000 | | 77,541 |
Tokyo Gas Co. Ltd. | 20,000 | | 75,843 |
Toyota Motor Corp. | 13,100 | | 518,613 |
Tsumura & Co. | 3,900 | | 106,832 |
Tsutsumi Jewelry Co. Ltd. | 500 | | 8,212 |
USS Co. Ltd. | 3,190 | | 144,595 |
Xebio Co. Ltd. | 4,900 | | 75,307 |
Yamada Denki Co. Ltd. | 3,080 | | 141,905 |
Yamato Kogyo Co. Ltd. | 200 | | 4,544 |
TOTAL JAPAN | | 5,044,460 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan unit | 13,500 | | 49,950 |
KazMunaiGas Exploration & Production JSC (Reg. S) GDR | 1,300 | | 23,088 |
TOTAL KAZAKHSTAN | | 73,038 |
Korea (South) - 1.4% |
GS Engineering & Construction Corp. | 374 | | 19,724 |
Hana Financial Group, Inc. | 1,710 | | 29,570 |
Hyundai Industrial Development & Construction Co. | 876 | | 27,418 |
Hyunjin Materials Co. Ltd. | 988 | | 29,880 |
KT&G Corp. | 306 | | 16,904 |
MegaStudy Co. Ltd. | 100 | | 16,980 |
NHN Corp. (a) | 829 | | 100,868 |
POSCO sponsored ADR | 700 | | 53,879 |
Samsung Electronics Co. Ltd. | 198 | | 91,718 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 549 | | $ 13,635 |
Shinhan Financial Group Co. Ltd. sponsored ADR | 800 | | 39,480 |
TOTAL KOREA (SOUTH) | | 440,056 |
Luxembourg - 0.3% |
ArcelorMittal SA: | | | |
(Netherlands) | 1,600 | | 37,469 |
(NY Shares) Class A | 2,300 | | 54,234 |
Evraz Group SA GDR | 1,000 | | 13,150 |
TOTAL LUXEMBOURG | | 104,853 |
Malaysia - 0.0% |
DiGi.com Bhd | 2,400 | | 15,034 |
Mexico - 1.7% |
America Movil SAB de CV Series L sponsored ADR | 8,350 | | 274,298 |
Cemex SA de CV sponsored ADR | 5,800 | | 43,384 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 2,600 | | 73,606 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 1,700 | | 26,316 |
Telmex Internacional SAB de CV Series L ADR | 1,300 | | 13,494 |
Wal-Mart de Mexico SA de CV Series V | 45,200 | | 123,268 |
TOTAL MEXICO | | 554,366 |
Netherlands - 1.7% |
Aalberts Industries NV | 800 | | 6,106 |
ASML Holding NV (NY Shares) | 10,150 | | 214,673 |
Gemalto NV (a) | 2,300 | | 72,402 |
Heineken NV (Bearer) | 1,000 | | 29,708 |
James Hardie Industries NV sponsored ADR | 400 | | 6,524 |
Koninklijke KPN NV | 12,300 | | 147,835 |
QIAGEN NV (a) | 4,100 | | 67,568 |
TOTAL NETHERLANDS | | 544,816 |
Norway - 0.9% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 6,000 | | 5,068 |
DnB Nor ASA | 20,400 | | 126,955 |
Orkla ASA (A Shares) | 17,000 | | 121,686 |
Petroleum Geo-Services ASA (a) | 6,800 | | 32,892 |
TOTAL NORWAY | | 286,601 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 0.4% |
Lihir Gold Ltd. sponsored ADR (a) | 3,750 | | $ 80,250 |
Oil Search Ltd. | 12,335 | | 46,010 |
TOTAL PAPUA NEW GUINEA | | 126,260 |
Peru - 0.1% |
Compania de Minas Buenaventura SA sponsored ADR | 800 | | 16,928 |
Philippines - 0.4% |
Jollibee Food Corp. | 55,200 | | 52,790 |
Philippine Long Distance Telephone Co. | 300 | | 13,628 |
Philippine Long Distance Telephone Co. sponsored ADR | 1,600 | | 73,392 |
TOTAL PHILIPPINES | | 139,810 |
Russia - 0.7% |
Bank St. Petersburg OJSC | 700 | | 598 |
Lukoil Oil Co. sponsored ADR | 1,300 | | 57,356 |
OAO Gazprom sponsored ADR | 3,780 | | 66,906 |
OJSC MMC Norilsk Nickel sponsored ADR | 3,000 | | 24,750 |
OJSC Oil Company Rosneft GDR (Reg. S) | 6,400 | | 33,017 |
Sberbank (Savings Bank of the Russian Federation) GDR | 190 | | 26,693 |
TOTAL RUSSIA | | 209,320 |
Singapore - 1.1% |
DBS Group Holdings Ltd. | 27,000 | | 173,252 |
Keppel Land Ltd. | 27,000 | | 31,368 |
Singapore Exchange Ltd. | 27,000 | | 114,347 |
Wing Tai Holdings Ltd. | 51,000 | | 30,314 |
TOTAL SINGAPORE | | 349,281 |
South Africa - 3.2% |
Absa Group Ltd. | 1,473 | | 16,993 |
African Bank Investments Ltd. | 2,600 | | 8,241 |
African Rainbow Minerals Ltd. | 13,463 | | 181,945 |
AngloGold Ashanti Ltd. sponsored ADR | 800 | | 24,640 |
Aspen Pharmacare Holdings Ltd. | 2,100 | | 10,659 |
Exxaro Resources Ltd. | 2,300 | | 16,867 |
FirstRand Ltd. | 16,900 | | 25,822 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 1,900 | | 17,708 |
Impala Platinum Holdings Ltd. | 6,900 | | 131,878 |
Imperial Holdings Ltd. | 1,489 | | 9,543 |
JSE Ltd. | 9,800 | | 60,165 |
Lewis Group Ltd. | 1,600 | | 7,902 |
Mr. Price Group Ltd. | 26,600 | | 81,445 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
MTN Group Ltd. | 26,303 | | $ 341,598 |
Mvelaphanda Resources Ltd. (a) | 3,422 | | 12,434 |
Naspers Ltd. Class N | 900 | | 18,346 |
New Clicks Holdings Ltd. | 4,600 | | 8,873 |
Sasol Ltd. sponsored ADR | 900 | | 27,099 |
Shoprite Holdings Ltd. | 2,700 | | 16,180 |
TOTAL SOUTH AFRICA | | 1,018,338 |
Spain - 2.5% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 3,759 | | 40,672 |
Banco Santander SA | 4,300 | | 40,854 |
Grifols SA | 6,549 | | 114,890 |
Inditex SA | 1,900 | | 80,990 |
Prosegur Comp Securidad SA (Reg.) | 2,291 | | 65,407 |
Telefonica SA sponsored ADR | 8,140 | | 458,201 |
TOTAL SPAIN | | 801,014 |
Sweden - 0.7% |
H&M Hennes & Mauritz AB (B Shares) | 2,900 | | 129,086 |
Swedish Match Co. | 4,500 | | 64,205 |
Telefonaktiebolaget LM Ericsson (B Shares) | 4,800 | | 40,764 |
TOTAL SWEDEN | | 234,055 |
Switzerland - 8.0% |
ABB Ltd. sponsored ADR | 6,200 | | 88,164 |
Actelion Ltd. (Reg.) (a) | 2,085 | | 94,967 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 4,815 | | 114,750 |
Credit Suisse Group sponsored ADR | 1,800 | | 68,904 |
EFG International | 7,440 | | 89,987 |
Nestle SA (Reg.) | 17,283 | | 563,221 |
Novartis AG sponsored ADR | 4,700 | | 178,177 |
Roche Holding AG (participation certificate) | 5,978 | | 753,639 |
Sonova Holding AG | 3,341 | | 216,128 |
Transocean Ltd. (a) | 2,220 | | 149,806 |
Zurich Financial Services AG (Reg.) | 1,397 | | 259,537 |
TOTAL SWITZERLAND | | 2,577,280 |
Taiwan - 0.8% |
Acer, Inc. | 5,000 | | 9,553 |
Asia Cement Corp. | 20,000 | | 20,586 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 39,100 | | 112,844 |
HTC Corp. | 2,600 | | 35,196 |
Innolux Display Corp. | 31,900 | | 35,167 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - continued |
Powertech Technology, Inc. | 5,500 | | $ 11,454 |
Taiwan Mobile Co. Ltd. | 10,000 | | 15,785 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,000 | | 11,842 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,000 | | 10,570 |
TOTAL TAIWAN | | 262,997 |
Thailand - 0.2% |
PTT Exploration & Production PCL (For. Reg.) | 7,100 | | 20,826 |
Siam Commercial Bank PCL (For. Reg.) | 28,100 | | 47,981 |
TOTAL THAILAND | | 68,807 |
Turkey - 0.7% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 15,330 | | 109,209 |
Asya Katilim Bankasi AS | 12,200 | | 11,664 |
Coca-Cola Icecek AS | 3,350 | | 15,805 |
Enka Insaat ve Sanayi AS | 4,450 | | 19,049 |
Tupras-Turkiye Petrol Rafinerileri AS | 3,500 | | 34,995 |
Turkiye Garanti Bankasi AS (a) | 12,200 | | 25,616 |
TOTAL TURKEY | | 216,338 |
United Kingdom - 15.1% |
Aberdeen Asset Management PLC | 28,700 | | 55,636 |
Aegis Group PLC | 32,400 | | 43,359 |
Anglo American PLC (United Kingdom) | 2,942 | | 63,283 |
AstraZeneca PLC (United Kingdom) | 2,000 | | 70,005 |
Autonomy Corp. PLC (a) | 4,715 | | 98,880 |
Babcock International Group PLC | 1,200 | | 7,695 |
BAE Systems PLC | 40,000 | | 210,331 |
Begbies Traynor Group PLC | 3,400 | | 5,567 |
BG Group PLC | 17,400 | | 277,737 |
BHP Billiton PLC | 2,300 | | 47,719 |
BHP Billiton PLC ADR (d) | 9,600 | | 401,664 |
Bovis Homes Group PLC | 11,748 | | 79,531 |
BP PLC sponsored ADR | 1,500 | | 63,690 |
British American Tobacco PLC sponsored ADR | 1,400 | | 68,068 |
Cairn Energy PLC (a) | 300 | | 9,402 |
Cobham PLC | 22,500 | | 58,268 |
Derwent London PLC | 600 | | 7,388 |
easyJet PLC (a) | 15,100 | | 70,171 |
Great Portland Estates PLC | 9,100 | | 41,029 |
H&T Group PLC | 2,700 | | 7,750 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 12,130 | | 86,230 |
Imperial Tobacco Group PLC | 700 | | 15,965 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Informa PLC | 24,000 | | $ 104,858 |
InterContinental Hotel Group PLC ADR | 600 | | 5,682 |
Johnson Matthey PLC | 4,200 | | 74,139 |
Man Group PLC | 62,975 | | 232,685 |
Misys PLC | 41,300 | | 84,262 |
Persimmon PLC | 15,900 | | 88,652 |
Prudential PLC | 29,800 | | 171,217 |
Randgold Resources Ltd. sponsored ADR | 300 | | 14,520 |
Reckitt Benckiser Group PLC | 4,900 | | 192,278 |
Rio Tinto PLC: | | | |
(Reg.) | 2,300 | | 93,417 |
sponsored ADR | 990 | | 161,321 |
Royal Dutch Shell PLC: | | | |
Class A (United Kingdom) | 4,800 | | 110,467 |
Class A sponsored ADR | 7,500 | | 342,600 |
Serco Group PLC | 34,600 | | 186,602 |
Shaftesbury PLC | 9,500 | | 48,985 |
Spirax-Sarco Engineering PLC | 6,384 | | 80,404 |
SSL International PLC | 4,000 | | 28,033 |
Standard Chartered PLC: | | | |
(Hong Kong) | 950 | | 14,301 |
(United Kingdom) | 13,700 | | 211,850 |
Ted Baker PLC | 12,075 | | 65,901 |
Tesco PLC | 24,900 | | 123,329 |
Ultra Electronics Holdings PLC | 900 | | 15,774 |
Victrex PLC | 8,018 | | 63,335 |
Vodafone Group PLC | 33,100 | | 60,814 |
Vodafone Group PLC sponsored ADR | 18,800 | | 344,980 |
Wolseley PLC | 2,496 | | 44,748 |
WPP PLC | 15,200 | | 103,959 |
Xstrata PLC | 1,600 | | 14,101 |
TOTAL UNITED KINGDOM | | 4,872,582 |
United States of America - 4.7% |
Advanced Energy Industries, Inc. (a) | 9,381 | | 79,082 |
Airgas, Inc. | 1,080 | | 46,570 |
Allergan, Inc. | 1,400 | | 65,324 |
Autoliv, Inc. | 3,600 | | 88,812 |
Berkshire Hathaway, Inc. Class B (a) | 29 | | 88,885 |
CTC Media, Inc. (a) | 1,600 | | 12,544 |
CyberSource Corp. (a) | 7,800 | | 113,958 |
Dril-Quip, Inc. (a) | 130 | | 4,469 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
FMC Technologies, Inc. (a) | 950 | | $ 32,519 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 500 | | 21,325 |
Gilead Sciences, Inc. (a) | 1,000 | | 45,800 |
Goldman Sachs Group, Inc. | 500 | | 64,250 |
Juniper Networks, Inc. (a) | 3,000 | | 64,950 |
Martin Marietta Materials, Inc. | 600 | | 50,418 |
MasterCard, Inc. Class A | 300 | | 55,035 |
Mohawk Industries, Inc. (a) | 2,740 | | 129,629 |
Philip Morris International, Inc. | 1,700 | | 61,540 |
Pricesmart, Inc. | 7,495 | | 133,786 |
Varian Semiconductor Equipment Associates, Inc. (a) | 3,400 | | 87,006 |
Visa, Inc. | 4,360 | | 283,226 |
TOTAL UNITED STATES OF AMERICA | | 1,529,128 |
TOTAL COMMON STOCKS (Cost $44,138,448) | 31,689,636 |
Nonconvertible Preferred Stocks - 0.4% |
| | | |
Italy - 0.4% |
Fiat SpA (Risparmio Shares) | 5,300 | | 32,000 |
Telecom Italia SpA (Risparmio Shares) | 104,200 | | 93,064 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $178,595) | 125,064 |
Money Market Funds - 1.6% |
| | | |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)
(Cost $512,575) | 512,575 | | 512,575 |
Cash Equivalents - 1.2% |
| Maturity Amount | | Value |
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) #
(Cost $385,000) | $ 385,002 | | $ 385,000 |
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $45,214,618) | | 32,712,275 |
NET OTHER ASSETS - (1.3)% | | (432,258) |
NET ASSETS - 100% | $ 32,280,017 |
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 $32,309 or 0.1% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,992 or 0.1% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Vestas Wind Systems AS | 4/29/09 | $ 28,726 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$385,000 due 5/01/09 at 0.15% |
BNP Paribas Securities Corp. | $ 68,285 |
Barclays Capital, Inc. | 10,923 |
Credit Suisse Securities (USA) LLC | 14,188 |
Deutsche Bank Securities, Inc. | 144,189 |
HSBC Securities (USA), Inc. | 109,233 |
Mizuho Securities USA, Inc. | 10,923 |
Societe Generale, New York Branch | 27,259 |
| $ 385,000 |
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 Securities Lending Cash Central Fund | $ 2,412 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 32,712,275 | $ 12,928,396 | $ 19,783,879 | $ - |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 16,955 |
Total Realized Gain (Loss) | (71,038) |
Total Unrealized Gain (Loss) | 64,053 |
Cost of Purchases | - |
Proceeds of Sales | (9,970) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $10,058,675 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $502,951 and repurchase agreements of $385,000) - See accompanying schedule: Unaffiliated issuers (cost $44,702,043) | $ 32,199,700 | |
Fidelity Central Funds (cost $512,575) | 512,575 | |
Total Investments (cost $45,214,618) | | $ 32,712,275 |
Foreign currency held at value (cost $84) | | 84 |
Receivable for investments sold | | 387,098 |
Receivable for fund shares sold | | 27,231 |
Dividends receivable | | 219,594 |
Distributions receivable from Fidelity Central Funds | | 2,465 |
Prepaid expenses | | 300 |
Receivable from investment adviser for expense reductions | | 8,364 |
Other receivables | | 1,931 |
Total assets | | 33,359,342 |
| | |
Liabilities | | |
Payable to custodian bank | $ 55,082 | |
Payable for investments purchased | 411,303 | |
Payable for fund shares redeemed | 14,443 | |
Accrued management fee | 16,693 | |
Distribution fees payable | 5,297 | |
Other affiliated payables | 8,925 | |
Other payables and accrued expenses | 55,007 | |
Collateral on securities loaned, at value | 512,575 | |
Total liabilities | | 1,079,325 |
| | |
Net Assets | | $ 32,280,017 |
Net Assets consist of: | | |
Paid in capital | | $ 71,804,810 |
Undistributed net investment income | | 199,203 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (27,217,939) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (12,506,057) |
Net Assets | | $ 32,280,017 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($4,357,364 ÷ 910,388 shares) | | $ 4.79 |
| | |
Maximum offering price per share (100/94.25 of $4.79) | | $ 5.08 |
Class T:
Net Asset Value and redemption price per share ($2,074,308 ÷ 432,783 shares) | | $ 4.79 |
| | |
Maximum offering price per share (100/96.50 of $4.79) | | $ 4.96 |
Class B:
Net Asset Value and offering price per share ($1,972,142 ÷ 411,049 shares)A | | $ 4.80 |
| | |
Class C:
Net Asset Value and offering price per share ($2,236,713 ÷ 466,751 shares)A | | $ 4.79 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($19,625,331 ÷ 4,100,098 shares) | | $ 4.79 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,014,159 ÷ 420,779 shares) | | $ 4.79 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 552,764 |
Interest | | 603 |
Income from Fidelity Central Funds | | 2,412 |
| | 555,779 |
Less foreign taxes withheld | | (53,608) |
Total income | | 502,171 |
| | |
Expenses | | |
Management fee
Basic fee | $ 120,423 | |
Performance adjustment | (14,014) | |
Transfer agent fees | 46,749 | |
Distribution fees | 34,387 | |
Accounting and security lending fees | 8,812 | |
Custodian fees and expenses | 77,834 | |
Independent trustees' compensation | 134 | |
Registration fees | 30,797 | |
Audit | 38,794 | |
Legal | 1,006 | |
Miscellaneous | 367 | |
Total expenses before reductions | 345,289 | |
Expense reductions | (105,181) | 240,108 |
Net investment income (loss) | | 262,063 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (16,374,849) | |
Foreign currency transactions | (21,381) | |
Total net realized gain (loss) | | (16,396,230) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 15,540,519 | |
Assets and liabilities in foreign currencies | (1,214) | |
Total change in net unrealized appreciation (depreciation) | | 15,539,305 |
Net gain (loss) | | (856,925) |
Net increase (decrease) in net assets resulting from operations | | $ (594,862) |
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, 2009
(Unaudited) | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 262,063 | $ 857,641 |
Net realized gain (loss) | (16,396,230) | (10,866,711) |
Change in net unrealized appreciation (depreciation) | 15,539,305 | (28,045,362) |
Net increase (decrease) in net assets resulting from operations | (594,862) | (38,054,432) |
Distributions to shareholders from net investment income | (859,670) | (15,829) |
Share transactions - net increase (decrease) | (6,029,281) | 77,824,722 |
Redemption fees | 1,587 | 7,782 |
Total increase (decrease) in net assets | (7,482,226) | 39,762,243 |
| | |
Net Assets | | |
Beginning of period | 39,762,243 | - |
End of period (including undistributed net investment income of $199,203 and undistributed net investment income of $796,810, respectively) | $ 32,280,017 | $ 39,762,243 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.90 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .11 |
Net realized and unrealized gain (loss) | (.03) | (5.21) |
Total from investment operations | - | (5.10) |
Distributions from net investment income | (.11) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.90 |
Total Return B, C, D | .19% | (51.00)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.10% A | 2.00% |
Expenses net of fee waivers, if any | 1.50% A | 1.50% |
Expenses net of all reductions | 1.48% A | 1.48% |
Net investment income (loss) | 1.52% A | 1.35% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 4,357 | $ 5,944 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.88 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .09 |
Net realized and unrealized gain (loss) | (.03) | (5.21) |
Total from investment operations | - | (5.12) |
Distributions from net investment income | (.09) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.88 |
Total Return B, C, D | .10% | (51.20)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.34% A | 2.42% |
Expenses net of fee waivers, if any | 1.75% A | 1.75% |
Expenses net of all reductions | 1.73% A | 1.73% |
Net investment income (loss) | 1.27% A | 1.10% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,074 | $ 2,567 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.86 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | .05 |
Net realized and unrealized gain (loss) | (.03) | (5.19) |
Total from investment operations | (.01) | (5.14) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.80 | $ 4.86 |
Total Return B, C, D | (.13)% | (51.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.83% A | 2.92% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.24% |
Net investment income (loss) | .77% A | .60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,972 | $ 2,505 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.86 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | .05 |
Net realized and unrealized gain (loss) | (.04) | (5.19) |
Total from investment operations | (.02) | (5.14) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.86 |
Total Return B, C, D | (.23)% | (51.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.87% A | 2.92% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.23% |
Net investment income (loss) | .77% A | .60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,237 | $ 2,787 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.91 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .13 |
Net realized and unrealized gain (loss) | (.04) | (5.21) |
Total from investment operations | - | (5.08) |
Distributions from net investment income | (.12) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 4.79 | $ 4.91 |
Total Return B, C | .31% | (50.87)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.87% A | 1.89% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.77% A | 1.60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,625 | $ 23,226 |
Portfolio turnover rate F | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.91 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .13 |
Net realized and unrealized gain (loss) | (.04) | (5.21) |
Total from investment operations | - | (5.08) |
Distributions from net investment income | (.12) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 4.79 | $ 4.91 |
Total Return B, C | .31% | (50.87)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.81% A | 1.91% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.77% A | 1.60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,014 | $ 2,733 |
Portfolio turnover rate F | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (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. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,449,464 |
Unrealized depreciation | (14,999,655) |
Net unrealized appreciation (depreciation) | $ (13,550,191) |
Cost for federal income tax purposes | $ 46,262,466 |
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.
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 $16,547,794 and $23,012,899, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
annualized management fee rate, including the performance adjustment, was .64% 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% | $ 6,276 | $ 2,016 |
Class T | .25% | .25% | 5,522 | 5,122 |
Class B | .75% | .25% | 10,626 | 10,523 |
Class C | .75% | .25% | 11,963 | 11,122 |
| | | $ 34,387 | $ 28,783 |
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 | $ 1,514 |
Class T | 175 |
Class B* | 276 |
Class C* | 43 |
| $ 2,008 |
* 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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,419 | .26 |
Class T | 2,883 | .26 |
Class B | 2,672 | .25 |
Class C | 3,487 | .29 |
Total International Equity | 28,700 | .29 |
Institutional Class | 2,588 | .23 |
| $ 46,749 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $446 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $110 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
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 $2,412.
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 | 1.50% | $ 14,868 |
Class T | 1.75% | 6,483 |
Class B | 2.25% | 6,139 |
Class C | 2.25% | 7,403 |
Total International Equity | 1.25% | 60,235 |
Institutional Class | 1.25% | 6,225 |
| | $ 101,353 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,828 for the period.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | For the period
November 1, 2007 (commencement of
operations) to
October 31,
2008 |
From net investment income | | |
Class A | $ 131,963 | $ - |
Class T | 45,379 | - |
Class B | 24,856 | - |
Class C | 30,949 | - |
Total International Equity | 560,888 | 13,264 |
Institutional Class | 65,635 | 2,565 |
Total | $ 859,670 | $ 15,829 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class A | | | | |
Shares sold | 241,063 | 1,253,571 | $ 1,091,461 | $ 11,409,450 |
Reinvestment of distributions | 30,531 | - | 130,977 | - |
Shares redeemed | (575,420) | (39,357) | (2,564,493) | (262,908) |
Net increase (decrease) | (303,826) | 1,214,214 | $ (1,342,055) | $ 11,146,542 |
Class T | | | | |
Shares sold | 20,450 | 536,757 | $ 88,186 | $ 5,311,723 |
Reinvestment of distributions | 10,553 | - | 45,379 | - |
Shares redeemed | (123,821) | (11,156) | (552,742) | (95,096) |
Net increase (decrease) | (92,818) | 525,601 | $ (419,177) | $ 5,216,627 |
Class B | | | | |
Shares sold | 7,984 | 516,780 | $ 36,162 | $ 5,142,958 |
Reinvestment of distributions | 5,760 | - | 24,827 | - |
Shares redeemed | (118,291) | (1,184) | (527,935) | (8,679) |
Net increase (decrease) | (104,547) | 515,596 | $ (466,946) | $ 5,134,279 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class C | | | | |
Shares sold | 35,456 | 576,912 | $ 158,699 | $ 5,653,538 |
Reinvestment of distributions | 7,163 | - | 30,872 | - |
Shares redeemed | (149,371) | (3,409) | (661,810) | (27,077) |
Net increase (decrease) | (106,752) | 573,503 | $ (472,239) | $ 5,626,461 |
Total International
Equity | | | |
Shares sold | 905,974 | 7,339,025 | $ 4,093,508 | $ 65,416,828 |
Reinvestment of distributions | 124,381 | 1,313 | 533,594 | 12,459 |
Shares redeemed | (1,664,986) | (2,605,609) | (7,350,175) | (20,217,092) |
Net increase (decrease) | (634,631) | 4,734,729 | $ (2,723,073) | $ 45,212,195 |
Institutional Class | | | | |
Shares sold | 2,987 | 559,428 | $ 13,456 | $ 5,503,211 |
Reinvestment of distributions | 15,268 | 270 | 65,500 | 2,565 |
Shares redeemed | (154,496) | (2,678) | (684,747) | (17,158) |
Net increase (decrease) | (136,241) | 557,020 | $ (605,791) | $ 5,488,618 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, FMR or its affiliates were the owners of record of 29% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
ATIE-USAN-0609
1.853366.101
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Total International Equity
Fund - Institutional Class
Semiannual Report
April 30, 2009
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 Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,001.90 | $ 7.45 |
HypotheticalA | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Class T | 1.75% | | | |
Actual | | $ 1,000.00 | $ 1,001.00 | $ 8.68 |
HypotheticalA | | $ 1,000.00 | $ 1,016.12 | $ 8.75 |
Class B | 2.25% | | | |
Actual | | $ 1,000.00 | $ 998.70 | $ 11.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Class C | 2.25% | | | |
Actual | | $ 1,000.00 | $ 997.70 | $ 11.14 |
HypotheticalA | | $ 1,000.00 | $ 1,013.64 | $ 11.23 |
Total International Equity | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,003.10 | $ 6.21 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,003.10 | $ 6.21 |
HypotheticalA | | $ 1,000.00 | $ 1,018.60 | $ 6.26 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Total International Equity Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 15.6% | |
| United Kingdom 15.1% | |
| Switzerland 8.0% | |
| Germany 7.0% | |
| United States of America 6.2% | |
| France 6.0% | |
| Brazil 3.3% | |
| South Africa 3.2% | |
| Canada 2.8% | |
| Other 32.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 14.1% | |
| United Kingdom 13.8% | |
| Switzerland 11.0% | |
| Germany 8.7% | |
| France 7.2% | |
| United States of America 6.9% | |
| Australia 3.6% | |
| Spain 3.1% | |
| Italy 2.4% | |
| Other 29.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.5 | 98.4 |
Short-Term Investments and Net Other Assets | 1.5 | 1.6 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 3.5 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.7 | 3.4 |
E.ON AG (Germany, Electric Utilities) | 1.7 | 2.8 |
Toyota Motor Corp. (Japan, Automobiles) | 1.6 | 1.7 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.6 | 1.9 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 1.4 | 1.4 |
Royal Dutch Shell PLC Class A (United Kingdom, Oil, Gas & Consumable Fuels) | 1.4 | 2.1 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.4 | 0.9 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Commerical Banks) | 1.3 | 1.0 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.3 | 1.1 |
| 15.7 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.7 | 22.9 |
Consumer Discretionary | 9.9 | 6.6 |
Energy | 10.0 | 10.1 |
Industrials | 10.1 | 8.5 |
Materials | 9.7 | 7.0 |
Consumer Staples | 8.4 | 12.9 |
Health Care | 7.7 | 9.8 |
Telecommunication Services | 7.6 | 6.7 |
Information Technology | 6.9 | 7.9 |
Utilities | 4.5 | 6.0 |
Semiannual Report
Fidelity Total International Equity Fund
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.1% |
| Shares | | Value |
Australia - 2.6% |
AMP Ltd. | 35,175 | | $ 132,738 |
CSL Ltd. | 7,084 | | 177,290 |
Macquarie Airports unit | 41,945 | | 55,202 |
Macquarie Group Ltd. | 3,378 | | 82,232 |
Macquarie Infrastructure Group unit | 58,602 | | 57,523 |
QBE Insurance Group Ltd. | 5,911 | | 93,651 |
Sino Gold Mining Ltd. (a) | 3,917 | | 15,522 |
Wesfarmers Ltd. | 1,901 | | 31,293 |
Woolworths Ltd. | 10,536 | | 204,695 |
TOTAL AUSTRALIA | | 850,146 |
Austria - 0.1% |
Andritz AG | 240 | | 8,157 |
Erste Bank AG | 600 | | 12,516 |
TOTAL AUSTRIA | | 20,673 |
Belgium - 1.2% |
Anheuser-Busch InBev NV | 10,680 | | 326,852 |
Anheuser-Busch InBev NV (strip VVPR) (a) | 6,080 | | 16 |
Umicore SA | 3,100 | | 60,739 |
TOTAL BELGIUM | | 387,607 |
Bermuda - 1.3% |
Aquarius Platinum Ltd. (a) | 581 | | 2,154 |
Aquarius Platinum Ltd. (Australia) | 5,231 | | 19,398 |
China Sports International Ltd. | 44,000 | | 3,121 |
Credicorp Ltd. (NY Shares) | 300 | | 15,006 |
Lazard Ltd. Class A | 2,000 | | 54,600 |
Orient Overseas International Ltd. | 4,500 | | 12,890 |
Ports Design Ltd. | 86,000 | | 130,596 |
Seadrill Ltd. | 15,700 | | 167,537 |
TOTAL BERMUDA | | 405,302 |
Brazil - 3.3% |
B2W Companhia Global Do Varejo | 500 | | 7,945 |
Banco ABC Brasil SA | 2,800 | | 8,962 |
Banco Bradesco SA: | | | |
(PN) | 5,000 | | 62,187 |
(PN) sponsored ADR | 800 | | 9,824 |
BM&F BOVESPA SA | 20,800 | | 85,599 |
Braskem SA Class A sponsored ADR | 500 | | 2,835 |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) | 600 | | 9,030 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR | 1,300 | | $ 24,076 |
Companhia Vale do Rio Doce: | | | |
(PN-A) sponsored ADR | 8,400 | | 115,332 |
sponsored ADR | 4,500 | | 74,295 |
GVT Holding SA (a) | 1,700 | | 22,481 |
Iguatemi Empresa de Shopping Centers SA | 1,700 | | 12,842 |
Itau Unibanco Banco Multiplo SA ADR | 6,470 | | 88,833 |
Localiza Rent a Car SA | 1,700 | | 8,815 |
Log-in Logistica Intermodal SA | 5,500 | | 18,485 |
MRV Engenharia e Participacoes SA | 7,600 | | 75,446 |
Natura Cosmeticos SA | 1,420 | | 16,882 |
Net Servicos de Comunicacao SA sponsored ADR | 2,900 | | 23,606 |
OGX Petroleo e Gas Participacoes SA | 100 | | 42,022 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 3,600 | | 97,128 |
sponsored ADR | 6,700 | | 224,919 |
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.) | 1,200 | | 18,660 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 2,500 | | 21,850 |
TOTAL BRAZIL | | 1,072,054 |
Canada - 2.8% |
Addax Petroleum, Inc. | 500 | | 13,761 |
Agnico-Eagle Mines Ltd. (Canada) | 2,360 | | 104,329 |
Cameco Corp. | 2,200 | | 50,517 |
Canadian Natural Resources Ltd. | 1,700 | | 78,372 |
Eldorado Gold Corp. (a) | 1,200 | | 9,534 |
Fairfax Financial Holdings Ltd. | 300 | | 79,346 |
First Quantum Minerals Ltd. | 1,200 | | 46,411 |
ING Canada, Inc. | 800 | | 23,170 |
Niko Resources Ltd. | 1,190 | | 60,226 |
Petrobank Energy & Resources Ltd. (a) | 9,600 | | 206,361 |
Potash Corp. of Saskatchewan, Inc. | 300 | | 25,770 |
Power Corp. of Canada (sub. vtg.) | 2,400 | | 44,872 |
Sino-Forest Corp. (a) | 1,600 | | 13,999 |
Suncor Energy, Inc. | 2,600 | | 65,433 |
Toronto-Dominion Bank | 2,300 | | 90,786 |
TOTAL CANADA | | 912,887 |
Cayman Islands - 0.8% |
Bosideng International Holdings Ltd. | 26,000 | | 2,101 |
Chaoda Modern Agriculture (Holdings) Ltd. | 168,216 | | 95,118 |
China Dongxiang Group Co. Ltd. | 15,000 | | 7,285 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
China Infrastructure Machinery Holdings Ltd. | 24,000 | | $ 18,082 |
CNinsure, Inc. ADR (a) | 500 | | 3,810 |
Foxconn International Holdings Ltd. (a) | 23,000 | | 14,174 |
Himax Technologies, Inc. sponsored ADR | 3,800 | | 10,298 |
Integra Group Holdings unit (a) | 5,700 | | 9,574 |
Stella International Holdings Ltd. | 14,000 | | 18,550 |
Subsea 7, Inc. (a) | 3,500 | | 26,160 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 900 | | 13,437 |
Xinao Gas Holdings Ltd. | 12,000 | | 16,403 |
Yingli Green Energy Holding Co. Ltd. ADR (a) | 2,300 | | 16,054 |
TOTAL CAYMAN ISLANDS | | 251,046 |
China - 2.0% |
Baidu.com, Inc. sponsored ADR (a) | 100 | | 23,290 |
China BlueChemical Ltd. (H shares) | 15,000 | | 7,957 |
China Communications Construction Co. Ltd. (H Shares) | 23,000 | | 27,280 |
China Construction Bank Corp. (H Shares) | 141,000 | | 81,402 |
China Gas Holdings Ltd. | 104,000 | | 19,073 |
China Merchants Bank Co. Ltd. (H Shares) | 46,000 | | 82,189 |
China National Materials Co. Ltd. (a) | 16,000 | | 12,163 |
China Nepstar Chain Drugstore Ltd. ADR | 800 | | 4,032 |
China Shenhua Energy Co. Ltd. (H Shares) | 12,000 | | 33,178 |
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares) | 29,000 | | 13,010 |
China Yurun Food Group Ltd. | 16,000 | | 18,950 |
China Zaino International Ltd. | 10,000 | | 1,756 |
Golden Eagle Retail Group Ltd. (H Shares) | 16,000 | | 12,915 |
Industrial & Commercial Bank of China Ltd. | 197,000 | | 112,070 |
Li Ning Co. Ltd. | 9,500 | | 19,441 |
Nine Dragons Paper (Holdings) Ltd. | 97,000 | | 43,904 |
Parkson Retail Group Ltd. | 11,000 | | 13,815 |
PICC Property & Casualty Co. Ltd. (H Shares) (a) | 20,000 | | 11,289 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 9,000 | | 55,597 |
Tencent Holdings Ltd. | 2,800 | | 24,748 |
ZTE Corp. (H Shares) | 6,240 | | 21,037 |
TOTAL CHINA | | 639,096 |
Cyprus - 0.0% |
XXI Century Investments Public Ltd. (a) | 1,000 | | 489 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody AS | 850 | | 35,090 |
Denmark - 0.7% |
Novo Nordisk AS Series B sponsored ADR | 2,400 | | 114,024 |
Common Stocks - continued |
| Shares | | Value |
Denmark - continued |
Vestas Wind Systems AS (a) | 1,100 | | $ 71,399 |
Vestas Wind Systems AS (a)(f) | 500 | | 32,992 |
TOTAL DENMARK | | 218,415 |
Egypt - 0.1% |
Eastern Tobacco Co. | 390 | | 10,730 |
Orascom Construction Industries SAE | 480 | | 13,724 |
Telecom Egypt SAE | 4,500 | | 12,668 |
TOTAL EGYPT | | 37,122 |
Finland - 1.0% |
Nokia Corp. sponsored ADR (d) | 13,500 | | 190,890 |
Nokian Tyres PLC | 4,802 | | 75,813 |
Outotec Oyj | 1,900 | | 40,284 |
Poyry Oyj | 512 | | 6,361 |
TOTAL FINLAND | | 313,348 |
France - 6.0% |
Alstom SA | 188 | | 11,716 |
Audika SA | 3,250 | | 78,424 |
AXA SA sponsored ADR | 20,200 | | 347,036 |
BNP Paribas SA | 5,000 | | 263,149 |
Compagnie de St. Gobain | 1,670 | | 59,896 |
Danone | 1,036 | | 49,266 |
Delachaux SA | 791 | | 43,942 |
GDF Suez (d) | 6,181 | | 220,524 |
Laurent-Perrier Group | 410 | | 24,045 |
Pernod Ricard SA | 409 | | 24,152 |
Pernod Ricard SA rights 4/29/09 (a) | 409 | | 1,746 |
Remy Cointreau SA | 1,171 | | 38,592 |
Saft Groupe SA | 580 | | 17,747 |
Societe Generale Series A | 2,200 | | 112,409 |
Total SA: | | | |
Series B | 6,600 | | 330,149 |
sponsored ADR | 3,600 | | 178,992 |
Unibail-Rodamco | 1,000 | | 149,086 |
TOTAL FRANCE | | 1,950,871 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 5,300 | | 21,200 |
Germany - 7.0% |
Allianz AG sponsored ADR | 32,300 | | 292,638 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
BASF AG | 1,600 | | $ 59,740 |
Bayer AG | 1,900 | | 93,388 |
Bilfinger Berger AG | 250 | | 11,755 |
Daimler AG | 9,600 | | 342,720 |
Deutsche Bank AG | 1,100 | | 57,674 |
DIC Asset AG | 1,200 | | 9,457 |
E.ON AG | 16,500 | | 552,887 |
GEA Group AG | 1,400 | | 18,223 |
GFK AG | 2,100 | | 48,741 |
Linde AG | 800 | | 63,075 |
Metro AG | 800 | | 33,665 |
Munich Re Group (Reg.) | 2,900 | | 396,542 |
Siemens AG sponsored ADR | 2,700 | | 180,711 |
Software AG (Bearer) | 610 | | 37,723 |
Vossloh AG | 560 | | 57,092 |
TOTAL GERMANY | | 2,256,031 |
Greece - 0.4% |
Public Power Corp. of Greece | 4,600 | | 88,649 |
Terna Energy SA | 8,549 | | 50,953 |
TOTAL GREECE | | 139,602 |
Hong Kong - 2.3% |
China Mobile (Hong Kong) Ltd. | 9,500 | | 82,035 |
China Mobile (Hong Kong) Ltd. sponsored ADR | 700 | | 30,212 |
China Overseas Land & Investment Ltd. | 65,564 | | 114,194 |
China Resources Power Holdings Co. Ltd. | 6,000 | | 13,445 |
CNOOC Ltd. | 25,000 | | 27,908 |
CNOOC Ltd. sponsored ADR | 460 | | 51,221 |
CNPC (Hong Kong) Ltd. | 30,000 | | 14,885 |
Hong Kong Exchange & Clearing Ltd. | 12,900 | | 148,587 |
Shanghai Industrial Holdings Ltd. (H Shares) | 7,000 | | 23,850 |
Swire Pacific Ltd. (A Shares) | 31,500 | | 246,232 |
TOTAL HONG KONG | | 752,569 |
Hungary - 0.0% |
OTP Bank Ltd. (a) | 1,100 | | 14,384 |
India - 1.7% |
Bank of Baroda | 1,000 | | 6,611 |
Bharat Heavy Electricals Ltd. | 796 | | 26,679 |
Bharti Airtel Ltd. (a) | 16,278 | | 248,092 |
Educomp Solutions Ltd. | 200 | | 10,050 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Godrej Consumer Products Ltd. | 6,000 | | $ 16,930 |
Housing Development Finance Corp. Ltd. | 800 | | 27,980 |
Infosys Technologies Ltd. | 530 | | 16,217 |
Infosys Technologies Ltd. sponsored ADR | 900 | | 27,729 |
IVRCL Infrastructures & Projects Ltd. | 7,100 | | 22,916 |
Jain Irrigation Systems Ltd. | 2,280 | | 23,081 |
Pantaloon Retail India Ltd. | 5,418 | | 20,809 |
Pantaloon Retail India Ltd. Class B | 341 | | 839 |
Piramal Healthcare Ltd. | 5,000 | | 23,396 |
Reliance Industries Ltd. GDR (Reg. S) (e) | 424 | | 32,309 |
Rural Electrification Corp. Ltd. | 130 | | 272 |
Satyam Computer Services Ltd. sponsored ADR | 100 | | 180 |
Suzlon Energy Ltd. | 20,812 | | 26,865 |
Tata Power Co. Ltd. | 1,000 | | 18,159 |
Union Bank of India | 2,000 | | 6,653 |
TOTAL INDIA | | 555,767 |
Indonesia - 0.4% |
PT Bank Central Asia Tbk | 105,500 | | 33,264 |
PT Bank Rakyat Indonesia Tbk | 89,500 | | 48,857 |
PT Perusahaan Gas Negara Tbk Series B | 102,000 | | 24,960 |
PT Telkomunikasi Indonesia Tbk Series B | 35,000 | | 25,859 |
TOTAL INDONESIA | | 132,940 |
Ireland - 0.8% |
CRH PLC | 485 | | 12,605 |
CRH PLC sponsored ADR | 9,100 | | 234,052 |
Dragon Oil PLC (a) | 5,000 | | 18,996 |
Kerry Group PLC Class A | 400 | | 8,196 |
TOTAL IRELAND | | 273,849 |
Israel - 0.8% |
Cellcom Israel Ltd. | 700 | | 15,253 |
Israel Chemicals Ltd. | 3,000 | | 25,228 |
Mellanox Technologies Ltd. (a) | 800 | | 8,160 |
Mizrahi Tefahot Bank Ltd. | 1,500 | | 8,379 |
Nice Systems Ltd. sponsored ADR (a) | 400 | | 10,244 |
Partner Communications Co. Ltd. ADR | 5,500 | | 89,375 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 2,100 | | 92,169 |
TOTAL ISRAEL | | 248,808 |
Italy - 2.2% |
Azimut Holdings SpA | 8,800 | | 61,479 |
Common Stocks - continued |
| Shares | | Value |
Italy - continued |
ENI SpA sponsored ADR | 4,000 | | $ 170,760 |
Finmeccanica SpA | 6,500 | | 91,542 |
UniCredit SpA | 160,700 | | 391,197 |
TOTAL ITALY | | 714,978 |
Japan - 15.6% |
Alpen Co. Ltd. | 100 | | 1,652 |
Autobacs Seven Co. Ltd. | 2,600 | | 71,092 |
Daikoku Denki Co. Ltd. | 500 | | 5,751 |
Denso Corp. | 9,600 | | 226,991 |
East Japan Railway Co. | 3,800 | | 214,182 |
Eisai Co. Ltd. | 1,000 | | 26,842 |
Fanuc Ltd. | 1,100 | | 79,399 |
FCC Co. Ltd. | 600 | | 7,604 |
Glory Ltd. | 400 | | 7,342 |
Japan Retail Fund Investment Corp. | 7 | | 24,486 |
JSR Corp. | 3,000 | | 36,562 |
Kamigumi Co. Ltd. | 1,000 | | 6,425 |
Kansai Electric Power Co., Inc. | 4,300 | | 87,584 |
Keyence Corp. | 310 | | 54,759 |
Kobayashi Pharmaceutical Co. Ltd. | 3,100 | | 100,861 |
Konica Minolta Holdings, Inc. | 9,000 | | 74,364 |
Miraca Holdings, Inc. | 6,200 | | 126,574 |
Mitsubishi Estate Co. Ltd. | 2,000 | | 26,149 |
Mitsubishi UFJ Financial Group, Inc. | 38,200 | | 208,429 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 38,880 | | 210,730 |
Mitsui & Co. Ltd. | 38,100 | | 404,212 |
Nagaileben Co. Ltd. | 2,100 | | 37,334 |
NGK Insulators Ltd. | 6,200 | | 95,109 |
Nihon Parkerizing Co. Ltd. | 1,000 | | 8,339 |
Nintendo Co. Ltd. | 200 | | 53,840 |
Nippon Electric Glass Co. Ltd. | 3,000 | | 24,419 |
Nippon Seiki Co. Ltd. | 8,000 | | 72,175 |
Nippon Thompson Co. Ltd. | 16,000 | | 69,192 |
Nitta Corp. | 200 | | 2,299 |
Obic Co. Ltd. | 450 | | 61,104 |
Ohashi Technica, Inc. | 300 | | 1,858 |
ORIX Corp. | 890 | | 41,692 |
Osaka Gas Co. Ltd. | 83,000 | | 263,088 |
Osaka Securities Exchange Co. Ltd. | 25 | | 79,422 |
OSG Corp. | 1,200 | | 7,557 |
Ozeki Co. Ltd. | 4,200 | | 104,594 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Pal Co. Ltd. | 250 | | $ 3,827 |
Promise Co. Ltd. | 13,250 | | 175,127 |
SAZABY, Inc. | 300 | | 3,206 |
Seven & i Holdings Co., Ltd. | 1,500 | | 33,904 |
SHIMANO, Inc. | 200 | | 5,918 |
Shin-Etsu Chemical Co., Ltd. | 2,100 | | 102,092 |
Shiseido Co. Ltd. | 4,000 | | 70,244 |
SHO-BOND Holdings Co. Ltd. | 600 | | 10,790 |
Sony Financial Holdings, Inc. | 43 | | 135,322 |
Sparx Group Co. Ltd. | 40 | | 5,246 |
Sumitomo Corp. | 9,600 | | 83,585 |
Sumitomo Metal Industries Ltd. | 30,000 | | 70,294 |
Sumitomo Mitsui Financial Group, Inc. | 5,600 | | 194,264 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 16,000 | | 55,785 |
THK Co. Ltd. | 700 | | 9,711 |
Toho Holdings Co. Ltd. | 800 | | 7,741 |
Tokuyama Corp. | 13,000 | | 77,541 |
Tokyo Gas Co. Ltd. | 20,000 | | 75,843 |
Toyota Motor Corp. | 13,100 | | 518,613 |
Tsumura & Co. | 3,900 | | 106,832 |
Tsutsumi Jewelry Co. Ltd. | 500 | | 8,212 |
USS Co. Ltd. | 3,190 | | 144,595 |
Xebio Co. Ltd. | 4,900 | | 75,307 |
Yamada Denki Co. Ltd. | 3,080 | | 141,905 |
Yamato Kogyo Co. Ltd. | 200 | | 4,544 |
TOTAL JAPAN | | 5,044,460 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan unit | 13,500 | | 49,950 |
KazMunaiGas Exploration & Production JSC (Reg. S) GDR | 1,300 | | 23,088 |
TOTAL KAZAKHSTAN | | 73,038 |
Korea (South) - 1.4% |
GS Engineering & Construction Corp. | 374 | | 19,724 |
Hana Financial Group, Inc. | 1,710 | | 29,570 |
Hyundai Industrial Development & Construction Co. | 876 | | 27,418 |
Hyunjin Materials Co. Ltd. | 988 | | 29,880 |
KT&G Corp. | 306 | | 16,904 |
MegaStudy Co. Ltd. | 100 | | 16,980 |
NHN Corp. (a) | 829 | | 100,868 |
POSCO sponsored ADR | 700 | | 53,879 |
Samsung Electronics Co. Ltd. | 198 | | 91,718 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 549 | | $ 13,635 |
Shinhan Financial Group Co. Ltd. sponsored ADR | 800 | | 39,480 |
TOTAL KOREA (SOUTH) | | 440,056 |
Luxembourg - 0.3% |
ArcelorMittal SA: | | | |
(Netherlands) | 1,600 | | 37,469 |
(NY Shares) Class A | 2,300 | | 54,234 |
Evraz Group SA GDR | 1,000 | | 13,150 |
TOTAL LUXEMBOURG | | 104,853 |
Malaysia - 0.0% |
DiGi.com Bhd | 2,400 | | 15,034 |
Mexico - 1.7% |
America Movil SAB de CV Series L sponsored ADR | 8,350 | | 274,298 |
Cemex SA de CV sponsored ADR | 5,800 | | 43,384 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 2,600 | | 73,606 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 1,700 | | 26,316 |
Telmex Internacional SAB de CV Series L ADR | 1,300 | | 13,494 |
Wal-Mart de Mexico SA de CV Series V | 45,200 | | 123,268 |
TOTAL MEXICO | | 554,366 |
Netherlands - 1.7% |
Aalberts Industries NV | 800 | | 6,106 |
ASML Holding NV (NY Shares) | 10,150 | | 214,673 |
Gemalto NV (a) | 2,300 | | 72,402 |
Heineken NV (Bearer) | 1,000 | | 29,708 |
James Hardie Industries NV sponsored ADR | 400 | | 6,524 |
Koninklijke KPN NV | 12,300 | | 147,835 |
QIAGEN NV (a) | 4,100 | | 67,568 |
TOTAL NETHERLANDS | | 544,816 |
Norway - 0.9% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 6,000 | | 5,068 |
DnB Nor ASA | 20,400 | | 126,955 |
Orkla ASA (A Shares) | 17,000 | | 121,686 |
Petroleum Geo-Services ASA (a) | 6,800 | | 32,892 |
TOTAL NORWAY | | 286,601 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 0.4% |
Lihir Gold Ltd. sponsored ADR (a) | 3,750 | | $ 80,250 |
Oil Search Ltd. | 12,335 | | 46,010 |
TOTAL PAPUA NEW GUINEA | | 126,260 |
Peru - 0.1% |
Compania de Minas Buenaventura SA sponsored ADR | 800 | | 16,928 |
Philippines - 0.4% |
Jollibee Food Corp. | 55,200 | | 52,790 |
Philippine Long Distance Telephone Co. | 300 | | 13,628 |
Philippine Long Distance Telephone Co. sponsored ADR | 1,600 | | 73,392 |
TOTAL PHILIPPINES | | 139,810 |
Russia - 0.7% |
Bank St. Petersburg OJSC | 700 | | 598 |
Lukoil Oil Co. sponsored ADR | 1,300 | | 57,356 |
OAO Gazprom sponsored ADR | 3,780 | | 66,906 |
OJSC MMC Norilsk Nickel sponsored ADR | 3,000 | | 24,750 |
OJSC Oil Company Rosneft GDR (Reg. S) | 6,400 | | 33,017 |
Sberbank (Savings Bank of the Russian Federation) GDR | 190 | | 26,693 |
TOTAL RUSSIA | | 209,320 |
Singapore - 1.1% |
DBS Group Holdings Ltd. | 27,000 | | 173,252 |
Keppel Land Ltd. | 27,000 | | 31,368 |
Singapore Exchange Ltd. | 27,000 | | 114,347 |
Wing Tai Holdings Ltd. | 51,000 | | 30,314 |
TOTAL SINGAPORE | | 349,281 |
South Africa - 3.2% |
Absa Group Ltd. | 1,473 | | 16,993 |
African Bank Investments Ltd. | 2,600 | | 8,241 |
African Rainbow Minerals Ltd. | 13,463 | | 181,945 |
AngloGold Ashanti Ltd. sponsored ADR | 800 | | 24,640 |
Aspen Pharmacare Holdings Ltd. | 2,100 | | 10,659 |
Exxaro Resources Ltd. | 2,300 | | 16,867 |
FirstRand Ltd. | 16,900 | | 25,822 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 1,900 | | 17,708 |
Impala Platinum Holdings Ltd. | 6,900 | | 131,878 |
Imperial Holdings Ltd. | 1,489 | | 9,543 |
JSE Ltd. | 9,800 | | 60,165 |
Lewis Group Ltd. | 1,600 | | 7,902 |
Mr. Price Group Ltd. | 26,600 | | 81,445 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
MTN Group Ltd. | 26,303 | | $ 341,598 |
Mvelaphanda Resources Ltd. (a) | 3,422 | | 12,434 |
Naspers Ltd. Class N | 900 | | 18,346 |
New Clicks Holdings Ltd. | 4,600 | | 8,873 |
Sasol Ltd. sponsored ADR | 900 | | 27,099 |
Shoprite Holdings Ltd. | 2,700 | | 16,180 |
TOTAL SOUTH AFRICA | | 1,018,338 |
Spain - 2.5% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 3,759 | | 40,672 |
Banco Santander SA | 4,300 | | 40,854 |
Grifols SA | 6,549 | | 114,890 |
Inditex SA | 1,900 | | 80,990 |
Prosegur Comp Securidad SA (Reg.) | 2,291 | | 65,407 |
Telefonica SA sponsored ADR | 8,140 | | 458,201 |
TOTAL SPAIN | | 801,014 |
Sweden - 0.7% |
H&M Hennes & Mauritz AB (B Shares) | 2,900 | | 129,086 |
Swedish Match Co. | 4,500 | | 64,205 |
Telefonaktiebolaget LM Ericsson (B Shares) | 4,800 | | 40,764 |
TOTAL SWEDEN | | 234,055 |
Switzerland - 8.0% |
ABB Ltd. sponsored ADR | 6,200 | | 88,164 |
Actelion Ltd. (Reg.) (a) | 2,085 | | 94,967 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 4,815 | | 114,750 |
Credit Suisse Group sponsored ADR | 1,800 | | 68,904 |
EFG International | 7,440 | | 89,987 |
Nestle SA (Reg.) | 17,283 | | 563,221 |
Novartis AG sponsored ADR | 4,700 | | 178,177 |
Roche Holding AG (participation certificate) | 5,978 | | 753,639 |
Sonova Holding AG | 3,341 | | 216,128 |
Transocean Ltd. (a) | 2,220 | | 149,806 |
Zurich Financial Services AG (Reg.) | 1,397 | | 259,537 |
TOTAL SWITZERLAND | | 2,577,280 |
Taiwan - 0.8% |
Acer, Inc. | 5,000 | | 9,553 |
Asia Cement Corp. | 20,000 | | 20,586 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 39,100 | | 112,844 |
HTC Corp. | 2,600 | | 35,196 |
Innolux Display Corp. | 31,900 | | 35,167 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - continued |
Powertech Technology, Inc. | 5,500 | | $ 11,454 |
Taiwan Mobile Co. Ltd. | 10,000 | | 15,785 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,000 | | 11,842 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,000 | | 10,570 |
TOTAL TAIWAN | | 262,997 |
Thailand - 0.2% |
PTT Exploration & Production PCL (For. Reg.) | 7,100 | | 20,826 |
Siam Commercial Bank PCL (For. Reg.) | 28,100 | | 47,981 |
TOTAL THAILAND | | 68,807 |
Turkey - 0.7% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 15,330 | | 109,209 |
Asya Katilim Bankasi AS | 12,200 | | 11,664 |
Coca-Cola Icecek AS | 3,350 | | 15,805 |
Enka Insaat ve Sanayi AS | 4,450 | | 19,049 |
Tupras-Turkiye Petrol Rafinerileri AS | 3,500 | | 34,995 |
Turkiye Garanti Bankasi AS (a) | 12,200 | | 25,616 |
TOTAL TURKEY | | 216,338 |
United Kingdom - 15.1% |
Aberdeen Asset Management PLC | 28,700 | | 55,636 |
Aegis Group PLC | 32,400 | | 43,359 |
Anglo American PLC (United Kingdom) | 2,942 | | 63,283 |
AstraZeneca PLC (United Kingdom) | 2,000 | | 70,005 |
Autonomy Corp. PLC (a) | 4,715 | | 98,880 |
Babcock International Group PLC | 1,200 | | 7,695 |
BAE Systems PLC | 40,000 | | 210,331 |
Begbies Traynor Group PLC | 3,400 | | 5,567 |
BG Group PLC | 17,400 | | 277,737 |
BHP Billiton PLC | 2,300 | | 47,719 |
BHP Billiton PLC ADR (d) | 9,600 | | 401,664 |
Bovis Homes Group PLC | 11,748 | | 79,531 |
BP PLC sponsored ADR | 1,500 | | 63,690 |
British American Tobacco PLC sponsored ADR | 1,400 | | 68,068 |
Cairn Energy PLC (a) | 300 | | 9,402 |
Cobham PLC | 22,500 | | 58,268 |
Derwent London PLC | 600 | | 7,388 |
easyJet PLC (a) | 15,100 | | 70,171 |
Great Portland Estates PLC | 9,100 | | 41,029 |
H&T Group PLC | 2,700 | | 7,750 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 12,130 | | 86,230 |
Imperial Tobacco Group PLC | 700 | | 15,965 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Informa PLC | 24,000 | | $ 104,858 |
InterContinental Hotel Group PLC ADR | 600 | | 5,682 |
Johnson Matthey PLC | 4,200 | | 74,139 |
Man Group PLC | 62,975 | | 232,685 |
Misys PLC | 41,300 | | 84,262 |
Persimmon PLC | 15,900 | | 88,652 |
Prudential PLC | 29,800 | | 171,217 |
Randgold Resources Ltd. sponsored ADR | 300 | | 14,520 |
Reckitt Benckiser Group PLC | 4,900 | | 192,278 |
Rio Tinto PLC: | | | |
(Reg.) | 2,300 | | 93,417 |
sponsored ADR | 990 | | 161,321 |
Royal Dutch Shell PLC: | | | |
Class A (United Kingdom) | 4,800 | | 110,467 |
Class A sponsored ADR | 7,500 | | 342,600 |
Serco Group PLC | 34,600 | | 186,602 |
Shaftesbury PLC | 9,500 | | 48,985 |
Spirax-Sarco Engineering PLC | 6,384 | | 80,404 |
SSL International PLC | 4,000 | | 28,033 |
Standard Chartered PLC: | | | |
(Hong Kong) | 950 | | 14,301 |
(United Kingdom) | 13,700 | | 211,850 |
Ted Baker PLC | 12,075 | | 65,901 |
Tesco PLC | 24,900 | | 123,329 |
Ultra Electronics Holdings PLC | 900 | | 15,774 |
Victrex PLC | 8,018 | | 63,335 |
Vodafone Group PLC | 33,100 | | 60,814 |
Vodafone Group PLC sponsored ADR | 18,800 | | 344,980 |
Wolseley PLC | 2,496 | | 44,748 |
WPP PLC | 15,200 | | 103,959 |
Xstrata PLC | 1,600 | | 14,101 |
TOTAL UNITED KINGDOM | | 4,872,582 |
United States of America - 4.7% |
Advanced Energy Industries, Inc. (a) | 9,381 | | 79,082 |
Airgas, Inc. | 1,080 | | 46,570 |
Allergan, Inc. | 1,400 | | 65,324 |
Autoliv, Inc. | 3,600 | | 88,812 |
Berkshire Hathaway, Inc. Class B (a) | 29 | | 88,885 |
CTC Media, Inc. (a) | 1,600 | | 12,544 |
CyberSource Corp. (a) | 7,800 | | 113,958 |
Dril-Quip, Inc. (a) | 130 | | 4,469 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
FMC Technologies, Inc. (a) | 950 | | $ 32,519 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 500 | | 21,325 |
Gilead Sciences, Inc. (a) | 1,000 | | 45,800 |
Goldman Sachs Group, Inc. | 500 | | 64,250 |
Juniper Networks, Inc. (a) | 3,000 | | 64,950 |
Martin Marietta Materials, Inc. | 600 | | 50,418 |
MasterCard, Inc. Class A | 300 | | 55,035 |
Mohawk Industries, Inc. (a) | 2,740 | | 129,629 |
Philip Morris International, Inc. | 1,700 | | 61,540 |
Pricesmart, Inc. | 7,495 | | 133,786 |
Varian Semiconductor Equipment Associates, Inc. (a) | 3,400 | | 87,006 |
Visa, Inc. | 4,360 | | 283,226 |
TOTAL UNITED STATES OF AMERICA | | 1,529,128 |
TOTAL COMMON STOCKS (Cost $44,138,448) | 31,689,636 |
Nonconvertible Preferred Stocks - 0.4% |
| | | |
Italy - 0.4% |
Fiat SpA (Risparmio Shares) | 5,300 | | 32,000 |
Telecom Italia SpA (Risparmio Shares) | 104,200 | | 93,064 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $178,595) | 125,064 |
Money Market Funds - 1.6% |
| | | |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)
(Cost $512,575) | 512,575 | | 512,575 |
Cash Equivalents - 1.2% |
| Maturity Amount | | Value |
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) #
(Cost $385,000) | $ 385,002 | | $ 385,000 |
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $45,214,618) | | 32,712,275 |
NET OTHER ASSETS - (1.3)% | | (432,258) |
NET ASSETS - 100% | $ 32,280,017 |
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 $32,309 or 0.1% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,992 or 0.1% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Vestas Wind Systems AS | 4/29/09 | $ 28,726 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$385,000 due 5/01/09 at 0.15% |
BNP Paribas Securities Corp. | $ 68,285 |
Barclays Capital, Inc. | 10,923 |
Credit Suisse Securities (USA) LLC | 14,188 |
Deutsche Bank Securities, Inc. | 144,189 |
HSBC Securities (USA), Inc. | 109,233 |
Mizuho Securities USA, Inc. | 10,923 |
Societe Generale, New York Branch | 27,259 |
| $ 385,000 |
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 Securities Lending Cash Central Fund | $ 2,412 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 32,712,275 | $ 12,928,396 | $ 19,783,879 | $ - |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 16,955 |
Total Realized Gain (Loss) | (71,038) |
Total Unrealized Gain (Loss) | 64,053 |
Cost of Purchases | - |
Proceeds of Sales | (9,970) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | - |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $10,058,675 all of which will expire on October 31, 2016. |
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, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $502,951 and repurchase agreements of $385,000) - See accompanying schedule: Unaffiliated issuers (cost $44,702,043) | $ 32,199,700 | |
Fidelity Central Funds (cost $512,575) | 512,575 | |
Total Investments (cost $45,214,618) | | $ 32,712,275 |
Foreign currency held at value (cost $84) | | 84 |
Receivable for investments sold | | 387,098 |
Receivable for fund shares sold | | 27,231 |
Dividends receivable | | 219,594 |
Distributions receivable from Fidelity Central Funds | | 2,465 |
Prepaid expenses | | 300 |
Receivable from investment adviser for expense reductions | | 8,364 |
Other receivables | | 1,931 |
Total assets | | 33,359,342 |
| | |
Liabilities | | |
Payable to custodian bank | $ 55,082 | |
Payable for investments purchased | 411,303 | |
Payable for fund shares redeemed | 14,443 | |
Accrued management fee | 16,693 | |
Distribution fees payable | 5,297 | |
Other affiliated payables | 8,925 | |
Other payables and accrued expenses | 55,007 | |
Collateral on securities loaned, at value | 512,575 | |
Total liabilities | | 1,079,325 |
| | |
Net Assets | | $ 32,280,017 |
Net Assets consist of: | | |
Paid in capital | | $ 71,804,810 |
Undistributed net investment income | | 199,203 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (27,217,939) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (12,506,057) |
Net Assets | | $ 32,280,017 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($4,357,364 ÷ 910,388 shares) | | $ 4.79 |
| | |
Maximum offering price per share (100/94.25 of $4.79) | | $ 5.08 |
Class T:
Net Asset Value and redemption price per share ($2,074,308 ÷ 432,783 shares) | | $ 4.79 |
| | |
Maximum offering price per share (100/96.50 of $4.79) | | $ 4.96 |
Class B:
Net Asset Value and offering price per share ($1,972,142 ÷ 411,049 shares)A | | $ 4.80 |
| | |
Class C:
Net Asset Value and offering price per share ($2,236,713 ÷ 466,751 shares)A | | $ 4.79 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($19,625,331 ÷ 4,100,098 shares) | | $ 4.79 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,014,159 ÷ 420,779 shares) | | $ 4.79 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 552,764 |
Interest | | 603 |
Income from Fidelity Central Funds | | 2,412 |
| | 555,779 |
Less foreign taxes withheld | | (53,608) |
Total income | | 502,171 |
| | |
Expenses | | |
Management fee
Basic fee | $ 120,423 | |
Performance adjustment | (14,014) | |
Transfer agent fees | 46,749 | |
Distribution fees | 34,387 | |
Accounting and security lending fees | 8,812 | |
Custodian fees and expenses | 77,834 | |
Independent trustees' compensation | 134 | |
Registration fees | 30,797 | |
Audit | 38,794 | |
Legal | 1,006 | |
Miscellaneous | 367 | |
Total expenses before reductions | 345,289 | |
Expense reductions | (105,181) | 240,108 |
Net investment income (loss) | | 262,063 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (16,374,849) | |
Foreign currency transactions | (21,381) | |
Total net realized gain (loss) | | (16,396,230) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 15,540,519 | |
Assets and liabilities in foreign currencies | (1,214) | |
Total change in net unrealized appreciation (depreciation) | | 15,539,305 |
Net gain (loss) | | (856,925) |
Net increase (decrease) in net assets resulting from operations | | $ (594,862) |
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, 2009
(Unaudited) | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 262,063 | $ 857,641 |
Net realized gain (loss) | (16,396,230) | (10,866,711) |
Change in net unrealized appreciation (depreciation) | 15,539,305 | (28,045,362) |
Net increase (decrease) in net assets resulting from operations | (594,862) | (38,054,432) |
Distributions to shareholders from net investment income | (859,670) | (15,829) |
Share transactions - net increase (decrease) | (6,029,281) | 77,824,722 |
Redemption fees | 1,587 | 7,782 |
Total increase (decrease) in net assets | (7,482,226) | 39,762,243 |
| | |
Net Assets | | |
Beginning of period | 39,762,243 | - |
End of period (including undistributed net investment income of $199,203 and undistributed net investment income of $796,810, respectively) | $ 32,280,017 | $ 39,762,243 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.90 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .11 |
Net realized and unrealized gain (loss) | (.03) | (5.21) |
Total from investment operations | - | (5.10) |
Distributions from net investment income | (.11) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.90 |
Total Return B, C, D | .19% | (51.00)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.10% A | 2.00% |
Expenses net of fee waivers, if any | 1.50% A | 1.50% |
Expenses net of all reductions | 1.48% A | 1.48% |
Net investment income (loss) | 1.52% A | 1.35% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 4,357 | $ 5,944 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.88 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .03 | .09 |
Net realized and unrealized gain (loss) | (.03) | (5.21) |
Total from investment operations | - | (5.12) |
Distributions from net investment income | (.09) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.88 |
Total Return B, C, D | .10% | (51.20)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.34% A | 2.42% |
Expenses net of fee waivers, if any | 1.75% A | 1.75% |
Expenses net of all reductions | 1.73% A | 1.73% |
Net investment income (loss) | 1.27% A | 1.10% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,074 | $ 2,567 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.86 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | .05 |
Net realized and unrealized gain (loss) | (.03) | (5.19) |
Total from investment operations | (.01) | (5.14) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.80 | $ 4.86 |
Total Return B, C, D | (.13)% | (51.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.83% A | 2.92% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.24% |
Net investment income (loss) | .77% A | .60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 1,972 | $ 2,505 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.86 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .02 | .05 |
Net realized and unrealized gain (loss) | (.04) | (5.19) |
Total from investment operations | (.02) | (5.14) |
Distributions from net investment income | (.05) | - |
Redemption fees added to paid in capital E, J | - | - |
Net asset value, end of period | $ 4.79 | $ 4.86 |
Total Return B, C, D | (.23)% | (51.40)% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.87% A | 2.92% |
Expenses net of fee waivers, if any | 2.25% A | 2.25% |
Expenses net of all reductions | 2.23% A | 2.23% |
Net investment income (loss) | .77% A | .60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,237 | $ 2,787 |
Portfolio turnover rate G | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the 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 November 1, 2007 (commencement of operations) to October 31, 2008.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.91 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .13 |
Net realized and unrealized gain (loss) | (.04) | (5.21) |
Total from investment operations | - | (5.08) |
Distributions from net investment income | (.12) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 4.79 | $ 4.91 |
Total Return B, C | .31% | (50.87)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.87% A | 1.89% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.77% A | 1.60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,625 | $ 23,226 |
Portfolio turnover rate F | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2009 | Year ended
October 31, |
| (Unaudited) | 2008 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 4.91 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .04 | .13 |
Net realized and unrealized gain (loss) | (.04) | (5.21) |
Total from investment operations | - | (5.08) |
Distributions from net investment income | (.12) | (.01) |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 4.79 | $ 4.91 |
Total Return B, C | .31% | (50.87)% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.81% A | 1.91% |
Expenses net of fee waivers, if any | 1.25% A | 1.25% |
Expenses net of all reductions | 1.23% A | 1.23% |
Net investment income (loss) | 1.77% A | 1.60% |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,014 | $ 2,733 |
Portfolio turnover rate F | 99% A | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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, 2009 (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. 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,449,464 |
Unrealized depreciation | (14,999,655) |
Net unrealized appreciation (depreciation) | $ (13,550,191) |
Cost for federal income tax purposes | $ 46,262,466 |
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.
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 $16,547,794 and $23,012,899, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
annualized management fee rate, including the performance adjustment, was .64% 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% | $ 6,276 | $ 2,016 |
Class T | .25% | .25% | 5,522 | 5,122 |
Class B | .75% | .25% | 10,626 | 10,523 |
Class C | .75% | .25% | 11,963 | 11,122 |
| | | $ 34,387 | $ 28,783 |
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 | $ 1,514 |
Class T | 175 |
Class B* | 276 |
Class C* | 43 |
| $ 2,008 |
* 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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,419 | .26 |
Class T | 2,883 | .26 |
Class B | 2,672 | .25 |
Class C | 3,487 | .29 |
Total International Equity | 28,700 | .29 |
Institutional Class | 2,588 | .23 |
| $ 46,749 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $446 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $110 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
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 $2,412.
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 | 1.50% | $ 14,868 |
Class T | 1.75% | 6,483 |
Class B | 2.25% | 6,139 |
Class C | 2.25% | 7,403 |
Total International Equity | 1.25% | 60,235 |
Institutional Class | 1.25% | 6,225 |
| | $ 101,353 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,828 for the period.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | For the period
November 1, 2007 (commencement of
operations) to
October 31,
2008 |
From net investment income | | |
Class A | $ 131,963 | $ - |
Class T | 45,379 | - |
Class B | 24,856 | - |
Class C | 30,949 | - |
Total International Equity | 560,888 | 13,264 |
Institutional Class | 65,635 | 2,565 |
Total | $ 859,670 | $ 15,829 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class A | | | | |
Shares sold | 241,063 | 1,253,571 | $ 1,091,461 | $ 11,409,450 |
Reinvestment of distributions | 30,531 | - | 130,977 | - |
Shares redeemed | (575,420) | (39,357) | (2,564,493) | (262,908) |
Net increase (decrease) | (303,826) | 1,214,214 | $ (1,342,055) | $ 11,146,542 |
Class T | | | | |
Shares sold | 20,450 | 536,757 | $ 88,186 | $ 5,311,723 |
Reinvestment of distributions | 10,553 | - | 45,379 | - |
Shares redeemed | (123,821) | (11,156) | (552,742) | (95,096) |
Net increase (decrease) | (92,818) | 525,601 | $ (419,177) | $ 5,216,627 |
Class B | | | | |
Shares sold | 7,984 | 516,780 | $ 36,162 | $ 5,142,958 |
Reinvestment of distributions | 5,760 | - | 24,827 | - |
Shares redeemed | (118,291) | (1,184) | (527,935) | (8,679) |
Net increase (decrease) | (104,547) | 515,596 | $ (466,946) | $ 5,134,279 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 | Six months ended April 30,
2009 | For the period
November 1, 2007 (commencement of operations) to
October 31,
2008 |
Class C | | | | |
Shares sold | 35,456 | 576,912 | $ 158,699 | $ 5,653,538 |
Reinvestment of distributions | 7,163 | - | 30,872 | - |
Shares redeemed | (149,371) | (3,409) | (661,810) | (27,077) |
Net increase (decrease) | (106,752) | 573,503 | $ (472,239) | $ 5,626,461 |
Total International
Equity | | | |
Shares sold | 905,974 | 7,339,025 | $ 4,093,508 | $ 65,416,828 |
Reinvestment of distributions | 124,381 | 1,313 | 533,594 | 12,459 |
Shares redeemed | (1,664,986) | (2,605,609) | (7,350,175) | (20,217,092) |
Net increase (decrease) | (634,631) | 4,734,729 | $ (2,723,073) | $ 45,212,195 |
Institutional Class | | | | |
Shares sold | 2,987 | 559,428 | $ 13,456 | $ 5,503,211 |
Reinvestment of distributions | 15,268 | 270 | 65,500 | 2,565 |
Shares redeemed | (154,496) | (2,678) | (684,747) | (17,158) |
Net increase (decrease) | (136,241) | 557,020 | $ (605,791) | $ 5,488,618 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, FMR or its affiliates were the owners of record of 29% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
ATIEI-USAN-0609
1.853359.101
Fidelity®
International Small Cap
Fund
Semiannual Report
April 30, 2009
(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 financial statements. |
Report of Independent Registered Public Accounting Firm | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,035.30 | $ 8.33 |
Hypothetical A | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,033.80 | $ 9.58 |
Hypothetical A | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,030.90 | $ 12.09 |
Hypothetical A | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,030.80 | $ 12.08 |
Hypothetical A | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
International Small Cap | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,034.90 | $ 7.57 |
Hypothetical A | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,035.80 | $ 7.07 |
Hypothetical A | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 25.9% | |
| United Kingdom 20.6% | |
| France 8.2% | |
| Australia 7.9% | |
| Germany 6.6% | |
| United States of America 6.3% | |
| Netherlands 2.5% | |
| Hong Kong 2.5% | |
| Switzerland 2.0% | |
| Other 17.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 32.3% | |
| United Kingdom 19.7% | |
| United States of America 8.3% | |
| Australia 7.6% | |
| Germany 6.5% | |
| France 5.3% | |
| Switzerland 2.6% | |
| Sweden 1.7% | |
| Spain 1.7% | |
| Other 14.3% | |
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 Investment Companies | 94.6 | 92.5 |
Short-Term Investments and Net Other Assets | 5.4 | 7.5 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Autonomy Corp. PLC (United Kingdom, Software) | 1.4 | 0.9 |
ASOS PLC (United Kingdom, Internet & Catalog Retail) | 1.4 | 1.3 |
Playtech Ltd. (British Virgin Islands, Software) | 1.1 | 0.6 |
SDL PLC (United Kingdom, Software) | 1.1 | 0.8 |
Meetic (France, Internet Software & Services) | 1.0 | 0.6 |
SeLoger.com (France, Media) | 1.0 | 0.5 |
Red Back Mining, Inc. (Canada, Metals & Mining) | 1.0 | 0.5 |
Vestas Wind Systems AS (Denmark, Electrical Equipment) | 1.0 | 0.6 |
Datacash Group PLC (United Kingdom, IT Services) | 0.9 | 1.0 |
QIAGEN NV (Netherlands, Life Sciences Tools & Services) | 0.9 | 0.7 |
| 10.8 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.3 | 14.8 |
Information Technology | 16.3 | 12.8 |
Industrials | 15.5 | 14.8 |
Health Care | 14.1 | 19.4 |
Financials | 12.5 | 9.1 |
Materials | 8.1 | 6.4 |
Energy | 6.0 | 6.0 |
Consumer Staples | 2.6 | 5.1 |
Telecommunication Services | 1.2 | 1.3 |
Utilities | 0.8 | 2.6 |
Semiannual Report
Investments April 30, 2009
Showing Percentage of Net Assets
Common Stocks - 93.6% |
| Shares | | Value |
Australia - 7.9% |
AGL Energy Ltd. | 41,046 | | $ 451,250 |
Allied Gold Ltd. (a) | 2,618,907 | | 609,346 |
Allied Gold Ltd. (United Kingdom) (a) | 5,582,300 | | 1,312,960 |
Ansell Ltd. | 95,235 | | 580,276 |
Australian Worldwide Exploration Ltd. | 517,887 | | 918,796 |
Centamin Egypt Ltd. (a) | 5,409,550 | | 4,368,451 |
Centennial Coal Co. Ltd. | 307,449 | | 406,854 |
Coal of Africa Ltd. (a) | 2,537,804 | | 2,521,407 |
CopperCo Ltd. (a) | 3,342,244 | | 24 |
David Jones Ltd. | 1,228,763 | | 2,707,104 |
Dominos Pizza Enterprises Ltd. | 186,023 | | 416,593 |
Energy Resources of Australia Ltd. | 58,759 | | 892,925 |
Healthscope Ltd. | 210,069 | | 591,108 |
Invocare Ltd. | 317,832 | | 1,180,899 |
Iress Market Technology Ltd. (d) | 319,947 | | 1,388,822 |
JB Hi-Fi Ltd. (d) | 346,322 | | 3,434,698 |
Metcash Ltd. | 252,225 | | 762,914 |
Monto Minerals Ltd. (a) | 8,206,552 | | 121 |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | 22 |
Navitas Ltd. | 1,322,105 | | 2,201,383 |
Newcrest Mining Ltd. | 22,056 | | 480,145 |
Nufarm Ltd. | 125,830 | | 1,210,426 |
OZ Minerals Ltd. | 882,090 | | 481,026 |
Paladin Energy Ltd. (a)(d) | 669,503 | | 2,244,128 |
Primary Health Care Ltd. | 296,216 | | 939,051 |
QBE Insurance Group Ltd. | 172,295 | | 2,729,757 |
Ramsay Health Care Ltd. | 155,226 | | 1,044,000 |
SAI Global Ltd. | 742,517 | | 1,376,704 |
Seek Ltd. (d) | 518,972 | | 1,241,464 |
Sigma Pharmaceuticals Ltd. | 783,310 | | 637,890 |
Sonic Healthcare Ltd. | 40,015 | | 339,247 |
Tianshan Goldfields Ltd. (a) | 944,712 | | 49,457 |
United Group Ltd. | 280,367 | | 1,957,007 |
Westfield Group unit | 54,397 | | 424,394 |
WorleyParsons Ltd. | 30,013 | | 398,696 |
Wotif.com Holdings Ltd. | 82,808 | | 239,635 |
TOTAL AUSTRALIA | | 40,538,980 |
Austria - 0.6% |
Andritz AG | 95,800 | | 3,255,801 |
Common Stocks - continued |
| Shares | | Value |
Belgium - 0.3% |
EVS Broadcast Equipment SA | 7,700 | | $ 352,900 |
Hansen Transmission International NV (a) | 500,100 | | 1,088,658 |
TOTAL BELGIUM | | 1,441,558 |
Bermuda - 1.8% |
Aquarius Platinum Ltd. (a) | 40,716 | | 150,983 |
Aquarius Platinum Ltd. (Australia) | 366,449 | | 1,358,870 |
C C Land Holdings Ltd. | 861,000 | | 284,631 |
Oakley Capital Investments Ltd. (a) | 1,293,800 | | 1,209,800 |
Pacific Basin Shipping Ltd. | 1,389,000 | | 686,817 |
Peace Mark Holdings Ltd. (a) | 788,000 | | 1 |
PureCircle Ltd. (a) | 616,000 | | 2,242,062 |
Seadrill Ltd. | 124,800 | | 1,331,759 |
Vtech Holdings Ltd. | 414,000 | | 2,070,640 |
Zambezi Resources Ltd.: | | | |
CDI (a) | 2,184,593 | | 31,768 |
warrants 8/31/09 (a) | 108,686 | | 1 |
TOTAL BERMUDA | | 9,367,332 |
British Virgin Islands - 1.5% |
Albidon Ltd. unit (a) | 1,469,000 | | 40,840 |
Kalahari Energy (a)(f) | 1,451,000 | | 1,813,750 |
Playtech Ltd. (d) | 860,400 | | 5,790,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 7,645,404 |
Canada - 1.8% |
AirSea Lines (f) | 1,893,338 | | 50,088 |
AirSea Lines warrants 8/4/11 (a)(f) | 1,862,300 | | 25 |
European Goldfields Ltd. (a) | 903,300 | | 1,915,231 |
Pacific Rubiales Energy Corp. (a) | 285,800 | | 1,401,157 |
Red Back Mining, Inc. (a) | 742,600 | | 5,140,479 |
Rock Well Petroleum, Inc. (a)(f) | 770,400 | | 6 |
Starfield Resources, Inc. (a) | 4,328,075 | | 652,884 |
TOTAL CANADA | | 9,159,870 |
Cayman Islands - 1.6% |
International Consolidated Minerals, Inc. (a) | 852,927 | | 143,310 |
Kingboard Chemical Holdings Ltd. | 22,500 | | 54,543 |
Kingboard Laminates Holdings Ltd. | 938,000 | | 371,360 |
New World China Land Ltd. | 5,384,000 | | 2,095,465 |
Orchid Developments Group Ltd. (a) | 1,211,000 | | 778,508 |
Pacific Textile Holdings Ltd. | 2,904,000 | | 302,741 |
Shimao Property Holdings Ltd. | 3,020,000 | | 3,353,949 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Stella International Holdings Ltd. | 134,000 | | $ 177,554 |
Xinyi Glass Holdings Co. Ltd. | 1,280,000 | | 794,727 |
Yip's Chemical Holdings Ltd. | 734,000 | | 262,139 |
TOTAL CAYMAN ISLANDS | | 8,334,296 |
China - 0.8% |
Changyou.com Ltd. (A Shares) ADR | 14,361 | | 441,601 |
Golden Eagle Retail Group Ltd. (H Shares) | 212,000 | | 171,129 |
Guangzhou R&F Properties Co. Ltd. (H Shares) | 1,104,800 | | 1,776,468 |
Shandong Chenming Paper Holdings Ltd. (B Shares) | 1,620,900 | | 798,942 |
Weiqiao Textile Co. Ltd. (H Shares) | 2,005,000 | | 795,817 |
TOTAL CHINA | | 3,983,957 |
Cyprus - 0.9% |
Buried Hill Energy (Cyprus) PCL (a)(f) | 1,947,000 | | 4,030,290 |
Mirland Development Corp. PLC (a) | 800,700 | | 585,139 |
TOTAL CYPRUS | | 4,615,429 |
Denmark - 1.4% |
Genmab AS (a) | 20,200 | | 778,485 |
Vestas Wind Systems AS (a) | 78,000 | | 5,062,827 |
Vestas Wind Systems AS (a)(f) | 23,600 | | 1,557,209 |
TOTAL DENMARK | | 7,398,521 |
Egypt - 0.4% |
Talaat Moustafa Group Holding (a) | 2,194,760 | | 1,858,183 |
Finland - 0.6% |
Nokian Tyres PLC | 208,140 | | 3,286,085 |
France - 8.2% |
Adenclassifieds SA (a) | 95,800 | | 1,778,768 |
Altamir Amboise | 290,700 | | 1,021,956 |
April Group (d) | 78,700 | | 2,342,068 |
Audika SA | 73,200 | | 1,766,347 |
Boursorama (a) | 154,400 | | 1,270,587 |
Delachaux SA (d) | 52,200 | | 2,899,824 |
Devoteam SA | 41,900 | | 703,770 |
Faiveley SA | 24,000 | | 1,751,686 |
Iliad Group SA (d) | 43,500 | | 4,567,715 |
Ingenico SA | 134,500 | | 2,461,834 |
Laurent-Perrier Group | 8,460 | | 496,144 |
LeGuide.com SA (a) | 90,400 | | 1,741,717 |
Maisons France Confort | 44,800 | | 1,180,673 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Meetic (a)(d) | 234,800 | | $ 5,234,378 |
Nexity | 103,900 | | 3,350,610 |
Sartorius Stedim Biotech | 58,500 | | 1,700,468 |
SeLoger.com (a)(d) | 206,100 | | 5,221,286 |
SR Teleperformance SA | 102,100 | | 2,941,796 |
TOTAL FRANCE | | 42,431,627 |
Germany - 5.8% |
CTS Eventim AG (d) | 100,400 | | 2,886,630 |
Delticom AG | 49,700 | | 3,065,724 |
ElringKlinger AG | 199,900 | | 2,865,854 |
Fresenius Medical Care AG & Co. KGaA (d) | 107,810 | | 4,191,609 |
Gerresheimer AG | 85,400 | | 2,036,833 |
KROMI Logistik AG (a) | 118,200 | | 756,917 |
Open Business Club AG (a) | 42,000 | | 1,646,116 |
Q-Cells SE (a)(d) | 68,300 | | 1,448,685 |
Rational AG (d) | 25,700 | | 2,588,530 |
SMA Solar Technology AG | 33,000 | | 2,045,511 |
STRATEC Biomedical Systems AG | 38,810 | | 765,870 |
United Internet AG | 322,600 | | 3,347,492 |
Wirecard AG | 277,950 | | 2,288,453 |
TOTAL GERMANY | | 29,934,224 |
Greece - 0.5% |
Babis Vovos International Technical SA (a) | 159,500 | | 1,030,416 |
Jumbo SA | 158,600 | | 1,353,530 |
TOTAL GREECE | | 2,383,946 |
Hong Kong - 2.5% |
Cafe de Coral Holdings Ltd. | 1,016,000 | | 1,886,268 |
Champion (REIT) | 1,815,000 | | 417,144 |
China Everbright Ltd. | 386,000 | | 746,971 |
Dynasty Fine Wines Group Ltd. | 1,520,000 | | 263,432 |
Fairwood Holdings Ltd. | 560,500 | | 444,799 |
First Pacific Co. Ltd. | 1,686,000 | | 769,792 |
Midland Holdings Ltd. | 4,868,000 | | 1,995,067 |
Prosperity (REIT) | 1,329,000 | | 148,360 |
Sa Sa International Holdings Ltd. | 1,200,000 | | 417,302 |
Shun Tak Holdings Ltd. | 8,356,000 | | 3,687,378 |
Techtronic Industries Co. Ltd. | 2,066,500 | | 1,222,123 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Texwinca Holdings Ltd. | 1,022,000 | | $ 621,990 |
Transport International Holdings Ltd. | 89,600 | | 242,480 |
TOTAL HONG KONG | | 12,863,106 |
India - 0.0% |
Petronet LNG Ltd. | 118,974 | | 124,455 |
Ireland - 0.7% |
Dragon Oil PLC (a) | 743,500 | | 2,824,712 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 91,325 |
Petroceltic International PLC (a) | 4,436,800 | | 580,808 |
Vimio PLC (a) | 867,300 | | 13 |
TOTAL IRELAND | | 3,496,858 |
Italy - 0.2% |
Seldovia Native Association, Inc. (SNAI) (a) | 328,490 | | 1,205,804 |
Japan - 25.9% |
Aioi Insurance Co. Ltd. | 324,000 | | 1,422,532 |
Air Water, Inc. | 280,000 | | 2,314,572 |
Airport Facilities Co. Ltd. | 168,800 | | 863,465 |
ARCS Co. Ltd. | 139,900 | | 1,725,393 |
Arnest One Corp. (d) | 364,300 | | 606,044 |
Asahi Intecc Co. Ltd. | 131,900 | | 1,131,773 |
Benesse Corp. | 23,000 | | 880,421 |
C. Uyemura & Co. Ltd. | 34,100 | | 684,660 |
Central Glass Co. Ltd. | 508,000 | | 1,928,910 |
Chiba Bank Ltd. | 377,000 | | 1,870,199 |
Chiyoda Corp. | 122,000 | | 734,024 |
Create SD Holdings Co. Ltd. | 48,200 | | 783,874 |
Culture Convenience Club Co. Ltd. (d) | 163,700 | | 1,026,008 |
Daicel Chemical Industries Ltd. | 178,000 | | 748,098 |
Daido Steel Co. Ltd. | 76,000 | | 253,234 |
Daihen Corp. (d) | 443,000 | | 1,455,355 |
Daikin Industries Ltd. | 55,400 | | 1,490,793 |
Daiseki Co. Ltd. (d) | 107,730 | | 2,064,918 |
Don Quijote Co. Ltd. | 101,600 | | 1,544,121 |
eAccess Ltd. | 2,366 | | 1,549,839 |
EPS Co. Ltd. | 594 | | 2,146,826 |
Exedy Corp. | 126,500 | | 2,353,678 |
Ferrotec Corp. (d) | 33,100 | | 343,269 |
FreeBit Co., Ltd. (d) | 170 | | 895,356 |
Fuji Oil Co. Ltd. | 139,500 | | 1,383,648 |
Hamamatsu Photonics KK | 27,400 | | 552,706 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Hitachi Metals Ltd. | 89,000 | | $ 702,034 |
Hitachi Transport System Ltd. | 101,100 | | 1,037,097 |
Hoshizaki Electric Co. Ltd. | 45,100 | | 422,687 |
Ibiden Co. Ltd. | 60,600 | | 1,772,550 |
Ichirokudo Co. Ltd. (a) | 79 | | 24,340 |
Inpex Corp. | 186 | | 1,183,941 |
Isetan Mitsukoshi Holdings Ltd. | 97,600 | | 820,659 |
Itochu Corp. | 354,000 | | 1,898,645 |
JTEKT Corp. | 166,100 | | 1,602,454 |
Jupiter Telecommunications Co. | 4,222 | | 2,971,627 |
kabu.com Securities Co. Ltd. (d) | 1,900 | | 1,968,668 |
Kakaku.com, Inc. (d) | 677 | | 2,317,661 |
Kandenko Co. Ltd. | 139,000 | | 886,455 |
Kinki Sharyo Co. Ltd. (d) | 244,000 | | 1,406,034 |
KOMERI Co. Ltd. (d) | 71,000 | | 1,496,091 |
Kuraray Co. Ltd. | 179,000 | | 1,540,538 |
Kyorin Co. Ltd. | 54,000 | | 625,369 |
Mazda Motor Corp. | 258,000 | | 642,640 |
McDonald's Holdings Co. (Japan) Ltd. | 108,100 | | 1,862,823 |
Meiko Electronics Co. Ltd. (d) | 107,500 | | 1,398,849 |
Miraca Holdings, Inc. | 45,700 | | 932,976 |
Mitsubishi Materials Corp. | 217,000 | | 628,296 |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 76,530 | | 1,770,612 |
Mitsui Chemicals, Inc. | 306,000 | | 914,103 |
Mobilephone Telecommunications International Ltd. | 265 | | 547,686 |
Nabtesco Corp. | 139,000 | | 1,130,107 |
Nagaileben Co. Ltd. | 7,400 | | 131,556 |
NGK Insulators Ltd. | 71,000 | | 1,089,151 |
Nichi-iko Pharmaceutical Co. Ltd. | 48,900 | | 1,320,633 |
Nichicon Corp. | 134,200 | | 1,288,105 |
Nihon M&A Center, Inc. (d) | 384 | | 945,590 |
Nihon Nohyaku Co. Ltd. (d) | 347,000 | | 2,470,548 |
Nikon Corp. | 32,000 | | 424,211 |
Nippon Electric Glass Co. Ltd. | 202,000 | | 1,644,181 |
NOF Corp. | 236,000 | | 876,026 |
Nomura Real Estate Residential Fund, Inc. | 231 | | 896,564 |
NTT Urban Development Co. | 1,948 | | 1,579,602 |
Oenon Holdings, Inc. | 346,000 | | 666,708 |
Omron Corp. | 65,600 | | 980,715 |
Park24 Co. Ltd. | 47,800 | | 369,002 |
Pigeon Corp. (d) | 41,900 | | 1,048,841 |
Point, Inc. | 60,140 | | 2,680,614 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Rengo Co. Ltd. (d) | 266,000 | | $ 1,329,041 |
Roland DG Corp. | 43,600 | | 588,471 |
Saizeriya Co. Ltd. (d) | 173,300 | | 1,968,049 |
Sankyu, Inc. | 407,000 | | 1,195,584 |
Santen Pharmaceutical Co. Ltd. | 77,700 | | 2,194,991 |
Sato Corp. | 101,500 | | 904,069 |
Sec Carbon Ltd. | 126,000 | | 457,004 |
Sega Sammy Holdings, Inc. | 190,000 | | 1,720,365 |
Sekisui Chemical Co. Ltd. | 124,000 | | 651,224 |
Seven Bank Ltd. | 877 | | 2,071,640 |
Shimadzu Corp. | 101,000 | | 617,538 |
Shin Nippon Biomedical Laboratories Ltd. (d) | 144,400 | | 479,376 |
Shin-Kobe Electric Machinery Co. Ltd. (d) | 263,000 | | 2,079,163 |
Shizuoka Bank Ltd. | 211,000 | | 1,901,520 |
SHO-BOND Holdings Co. Ltd. | 114,000 | | 2,050,168 |
So-net M3, Inc. (d) | 481 | | 1,565,376 |
Sony Financial Holdings, Inc. | 880 | | 2,769,381 |
SRI Sports Ltd. | 722 | | 519,084 |
Stanley Electric Co. Ltd. | 150,700 | | 2,140,600 |
Start Today Co. Ltd. | 1,225 | | 1,081,249 |
Sumitomo Rubber Industries Ltd. | 262,500 | | 1,809,764 |
Sumitomo Trust & Banking Co. Ltd. | 320,000 | | 1,339,435 |
Sysmex Corp. | 53,400 | | 1,609,259 |
Taiko Pharmaceutical Co. Ltd. | 5,800 | | 235,515 |
Takeei Corp. | 87,100 | | 933,749 |
The Suruga Bank Ltd. | 157,000 | | 1,346,428 |
Tocalo Co. Ltd. | 61,800 | | 652,224 |
Tohoku Electric Power Co., Inc. | 50,300 | | 1,049,385 |
Tokai Carbon Co. Ltd. | 97,000 | | 435,109 |
Tokyo Gas Co. Ltd. | 235,000 | | 891,158 |
Tokyo Ohka Kogyo Co. Ltd. | 47,100 | | 797,073 |
Toyo Suisan Kaisha Ltd. | 55,000 | | 1,075,585 |
Tsumura & Co. | 53,400 | | 1,462,776 |
Unicharm Petcare Corp. | 32,900 | | 877,965 |
USJ Co. Ltd. | 1,937 | | 970,606 |
Weathernews, Inc. | 24,900 | | 336,566 |
Works Applications Co. Ltd. | 2,665 | | 1,227,469 |
Yamatake Corp. | 115,400 | | 1,934,580 |
Yamato Kogyo Co. Ltd. | 10,600 | | 240,829 |
Yokogawa Bridge Holdings Corp. | 257,000 | | 2,223,830 |
TOTAL JAPAN | | 133,403,903 |
Common Stocks - continued |
| Shares | | Value |
Luxembourg - 0.2% |
GlobeOp Financial Services SA | 693,085 | | $ 999,280 |
Malaysia - 0.0% |
Top Glove Corp. Bhd | 150,600 | | 234,784 |
Netherlands - 2.5% |
Brunel International NV | 85,500 | | 1,374,802 |
Gemalto NV (a) | 72,000 | | 2,266,487 |
James Hardie Industries NV unit | 1,227,287 | | 4,104,858 |
QIAGEN NV (a) | 282,300 | | 4,615,332 |
SMARTRAC NV (a)(d) | 49,800 | | 595,505 |
TOTAL NETHERLANDS | | 12,956,984 |
New Zealand - 0.2% |
Fisher & Paykel Healthcare Corp. | 429,688 | | 739,208 |
The Warehouse Group Ltd. | 82,826 | | 168,268 |
TOTAL NEW ZEALAND | | 907,476 |
Norway - 0.3% |
IMAREX NOS ASA (a) | 158,500 | | 1,049,816 |
Norwegian Property ASA | 400,590 | | 478,278 |
TOTAL NORWAY | | 1,528,094 |
Papua New Guinea - 0.4% |
Lihir Gold Ltd. (a) | 750,837 | | 1,637,801 |
Oil Search Ltd. | 97,412 | | 363,349 |
TOTAL PAPUA NEW GUINEA | | 2,001,150 |
Philippines - 0.1% |
PNOC Energy Development Corp. | 4,340,000 | | 324,823 |
Singapore - 1.0% |
CapitaLand Ltd. | 492,000 | | 917,204 |
City Developments Ltd. | 224,000 | | 980,426 |
Pan-United Corp. Ltd. | 555,000 | | 176,190 |
Raffles Medical Group Ltd. | 1,833,000 | | 1,126,667 |
Wing Tai Holdings Ltd. | 3,275,000 | | 1,946,640 |
TOTAL SINGAPORE | | 5,147,127 |
Spain - 0.7% |
EDP Renovaveis SA | 28,600 | | 233,133 |
Laboratorios Almirall SA | 149,200 | | 1,346,181 |
Laboratorios Farmaceuticos ROVI SA | 285,700 | | 2,043,577 |
TOTAL SPAIN | | 3,622,891 |
Common Stocks - continued |
| Shares | | Value |
Sweden - 1.2% |
Countermine Technologies AB warrants 3/1/10 (a) | 1,085,197 | | $ 41,222 |
Elekta AB (B Shares) (d) | 266,400 | | 3,072,855 |
Intrum Justitia AB (d) | 220,200 | | 1,913,318 |
Q-Med AB | 188,600 | | 1,056,654 |
XCounter AB (a) | 1,108,000 | | 250,921 |
TOTAL SWEDEN | | 6,334,970 |
Switzerland - 2.0% |
Actelion Ltd. (Reg.) (a) | 82,840 | | 3,773,171 |
Basilea Pharmaceutica AG (a) | 9,770 | | 681,609 |
Logitech International SA (Reg.) (a) | 157,836 | | 2,108,801 |
Lonza Group AG | 24,364 | | 2,234,521 |
VZ Holding AG | 44,950 | | 1,757,453 |
TOTAL SWITZERLAND | | 10,555,555 |
Taiwan - 0.2% |
Young Fast Optoelectron Co. Ltd. | 95,000 | | 835,548 |
Thailand - 0.1% |
C.P. Seven Eleven PCL | 1,108,200 | | 392,589 |
Total Access Communication PCL | 221,900 | | 157,549 |
TOTAL THAILAND | | 550,138 |
United Kingdom - 20.4% |
Abcam PLC | 331,300 | | 3,243,942 |
Aberdeen Asset Management PLC | 1,427,600 | | 2,767,444 |
ACP Capital Ltd. | 265,625 | | 78,250 |
Advanced Fluid Connections PLC (a) | 7,009,687 | | 104 |
Antisoma PLC (a) | 3,501,200 | | 1,407,305 |
Appian Technology PLC warrants 7/11/09 (a)(f) | 479,045 | | 7 |
ASOS PLC (a)(d) | 1,243,900 | | 7,078,923 |
Asset Realisation Co. PLC (a) | 375,000 | | 38,353 |
Autonomy Corp. PLC (a) | 343,500 | | 7,203,630 |
Axis Shield PLC (a) | 469,500 | | 2,023,339 |
Blinkx PLC (a) | 2,063,000 | | 531,571 |
Bond International Software PLC | 583,666 | | 357,151 |
Cadogan Petroleum PLC | 1,406,300 | | 221,817 |
Cairn Energy PLC (a) | 107,800 | | 3,378,581 |
Camco International Ltd. (a) | 1,183,202 | | 342,561 |
Centurion Electronics PLC (a)(e) | 748,299 | | 11 |
Ceres Power Holdings PLC (a) | 469,300 | | 837,389 |
China Goldmines PLC (a) | 669,353 | | 246,962 |
Clerkenwell Ventures PLC | 110,300 | | 34,814 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Concateno PLC (a) | 1,859,300 | | $ 2,600,330 |
Connaught PLC | 475,900 | | 2,501,842 |
Corac Group PLC (a) | 3,717,704 | | 1,742,776 |
Craneware PLC | 865,000 | | 2,830,939 |
CSR PLC (a) | 657,100 | | 2,528,910 |
CVS Group PLC (a) | 151,800 | | 306,066 |
Datacash Group PLC | 1,271,280 | | 4,684,378 |
European Nickel PLC (a) | 5,837,800 | | 663,652 |
Evolution Group PLC | 1,716,500 | | 3,026,020 |
Faroe Petroleum PLC (a) | 262,500 | | 291,271 |
GoIndustry-DoveBid PLC (a) | 1,466,500 | | 41,781 |
IBS Group Holding Ltd. GDR (Reg. S) (a) | 311,000 | | 1,503,823 |
Ideal Shopping Direct PLC | 234,592 | | 205,473 |
IG Group Holdings PLC | 1,215,489 | | 3,930,443 |
Inova Holding PLC (a) | 1,443,461 | | 21 |
Intec Telecom Systems PLC (a) | 1,716,568 | | 1,086,643 |
Jubilee Platinum PLC (a) | 1,657,843 | | 303,323 |
Keronite PLC (f) | 13,620,267 | | 100,708 |
Landround PLC warrants 12/11/09 (a)(f) | 166,666 | | 2 |
Marwyn Value Investors II Ltd. (a) | 1,911,200 | | 879,596 |
Max Petroleum PLC (a) | 2,509,220 | | 480,664 |
Michael Page International PLC | 272,819 | | 1,106,220 |
NCC Group Ltd. | 250,715 | | 1,201,286 |
Nviro Cleantech PLC (a) | 2,175,000 | | 212,290 |
Powerleague Group PLC | 786,200 | | 457,448 |
Pureprofile Media PLC (a)(f) | 1,108,572 | | 409,839 |
Pursuit Dynamics PLC (a) | 761,639 | | 804,840 |
Redhall Group PLC | 345,700 | | 897,026 |
Regenersis PLC (a) | 815,000 | | 673,990 |
Renewable Energy Generation Ltd. | 1,646,700 | | 1,209,165 |
Romag Holdings PLC | 38,000 | | 30,507 |
Royalblue Group PLC | 280,142 | | 4,547,049 |
Salamander Energy PLC (a) | 735,300 | | 1,836,653 |
SDL PLC (a) | 1,150,062 | | 5,545,957 |
Serco Group PLC | 449,099 | | 2,422,051 |
Silverdell PLC (a) | 921,000 | | 107,637 |
Sinclair Pharma PLC (a) | 1,888,371 | | 786,222 |
Sphere Medical Holding PLC (a)(f) | 420,000 | | 1,267,036 |
SR Pharma PLC (a) | 3,017,900 | | 1,406,132 |
Synergy Health PLC (d) | 391,024 | | 2,249,117 |
TMO Biotec (a)(f) | 1,000,000 | | 369,700 |
Tullow Oil PLC | 141,200 | | 1,666,225 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Ukrproduct Group Ltd. | 502,300 | | $ 102,744 |
Unite Group PLC | 379,010 | | 543,906 |
Valiant Petroleum PLC (a) | 160,000 | | 1,127,136 |
Vectura Group PLC (a) | 944,860 | | 990,530 |
Wellstream Holdings PLC | 232,300 | | 1,765,109 |
William Hill PLC | 1,369,600 | | 4,396,104 |
Xchanging PLC | 1,557,400 | | 4,248,101 |
York Pharma PLC (a) | 392,500 | | 18,864 |
YouGov PLC (a) | 1,742,654 | | 1,218,513 |
Zenergy Power PLC (a) | 711,280 | | 1,440,535 |
ZincOx Resources PLC (a) | 570,100 | | 551,174 |
TOTAL UNITED KINGDOM | | 105,109,921 |
United States of America - 0.9% |
CTC Media, Inc. (a) | 443,100 | | 3,473,904 |
Cyberview Technology, Inc. (a) | 996,527 | | 15 |
Frontera Resources Corp. (a) | 1,157,200 | | 401,541 |
ResMed, Inc. CHESS Depositary Interests (a) | 112,084 | | 440,080 |
TyraTech, Inc. (a) | 191,500 | | 79,741 |
XL TechGroup, Inc. (a) | 1,329,250 | | 20 |
TOTAL UNITED STATES OF AMERICA | | 4,395,301 |
TOTAL COMMON STOCKS (Cost $663,625,104) | 482,233,381 |
Nonconvertible Preferred Stocks - 0.8% |
| | | |
Germany - 0.8% |
Biotest AG (non-vtg.)
(Cost $8,229,358) | 103,100 | | 4,194,426 |
Investment Companies - 0.2% |
| | | |
United Kingdom - 0.2% |
Brookwell Ltd. (e)
(Cost $3,810,797) | 1,536,250 | | 905,867 |
Money Market Funds - 12.3% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 24,151,596 | | $ 24,151,596 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 39,223,010 | | 39,223,010 |
TOTAL MONEY MARKET FUNDS (Cost $63,374,606) | 63,374,606 |
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $739,039,865) | | 550,708,280 |
NET OTHER ASSETS - (6.9)% | | (35,316,193) |
NET ASSETS - 100% | $ 515,392,087 |
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 $9,598,660 or 1.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines warrants 8/4/11 | 8/4/06 | $ 2 |
Appian Technology PLC warrants 7/11/09 | 2/18/05 | $ 3 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,141,700 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Landround PLC warrants 12/11/09 | 12/12/06 | $ 0 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
Sphere Medical Holding PLC | 8/27/08 | $ 1,310,083 |
TMO Biotec | 10/27/05 | $ 535,065 |
Vestas Wind Systems AS | 4/29/09 | $ 1,355,888 |
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 | $ 151,234 |
Fidelity Securities Lending Cash Central Fund | 454,584 |
Total | $ 605,818 |
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 |
Brookwell Ltd. | $ 1,450,926 | $ 166,500 | $ - | $ 377,946 | $ 905,867 |
Centurion Electronics PLC | 12 | - | - | - | 11 |
CustomVis PLC | 200,922 | - | 32,772 | - | - |
Cyberview Technology, Inc. | 16 | - | - | - | - |
Teleunit SpA | 457,711 | - | 52,094 | - | - |
Total | $ 2,109,587 | $ 166,500 | $ 84,866 | $ 377,946 | $ 905,878 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 550,708,280 | $ 128,170,480 | $ 414,404,525 | $ 8,133,275 |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 14,778,878 |
Total Realized Gain (Loss) | (995,834) |
Total Unrealized Gain (Loss) | (3,572,523) |
Cost of Purchases | - |
Proceeds of Sales | (3,073,903) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | 996,657 |
Ending Balance | $ 8,133,275 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $28,798,938 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 |
Assets | | |
Investment in securities, at value (including securities loaned of $37,341,473) - See accompanying schedule: Unaffiliated issuers (cost $671,530,326) | $ 486,427,796 | |
Fidelity Central Funds (cost $63,374,606) | 63,374,606 | |
Other affiliated issuers (cost $4,134,933) | 905,878 | |
Total Investments (cost $739,039,865) | | $ 550,708,280 |
Foreign currency held at value (cost $246,127) | | 246,500 |
Receivable for investments sold | | 8,307,129 |
Receivable for fund shares sold | | 354,584 |
Dividends receivable | | 1,823,031 |
Distributions receivable from Fidelity Central Funds | | 94,710 |
Prepaid expenses | | 4,867 |
Other receivables | | 159,848 |
Total assets | | 561,698,949 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,919,872 | |
Payable for fund shares redeemed | 546,479 | |
Accrued management fee | 358,570 | |
Distribution fees payable | 13,444 | |
Other affiliated payables | 149,549 | |
Other payables and accrued expenses | 95,938 | |
Collateral on securities loaned, at value | 39,223,010 | |
Total liabilities | | 46,306,862 |
| | |
Net Assets | | $ 515,392,087 |
Net Assets consist of: | | |
Paid in capital | | $ 832,335,869 |
Undistributed net investment income | | 2,289,104 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (130,858,477) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (188,374,409) |
Net Assets | | $ 515,392,087 |
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, 2009 |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($13,531,230 ÷ 1,097,818 shares) | | $ 12.33 |
| | |
Maximum offering price per share (100/94.25 of $12.33) | | $ 13.08 |
Class T:
Net Asset Value and redemption price per share ($11,859,376 ÷ 969,201 shares) | | $ 12.24 |
| | |
Maximum offering price per share (100/96.50 of $12.24) | | $ 12.68 |
Class B:
Net Asset Value and offering price per share ($2,766,838 ÷ 230,402 shares)A | | $ 12.01 |
| | |
Class C:
Net Asset Value and offering price per share ($4,789,057 ÷ 397,149 shares)A | | $ 12.06 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($480,509,909 ÷ 38,586,580 shares) | | $ 12.45 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,935,677 ÷ 155,571 shares) | | $ 12.44 |
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, 2009 |
Investment Income | | |
Dividends (including $377,946 earned from other affiliated issuers) | | $ 5,684,547 |
Interest | | 4,807 |
Income from Fidelity Central Funds (including $454,584 from security lending) | | 605,818 |
| | 6,295,172 |
Less foreign taxes withheld | | (225,724) |
Total income | | 6,069,448 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,192,689 | |
Performance adjustment | 492,211 | |
Transfer agent fees | 758,233 | |
Distribution fees | 83,886 | |
Accounting and security lending fees | 133,702 | |
Custodian fees and expenses | 77,713 | |
Independent trustees' compensation | 2,020 | |
Registration fees | 43,024 | |
Audit | 74,775 | |
Legal | 1,675 | |
Miscellaneous | 5,903 | |
Total expenses before reductions | 3,865,831 | |
Expense reductions | (85,487) | 3,780,344 |
Net investment income (loss) | | 2,289,104 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (88,206,225) | |
Other affiliated issuers | (5,239,603) | |
Foreign currency transactions | 412,728 | |
Total net realized gain (loss) | | (93,033,100) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,452) | 105,556,973 | |
Assets and liabilities in foreign currencies | (601,687) | |
Total change in net unrealized appreciation (depreciation) | | 104,955,286 |
Net gain (loss) | | 11,922,186 |
Net increase (decrease) in net assets resulting from operations | | $ 14,211,290 |
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,
2009 | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,289,104 | $ 1,587,080 |
Net realized gain (loss) | (93,033,100) | 8,577,813 |
Change in net unrealized appreciation (depreciation) | 104,955,286 | (799,488,059) |
Net increase (decrease) in net assets resulting from operations | 14,211,290 | (789,323,166) |
Distributions to shareholders from net investment income | - | (6,293,163) |
Distributions to shareholders from net realized gain | - | (288,048,226) |
Total distributions | - | (294,341,389) |
Share transactions - net increase (decrease) | (73,298,089) | (123,772,022) |
Redemption fees | 28,527 | 146,272 |
Total increase (decrease) in net assets | (59,058,272) | (1,207,290,305) |
| | |
Net Assets | | |
Beginning of period | 574,450,359 | 1,781,740,664 |
End of period (including undistributed net investment income of $2,289,104 and $0, respectively) | $ 515,392,087 | $ 574,450,359 |
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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.91 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | - I | .03 | (.02) | .05 | .02 |
Net realized and unrealized gain (loss) | .38 | (14.03) | 7.97 | 5.05 | 6.16 | 3.83 |
Total from investment operations | .42 | (14.03) | 8.00 | 5.03 | 6.21 | 3.85 |
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) J | (5.65) | (2.94) | (.79) | (.33) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.33 | $ 11.91 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 |
Total Return B,C,D | 3.53% | (53.35)% | 33.43% | 20.22% | 30.16% | 22.36% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.74% A | 1.82% | 1.53% | 1.64% | 1.66% | 1.71% |
Expenses net of fee waivers, if any | 1.65% A | 1.65% | 1.53% | 1.64% | 1.66% | 1.71% |
Expenses net of all reductions | 1.63% A | 1.60% | 1.49% | 1.58% | 1.63% | 1.69% |
Net investment income (loss) | .78% A | -% K | .10% | (.08)% | .21% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 13,531 | $ 13,561 | $ 38,585 | $ 36,701 | $ 34,838 | $ 13,278 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. K Amount represents less than .01%. |
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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.84 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | (.05) | (.04) | (.09) | (.01) | (.03) |
Net realized and unrealized gain (loss) | .37 | (13.95) | 7.93 | 5.03 | 6.12 | 3.83 |
Total from investment operations | .40 | (14.00) | 7.89 | 4.94 | 6.11 | 3.80 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | - | (5.12) | (5.57) | (2.88) | (.76) | (.31) |
Total distributions | - | (5.12) J | (5.57) | (2.88) | (.76) | (.32) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.24 | $ 11.84 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 |
Total Return B,C,D | 3.38% | (53.46)% | 33.07% | 19.93% | 29.72% | 22.07% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.99% A | 2.07% | 1.77% | 1.89% | 1.92% | 1.94% |
Expenses net of fee waivers, if any | 1.90% A | 1.90% | 1.77% | 1.89% | 1.91% | 1.94% |
Expenses net of all reductions | 1.87% A | 1.86% | 1.73% | 1.83% | 1.88% | 1.92% |
Net investment income (loss) | .53% A | (.25)% | (.14)% | (.32)% | (.04)% | (.14)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,859 | $ 13,493 | $ 40,823 | $ 41,982 | $ 41,647 | $ 15,131 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $5.12 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.65 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | (.16) | (.18) | (.24) | (.14) | (.16) |
Net realized and unrealized gain (loss) | .36 | (13.73) | 7.82 | 4.98 | 6.08 | 3.80 |
Total from investment operations | .36 | (13.89) | 7.64 | 4.74 | 5.94 | 3.64 |
Distributions from net realized gain | - | (4.95) J | (5.41) | (2.73) | (.71) | (.31) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.01 | $ 11.65 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 |
Total Return B,C,D | 3.09% | (53.68)% | 32.38% | 19.28% | 29.13% | 21.21% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.49% A | 2.58% | 2.30% | 2.48% | 2.49% | 2.63% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.30% | 2.40% | 2.43% | 2.63% |
Expenses net of all reductions | 2.37% A | 2.36% | 2.26% | 2.34% | 2.40% | 2.60% |
Net investment income (loss) | .03% A | (.75)% | (.66)% | (.84)% | (.56)% | (.83)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,767 | $ 3,230 | $ 10,704 | $ 11,354 | $ 12,783 | $ 5,061 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $4.95 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.70 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | (.16) | (.17) | (.23) | (.13) | (.12) |
Net realized and unrealized gain (loss) | .36 | (13.78) | 7.85 | 4.99 | 6.10 | 3.80 |
Total from investment operations | .36 | (13.94) | 7.68 | 4.76 | 5.97 | 3.68 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | - | (4.98) | (5.39) | (2.75) | (.72) | (.31) |
Total distributions | - | (4.98) J | (5.39) | (2.75) | (.72) | (.32) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.06 | $ 11.70 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 |
Total Return B,C,D | 3.08% | (53.67)% | 32.39% | 19.34% | 29.22% | 21.43% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.49% A | 2.57% | 2.26% | 2.38% | 2.41% | 2.43% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.26% | 2.38% | 2.41% | 2.43% |
Expenses net of all reductions | 2.37% A | 2.36% | 2.22% | 2.32% | 2.38% | 2.40% |
Net investment income (loss) | .03% A | (.76)% | (.62)% | (.81)% | (.54)% | (.62)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,789 | $ 5,658 | $ 20,094 | $ 21,335 | $ 25,202 | $ 8,664 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $4.98 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.03 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .03 | .12 | .08 | .15 | .10 |
Net realized and unrealized gain (loss) | .37 | (14.14) | 8.03 | 5.08 | 6.19 | 3.84 |
Total from investment operations | .42 | (14.11) | 8.15 | 5.16 | 6.34 | 3.94 |
Distributions from net investment income | - | (.12) | (.07) | (.14) | (.06) | (.02) |
Distributions from net realized gain | - | (5.18) | (5.67) | (2.89) | (.77) | (.31) |
Total distributions | - | (5.30) I | (5.74) | (3.03) | (.83) | (.33) |
Redemption fees added to paid in capital D | - H | - H | - H | .01 | .02 | .04 |
Net asset value, end of period | $ 12.45 | $ 12.03 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 |
Total Return B,C | 3.49% | (53.25)% | 33.82% | 20.65% | 30.67% | 22.84% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.50% A | 1.49% | 1.19% | 1.28% | 1.28% | 1.30% |
Expenses net of fee waivers, if any | 1.50% A | 1.49% | 1.19% | 1.28% | 1.28% | 1.30% |
Expenses net of all reductions | 1.47% A | 1.44% | 1.15% | 1.22% | 1.25% | 1.28% |
Net investment income (loss) | .93% A | .16% | .45% | .29% | .59% | .50% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 480,510 | $ 536,291 | $ 1,663,761 | $ 1,816,059 | $ 2,090,458 | $ 1,091,335 |
Portfolio turnover rate F | 78% A | 113% | 70% | 84% | 79% | 77% |
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. I Total distributions of $5.30 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 12.01 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .05 | .12 | .08 | .14 | .10 |
Net realized and unrealized gain (loss) | .37 | (14.12) | 8.01 | 5.07 | 6.18 | 3.84 |
Total from investment operations | .43 | (14.07) | 8.13 | 5.15 | 6.32 | 3.94 |
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) I | (5.74) | (3.03) | (.84) | (.34) |
Redemption fees added to paid in capital D | - H | - H | - H | .01 | .02 | .04 |
Net asset value, end of period | $ 12.44 | $ 12.01 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 |
Total Return B,C | 3.58% | (53.22)% | 33.84% | 20.65% | 30.59% | 22.84% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.50% A | 1.49% | 1.18% | 1.29% | 1.30% | 1.32% |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.18% | 1.29% | 1.30% | 1.32% |
Expenses net of all reductions | 1.37% A | 1.35% | 1.14% | 1.23% | 1.27% | 1.29% |
Net investment income (loss) | 1.03% A | .25% | .45% | .28% | .57% | .49% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,936 | $ 2,217 | $ 7,774 | $ 9,050 | $ 7,432 | $ 2,568 |
Portfolio turnover rate F | 78% A | 113% | 70% | 84% | 79% | 77% |
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. I Total distributions of $5.30 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, 2009
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The Fund is currently closed to most new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers Class A, Class T, Class B, Class C, International Small Cap and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments ,as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements - continued
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.
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.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 42,680,931 |
Unrealized depreciation | (237,213,606) |
Net unrealized appreciation (depreciation) | $ (194,532,675) |
Cost for federal income tax purposes | $ 745,240,955 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
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 $185,439,088 and $241,794,206, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 1.06% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements - 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% | $ 15,709 | $ 408 |
Class T | .25% | .25% | 29,634 | - |
Class B | .75% | .25% | 14,187 | 10,693 |
Class C | .75% | .25% | 24,356 | 771 |
| | | $ 83,886 | $ 11,872 |
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 | $ 1,234 |
Class T | 738 |
Class B* | 2,682 |
Class C* | 17 |
| $ 4,671 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 18,466 | .29 |
Class T | 17,539 | .30 |
Class B | 4,149 | .29 |
Class C | 7,001 | .29 |
International Small Cap | 708,206 | .30 |
Institutional Class | 2,872 | .30 |
| $ 758,233 | |
* 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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,642 and is reflected in Miscellaneous 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
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% | $ 5,543 |
Class T | 1.90% | 5,568 |
Class B | 2.40% | 1,300 |
Class C | 2.40% | 2,105 |
Institutional Class | 1.40% | 949 |
| | $ 15,465 |
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 $69,839 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 $183.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ - | $ 31,995 |
International Small Cap | - | 6,232,230 |
Institutional Class | - | 28,938 |
Total | $ - | $ 6,293,163 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net realized gain | | |
Class A | $ - | $ 6,369,531 |
Class T | - | 6,691,175 |
Class B | - | 1,698,463 |
Class C | - | 3,224,346 |
International Small Cap | - | 268,816,510 |
Institutional Class | - | 1,248,201 |
Total | $ - | $ 288,048,226 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 160,889 | 287,898 | $ 1,858,245 | $ 6,010,378 |
Reinvestment of distributions | - | 249,978 | - | 5,921,976 |
Shares redeemed | (201,422) | (638,746) | (2,275,377) | (12,839,012) |
Net increase (decrease) | (40,533) | (100,870) | $ (417,132) | $ (906,658) |
Class T | | | | |
Shares sold | 68,135 | 197,388 | $ 764,091 | $ 4,233,911 |
Reinvestment of distributions | - | 266,848 | - | 6,297,616 |
Shares redeemed | (238,372) | (643,248) | (2,680,678) | (12,848,518) |
Net increase (decrease) | (170,237) | (179,012) | $ (1,916,587) | $ (2,316,991) |
Class B | | | | |
Shares sold | 5,357 | 14,574 | $ 59,404 | $ 298,092 |
Reinvestment of distributions | - | 66,447 | - | 1,549,547 |
Shares redeemed | (52,235) | (154,774) | (572,772) | (3,077,783) |
Net increase (decrease) | (46,878) | (73,753) | $ (513,368) | $ (1,230,144) |
Class C | | | | |
Shares sold | 10,204 | 42,453 | $ 112,595 | $ 916,236 |
Reinvestment of distributions | - | 110,479 | - | 2,587,416 |
Shares redeemed | (96,682) | (325,478) | (1,072,946) | (6,282,310) |
Net increase (decrease) | (86,478) | (172,546) | $ (960,351) | $ (2,778,658) |
International Small Cap | | | | |
Shares sold | 2,209,258 | 6,448,356 | $ 25,274,340 | $ 136,000,750 |
Reinvestment of distributions | - | 10,462,725 | - | 249,849,882 |
Shares redeemed | (8,213,810) | (25,231,805) | (94,422,573) | (501,268,909) |
Net increase (decrease) | (6,004,552) | (8,320,724) | $ (69,148,233) | $ (115,418,277) |
Semiannual Report
Notes to Financial Statements - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Institutional Class | | | | |
Shares sold | 18,118 | 50,432 | $ 198,913 | $ 1,127,368 |
Reinvestment of distributions | - | 31,471 | - | 749,964 |
Shares redeemed | (47,103) | (145,066) | (541,331) | (2,998,626) |
Net increase (decrease) | (28,985) | (63,163) | $ (342,418) | $ (1,121,294) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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, 2009, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the year ended October 31, 2008. 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, 2009, 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, 2009, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the year ended October 31, 2008, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 15, 2009
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
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Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
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To change your PIN.
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By PC
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Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
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Semiannual Report
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Semiannual Report
Investment Adviser
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ISC-USAN-0609
1.800661.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2009
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 financial statements. |
Report of Independent Registered Public Accounting Firm | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,035.30 | $ 8.33 |
Hypothetical A | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,033.80 | $ 9.58 |
Hypothetical A | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,030.90 | $ 12.09 |
Hypothetical A | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,030.80 | $ 12.08 |
Hypothetical A | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
International Small Cap | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,034.90 | $ 7.57 |
Hypothetical A | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,035.80 | $ 7.07 |
Hypothetical A | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 25.9% | |
| United Kingdom 20.6% | |
| France 8.2% | |
| Australia 7.9% | |
| Germany 6.6% | |
| United States of America 6.3% | |
| Netherlands 2.5% | |
| Hong Kong 2.5% | |
| Switzerland 2.0% | |
| Other 17.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 32.3% | |
| United Kingdom 19.7% | |
| United States of America 8.3% | |
| Australia 7.6% | |
| Germany 6.5% | |
| France 5.3% | |
| Switzerland 2.6% | |
| Sweden 1.7% | |
| Spain 1.7% | |
| Other 14.3% | |
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 Investment Companies | 94.6 | 92.5 |
Short-Term Investments and Net Other Assets | 5.4 | 7.5 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Autonomy Corp. PLC (United Kingdom, Software) | 1.4 | 0.9 |
ASOS PLC (United Kingdom, Internet & Catalog Retail) | 1.4 | 1.3 |
Playtech Ltd. (British Virgin Islands, Software) | 1.1 | 0.6 |
SDL PLC (United Kingdom, Software) | 1.1 | 0.8 |
Meetic (France, Internet Software & Services) | 1.0 | 0.6 |
SeLoger.com (France, Media) | 1.0 | 0.5 |
Red Back Mining, Inc. (Canada, Metals & Mining) | 1.0 | 0.5 |
Vestas Wind Systems AS (Denmark, Electrical Equipment) | 1.0 | 0.6 |
Datacash Group PLC (United Kingdom, IT Services) | 0.9 | 1.0 |
QIAGEN NV (Netherlands, Life Sciences Tools & Services) | 0.9 | 0.7 |
| 10.8 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.3 | 14.8 |
Information Technology | 16.3 | 12.8 |
Industrials | 15.5 | 14.8 |
Health Care | 14.1 | 19.4 |
Financials | 12.5 | 9.1 |
Materials | 8.1 | 6.4 |
Energy | 6.0 | 6.0 |
Consumer Staples | 2.6 | 5.1 |
Telecommunication Services | 1.2 | 1.3 |
Utilities | 0.8 | 2.6 |
Semiannual Report
Investments April 30, 2009
Showing Percentage of Net Assets
Common Stocks - 93.6% |
| Shares | | Value |
Australia - 7.9% |
AGL Energy Ltd. | 41,046 | | $ 451,250 |
Allied Gold Ltd. (a) | 2,618,907 | | 609,346 |
Allied Gold Ltd. (United Kingdom) (a) | 5,582,300 | | 1,312,960 |
Ansell Ltd. | 95,235 | | 580,276 |
Australian Worldwide Exploration Ltd. | 517,887 | | 918,796 |
Centamin Egypt Ltd. (a) | 5,409,550 | | 4,368,451 |
Centennial Coal Co. Ltd. | 307,449 | | 406,854 |
Coal of Africa Ltd. (a) | 2,537,804 | | 2,521,407 |
CopperCo Ltd. (a) | 3,342,244 | | 24 |
David Jones Ltd. | 1,228,763 | | 2,707,104 |
Dominos Pizza Enterprises Ltd. | 186,023 | | 416,593 |
Energy Resources of Australia Ltd. | 58,759 | | 892,925 |
Healthscope Ltd. | 210,069 | | 591,108 |
Invocare Ltd. | 317,832 | | 1,180,899 |
Iress Market Technology Ltd. (d) | 319,947 | | 1,388,822 |
JB Hi-Fi Ltd. (d) | 346,322 | | 3,434,698 |
Metcash Ltd. | 252,225 | | 762,914 |
Monto Minerals Ltd. (a) | 8,206,552 | | 121 |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | 22 |
Navitas Ltd. | 1,322,105 | | 2,201,383 |
Newcrest Mining Ltd. | 22,056 | | 480,145 |
Nufarm Ltd. | 125,830 | | 1,210,426 |
OZ Minerals Ltd. | 882,090 | | 481,026 |
Paladin Energy Ltd. (a)(d) | 669,503 | | 2,244,128 |
Primary Health Care Ltd. | 296,216 | | 939,051 |
QBE Insurance Group Ltd. | 172,295 | | 2,729,757 |
Ramsay Health Care Ltd. | 155,226 | | 1,044,000 |
SAI Global Ltd. | 742,517 | | 1,376,704 |
Seek Ltd. (d) | 518,972 | | 1,241,464 |
Sigma Pharmaceuticals Ltd. | 783,310 | | 637,890 |
Sonic Healthcare Ltd. | 40,015 | | 339,247 |
Tianshan Goldfields Ltd. (a) | 944,712 | | 49,457 |
United Group Ltd. | 280,367 | | 1,957,007 |
Westfield Group unit | 54,397 | | 424,394 |
WorleyParsons Ltd. | 30,013 | | 398,696 |
Wotif.com Holdings Ltd. | 82,808 | | 239,635 |
TOTAL AUSTRALIA | | 40,538,980 |
Austria - 0.6% |
Andritz AG | 95,800 | | 3,255,801 |
Common Stocks - continued |
| Shares | | Value |
Belgium - 0.3% |
EVS Broadcast Equipment SA | 7,700 | | $ 352,900 |
Hansen Transmission International NV (a) | 500,100 | | 1,088,658 |
TOTAL BELGIUM | | 1,441,558 |
Bermuda - 1.8% |
Aquarius Platinum Ltd. (a) | 40,716 | | 150,983 |
Aquarius Platinum Ltd. (Australia) | 366,449 | | 1,358,870 |
C C Land Holdings Ltd. | 861,000 | | 284,631 |
Oakley Capital Investments Ltd. (a) | 1,293,800 | | 1,209,800 |
Pacific Basin Shipping Ltd. | 1,389,000 | | 686,817 |
Peace Mark Holdings Ltd. (a) | 788,000 | | 1 |
PureCircle Ltd. (a) | 616,000 | | 2,242,062 |
Seadrill Ltd. | 124,800 | | 1,331,759 |
Vtech Holdings Ltd. | 414,000 | | 2,070,640 |
Zambezi Resources Ltd.: | | | |
CDI (a) | 2,184,593 | | 31,768 |
warrants 8/31/09 (a) | 108,686 | | 1 |
TOTAL BERMUDA | | 9,367,332 |
British Virgin Islands - 1.5% |
Albidon Ltd. unit (a) | 1,469,000 | | 40,840 |
Kalahari Energy (a)(f) | 1,451,000 | | 1,813,750 |
Playtech Ltd. (d) | 860,400 | | 5,790,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 7,645,404 |
Canada - 1.8% |
AirSea Lines (f) | 1,893,338 | | 50,088 |
AirSea Lines warrants 8/4/11 (a)(f) | 1,862,300 | | 25 |
European Goldfields Ltd. (a) | 903,300 | | 1,915,231 |
Pacific Rubiales Energy Corp. (a) | 285,800 | | 1,401,157 |
Red Back Mining, Inc. (a) | 742,600 | | 5,140,479 |
Rock Well Petroleum, Inc. (a)(f) | 770,400 | | 6 |
Starfield Resources, Inc. (a) | 4,328,075 | | 652,884 |
TOTAL CANADA | | 9,159,870 |
Cayman Islands - 1.6% |
International Consolidated Minerals, Inc. (a) | 852,927 | | 143,310 |
Kingboard Chemical Holdings Ltd. | 22,500 | | 54,543 |
Kingboard Laminates Holdings Ltd. | 938,000 | | 371,360 |
New World China Land Ltd. | 5,384,000 | | 2,095,465 |
Orchid Developments Group Ltd. (a) | 1,211,000 | | 778,508 |
Pacific Textile Holdings Ltd. | 2,904,000 | | 302,741 |
Shimao Property Holdings Ltd. | 3,020,000 | | 3,353,949 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Stella International Holdings Ltd. | 134,000 | | $ 177,554 |
Xinyi Glass Holdings Co. Ltd. | 1,280,000 | | 794,727 |
Yip's Chemical Holdings Ltd. | 734,000 | | 262,139 |
TOTAL CAYMAN ISLANDS | | 8,334,296 |
China - 0.8% |
Changyou.com Ltd. (A Shares) ADR | 14,361 | | 441,601 |
Golden Eagle Retail Group Ltd. (H Shares) | 212,000 | | 171,129 |
Guangzhou R&F Properties Co. Ltd. (H Shares) | 1,104,800 | | 1,776,468 |
Shandong Chenming Paper Holdings Ltd. (B Shares) | 1,620,900 | | 798,942 |
Weiqiao Textile Co. Ltd. (H Shares) | 2,005,000 | | 795,817 |
TOTAL CHINA | | 3,983,957 |
Cyprus - 0.9% |
Buried Hill Energy (Cyprus) PCL (a)(f) | 1,947,000 | | 4,030,290 |
Mirland Development Corp. PLC (a) | 800,700 | | 585,139 |
TOTAL CYPRUS | | 4,615,429 |
Denmark - 1.4% |
Genmab AS (a) | 20,200 | | 778,485 |
Vestas Wind Systems AS (a) | 78,000 | | 5,062,827 |
Vestas Wind Systems AS (a)(f) | 23,600 | | 1,557,209 |
TOTAL DENMARK | | 7,398,521 |
Egypt - 0.4% |
Talaat Moustafa Group Holding (a) | 2,194,760 | | 1,858,183 |
Finland - 0.6% |
Nokian Tyres PLC | 208,140 | | 3,286,085 |
France - 8.2% |
Adenclassifieds SA (a) | 95,800 | | 1,778,768 |
Altamir Amboise | 290,700 | | 1,021,956 |
April Group (d) | 78,700 | | 2,342,068 |
Audika SA | 73,200 | | 1,766,347 |
Boursorama (a) | 154,400 | | 1,270,587 |
Delachaux SA (d) | 52,200 | | 2,899,824 |
Devoteam SA | 41,900 | | 703,770 |
Faiveley SA | 24,000 | | 1,751,686 |
Iliad Group SA (d) | 43,500 | | 4,567,715 |
Ingenico SA | 134,500 | | 2,461,834 |
Laurent-Perrier Group | 8,460 | | 496,144 |
LeGuide.com SA (a) | 90,400 | | 1,741,717 |
Maisons France Confort | 44,800 | | 1,180,673 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Meetic (a)(d) | 234,800 | | $ 5,234,378 |
Nexity | 103,900 | | 3,350,610 |
Sartorius Stedim Biotech | 58,500 | | 1,700,468 |
SeLoger.com (a)(d) | 206,100 | | 5,221,286 |
SR Teleperformance SA | 102,100 | | 2,941,796 |
TOTAL FRANCE | | 42,431,627 |
Germany - 5.8% |
CTS Eventim AG (d) | 100,400 | | 2,886,630 |
Delticom AG | 49,700 | | 3,065,724 |
ElringKlinger AG | 199,900 | | 2,865,854 |
Fresenius Medical Care AG & Co. KGaA (d) | 107,810 | | 4,191,609 |
Gerresheimer AG | 85,400 | | 2,036,833 |
KROMI Logistik AG (a) | 118,200 | | 756,917 |
Open Business Club AG (a) | 42,000 | | 1,646,116 |
Q-Cells SE (a)(d) | 68,300 | | 1,448,685 |
Rational AG (d) | 25,700 | | 2,588,530 |
SMA Solar Technology AG | 33,000 | | 2,045,511 |
STRATEC Biomedical Systems AG | 38,810 | | 765,870 |
United Internet AG | 322,600 | | 3,347,492 |
Wirecard AG | 277,950 | | 2,288,453 |
TOTAL GERMANY | | 29,934,224 |
Greece - 0.5% |
Babis Vovos International Technical SA (a) | 159,500 | | 1,030,416 |
Jumbo SA | 158,600 | | 1,353,530 |
TOTAL GREECE | | 2,383,946 |
Hong Kong - 2.5% |
Cafe de Coral Holdings Ltd. | 1,016,000 | | 1,886,268 |
Champion (REIT) | 1,815,000 | | 417,144 |
China Everbright Ltd. | 386,000 | | 746,971 |
Dynasty Fine Wines Group Ltd. | 1,520,000 | | 263,432 |
Fairwood Holdings Ltd. | 560,500 | | 444,799 |
First Pacific Co. Ltd. | 1,686,000 | | 769,792 |
Midland Holdings Ltd. | 4,868,000 | | 1,995,067 |
Prosperity (REIT) | 1,329,000 | | 148,360 |
Sa Sa International Holdings Ltd. | 1,200,000 | | 417,302 |
Shun Tak Holdings Ltd. | 8,356,000 | | 3,687,378 |
Techtronic Industries Co. Ltd. | 2,066,500 | | 1,222,123 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Texwinca Holdings Ltd. | 1,022,000 | | $ 621,990 |
Transport International Holdings Ltd. | 89,600 | | 242,480 |
TOTAL HONG KONG | | 12,863,106 |
India - 0.0% |
Petronet LNG Ltd. | 118,974 | | 124,455 |
Ireland - 0.7% |
Dragon Oil PLC (a) | 743,500 | | 2,824,712 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 91,325 |
Petroceltic International PLC (a) | 4,436,800 | | 580,808 |
Vimio PLC (a) | 867,300 | | 13 |
TOTAL IRELAND | | 3,496,858 |
Italy - 0.2% |
Seldovia Native Association, Inc. (SNAI) (a) | 328,490 | | 1,205,804 |
Japan - 25.9% |
Aioi Insurance Co. Ltd. | 324,000 | | 1,422,532 |
Air Water, Inc. | 280,000 | | 2,314,572 |
Airport Facilities Co. Ltd. | 168,800 | | 863,465 |
ARCS Co. Ltd. | 139,900 | | 1,725,393 |
Arnest One Corp. (d) | 364,300 | | 606,044 |
Asahi Intecc Co. Ltd. | 131,900 | | 1,131,773 |
Benesse Corp. | 23,000 | | 880,421 |
C. Uyemura & Co. Ltd. | 34,100 | | 684,660 |
Central Glass Co. Ltd. | 508,000 | | 1,928,910 |
Chiba Bank Ltd. | 377,000 | | 1,870,199 |
Chiyoda Corp. | 122,000 | | 734,024 |
Create SD Holdings Co. Ltd. | 48,200 | | 783,874 |
Culture Convenience Club Co. Ltd. (d) | 163,700 | | 1,026,008 |
Daicel Chemical Industries Ltd. | 178,000 | | 748,098 |
Daido Steel Co. Ltd. | 76,000 | | 253,234 |
Daihen Corp. (d) | 443,000 | | 1,455,355 |
Daikin Industries Ltd. | 55,400 | | 1,490,793 |
Daiseki Co. Ltd. (d) | 107,730 | | 2,064,918 |
Don Quijote Co. Ltd. | 101,600 | | 1,544,121 |
eAccess Ltd. | 2,366 | | 1,549,839 |
EPS Co. Ltd. | 594 | | 2,146,826 |
Exedy Corp. | 126,500 | | 2,353,678 |
Ferrotec Corp. (d) | 33,100 | | 343,269 |
FreeBit Co., Ltd. (d) | 170 | | 895,356 |
Fuji Oil Co. Ltd. | 139,500 | | 1,383,648 |
Hamamatsu Photonics KK | 27,400 | | 552,706 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Hitachi Metals Ltd. | 89,000 | | $ 702,034 |
Hitachi Transport System Ltd. | 101,100 | | 1,037,097 |
Hoshizaki Electric Co. Ltd. | 45,100 | | 422,687 |
Ibiden Co. Ltd. | 60,600 | | 1,772,550 |
Ichirokudo Co. Ltd. (a) | 79 | | 24,340 |
Inpex Corp. | 186 | | 1,183,941 |
Isetan Mitsukoshi Holdings Ltd. | 97,600 | | 820,659 |
Itochu Corp. | 354,000 | | 1,898,645 |
JTEKT Corp. | 166,100 | | 1,602,454 |
Jupiter Telecommunications Co. | 4,222 | | 2,971,627 |
kabu.com Securities Co. Ltd. (d) | 1,900 | | 1,968,668 |
Kakaku.com, Inc. (d) | 677 | | 2,317,661 |
Kandenko Co. Ltd. | 139,000 | | 886,455 |
Kinki Sharyo Co. Ltd. (d) | 244,000 | | 1,406,034 |
KOMERI Co. Ltd. (d) | 71,000 | | 1,496,091 |
Kuraray Co. Ltd. | 179,000 | | 1,540,538 |
Kyorin Co. Ltd. | 54,000 | | 625,369 |
Mazda Motor Corp. | 258,000 | | 642,640 |
McDonald's Holdings Co. (Japan) Ltd. | 108,100 | | 1,862,823 |
Meiko Electronics Co. Ltd. (d) | 107,500 | | 1,398,849 |
Miraca Holdings, Inc. | 45,700 | | 932,976 |
Mitsubishi Materials Corp. | 217,000 | | 628,296 |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 76,530 | | 1,770,612 |
Mitsui Chemicals, Inc. | 306,000 | | 914,103 |
Mobilephone Telecommunications International Ltd. | 265 | | 547,686 |
Nabtesco Corp. | 139,000 | | 1,130,107 |
Nagaileben Co. Ltd. | 7,400 | | 131,556 |
NGK Insulators Ltd. | 71,000 | | 1,089,151 |
Nichi-iko Pharmaceutical Co. Ltd. | 48,900 | | 1,320,633 |
Nichicon Corp. | 134,200 | | 1,288,105 |
Nihon M&A Center, Inc. (d) | 384 | | 945,590 |
Nihon Nohyaku Co. Ltd. (d) | 347,000 | | 2,470,548 |
Nikon Corp. | 32,000 | | 424,211 |
Nippon Electric Glass Co. Ltd. | 202,000 | | 1,644,181 |
NOF Corp. | 236,000 | | 876,026 |
Nomura Real Estate Residential Fund, Inc. | 231 | | 896,564 |
NTT Urban Development Co. | 1,948 | | 1,579,602 |
Oenon Holdings, Inc. | 346,000 | | 666,708 |
Omron Corp. | 65,600 | | 980,715 |
Park24 Co. Ltd. | 47,800 | | 369,002 |
Pigeon Corp. (d) | 41,900 | | 1,048,841 |
Point, Inc. | 60,140 | | 2,680,614 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Rengo Co. Ltd. (d) | 266,000 | | $ 1,329,041 |
Roland DG Corp. | 43,600 | | 588,471 |
Saizeriya Co. Ltd. (d) | 173,300 | | 1,968,049 |
Sankyu, Inc. | 407,000 | | 1,195,584 |
Santen Pharmaceutical Co. Ltd. | 77,700 | | 2,194,991 |
Sato Corp. | 101,500 | | 904,069 |
Sec Carbon Ltd. | 126,000 | | 457,004 |
Sega Sammy Holdings, Inc. | 190,000 | | 1,720,365 |
Sekisui Chemical Co. Ltd. | 124,000 | | 651,224 |
Seven Bank Ltd. | 877 | | 2,071,640 |
Shimadzu Corp. | 101,000 | | 617,538 |
Shin Nippon Biomedical Laboratories Ltd. (d) | 144,400 | | 479,376 |
Shin-Kobe Electric Machinery Co. Ltd. (d) | 263,000 | | 2,079,163 |
Shizuoka Bank Ltd. | 211,000 | | 1,901,520 |
SHO-BOND Holdings Co. Ltd. | 114,000 | | 2,050,168 |
So-net M3, Inc. (d) | 481 | | 1,565,376 |
Sony Financial Holdings, Inc. | 880 | | 2,769,381 |
SRI Sports Ltd. | 722 | | 519,084 |
Stanley Electric Co. Ltd. | 150,700 | | 2,140,600 |
Start Today Co. Ltd. | 1,225 | | 1,081,249 |
Sumitomo Rubber Industries Ltd. | 262,500 | | 1,809,764 |
Sumitomo Trust & Banking Co. Ltd. | 320,000 | | 1,339,435 |
Sysmex Corp. | 53,400 | | 1,609,259 |
Taiko Pharmaceutical Co. Ltd. | 5,800 | | 235,515 |
Takeei Corp. | 87,100 | | 933,749 |
The Suruga Bank Ltd. | 157,000 | | 1,346,428 |
Tocalo Co. Ltd. | 61,800 | | 652,224 |
Tohoku Electric Power Co., Inc. | 50,300 | | 1,049,385 |
Tokai Carbon Co. Ltd. | 97,000 | | 435,109 |
Tokyo Gas Co. Ltd. | 235,000 | | 891,158 |
Tokyo Ohka Kogyo Co. Ltd. | 47,100 | | 797,073 |
Toyo Suisan Kaisha Ltd. | 55,000 | | 1,075,585 |
Tsumura & Co. | 53,400 | | 1,462,776 |
Unicharm Petcare Corp. | 32,900 | | 877,965 |
USJ Co. Ltd. | 1,937 | | 970,606 |
Weathernews, Inc. | 24,900 | | 336,566 |
Works Applications Co. Ltd. | 2,665 | | 1,227,469 |
Yamatake Corp. | 115,400 | | 1,934,580 |
Yamato Kogyo Co. Ltd. | 10,600 | | 240,829 |
Yokogawa Bridge Holdings Corp. | 257,000 | | 2,223,830 |
TOTAL JAPAN | | 133,403,903 |
Common Stocks - continued |
| Shares | | Value |
Luxembourg - 0.2% |
GlobeOp Financial Services SA | 693,085 | | $ 999,280 |
Malaysia - 0.0% |
Top Glove Corp. Bhd | 150,600 | | 234,784 |
Netherlands - 2.5% |
Brunel International NV | 85,500 | | 1,374,802 |
Gemalto NV (a) | 72,000 | | 2,266,487 |
James Hardie Industries NV unit | 1,227,287 | | 4,104,858 |
QIAGEN NV (a) | 282,300 | | 4,615,332 |
SMARTRAC NV (a)(d) | 49,800 | | 595,505 |
TOTAL NETHERLANDS | | 12,956,984 |
New Zealand - 0.2% |
Fisher & Paykel Healthcare Corp. | 429,688 | | 739,208 |
The Warehouse Group Ltd. | 82,826 | | 168,268 |
TOTAL NEW ZEALAND | | 907,476 |
Norway - 0.3% |
IMAREX NOS ASA (a) | 158,500 | | 1,049,816 |
Norwegian Property ASA | 400,590 | | 478,278 |
TOTAL NORWAY | | 1,528,094 |
Papua New Guinea - 0.4% |
Lihir Gold Ltd. (a) | 750,837 | | 1,637,801 |
Oil Search Ltd. | 97,412 | | 363,349 |
TOTAL PAPUA NEW GUINEA | | 2,001,150 |
Philippines - 0.1% |
PNOC Energy Development Corp. | 4,340,000 | | 324,823 |
Singapore - 1.0% |
CapitaLand Ltd. | 492,000 | | 917,204 |
City Developments Ltd. | 224,000 | | 980,426 |
Pan-United Corp. Ltd. | 555,000 | | 176,190 |
Raffles Medical Group Ltd. | 1,833,000 | | 1,126,667 |
Wing Tai Holdings Ltd. | 3,275,000 | | 1,946,640 |
TOTAL SINGAPORE | | 5,147,127 |
Spain - 0.7% |
EDP Renovaveis SA | 28,600 | | 233,133 |
Laboratorios Almirall SA | 149,200 | | 1,346,181 |
Laboratorios Farmaceuticos ROVI SA | 285,700 | | 2,043,577 |
TOTAL SPAIN | | 3,622,891 |
Common Stocks - continued |
| Shares | | Value |
Sweden - 1.2% |
Countermine Technologies AB warrants 3/1/10 (a) | 1,085,197 | | $ 41,222 |
Elekta AB (B Shares) (d) | 266,400 | | 3,072,855 |
Intrum Justitia AB (d) | 220,200 | | 1,913,318 |
Q-Med AB | 188,600 | | 1,056,654 |
XCounter AB (a) | 1,108,000 | | 250,921 |
TOTAL SWEDEN | | 6,334,970 |
Switzerland - 2.0% |
Actelion Ltd. (Reg.) (a) | 82,840 | | 3,773,171 |
Basilea Pharmaceutica AG (a) | 9,770 | | 681,609 |
Logitech International SA (Reg.) (a) | 157,836 | | 2,108,801 |
Lonza Group AG | 24,364 | | 2,234,521 |
VZ Holding AG | 44,950 | | 1,757,453 |
TOTAL SWITZERLAND | | 10,555,555 |
Taiwan - 0.2% |
Young Fast Optoelectron Co. Ltd. | 95,000 | | 835,548 |
Thailand - 0.1% |
C.P. Seven Eleven PCL | 1,108,200 | | 392,589 |
Total Access Communication PCL | 221,900 | | 157,549 |
TOTAL THAILAND | | 550,138 |
United Kingdom - 20.4% |
Abcam PLC | 331,300 | | 3,243,942 |
Aberdeen Asset Management PLC | 1,427,600 | | 2,767,444 |
ACP Capital Ltd. | 265,625 | | 78,250 |
Advanced Fluid Connections PLC (a) | 7,009,687 | | 104 |
Antisoma PLC (a) | 3,501,200 | | 1,407,305 |
Appian Technology PLC warrants 7/11/09 (a)(f) | 479,045 | | 7 |
ASOS PLC (a)(d) | 1,243,900 | | 7,078,923 |
Asset Realisation Co. PLC (a) | 375,000 | | 38,353 |
Autonomy Corp. PLC (a) | 343,500 | | 7,203,630 |
Axis Shield PLC (a) | 469,500 | | 2,023,339 |
Blinkx PLC (a) | 2,063,000 | | 531,571 |
Bond International Software PLC | 583,666 | | 357,151 |
Cadogan Petroleum PLC | 1,406,300 | | 221,817 |
Cairn Energy PLC (a) | 107,800 | | 3,378,581 |
Camco International Ltd. (a) | 1,183,202 | | 342,561 |
Centurion Electronics PLC (a)(e) | 748,299 | | 11 |
Ceres Power Holdings PLC (a) | 469,300 | | 837,389 |
China Goldmines PLC (a) | 669,353 | | 246,962 |
Clerkenwell Ventures PLC | 110,300 | | 34,814 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Concateno PLC (a) | 1,859,300 | | $ 2,600,330 |
Connaught PLC | 475,900 | | 2,501,842 |
Corac Group PLC (a) | 3,717,704 | | 1,742,776 |
Craneware PLC | 865,000 | | 2,830,939 |
CSR PLC (a) | 657,100 | | 2,528,910 |
CVS Group PLC (a) | 151,800 | | 306,066 |
Datacash Group PLC | 1,271,280 | | 4,684,378 |
European Nickel PLC (a) | 5,837,800 | | 663,652 |
Evolution Group PLC | 1,716,500 | | 3,026,020 |
Faroe Petroleum PLC (a) | 262,500 | | 291,271 |
GoIndustry-DoveBid PLC (a) | 1,466,500 | | 41,781 |
IBS Group Holding Ltd. GDR (Reg. S) (a) | 311,000 | | 1,503,823 |
Ideal Shopping Direct PLC | 234,592 | | 205,473 |
IG Group Holdings PLC | 1,215,489 | | 3,930,443 |
Inova Holding PLC (a) | 1,443,461 | | 21 |
Intec Telecom Systems PLC (a) | 1,716,568 | | 1,086,643 |
Jubilee Platinum PLC (a) | 1,657,843 | | 303,323 |
Keronite PLC (f) | 13,620,267 | | 100,708 |
Landround PLC warrants 12/11/09 (a)(f) | 166,666 | | 2 |
Marwyn Value Investors II Ltd. (a) | 1,911,200 | | 879,596 |
Max Petroleum PLC (a) | 2,509,220 | | 480,664 |
Michael Page International PLC | 272,819 | | 1,106,220 |
NCC Group Ltd. | 250,715 | | 1,201,286 |
Nviro Cleantech PLC (a) | 2,175,000 | | 212,290 |
Powerleague Group PLC | 786,200 | | 457,448 |
Pureprofile Media PLC (a)(f) | 1,108,572 | | 409,839 |
Pursuit Dynamics PLC (a) | 761,639 | | 804,840 |
Redhall Group PLC | 345,700 | | 897,026 |
Regenersis PLC (a) | 815,000 | | 673,990 |
Renewable Energy Generation Ltd. | 1,646,700 | | 1,209,165 |
Romag Holdings PLC | 38,000 | | 30,507 |
Royalblue Group PLC | 280,142 | | 4,547,049 |
Salamander Energy PLC (a) | 735,300 | | 1,836,653 |
SDL PLC (a) | 1,150,062 | | 5,545,957 |
Serco Group PLC | 449,099 | | 2,422,051 |
Silverdell PLC (a) | 921,000 | | 107,637 |
Sinclair Pharma PLC (a) | 1,888,371 | | 786,222 |
Sphere Medical Holding PLC (a)(f) | 420,000 | | 1,267,036 |
SR Pharma PLC (a) | 3,017,900 | | 1,406,132 |
Synergy Health PLC (d) | 391,024 | | 2,249,117 |
TMO Biotec (a)(f) | 1,000,000 | | 369,700 |
Tullow Oil PLC | 141,200 | | 1,666,225 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Ukrproduct Group Ltd. | 502,300 | | $ 102,744 |
Unite Group PLC | 379,010 | | 543,906 |
Valiant Petroleum PLC (a) | 160,000 | | 1,127,136 |
Vectura Group PLC (a) | 944,860 | | 990,530 |
Wellstream Holdings PLC | 232,300 | | 1,765,109 |
William Hill PLC | 1,369,600 | | 4,396,104 |
Xchanging PLC | 1,557,400 | | 4,248,101 |
York Pharma PLC (a) | 392,500 | | 18,864 |
YouGov PLC (a) | 1,742,654 | | 1,218,513 |
Zenergy Power PLC (a) | 711,280 | | 1,440,535 |
ZincOx Resources PLC (a) | 570,100 | | 551,174 |
TOTAL UNITED KINGDOM | | 105,109,921 |
United States of America - 0.9% |
CTC Media, Inc. (a) | 443,100 | | 3,473,904 |
Cyberview Technology, Inc. (a) | 996,527 | | 15 |
Frontera Resources Corp. (a) | 1,157,200 | | 401,541 |
ResMed, Inc. CHESS Depositary Interests (a) | 112,084 | | 440,080 |
TyraTech, Inc. (a) | 191,500 | | 79,741 |
XL TechGroup, Inc. (a) | 1,329,250 | | 20 |
TOTAL UNITED STATES OF AMERICA | | 4,395,301 |
TOTAL COMMON STOCKS (Cost $663,625,104) | 482,233,381 |
Nonconvertible Preferred Stocks - 0.8% |
| | | |
Germany - 0.8% |
Biotest AG (non-vtg.)
(Cost $8,229,358) | 103,100 | | 4,194,426 |
Investment Companies - 0.2% |
| | | |
United Kingdom - 0.2% |
Brookwell Ltd. (e)
(Cost $3,810,797) | 1,536,250 | | 905,867 |
Money Market Funds - 12.3% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 24,151,596 | | $ 24,151,596 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 39,223,010 | | 39,223,010 |
TOTAL MONEY MARKET FUNDS (Cost $63,374,606) | 63,374,606 |
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $739,039,865) | | 550,708,280 |
NET OTHER ASSETS - (6.9)% | | (35,316,193) |
NET ASSETS - 100% | $ 515,392,087 |
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 $9,598,660 or 1.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines warrants 8/4/11 | 8/4/06 | $ 2 |
Appian Technology PLC warrants 7/11/09 | 2/18/05 | $ 3 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,141,700 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Landround PLC warrants 12/11/09 | 12/12/06 | $ 0 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
Sphere Medical Holding PLC | 8/27/08 | $ 1,310,083 |
TMO Biotec | 10/27/05 | $ 535,065 |
Vestas Wind Systems AS | 4/29/09 | $ 1,355,888 |
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 | $ 151,234 |
Fidelity Securities Lending Cash Central Fund | 454,584 |
Total | $ 605,818 |
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 |
Brookwell Ltd. | $ 1,450,926 | $ 166,500 | $ - | $ 377,946 | $ 905,867 |
Centurion Electronics PLC | 12 | - | - | - | 11 |
CustomVis PLC | 200,922 | - | 32,772 | - | - |
Cyberview Technology, Inc. | 16 | - | - | - | - |
Teleunit SpA | 457,711 | - | 52,094 | - | - |
Total | $ 2,109,587 | $ 166,500 | $ 84,866 | $ 377,946 | $ 905,878 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 550,708,280 | $ 128,170,480 | $ 414,404,525 | $ 8,133,275 |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 14,778,878 |
Total Realized Gain (Loss) | (995,834) |
Total Unrealized Gain (Loss) | (3,572,523) |
Cost of Purchases | - |
Proceeds of Sales | (3,073,903) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | 996,657 |
Ending Balance | $ 8,133,275 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $28,798,938 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 |
Assets | | |
Investment in securities, at value (including securities loaned of $37,341,473) - See accompanying schedule: Unaffiliated issuers (cost $671,530,326) | $ 486,427,796 | |
Fidelity Central Funds (cost $63,374,606) | 63,374,606 | |
Other affiliated issuers (cost $4,134,933) | 905,878 | |
Total Investments (cost $739,039,865) | | $ 550,708,280 |
Foreign currency held at value (cost $246,127) | | 246,500 |
Receivable for investments sold | | 8,307,129 |
Receivable for fund shares sold | | 354,584 |
Dividends receivable | | 1,823,031 |
Distributions receivable from Fidelity Central Funds | | 94,710 |
Prepaid expenses | | 4,867 |
Other receivables | | 159,848 |
Total assets | | 561,698,949 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,919,872 | |
Payable for fund shares redeemed | 546,479 | |
Accrued management fee | 358,570 | |
Distribution fees payable | 13,444 | |
Other affiliated payables | 149,549 | |
Other payables and accrued expenses | 95,938 | |
Collateral on securities loaned, at value | 39,223,010 | |
Total liabilities | | 46,306,862 |
| | |
Net Assets | | $ 515,392,087 |
Net Assets consist of: | | |
Paid in capital | | $ 832,335,869 |
Undistributed net investment income | | 2,289,104 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (130,858,477) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (188,374,409) |
Net Assets | | $ 515,392,087 |
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, 2009 |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($13,531,230 ÷ 1,097,818 shares) | | $ 12.33 |
| | |
Maximum offering price per share (100/94.25 of $12.33) | | $ 13.08 |
Class T:
Net Asset Value and redemption price per share ($11,859,376 ÷ 969,201 shares) | | $ 12.24 |
| | |
Maximum offering price per share (100/96.50 of $12.24) | | $ 12.68 |
Class B:
Net Asset Value and offering price per share ($2,766,838 ÷ 230,402 shares)A | | $ 12.01 |
| | |
Class C:
Net Asset Value and offering price per share ($4,789,057 ÷ 397,149 shares)A | | $ 12.06 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($480,509,909 ÷ 38,586,580 shares) | | $ 12.45 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,935,677 ÷ 155,571 shares) | | $ 12.44 |
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, 2009 |
Investment Income | | |
Dividends (including $377,946 earned from other affiliated issuers) | | $ 5,684,547 |
Interest | | 4,807 |
Income from Fidelity Central Funds (including $454,584 from security lending) | | 605,818 |
| | 6,295,172 |
Less foreign taxes withheld | | (225,724) |
Total income | | 6,069,448 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,192,689 | |
Performance adjustment | 492,211 | |
Transfer agent fees | 758,233 | |
Distribution fees | 83,886 | |
Accounting and security lending fees | 133,702 | |
Custodian fees and expenses | 77,713 | |
Independent trustees' compensation | 2,020 | |
Registration fees | 43,024 | |
Audit | 74,775 | |
Legal | 1,675 | |
Miscellaneous | 5,903 | |
Total expenses before reductions | 3,865,831 | |
Expense reductions | (85,487) | 3,780,344 |
Net investment income (loss) | | 2,289,104 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (88,206,225) | |
Other affiliated issuers | (5,239,603) | |
Foreign currency transactions | 412,728 | |
Total net realized gain (loss) | | (93,033,100) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,452) | 105,556,973 | |
Assets and liabilities in foreign currencies | (601,687) | |
Total change in net unrealized appreciation (depreciation) | | 104,955,286 |
Net gain (loss) | | 11,922,186 |
Net increase (decrease) in net assets resulting from operations | | $ 14,211,290 |
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,
2009 | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,289,104 | $ 1,587,080 |
Net realized gain (loss) | (93,033,100) | 8,577,813 |
Change in net unrealized appreciation (depreciation) | 104,955,286 | (799,488,059) |
Net increase (decrease) in net assets resulting from operations | 14,211,290 | (789,323,166) |
Distributions to shareholders from net investment income | - | (6,293,163) |
Distributions to shareholders from net realized gain | - | (288,048,226) |
Total distributions | - | (294,341,389) |
Share transactions - net increase (decrease) | (73,298,089) | (123,772,022) |
Redemption fees | 28,527 | 146,272 |
Total increase (decrease) in net assets | (59,058,272) | (1,207,290,305) |
| | |
Net Assets | | |
Beginning of period | 574,450,359 | 1,781,740,664 |
End of period (including undistributed net investment income of $2,289,104 and $0, respectively) | $ 515,392,087 | $ 574,450,359 |
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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.91 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | - I | .03 | (.02) | .05 | .02 |
Net realized and unrealized gain (loss) | .38 | (14.03) | 7.97 | 5.05 | 6.16 | 3.83 |
Total from investment operations | .42 | (14.03) | 8.00 | 5.03 | 6.21 | 3.85 |
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) J | (5.65) | (2.94) | (.79) | (.33) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.33 | $ 11.91 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 |
Total Return B,C,D | 3.53% | (53.35)% | 33.43% | 20.22% | 30.16% | 22.36% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.74% A | 1.82% | 1.53% | 1.64% | 1.66% | 1.71% |
Expenses net of fee waivers, if any | 1.65% A | 1.65% | 1.53% | 1.64% | 1.66% | 1.71% |
Expenses net of all reductions | 1.63% A | 1.60% | 1.49% | 1.58% | 1.63% | 1.69% |
Net investment income (loss) | .78% A | -% K | .10% | (.08)% | .21% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 13,531 | $ 13,561 | $ 38,585 | $ 36,701 | $ 34,838 | $ 13,278 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. K Amount represents less than .01%. |
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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.84 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | (.05) | (.04) | (.09) | (.01) | (.03) |
Net realized and unrealized gain (loss) | .37 | (13.95) | 7.93 | 5.03 | 6.12 | 3.83 |
Total from investment operations | .40 | (14.00) | 7.89 | 4.94 | 6.11 | 3.80 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | - | (5.12) | (5.57) | (2.88) | (.76) | (.31) |
Total distributions | - | (5.12) J | (5.57) | (2.88) | (.76) | (.32) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.24 | $ 11.84 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 |
Total Return B,C,D | 3.38% | (53.46)% | 33.07% | 19.93% | 29.72% | 22.07% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.99% A | 2.07% | 1.77% | 1.89% | 1.92% | 1.94% |
Expenses net of fee waivers, if any | 1.90% A | 1.90% | 1.77% | 1.89% | 1.91% | 1.94% |
Expenses net of all reductions | 1.87% A | 1.86% | 1.73% | 1.83% | 1.88% | 1.92% |
Net investment income (loss) | .53% A | (.25)% | (.14)% | (.32)% | (.04)% | (.14)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,859 | $ 13,493 | $ 40,823 | $ 41,982 | $ 41,647 | $ 15,131 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $5.12 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.65 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | (.16) | (.18) | (.24) | (.14) | (.16) |
Net realized and unrealized gain (loss) | .36 | (13.73) | 7.82 | 4.98 | 6.08 | 3.80 |
Total from investment operations | .36 | (13.89) | 7.64 | 4.74 | 5.94 | 3.64 |
Distributions from net realized gain | - | (4.95) J | (5.41) | (2.73) | (.71) | (.31) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.01 | $ 11.65 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 |
Total Return B,C,D | 3.09% | (53.68)% | 32.38% | 19.28% | 29.13% | 21.21% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.49% A | 2.58% | 2.30% | 2.48% | 2.49% | 2.63% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.30% | 2.40% | 2.43% | 2.63% |
Expenses net of all reductions | 2.37% A | 2.36% | 2.26% | 2.34% | 2.40% | 2.60% |
Net investment income (loss) | .03% A | (.75)% | (.66)% | (.84)% | (.56)% | (.83)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,767 | $ 3,230 | $ 10,704 | $ 11,354 | $ 12,783 | $ 5,061 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $4.95 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.70 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | (.16) | (.17) | (.23) | (.13) | (.12) |
Net realized and unrealized gain (loss) | .36 | (13.78) | 7.85 | 4.99 | 6.10 | 3.80 |
Total from investment operations | .36 | (13.94) | 7.68 | 4.76 | 5.97 | 3.68 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | - | (4.98) | (5.39) | (2.75) | (.72) | (.31) |
Total distributions | - | (4.98) J | (5.39) | (2.75) | (.72) | (.32) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.06 | $ 11.70 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 |
Total Return B,C,D | 3.08% | (53.67)% | 32.39% | 19.34% | 29.22% | 21.43% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.49% A | 2.57% | 2.26% | 2.38% | 2.41% | 2.43% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.26% | 2.38% | 2.41% | 2.43% |
Expenses net of all reductions | 2.37% A | 2.36% | 2.22% | 2.32% | 2.38% | 2.40% |
Net investment income (loss) | .03% A | (.76)% | (.62)% | (.81)% | (.54)% | (.62)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,789 | $ 5,658 | $ 20,094 | $ 21,335 | $ 25,202 | $ 8,664 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $4.98 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.03 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .03 | .12 | .08 | .15 | .10 |
Net realized and unrealized gain (loss) | .37 | (14.14) | 8.03 | 5.08 | 6.19 | 3.84 |
Total from investment operations | .42 | (14.11) | 8.15 | 5.16 | 6.34 | 3.94 |
Distributions from net investment income | - | (.12) | (.07) | (.14) | (.06) | (.02) |
Distributions from net realized gain | - | (5.18) | (5.67) | (2.89) | (.77) | (.31) |
Total distributions | - | (5.30) I | (5.74) | (3.03) | (.83) | (.33) |
Redemption fees added to paid in capital D | - H | - H | - H | .01 | .02 | .04 |
Net asset value, end of period | $ 12.45 | $ 12.03 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 |
Total Return B,C | 3.49% | (53.25)% | 33.82% | 20.65% | 30.67% | 22.84% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.50% A | 1.49% | 1.19% | 1.28% | 1.28% | 1.30% |
Expenses net of fee waivers, if any | 1.50% A | 1.49% | 1.19% | 1.28% | 1.28% | 1.30% |
Expenses net of all reductions | 1.47% A | 1.44% | 1.15% | 1.22% | 1.25% | 1.28% |
Net investment income (loss) | .93% A | .16% | .45% | .29% | .59% | .50% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 480,510 | $ 536,291 | $ 1,663,761 | $ 1,816,059 | $ 2,090,458 | $ 1,091,335 |
Portfolio turnover rate F | 78% A | 113% | 70% | 84% | 79% | 77% |
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. I Total distributions of $5.30 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 12.01 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .05 | .12 | .08 | .14 | .10 |
Net realized and unrealized gain (loss) | .37 | (14.12) | 8.01 | 5.07 | 6.18 | 3.84 |
Total from investment operations | .43 | (14.07) | 8.13 | 5.15 | 6.32 | 3.94 |
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) I | (5.74) | (3.03) | (.84) | (.34) |
Redemption fees added to paid in capital D | - H | - H | - H | .01 | .02 | .04 |
Net asset value, end of period | $ 12.44 | $ 12.01 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 |
Total Return B,C | 3.58% | (53.22)% | 33.84% | 20.65% | 30.59% | 22.84% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.50% A | 1.49% | 1.18% | 1.29% | 1.30% | 1.32% |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.18% | 1.29% | 1.30% | 1.32% |
Expenses net of all reductions | 1.37% A | 1.35% | 1.14% | 1.23% | 1.27% | 1.29% |
Net investment income (loss) | 1.03% A | .25% | .45% | .28% | .57% | .49% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,936 | $ 2,217 | $ 7,774 | $ 9,050 | $ 7,432 | $ 2,568 |
Portfolio turnover rate F | 78% A | 113% | 70% | 84% | 79% | 77% |
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. I Total distributions of $5.30 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, 2009
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The Fund is currently closed to most new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers Class A, Class T, Class B, Class C, International Small Cap and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments ,as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements - continued
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.
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.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 42,680,931 |
Unrealized depreciation | (237,213,606) |
Net unrealized appreciation (depreciation) | $ (194,532,675) |
Cost for federal income tax purposes | $ 745,240,955 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
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 $185,439,088 and $241,794,206, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 1.06% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements - 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% | $ 15,709 | $ 408 |
Class T | .25% | .25% | 29,634 | - |
Class B | .75% | .25% | 14,187 | 10,693 |
Class C | .75% | .25% | 24,356 | 771 |
| | | $ 83,886 | $ 11,872 |
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 | $ 1,234 |
Class T | 738 |
Class B* | 2,682 |
Class C* | 17 |
| $ 4,671 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 18,466 | .29 |
Class T | 17,539 | .30 |
Class B | 4,149 | .29 |
Class C | 7,001 | .29 |
International Small Cap | 708,206 | .30 |
Institutional Class | 2,872 | .30 |
| $ 758,233 | |
* 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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,642 and is reflected in Miscellaneous 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
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% | $ 5,543 |
Class T | 1.90% | 5,568 |
Class B | 2.40% | 1,300 |
Class C | 2.40% | 2,105 |
Institutional Class | 1.40% | 949 |
| | $ 15,465 |
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 $69,839 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 $183.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ - | $ 31,995 |
International Small Cap | - | 6,232,230 |
Institutional Class | - | 28,938 |
Total | $ - | $ 6,293,163 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net realized gain | | |
Class A | $ - | $ 6,369,531 |
Class T | - | 6,691,175 |
Class B | - | 1,698,463 |
Class C | - | 3,224,346 |
International Small Cap | - | 268,816,510 |
Institutional Class | - | 1,248,201 |
Total | $ - | $ 288,048,226 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 160,889 | 287,898 | $ 1,858,245 | $ 6,010,378 |
Reinvestment of distributions | - | 249,978 | - | 5,921,976 |
Shares redeemed | (201,422) | (638,746) | (2,275,377) | (12,839,012) |
Net increase (decrease) | (40,533) | (100,870) | $ (417,132) | $ (906,658) |
Class T | | | | |
Shares sold | 68,135 | 197,388 | $ 764,091 | $ 4,233,911 |
Reinvestment of distributions | - | 266,848 | - | 6,297,616 |
Shares redeemed | (238,372) | (643,248) | (2,680,678) | (12,848,518) |
Net increase (decrease) | (170,237) | (179,012) | $ (1,916,587) | $ (2,316,991) |
Class B | | | | |
Shares sold | 5,357 | 14,574 | $ 59,404 | $ 298,092 |
Reinvestment of distributions | - | 66,447 | - | 1,549,547 |
Shares redeemed | (52,235) | (154,774) | (572,772) | (3,077,783) |
Net increase (decrease) | (46,878) | (73,753) | $ (513,368) | $ (1,230,144) |
Class C | | | | |
Shares sold | 10,204 | 42,453 | $ 112,595 | $ 916,236 |
Reinvestment of distributions | - | 110,479 | - | 2,587,416 |
Shares redeemed | (96,682) | (325,478) | (1,072,946) | (6,282,310) |
Net increase (decrease) | (86,478) | (172,546) | $ (960,351) | $ (2,778,658) |
International Small Cap | | | | |
Shares sold | 2,209,258 | 6,448,356 | $ 25,274,340 | $ 136,000,750 |
Reinvestment of distributions | - | 10,462,725 | - | 249,849,882 |
Shares redeemed | (8,213,810) | (25,231,805) | (94,422,573) | (501,268,909) |
Net increase (decrease) | (6,004,552) | (8,320,724) | $ (69,148,233) | $ (115,418,277) |
Semiannual Report
Notes to Financial Statements - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Institutional Class | | | | |
Shares sold | 18,118 | 50,432 | $ 198,913 | $ 1,127,368 |
Reinvestment of distributions | - | 31,471 | - | 749,964 |
Shares redeemed | (47,103) | (145,066) | (541,331) | (2,998,626) |
Net increase (decrease) | (28,985) | (63,163) | $ (342,418) | $ (1,121,294) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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, 2009, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the year ended October 31, 2008. 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, 2009, 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, 2009, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the year ended October 31, 2008, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 15, 2009
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
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
AISC-USAN-0609
1.800643.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Institutional Class
Semiannual Report
April 30, 2009
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 financial statements. |
Report of Independent Registered Public Accounting Firm | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,035.30 | $ 8.33 |
Hypothetical A | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,033.80 | $ 9.58 |
Hypothetical A | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | �� | $ 1,000.00 | $ 1,030.90 | $ 12.09 |
Hypothetical A | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,030.80 | $ 12.08 |
Hypothetical A | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
International Small Cap | 1.50% | | | |
Actual | | $ 1,000.00 | $ 1,034.90 | $ 7.57 |
Hypothetical A | | $ 1,000.00 | $ 1,017.36 | $ 7.50 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,035.80 | $ 7.07 |
Hypothetical A | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 25.9% | |
| United Kingdom 20.6% | |
| France 8.2% | |
| Australia 7.9% | |
| Germany 6.6% | |
| United States of America 6.3% | |
| Netherlands 2.5% | |
| Hong Kong 2.5% | |
| Switzerland 2.0% | |
| Other 17.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 32.3% | |
| United Kingdom 19.7% | |
| United States of America 8.3% | |
| Australia 7.6% | |
| Germany 6.5% | |
| France 5.3% | |
| Switzerland 2.6% | |
| Sweden 1.7% | |
| Spain 1.7% | |
| Other 14.3% | |
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 Investment Companies | 94.6 | 92.5 |
Short-Term Investments and Net Other Assets | 5.4 | 7.5 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Autonomy Corp. PLC (United Kingdom, Software) | 1.4 | 0.9 |
ASOS PLC (United Kingdom, Internet & Catalog Retail) | 1.4 | 1.3 |
Playtech Ltd. (British Virgin Islands, Software) | 1.1 | 0.6 |
SDL PLC (United Kingdom, Software) | 1.1 | 0.8 |
Meetic (France, Internet Software & Services) | 1.0 | 0.6 |
SeLoger.com (France, Media) | 1.0 | 0.5 |
Red Back Mining, Inc. (Canada, Metals & Mining) | 1.0 | 0.5 |
Vestas Wind Systems AS (Denmark, Electrical Equipment) | 1.0 | 0.6 |
Datacash Group PLC (United Kingdom, IT Services) | 0.9 | 1.0 |
QIAGEN NV (Netherlands, Life Sciences Tools & Services) | 0.9 | 0.7 |
| 10.8 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.3 | 14.8 |
Information Technology | 16.3 | 12.8 |
Industrials | 15.5 | 14.8 |
Health Care | 14.1 | 19.4 |
Financials | 12.5 | 9.1 |
Materials | 8.1 | 6.4 |
Energy | 6.0 | 6.0 |
Consumer Staples | 2.6 | 5.1 |
Telecommunication Services | 1.2 | 1.3 |
Utilities | 0.8 | 2.6 |
Semiannual Report
Investments April 30, 2009
Showing Percentage of Net Assets
Common Stocks - 93.6% |
| Shares | | Value |
Australia - 7.9% |
AGL Energy Ltd. | 41,046 | | $ 451,250 |
Allied Gold Ltd. (a) | 2,618,907 | | 609,346 |
Allied Gold Ltd. (United Kingdom) (a) | 5,582,300 | | 1,312,960 |
Ansell Ltd. | 95,235 | | 580,276 |
Australian Worldwide Exploration Ltd. | 517,887 | | 918,796 |
Centamin Egypt Ltd. (a) | 5,409,550 | | 4,368,451 |
Centennial Coal Co. Ltd. | 307,449 | | 406,854 |
Coal of Africa Ltd. (a) | 2,537,804 | | 2,521,407 |
CopperCo Ltd. (a) | 3,342,244 | | 24 |
David Jones Ltd. | 1,228,763 | | 2,707,104 |
Dominos Pizza Enterprises Ltd. | 186,023 | | 416,593 |
Energy Resources of Australia Ltd. | 58,759 | | 892,925 |
Healthscope Ltd. | 210,069 | | 591,108 |
Invocare Ltd. | 317,832 | | 1,180,899 |
Iress Market Technology Ltd. (d) | 319,947 | | 1,388,822 |
JB Hi-Fi Ltd. (d) | 346,322 | | 3,434,698 |
Metcash Ltd. | 252,225 | | 762,914 |
Monto Minerals Ltd. (a) | 8,206,552 | | 121 |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | 22 |
Navitas Ltd. | 1,322,105 | | 2,201,383 |
Newcrest Mining Ltd. | 22,056 | | 480,145 |
Nufarm Ltd. | 125,830 | | 1,210,426 |
OZ Minerals Ltd. | 882,090 | | 481,026 |
Paladin Energy Ltd. (a)(d) | 669,503 | | 2,244,128 |
Primary Health Care Ltd. | 296,216 | | 939,051 |
QBE Insurance Group Ltd. | 172,295 | | 2,729,757 |
Ramsay Health Care Ltd. | 155,226 | | 1,044,000 |
SAI Global Ltd. | 742,517 | | 1,376,704 |
Seek Ltd. (d) | 518,972 | | 1,241,464 |
Sigma Pharmaceuticals Ltd. | 783,310 | | 637,890 |
Sonic Healthcare Ltd. | 40,015 | | 339,247 |
Tianshan Goldfields Ltd. (a) | 944,712 | | 49,457 |
United Group Ltd. | 280,367 | | 1,957,007 |
Westfield Group unit | 54,397 | | 424,394 |
WorleyParsons Ltd. | 30,013 | | 398,696 |
Wotif.com Holdings Ltd. | 82,808 | | 239,635 |
TOTAL AUSTRALIA | | 40,538,980 |
Austria - 0.6% |
Andritz AG | 95,800 | | 3,255,801 |
Common Stocks - continued |
| Shares | | Value |
Belgium - 0.3% |
EVS Broadcast Equipment SA | 7,700 | | $ 352,900 |
Hansen Transmission International NV (a) | 500,100 | | 1,088,658 |
TOTAL BELGIUM | | 1,441,558 |
Bermuda - 1.8% |
Aquarius Platinum Ltd. (a) | 40,716 | | 150,983 |
Aquarius Platinum Ltd. (Australia) | 366,449 | | 1,358,870 |
C C Land Holdings Ltd. | 861,000 | | 284,631 |
Oakley Capital Investments Ltd. (a) | 1,293,800 | | 1,209,800 |
Pacific Basin Shipping Ltd. | 1,389,000 | | 686,817 |
Peace Mark Holdings Ltd. (a) | 788,000 | | 1 |
PureCircle Ltd. (a) | 616,000 | | 2,242,062 |
Seadrill Ltd. | 124,800 | | 1,331,759 |
Vtech Holdings Ltd. | 414,000 | | 2,070,640 |
Zambezi Resources Ltd.: | | | |
CDI (a) | 2,184,593 | | 31,768 |
warrants 8/31/09 (a) | 108,686 | | 1 |
TOTAL BERMUDA | | 9,367,332 |
British Virgin Islands - 1.5% |
Albidon Ltd. unit (a) | 1,469,000 | | 40,840 |
Kalahari Energy (a)(f) | 1,451,000 | | 1,813,750 |
Playtech Ltd. (d) | 860,400 | | 5,790,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 7,645,404 |
Canada - 1.8% |
AirSea Lines (f) | 1,893,338 | | 50,088 |
AirSea Lines warrants 8/4/11 (a)(f) | 1,862,300 | | 25 |
European Goldfields Ltd. (a) | 903,300 | | 1,915,231 |
Pacific Rubiales Energy Corp. (a) | 285,800 | | 1,401,157 |
Red Back Mining, Inc. (a) | 742,600 | | 5,140,479 |
Rock Well Petroleum, Inc. (a)(f) | 770,400 | | 6 |
Starfield Resources, Inc. (a) | 4,328,075 | | 652,884 |
TOTAL CANADA | | 9,159,870 |
Cayman Islands - 1.6% |
International Consolidated Minerals, Inc. (a) | 852,927 | | 143,310 |
Kingboard Chemical Holdings Ltd. | 22,500 | | 54,543 |
Kingboard Laminates Holdings Ltd. | 938,000 | | 371,360 |
New World China Land Ltd. | 5,384,000 | | 2,095,465 |
Orchid Developments Group Ltd. (a) | 1,211,000 | | 778,508 |
Pacific Textile Holdings Ltd. | 2,904,000 | | 302,741 |
Shimao Property Holdings Ltd. | 3,020,000 | | 3,353,949 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Stella International Holdings Ltd. | 134,000 | | $ 177,554 |
Xinyi Glass Holdings Co. Ltd. | 1,280,000 | | 794,727 |
Yip's Chemical Holdings Ltd. | 734,000 | | 262,139 |
TOTAL CAYMAN ISLANDS | | 8,334,296 |
China - 0.8% |
Changyou.com Ltd. (A Shares) ADR | 14,361 | | 441,601 |
Golden Eagle Retail Group Ltd. (H Shares) | 212,000 | | 171,129 |
Guangzhou R&F Properties Co. Ltd. (H Shares) | 1,104,800 | | 1,776,468 |
Shandong Chenming Paper Holdings Ltd. (B Shares) | 1,620,900 | | 798,942 |
Weiqiao Textile Co. Ltd. (H Shares) | 2,005,000 | | 795,817 |
TOTAL CHINA | | 3,983,957 |
Cyprus - 0.9% |
Buried Hill Energy (Cyprus) PCL (a)(f) | 1,947,000 | | 4,030,290 |
Mirland Development Corp. PLC (a) | 800,700 | | 585,139 |
TOTAL CYPRUS | | 4,615,429 |
Denmark - 1.4% |
Genmab AS (a) | 20,200 | | 778,485 |
Vestas Wind Systems AS (a) | 78,000 | | 5,062,827 |
Vestas Wind Systems AS (a)(f) | 23,600 | | 1,557,209 |
TOTAL DENMARK | | 7,398,521 |
Egypt - 0.4% |
Talaat Moustafa Group Holding (a) | 2,194,760 | | 1,858,183 |
Finland - 0.6% |
Nokian Tyres PLC | 208,140 | | 3,286,085 |
France - 8.2% |
Adenclassifieds SA (a) | 95,800 | | 1,778,768 |
Altamir Amboise | 290,700 | | 1,021,956 |
April Group (d) | 78,700 | | 2,342,068 |
Audika SA | 73,200 | | 1,766,347 |
Boursorama (a) | 154,400 | | 1,270,587 |
Delachaux SA (d) | 52,200 | | 2,899,824 |
Devoteam SA | 41,900 | | 703,770 |
Faiveley SA | 24,000 | | 1,751,686 |
Iliad Group SA (d) | 43,500 | | 4,567,715 |
Ingenico SA | 134,500 | | 2,461,834 |
Laurent-Perrier Group | 8,460 | | 496,144 |
LeGuide.com SA (a) | 90,400 | | 1,741,717 |
Maisons France Confort | 44,800 | | 1,180,673 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Meetic (a)(d) | 234,800 | | $ 5,234,378 |
Nexity | 103,900 | | 3,350,610 |
Sartorius Stedim Biotech | 58,500 | | 1,700,468 |
SeLoger.com (a)(d) | 206,100 | | 5,221,286 |
SR Teleperformance SA | 102,100 | | 2,941,796 |
TOTAL FRANCE | | 42,431,627 |
Germany - 5.8% |
CTS Eventim AG (d) | 100,400 | | 2,886,630 |
Delticom AG | 49,700 | | 3,065,724 |
ElringKlinger AG | 199,900 | | 2,865,854 |
Fresenius Medical Care AG & Co. KGaA (d) | 107,810 | | 4,191,609 |
Gerresheimer AG | 85,400 | | 2,036,833 |
KROMI Logistik AG (a) | 118,200 | | 756,917 |
Open Business Club AG (a) | 42,000 | | 1,646,116 |
Q-Cells SE (a)(d) | 68,300 | | 1,448,685 |
Rational AG (d) | 25,700 | | 2,588,530 |
SMA Solar Technology AG | 33,000 | | 2,045,511 |
STRATEC Biomedical Systems AG | 38,810 | | 765,870 |
United Internet AG | 322,600 | | 3,347,492 |
Wirecard AG | 277,950 | | 2,288,453 |
TOTAL GERMANY | | 29,934,224 |
Greece - 0.5% |
Babis Vovos International Technical SA (a) | 159,500 | | 1,030,416 |
Jumbo SA | 158,600 | | 1,353,530 |
TOTAL GREECE | | 2,383,946 |
Hong Kong - 2.5% |
Cafe de Coral Holdings Ltd. | 1,016,000 | | 1,886,268 |
Champion (REIT) | 1,815,000 | | 417,144 |
China Everbright Ltd. | 386,000 | | 746,971 |
Dynasty Fine Wines Group Ltd. | 1,520,000 | | 263,432 |
Fairwood Holdings Ltd. | 560,500 | | 444,799 |
First Pacific Co. Ltd. | 1,686,000 | | 769,792 |
Midland Holdings Ltd. | 4,868,000 | | 1,995,067 |
Prosperity (REIT) | 1,329,000 | | 148,360 |
Sa Sa International Holdings Ltd. | 1,200,000 | | 417,302 |
Shun Tak Holdings Ltd. | 8,356,000 | | 3,687,378 |
Techtronic Industries Co. Ltd. | 2,066,500 | | 1,222,123 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Texwinca Holdings Ltd. | 1,022,000 | | $ 621,990 |
Transport International Holdings Ltd. | 89,600 | | 242,480 |
TOTAL HONG KONG | | 12,863,106 |
India - 0.0% |
Petronet LNG Ltd. | 118,974 | | 124,455 |
Ireland - 0.7% |
Dragon Oil PLC (a) | 743,500 | | 2,824,712 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 91,325 |
Petroceltic International PLC (a) | 4,436,800 | | 580,808 |
Vimio PLC (a) | 867,300 | | 13 |
TOTAL IRELAND | | 3,496,858 |
Italy - 0.2% |
Seldovia Native Association, Inc. (SNAI) (a) | 328,490 | | 1,205,804 |
Japan - 25.9% |
Aioi Insurance Co. Ltd. | 324,000 | | 1,422,532 |
Air Water, Inc. | 280,000 | | 2,314,572 |
Airport Facilities Co. Ltd. | 168,800 | | 863,465 |
ARCS Co. Ltd. | 139,900 | | 1,725,393 |
Arnest One Corp. (d) | 364,300 | | 606,044 |
Asahi Intecc Co. Ltd. | 131,900 | | 1,131,773 |
Benesse Corp. | 23,000 | | 880,421 |
C. Uyemura & Co. Ltd. | 34,100 | | 684,660 |
Central Glass Co. Ltd. | 508,000 | | 1,928,910 |
Chiba Bank Ltd. | 377,000 | | 1,870,199 |
Chiyoda Corp. | 122,000 | | 734,024 |
Create SD Holdings Co. Ltd. | 48,200 | | 783,874 |
Culture Convenience Club Co. Ltd. (d) | 163,700 | | 1,026,008 |
Daicel Chemical Industries Ltd. | 178,000 | | 748,098 |
Daido Steel Co. Ltd. | 76,000 | | 253,234 |
Daihen Corp. (d) | 443,000 | | 1,455,355 |
Daikin Industries Ltd. | 55,400 | | 1,490,793 |
Daiseki Co. Ltd. (d) | 107,730 | | 2,064,918 |
Don Quijote Co. Ltd. | 101,600 | | 1,544,121 |
eAccess Ltd. | 2,366 | | 1,549,839 |
EPS Co. Ltd. | 594 | | 2,146,826 |
Exedy Corp. | 126,500 | | 2,353,678 |
Ferrotec Corp. (d) | 33,100 | | 343,269 |
FreeBit Co., Ltd. (d) | 170 | | 895,356 |
Fuji Oil Co. Ltd. | 139,500 | | 1,383,648 |
Hamamatsu Photonics KK | 27,400 | | 552,706 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Hitachi Metals Ltd. | 89,000 | | $ 702,034 |
Hitachi Transport System Ltd. | 101,100 | | 1,037,097 |
Hoshizaki Electric Co. Ltd. | 45,100 | | 422,687 |
Ibiden Co. Ltd. | 60,600 | | 1,772,550 |
Ichirokudo Co. Ltd. (a) | 79 | | 24,340 |
Inpex Corp. | 186 | | 1,183,941 |
Isetan Mitsukoshi Holdings Ltd. | 97,600 | | 820,659 |
Itochu Corp. | 354,000 | | 1,898,645 |
JTEKT Corp. | 166,100 | | 1,602,454 |
Jupiter Telecommunications Co. | 4,222 | | 2,971,627 |
kabu.com Securities Co. Ltd. (d) | 1,900 | | 1,968,668 |
Kakaku.com, Inc. (d) | 677 | | 2,317,661 |
Kandenko Co. Ltd. | 139,000 | | 886,455 |
Kinki Sharyo Co. Ltd. (d) | 244,000 | | 1,406,034 |
KOMERI Co. Ltd. (d) | 71,000 | | 1,496,091 |
Kuraray Co. Ltd. | 179,000 | | 1,540,538 |
Kyorin Co. Ltd. | 54,000 | | 625,369 |
Mazda Motor Corp. | 258,000 | | 642,640 |
McDonald's Holdings Co. (Japan) Ltd. | 108,100 | | 1,862,823 |
Meiko Electronics Co. Ltd. (d) | 107,500 | | 1,398,849 |
Miraca Holdings, Inc. | 45,700 | | 932,976 |
Mitsubishi Materials Corp. | 217,000 | | 628,296 |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 76,530 | | 1,770,612 |
Mitsui Chemicals, Inc. | 306,000 | | 914,103 |
Mobilephone Telecommunications International Ltd. | 265 | | 547,686 |
Nabtesco Corp. | 139,000 | | 1,130,107 |
Nagaileben Co. Ltd. | 7,400 | | 131,556 |
NGK Insulators Ltd. | 71,000 | | 1,089,151 |
Nichi-iko Pharmaceutical Co. Ltd. | 48,900 | | 1,320,633 |
Nichicon Corp. | 134,200 | | 1,288,105 |
Nihon M&A Center, Inc. (d) | 384 | | 945,590 |
Nihon Nohyaku Co. Ltd. (d) | 347,000 | | 2,470,548 |
Nikon Corp. | 32,000 | | 424,211 |
Nippon Electric Glass Co. Ltd. | 202,000 | | 1,644,181 |
NOF Corp. | 236,000 | | 876,026 |
Nomura Real Estate Residential Fund, Inc. | 231 | | 896,564 |
NTT Urban Development Co. | 1,948 | | 1,579,602 |
Oenon Holdings, Inc. | 346,000 | | 666,708 |
Omron Corp. | 65,600 | | 980,715 |
Park24 Co. Ltd. | 47,800 | | 369,002 |
Pigeon Corp. (d) | 41,900 | | 1,048,841 |
Point, Inc. | 60,140 | | 2,680,614 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Rengo Co. Ltd. (d) | 266,000 | | $ 1,329,041 |
Roland DG Corp. | 43,600 | | 588,471 |
Saizeriya Co. Ltd. (d) | 173,300 | | 1,968,049 |
Sankyu, Inc. | 407,000 | | 1,195,584 |
Santen Pharmaceutical Co. Ltd. | 77,700 | | 2,194,991 |
Sato Corp. | 101,500 | | 904,069 |
Sec Carbon Ltd. | 126,000 | | 457,004 |
Sega Sammy Holdings, Inc. | 190,000 | | 1,720,365 |
Sekisui Chemical Co. Ltd. | 124,000 | | 651,224 |
Seven Bank Ltd. | 877 | | 2,071,640 |
Shimadzu Corp. | 101,000 | | 617,538 |
Shin Nippon Biomedical Laboratories Ltd. (d) | 144,400 | | 479,376 |
Shin-Kobe Electric Machinery Co. Ltd. (d) | 263,000 | | 2,079,163 |
Shizuoka Bank Ltd. | 211,000 | | 1,901,520 |
SHO-BOND Holdings Co. Ltd. | 114,000 | | 2,050,168 |
So-net M3, Inc. (d) | 481 | | 1,565,376 |
Sony Financial Holdings, Inc. | 880 | | 2,769,381 |
SRI Sports Ltd. | 722 | | 519,084 |
Stanley Electric Co. Ltd. | 150,700 | | 2,140,600 |
Start Today Co. Ltd. | 1,225 | | 1,081,249 |
Sumitomo Rubber Industries Ltd. | 262,500 | | 1,809,764 |
Sumitomo Trust & Banking Co. Ltd. | 320,000 | | 1,339,435 |
Sysmex Corp. | 53,400 | | 1,609,259 |
Taiko Pharmaceutical Co. Ltd. | 5,800 | | 235,515 |
Takeei Corp. | 87,100 | | 933,749 |
The Suruga Bank Ltd. | 157,000 | | 1,346,428 |
Tocalo Co. Ltd. | 61,800 | | 652,224 |
Tohoku Electric Power Co., Inc. | 50,300 | | 1,049,385 |
Tokai Carbon Co. Ltd. | 97,000 | | 435,109 |
Tokyo Gas Co. Ltd. | 235,000 | | 891,158 |
Tokyo Ohka Kogyo Co. Ltd. | 47,100 | | 797,073 |
Toyo Suisan Kaisha Ltd. | 55,000 | | 1,075,585 |
Tsumura & Co. | 53,400 | | 1,462,776 |
Unicharm Petcare Corp. | 32,900 | | 877,965 |
USJ Co. Ltd. | 1,937 | | 970,606 |
Weathernews, Inc. | 24,900 | | 336,566 |
Works Applications Co. Ltd. | 2,665 | | 1,227,469 |
Yamatake Corp. | 115,400 | | 1,934,580 |
Yamato Kogyo Co. Ltd. | 10,600 | | 240,829 |
Yokogawa Bridge Holdings Corp. | 257,000 | | 2,223,830 |
TOTAL JAPAN | | 133,403,903 |
Common Stocks - continued |
| Shares | | Value |
Luxembourg - 0.2% |
GlobeOp Financial Services SA | 693,085 | | $ 999,280 |
Malaysia - 0.0% |
Top Glove Corp. Bhd | 150,600 | | 234,784 |
Netherlands - 2.5% |
Brunel International NV | 85,500 | | 1,374,802 |
Gemalto NV (a) | 72,000 | | 2,266,487 |
James Hardie Industries NV unit | 1,227,287 | | 4,104,858 |
QIAGEN NV (a) | 282,300 | | 4,615,332 |
SMARTRAC NV (a)(d) | 49,800 | | 595,505 |
TOTAL NETHERLANDS | | 12,956,984 |
New Zealand - 0.2% |
Fisher & Paykel Healthcare Corp. | 429,688 | | 739,208 |
The Warehouse Group Ltd. | 82,826 | | 168,268 |
TOTAL NEW ZEALAND | | 907,476 |
Norway - 0.3% |
IMAREX NOS ASA (a) | 158,500 | | 1,049,816 |
Norwegian Property ASA | 400,590 | | 478,278 |
TOTAL NORWAY | | 1,528,094 |
Papua New Guinea - 0.4% |
Lihir Gold Ltd. (a) | 750,837 | | 1,637,801 |
Oil Search Ltd. | 97,412 | | 363,349 |
TOTAL PAPUA NEW GUINEA | | 2,001,150 |
Philippines - 0.1% |
PNOC Energy Development Corp. | 4,340,000 | | 324,823 |
Singapore - 1.0% |
CapitaLand Ltd. | 492,000 | | 917,204 |
City Developments Ltd. | 224,000 | | 980,426 |
Pan-United Corp. Ltd. | 555,000 | | 176,190 |
Raffles Medical Group Ltd. | 1,833,000 | | 1,126,667 |
Wing Tai Holdings Ltd. | 3,275,000 | | 1,946,640 |
TOTAL SINGAPORE | | 5,147,127 |
Spain - 0.7% |
EDP Renovaveis SA | 28,600 | | 233,133 |
Laboratorios Almirall SA | 149,200 | | 1,346,181 |
Laboratorios Farmaceuticos ROVI SA | 285,700 | | 2,043,577 |
TOTAL SPAIN | | 3,622,891 |
Common Stocks - continued |
| Shares | | Value |
Sweden - 1.2% |
Countermine Technologies AB warrants 3/1/10 (a) | 1,085,197 | | $ 41,222 |
Elekta AB (B Shares) (d) | 266,400 | | 3,072,855 |
Intrum Justitia AB (d) | 220,200 | | 1,913,318 |
Q-Med AB | 188,600 | | 1,056,654 |
XCounter AB (a) | 1,108,000 | | 250,921 |
TOTAL SWEDEN | | 6,334,970 |
Switzerland - 2.0% |
Actelion Ltd. (Reg.) (a) | 82,840 | | 3,773,171 |
Basilea Pharmaceutica AG (a) | 9,770 | | 681,609 |
Logitech International SA (Reg.) (a) | 157,836 | | 2,108,801 |
Lonza Group AG | 24,364 | | 2,234,521 |
VZ Holding AG | 44,950 | | 1,757,453 |
TOTAL SWITZERLAND | | 10,555,555 |
Taiwan - 0.2% |
Young Fast Optoelectron Co. Ltd. | 95,000 | | 835,548 |
Thailand - 0.1% |
C.P. Seven Eleven PCL | 1,108,200 | | 392,589 |
Total Access Communication PCL | 221,900 | | 157,549 |
TOTAL THAILAND | | 550,138 |
United Kingdom - 20.4% |
Abcam PLC | 331,300 | | 3,243,942 |
Aberdeen Asset Management PLC | 1,427,600 | | 2,767,444 |
ACP Capital Ltd. | 265,625 | | 78,250 |
Advanced Fluid Connections PLC (a) | 7,009,687 | | 104 |
Antisoma PLC (a) | 3,501,200 | | 1,407,305 |
Appian Technology PLC warrants 7/11/09 (a)(f) | 479,045 | | 7 |
ASOS PLC (a)(d) | 1,243,900 | | 7,078,923 |
Asset Realisation Co. PLC (a) | 375,000 | | 38,353 |
Autonomy Corp. PLC (a) | 343,500 | | 7,203,630 |
Axis Shield PLC (a) | 469,500 | | 2,023,339 |
Blinkx PLC (a) | 2,063,000 | | 531,571 |
Bond International Software PLC | 583,666 | | 357,151 |
Cadogan Petroleum PLC | 1,406,300 | | 221,817 |
Cairn Energy PLC (a) | 107,800 | | 3,378,581 |
Camco International Ltd. (a) | 1,183,202 | | 342,561 |
Centurion Electronics PLC (a)(e) | 748,299 | | 11 |
Ceres Power Holdings PLC (a) | 469,300 | | 837,389 |
China Goldmines PLC (a) | 669,353 | | 246,962 |
Clerkenwell Ventures PLC | 110,300 | | 34,814 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Concateno PLC (a) | 1,859,300 | | $ 2,600,330 |
Connaught PLC | 475,900 | | 2,501,842 |
Corac Group PLC (a) | 3,717,704 | | 1,742,776 |
Craneware PLC | 865,000 | | 2,830,939 |
CSR PLC (a) | 657,100 | | 2,528,910 |
CVS Group PLC (a) | 151,800 | | 306,066 |
Datacash Group PLC | 1,271,280 | | 4,684,378 |
European Nickel PLC (a) | 5,837,800 | | 663,652 |
Evolution Group PLC | 1,716,500 | | 3,026,020 |
Faroe Petroleum PLC (a) | 262,500 | | 291,271 |
GoIndustry-DoveBid PLC (a) | 1,466,500 | | 41,781 |
IBS Group Holding Ltd. GDR (Reg. S) (a) | 311,000 | | 1,503,823 |
Ideal Shopping Direct PLC | 234,592 | | 205,473 |
IG Group Holdings PLC | 1,215,489 | | 3,930,443 |
Inova Holding PLC (a) | 1,443,461 | | 21 |
Intec Telecom Systems PLC (a) | 1,716,568 | | 1,086,643 |
Jubilee Platinum PLC (a) | 1,657,843 | | 303,323 |
Keronite PLC (f) | 13,620,267 | | 100,708 |
Landround PLC warrants 12/11/09 (a)(f) | 166,666 | | 2 |
Marwyn Value Investors II Ltd. (a) | 1,911,200 | | 879,596 |
Max Petroleum PLC (a) | 2,509,220 | | 480,664 |
Michael Page International PLC | 272,819 | | 1,106,220 |
NCC Group Ltd. | 250,715 | | 1,201,286 |
Nviro Cleantech PLC (a) | 2,175,000 | | 212,290 |
Powerleague Group PLC | 786,200 | | 457,448 |
Pureprofile Media PLC (a)(f) | 1,108,572 | | 409,839 |
Pursuit Dynamics PLC (a) | 761,639 | | 804,840 |
Redhall Group PLC | 345,700 | | 897,026 |
Regenersis PLC (a) | 815,000 | | 673,990 |
Renewable Energy Generation Ltd. | 1,646,700 | | 1,209,165 |
Romag Holdings PLC | 38,000 | | 30,507 |
Royalblue Group PLC | 280,142 | | 4,547,049 |
Salamander Energy PLC (a) | 735,300 | | 1,836,653 |
SDL PLC (a) | 1,150,062 | | 5,545,957 |
Serco Group PLC | 449,099 | | 2,422,051 |
Silverdell PLC (a) | 921,000 | | 107,637 |
Sinclair Pharma PLC (a) | 1,888,371 | | 786,222 |
Sphere Medical Holding PLC (a)(f) | 420,000 | | 1,267,036 |
SR Pharma PLC (a) | 3,017,900 | | 1,406,132 |
Synergy Health PLC (d) | 391,024 | | 2,249,117 |
TMO Biotec (a)(f) | 1,000,000 | | 369,700 |
Tullow Oil PLC | 141,200 | | 1,666,225 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Ukrproduct Group Ltd. | 502,300 | | $ 102,744 |
Unite Group PLC | 379,010 | | 543,906 |
Valiant Petroleum PLC (a) | 160,000 | | 1,127,136 |
Vectura Group PLC (a) | 944,860 | | 990,530 |
Wellstream Holdings PLC | 232,300 | | 1,765,109 |
William Hill PLC | 1,369,600 | | 4,396,104 |
Xchanging PLC | 1,557,400 | | 4,248,101 |
York Pharma PLC (a) | 392,500 | | 18,864 |
YouGov PLC (a) | 1,742,654 | | 1,218,513 |
Zenergy Power PLC (a) | 711,280 | | 1,440,535 |
ZincOx Resources PLC (a) | 570,100 | | 551,174 |
TOTAL UNITED KINGDOM | | 105,109,921 |
United States of America - 0.9% |
CTC Media, Inc. (a) | 443,100 | | 3,473,904 |
Cyberview Technology, Inc. (a) | 996,527 | | 15 |
Frontera Resources Corp. (a) | 1,157,200 | | 401,541 |
ResMed, Inc. CHESS Depositary Interests (a) | 112,084 | | 440,080 |
TyraTech, Inc. (a) | 191,500 | | 79,741 |
XL TechGroup, Inc. (a) | 1,329,250 | | 20 |
TOTAL UNITED STATES OF AMERICA | | 4,395,301 |
TOTAL COMMON STOCKS (Cost $663,625,104) | 482,233,381 |
Nonconvertible Preferred Stocks - 0.8% |
| | | |
Germany - 0.8% |
Biotest AG (non-vtg.)
(Cost $8,229,358) | 103,100 | | 4,194,426 |
Investment Companies - 0.2% |
| | | |
United Kingdom - 0.2% |
Brookwell Ltd. (e)
(Cost $3,810,797) | 1,536,250 | | 905,867 |
Money Market Funds - 12.3% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 24,151,596 | | $ 24,151,596 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 39,223,010 | | 39,223,010 |
TOTAL MONEY MARKET FUNDS (Cost $63,374,606) | 63,374,606 |
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $739,039,865) | | 550,708,280 |
NET OTHER ASSETS - (6.9)% | | (35,316,193) |
NET ASSETS - 100% | $ 515,392,087 |
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 $9,598,660 or 1.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines warrants 8/4/11 | 8/4/06 | $ 2 |
Appian Technology PLC warrants 7/11/09 | 2/18/05 | $ 3 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,141,700 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Landround PLC warrants 12/11/09 | 12/12/06 | $ 0 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
Sphere Medical Holding PLC | 8/27/08 | $ 1,310,083 |
TMO Biotec | 10/27/05 | $ 535,065 |
Vestas Wind Systems AS | 4/29/09 | $ 1,355,888 |
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 | $ 151,234 |
Fidelity Securities Lending Cash Central Fund | 454,584 |
Total | $ 605,818 |
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 |
Brookwell Ltd. | $ 1,450,926 | $ 166,500 | $ - | $ 377,946 | $ 905,867 |
Centurion Electronics PLC | 12 | - | - | - | 11 |
CustomVis PLC | 200,922 | - | 32,772 | - | - |
Cyberview Technology, Inc. | 16 | - | - | - | - |
Teleunit SpA | 457,711 | - | 52,094 | - | - |
Total | $ 2,109,587 | $ 166,500 | $ 84,866 | $ 377,946 | $ 905,878 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 550,708,280 | $ 128,170,480 | $ 414,404,525 | $ 8,133,275 |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 14,778,878 |
Total Realized Gain (Loss) | (995,834) |
Total Unrealized Gain (Loss) | (3,572,523) |
Cost of Purchases | - |
Proceeds of Sales | (3,073,903) |
Amortization/Accretion | - |
Transfer in/out of Level 3 | 996,657 |
Ending Balance | $ 8,133,275 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $28,798,938 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 |
Assets | | |
Investment in securities, at value (including securities loaned of $37,341,473) - See accompanying schedule: Unaffiliated issuers (cost $671,530,326) | $ 486,427,796 | |
Fidelity Central Funds (cost $63,374,606) | 63,374,606 | |
Other affiliated issuers (cost $4,134,933) | 905,878 | |
Total Investments (cost $739,039,865) | | $ 550,708,280 |
Foreign currency held at value (cost $246,127) | | 246,500 |
Receivable for investments sold | | 8,307,129 |
Receivable for fund shares sold | | 354,584 |
Dividends receivable | | 1,823,031 |
Distributions receivable from Fidelity Central Funds | | 94,710 |
Prepaid expenses | | 4,867 |
Other receivables | | 159,848 |
Total assets | | 561,698,949 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,919,872 | |
Payable for fund shares redeemed | 546,479 | |
Accrued management fee | 358,570 | |
Distribution fees payable | 13,444 | |
Other affiliated payables | 149,549 | |
Other payables and accrued expenses | 95,938 | |
Collateral on securities loaned, at value | 39,223,010 | |
Total liabilities | | 46,306,862 |
| | |
Net Assets | | $ 515,392,087 |
Net Assets consist of: | | |
Paid in capital | | $ 832,335,869 |
Undistributed net investment income | | 2,289,104 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (130,858,477) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (188,374,409) |
Net Assets | | $ 515,392,087 |
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, 2009 |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($13,531,230 ÷ 1,097,818 shares) | | $ 12.33 |
| | |
Maximum offering price per share (100/94.25 of $12.33) | | $ 13.08 |
Class T:
Net Asset Value and redemption price per share ($11,859,376 ÷ 969,201 shares) | | $ 12.24 |
| | |
Maximum offering price per share (100/96.50 of $12.24) | | $ 12.68 |
Class B:
Net Asset Value and offering price per share ($2,766,838 ÷ 230,402 shares)A | | $ 12.01 |
| | |
Class C:
Net Asset Value and offering price per share ($4,789,057 ÷ 397,149 shares)A | | $ 12.06 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($480,509,909 ÷ 38,586,580 shares) | | $ 12.45 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,935,677 ÷ 155,571 shares) | | $ 12.44 |
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, 2009 |
Investment Income | | |
Dividends (including $377,946 earned from other affiliated issuers) | | $ 5,684,547 |
Interest | | 4,807 |
Income from Fidelity Central Funds (including $454,584 from security lending) | | 605,818 |
| | 6,295,172 |
Less foreign taxes withheld | | (225,724) |
Total income | | 6,069,448 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,192,689 | |
Performance adjustment | 492,211 | |
Transfer agent fees | 758,233 | |
Distribution fees | 83,886 | |
Accounting and security lending fees | 133,702 | |
Custodian fees and expenses | 77,713 | |
Independent trustees' compensation | 2,020 | |
Registration fees | 43,024 | |
Audit | 74,775 | |
Legal | 1,675 | |
Miscellaneous | 5,903 | |
Total expenses before reductions | 3,865,831 | |
Expense reductions | (85,487) | 3,780,344 |
Net investment income (loss) | | 2,289,104 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (88,206,225) | |
Other affiliated issuers | (5,239,603) | |
Foreign currency transactions | 412,728 | |
Total net realized gain (loss) | | (93,033,100) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,452) | 105,556,973 | |
Assets and liabilities in foreign currencies | (601,687) | |
Total change in net unrealized appreciation (depreciation) | | 104,955,286 |
Net gain (loss) | | 11,922,186 |
Net increase (decrease) in net assets resulting from operations | | $ 14,211,290 |
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,
2009 | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,289,104 | $ 1,587,080 |
Net realized gain (loss) | (93,033,100) | 8,577,813 |
Change in net unrealized appreciation (depreciation) | 104,955,286 | (799,488,059) |
Net increase (decrease) in net assets resulting from operations | 14,211,290 | (789,323,166) |
Distributions to shareholders from net investment income | - | (6,293,163) |
Distributions to shareholders from net realized gain | - | (288,048,226) |
Total distributions | - | (294,341,389) |
Share transactions - net increase (decrease) | (73,298,089) | (123,772,022) |
Redemption fees | 28,527 | 146,272 |
Total increase (decrease) in net assets | (59,058,272) | (1,207,290,305) |
| | |
Net Assets | | |
Beginning of period | 574,450,359 | 1,781,740,664 |
End of period (including undistributed net investment income of $2,289,104 and $0, respectively) | $ 515,392,087 | $ 574,450,359 |
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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.91 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | - I | .03 | (.02) | .05 | .02 |
Net realized and unrealized gain (loss) | .38 | (14.03) | 7.97 | 5.05 | 6.16 | 3.83 |
Total from investment operations | .42 | (14.03) | 8.00 | 5.03 | 6.21 | 3.85 |
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) J | (5.65) | (2.94) | (.79) | (.33) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.33 | $ 11.91 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 |
Total Return B,C,D | 3.53% | (53.35)% | 33.43% | 20.22% | 30.16% | 22.36% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.74% A | 1.82% | 1.53% | 1.64% | 1.66% | 1.71% |
Expenses net of fee waivers, if any | 1.65% A | 1.65% | 1.53% | 1.64% | 1.66% | 1.71% |
Expenses net of all reductions | 1.63% A | 1.60% | 1.49% | 1.58% | 1.63% | 1.69% |
Net investment income (loss) | .78% A | -% K | .10% | (.08)% | .21% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 13,531 | $ 13,561 | $ 38,585 | $ 36,701 | $ 34,838 | $ 13,278 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. K Amount represents less than .01%. |
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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.84 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | (.05) | (.04) | (.09) | (.01) | (.03) |
Net realized and unrealized gain (loss) | .37 | (13.95) | 7.93 | 5.03 | 6.12 | 3.83 |
Total from investment operations | .40 | (14.00) | 7.89 | 4.94 | 6.11 | 3.80 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | - | (5.12) | (5.57) | (2.88) | (.76) | (.31) |
Total distributions | - | (5.12) J | (5.57) | (2.88) | (.76) | (.32) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.24 | $ 11.84 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 |
Total Return B,C,D | 3.38% | (53.46)% | 33.07% | 19.93% | 29.72% | 22.07% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.99% A | 2.07% | 1.77% | 1.89% | 1.92% | 1.94% |
Expenses net of fee waivers, if any | 1.90% A | 1.90% | 1.77% | 1.89% | 1.91% | 1.94% |
Expenses net of all reductions | 1.87% A | 1.86% | 1.73% | 1.83% | 1.88% | 1.92% |
Net investment income (loss) | .53% A | (.25)% | (.14)% | (.32)% | (.04)% | (.14)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,859 | $ 13,493 | $ 40,823 | $ 41,982 | $ 41,647 | $ 15,131 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $5.12 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.65 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | (.16) | (.18) | (.24) | (.14) | (.16) |
Net realized and unrealized gain (loss) | .36 | (13.73) | 7.82 | 4.98 | 6.08 | 3.80 |
Total from investment operations | .36 | (13.89) | 7.64 | 4.74 | 5.94 | 3.64 |
Distributions from net realized gain | - | (4.95) J | (5.41) | (2.73) | (.71) | (.31) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.01 | $ 11.65 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 |
Total Return B,C,D | 3.09% | (53.68)% | 32.38% | 19.28% | 29.13% | 21.21% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.49% A | 2.58% | 2.30% | 2.48% | 2.49% | 2.63% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.30% | 2.40% | 2.43% | 2.63% |
Expenses net of all reductions | 2.37% A | 2.36% | 2.26% | 2.34% | 2.40% | 2.60% |
Net investment income (loss) | .03% A | (.75)% | (.66)% | (.84)% | (.56)% | (.83)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,767 | $ 3,230 | $ 10,704 | $ 11,354 | $ 12,783 | $ 5,061 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $4.95 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.70 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | (.16) | (.17) | (.23) | (.13) | (.12) |
Net realized and unrealized gain (loss) | .36 | (13.78) | 7.85 | 4.99 | 6.10 | 3.80 |
Total from investment operations | .36 | (13.94) | 7.68 | 4.76 | 5.97 | 3.68 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | - | (4.98) | (5.39) | (2.75) | (.72) | (.31) |
Total distributions | - | (4.98) J | (5.39) | (2.75) | (.72) | (.32) |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | .02 | .04 |
Net asset value, end of period | $ 12.06 | $ 11.70 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 |
Total Return B,C,D | 3.08% | (53.67)% | 32.39% | 19.34% | 29.22% | 21.43% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.49% A | 2.57% | 2.26% | 2.38% | 2.41% | 2.43% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.26% | 2.38% | 2.41% | 2.43% |
Expenses net of all reductions | 2.37% A | 2.36% | 2.22% | 2.32% | 2.38% | 2.40% |
Net investment income (loss) | .03% A | (.76)% | (.62)% | (.81)% | (.54)% | (.62)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,789 | $ 5,658 | $ 20,094 | $ 21,335 | $ 25,202 | $ 8,664 |
Portfolio turnover rate G | 78% A | 113% | 70% | 84% | 79% | 77% |
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 Expense ratios reflect 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 $4.98 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.03 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .03 | .12 | .08 | .15 | .10 |
Net realized and unrealized gain (loss) | .37 | (14.14) | 8.03 | 5.08 | 6.19 | 3.84 |
Total from investment operations | .42 | (14.11) | 8.15 | 5.16 | 6.34 | 3.94 |
Distributions from net investment income | - | (.12) | (.07) | (.14) | (.06) | (.02) |
Distributions from net realized gain | - | (5.18) | (5.67) | (2.89) | (.77) | (.31) |
Total distributions | - | (5.30) I | (5.74) | (3.03) | (.83) | (.33) |
Redemption fees added to paid in capital D | - H | - H | - H | .01 | .02 | .04 |
Net asset value, end of period | $ 12.45 | $ 12.03 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 |
Total Return B,C | 3.49% | (53.25)% | 33.82% | 20.65% | 30.67% | 22.84% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.50% A | 1.49% | 1.19% | 1.28% | 1.28% | 1.30% |
Expenses net of fee waivers, if any | 1.50% A | 1.49% | 1.19% | 1.28% | 1.28% | 1.30% |
Expenses net of all reductions | 1.47% A | 1.44% | 1.15% | 1.22% | 1.25% | 1.28% |
Net investment income (loss) | .93% A | .16% | .45% | .29% | .59% | .50% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 480,510 | $ 536,291 | $ 1,663,761 | $ 1,816,059 | $ 2,090,458 | $ 1,091,335 |
Portfolio turnover rate F | 78% A | 113% | 70% | 84% | 79% | 77% |
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. I Total distributions of $5.30 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, |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 12.01 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .05 | .12 | .08 | .14 | .10 |
Net realized and unrealized gain (loss) | .37 | (14.12) | 8.01 | 5.07 | 6.18 | 3.84 |
Total from investment operations | .43 | (14.07) | 8.13 | 5.15 | 6.32 | 3.94 |
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) I | (5.74) | (3.03) | (.84) | (.34) |
Redemption fees added to paid in capital D | - H | - H | - H | .01 | .02 | .04 |
Net asset value, end of period | $ 12.44 | $ 12.01 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 |
Total Return B,C | 3.58% | (53.22)% | 33.84% | 20.65% | 30.59% | 22.84% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.50% A | 1.49% | 1.18% | 1.29% | 1.30% | 1.32% |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.18% | 1.29% | 1.30% | 1.32% |
Expenses net of all reductions | 1.37% A | 1.35% | 1.14% | 1.23% | 1.27% | 1.29% |
Net investment income (loss) | 1.03% A | .25% | .45% | .28% | .57% | .49% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,936 | $ 2,217 | $ 7,774 | $ 9,050 | $ 7,432 | $ 2,568 |
Portfolio turnover rate F | 78% A | 113% | 70% | 84% | 79% | 77% |
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. I Total distributions of $5.30 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, 2009
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The Fund is currently closed to most new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers Class A, Class T, Class B, Class C, International Small Cap and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments ,as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements - continued
3. 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.
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.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 42,680,931 |
Unrealized depreciation | (237,213,606) |
Net unrealized appreciation (depreciation) | $ (194,532,675) |
Cost for federal income tax purposes | $ 745,240,955 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
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 $185,439,088 and $241,794,206, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 1.06% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements - 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% | $ 15,709 | $ 408 |
Class T | .25% | .25% | 29,634 | - |
Class B | .75% | .25% | 14,187 | 10,693 |
Class C | .75% | .25% | 24,356 | 771 |
| | | $ 83,886 | $ 11,872 |
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 | $ 1,234 |
Class T | 738 |
Class B* | 2,682 |
Class C* | 17 |
| $ 4,671 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 18,466 | .29 |
Class T | 17,539 | .30 |
Class B | 4,149 | .29 |
Class C | 7,001 | .29 |
International Small Cap | 708,206 | .30 |
Institutional Class | 2,872 | .30 |
| $ 758,233 | |
* 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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,642 and is reflected in Miscellaneous 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
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% | $ 5,543 |
Class T | 1.90% | 5,568 |
Class B | 2.40% | 1,300 |
Class C | 2.40% | 2,105 |
Institutional Class | 1.40% | 949 |
| | $ 15,465 |
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 $69,839 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 $183.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ - | $ 31,995 |
International Small Cap | - | 6,232,230 |
Institutional Class | - | 28,938 |
Total | $ - | $ 6,293,163 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net realized gain | | |
Class A | $ - | $ 6,369,531 |
Class T | - | 6,691,175 |
Class B | - | 1,698,463 |
Class C | - | 3,224,346 |
International Small Cap | - | 268,816,510 |
Institutional Class | - | 1,248,201 |
Total | $ - | $ 288,048,226 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 160,889 | 287,898 | $ 1,858,245 | $ 6,010,378 |
Reinvestment of distributions | - | 249,978 | - | 5,921,976 |
Shares redeemed | (201,422) | (638,746) | (2,275,377) | (12,839,012) |
Net increase (decrease) | (40,533) | (100,870) | $ (417,132) | $ (906,658) |
Class T | | | | |
Shares sold | 68,135 | 197,388 | $ 764,091 | $ 4,233,911 |
Reinvestment of distributions | - | 266,848 | - | 6,297,616 |
Shares redeemed | (238,372) | (643,248) | (2,680,678) | (12,848,518) |
Net increase (decrease) | (170,237) | (179,012) | $ (1,916,587) | $ (2,316,991) |
Class B | | | | |
Shares sold | 5,357 | 14,574 | $ 59,404 | $ 298,092 |
Reinvestment of distributions | - | 66,447 | - | 1,549,547 |
Shares redeemed | (52,235) | (154,774) | (572,772) | (3,077,783) |
Net increase (decrease) | (46,878) | (73,753) | $ (513,368) | $ (1,230,144) |
Class C | | | | |
Shares sold | 10,204 | 42,453 | $ 112,595 | $ 916,236 |
Reinvestment of distributions | - | 110,479 | - | 2,587,416 |
Shares redeemed | (96,682) | (325,478) | (1,072,946) | (6,282,310) |
Net increase (decrease) | (86,478) | (172,546) | $ (960,351) | $ (2,778,658) |
International Small Cap | | | | |
Shares sold | 2,209,258 | 6,448,356 | $ 25,274,340 | $ 136,000,750 |
Reinvestment of distributions | - | 10,462,725 | - | 249,849,882 |
Shares redeemed | (8,213,810) | (25,231,805) | (94,422,573) | (501,268,909) |
Net increase (decrease) | (6,004,552) | (8,320,724) | $ (69,148,233) | $ (115,418,277) |
Semiannual Report
Notes to Financial Statements - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2009 | Year ended
October 31,
2008 | Six months ended April 30,
2009 | Year ended
October 31,
2008 |
Institutional Class | | | | |
Shares sold | 18,118 | 50,432 | $ 198,913 | $ 1,127,368 |
Reinvestment of distributions | - | 31,471 | - | 749,964 |
Shares redeemed | (47,103) | (145,066) | (541,331) | (2,998,626) |
Net increase (decrease) | (28,985) | (63,163) | $ (342,418) | $ (1,121,294) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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, 2009, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the year ended October 31, 2008. 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, 2009, 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, 2009, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the year ended October 31, 2008, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 15, 2009
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
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
AISCI-USAN-0609
1.800646.105
Fidelity®
International Small Cap Opportunities
Fund
Semiannual Report
April 30, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | .81% | | | |
Actual | | $ 1,000.00 | $ 931.10 | $ 3.88 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Class T | 1.08% | | | |
Actual | | $ 1,000.00 | $ 929.00 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
Class B | 1.57% | | | |
Actual | | $ 1,000.00 | $ 928.10 | $ 7.51 |
HypotheticalA | | $ 1,000.00 | $ 1,017.01 | $ 7.85 |
Class C | 1.55% | | | |
Actual | | $ 1,000.00 | $ 928.00 | $ 7.41 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
International Small Cap Opportunities | .56% | | | |
Actual | | $ 1,000.00 | $ 932.00 | $ 2.68 |
HypotheticalA | | $ 1,000.00 | $ 1,022.02 | $ 2.81 |
Institutional Class | .60% | | | |
Actual | | $ 1,000.00 | $ 933.30 | $ 2.88** |
HypotheticalA | | $ 1,000.00 | $ 1,021.82 | $ 3.01** |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If changes to transfer agent contracts, effective February 1, 2009 had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as follows:
| Annualized
Expense Ratio | Expenses Paid |
Institutional Class | .63% | |
Actual | | $ 3.02 |
HypotheticalA | | $ 3.16 |
A 5% return per year before expenses
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 22.1% | |
| United Kingdom 19.1% | |
| United States of America 14.0% | |
| Canada 4.7% | |
| Germany 4.3% | |
| Switzerland 4.3% | |
| South Africa 3.6% | |
| Spain 2.9% | |
| Netherlands 2.7% | |
| Other 22.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 15.4% | |
| United Kingdom 13.6% | |
| China 9.2% | |
| Netherlands 7.6% | |
| Cayman Islands 7.5% | |
| United States of America 7.3% | |
| Papua New Guinea 7.3% | |
| Australia 6.4% | |
| Germany 6.4% | |
| Other 19.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.3 | 98.9 |
Short-Term Investments and Net Other Assets | 1.7 | 1.1 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
CyberSource Corp. (United States of America, IT Services) | 2.6 | 0.0 |
Bank Sarasin & Co. Ltd. Series B (Reg.) (Switzerland, Capital Markets) | 2.6 | 0.0 |
Serco Group PLC (United Kingdom, Commercial Services & Supplies) | 2.5 | 0.0 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 2.4 | 0.0 |
Pricesmart, Inc. (United States of America, Food & Staples Retailing) | 2.4 | 0.0 |
Promise Co. Ltd. (Japan, Consumer Finance) | 2.2 | 1.4 |
Tsumura & Co. (Japan, Pharmaceuticals) | 2.2 | 0.0 |
Software AG (Bearer) (Germany, Software) | 2.0 | 0.0 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.9 | 0.0 |
Autonomy Corp. PLC (United Kingdom, Software) | 1.8 | 2.7 |
| 22.6 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.4 | 10.5 |
Consumer Discretionary | 16.9 | 9.5 |
Industrials | 16.8 | 21.5 |
Information Technology | 11.5 | 27.5 |
Health Care | 10.2 | 6.5 |
Materials | 8.6 | 11.3 |
Consumer Staples | 7.4 | 10.6 |
Energy | 4.5 | 1.0 |
Telecommunication Services | 3.6 | 0.0 |
Utilities | 0.4 | 0.5 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3% |
| Shares | | Value |
Austria - 0.4% |
Andritz AG | 34,800 | | $ 1,182,692 |
Belgium - 0.7% |
Umicore SA (d) | 101,900 | | 1,996,539 |
Bermuda - 2.2% |
China Sports International Ltd. | 6,306,000 | | 447,234 |
Lazard Ltd. Class A | 48,700 | | 1,329,510 |
Ports Design Ltd. | 2,107,000 | | 3,199,613 |
Seadrill Ltd. | 105,300 | | 1,123,671 |
TOTAL BERMUDA | | 6,100,028 |
Brazil - 2.0% |
Banco ABC Brasil SA | 219,000 | | 700,976 |
BM&F BOVESPA SA | 653,500 | | 2,689,362 |
Braskem SA Class A sponsored ADR (d) | 74,500 | | 422,415 |
MRV Engenharia e Participacoes SA | 168,800 | | 1,675,689 |
TOTAL BRAZIL | | 5,488,442 |
Canada - 4.7% |
Agnico-Eagle Mines Ltd. (Canada) | 34,400 | | 1,520,721 |
Eldorado Gold Corp. (a) | 174,600 | | 1,387,143 |
Fairfax Financial Holdings Ltd. | 14,900 | | 3,940,867 |
Niko Resources Ltd. | 40,300 | | 2,039,570 |
Petrobank Energy & Resources Ltd. (a) | 205,200 | | 4,410,962 |
TOTAL CANADA | | 13,299,263 |
Cayman Islands - 0.5% |
Bosideng International Holdings Ltd. | 3,974,000 | | 321,078 |
China Dongxiang Group Co. Ltd. | 2,215,000 | | 1,075,702 |
TOTAL CAYMAN ISLANDS | | 1,396,780 |
China - 0.5% |
China Nepstar Chain Drugstore Ltd. ADR | 119,200 | | 600,768 |
China Zaino International Ltd. | 1,490,000 | | 261,668 |
Li Ning Co. Ltd. | 256,500 | | 524,917 |
TOTAL CHINA | | 1,387,353 |
Finland - 1.4% |
Nokian Tyres PLC | 101,300 | | 1,599,310 |
Outotec Oyj | 67,800 | | 1,437,492 |
Poyry Oyj | 74,238 | | 922,276 |
TOTAL FINLAND | | 3,959,078 |
Common Stocks - continued |
| Shares | | Value |
France - 2.7% |
Audika SA | 123,284 | | $ 2,974,894 |
Laurent-Perrier Group | 10,367 | | 607,981 |
Remy Cointreau SA | 34,000 | | 1,120,518 |
Saft Groupe SA | 90,700 | | 2,775,307 |
TOTAL FRANCE | | 7,478,700 |
Germany - 4.3% |
Bilfinger Berger AG (d) | 31,000 | | 1,457,664 |
DIC Asset AG | 166,800 | | 1,314,462 |
Software AG (Bearer) (d) | 89,800 | | 5,553,359 |
Vossloh AG | 36,600 | | 3,731,351 |
TOTAL GERMANY | | 12,056,836 |
Greece - 0.4% |
Terna Energy SA | 187,051 | | 1,114,838 |
India - 0.9% |
Bharti Airtel Ltd. (a) | 170,930 | | 2,605,137 |
Ireland - 1.1% |
CRH PLC | 75,057 | | 1,950,745 |
Kerry Group PLC Class A | 53,700 | | 1,100,267 |
TOTAL IRELAND | | 3,051,012 |
Israel - 1.1% |
Partner Communications Co. Ltd. ADR (d) | 182,700 | | 2,968,875 |
Italy - 0.7% |
Azimut Holdings SpA | 288,000 | | 2,012,028 |
Japan - 22.1% |
Alpen Co. Ltd. | 21,000 | | 346,858 |
Autobacs Seven Co. Ltd. | 108,300 | | 2,961,252 |
Daikoku Denki Co. Ltd. | 71,500 | | 822,368 |
Denso Corp. | 61,000 | | 1,442,337 |
FCC Co. Ltd. | 92,400 | | 1,171,072 |
Glory Ltd. | 53,000 | | 972,859 |
Kamigumi Co. Ltd. | 125,000 | | 803,066 |
Kobayashi Pharmaceutical Co. Ltd. | 146,800 | | 4,776,245 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 761,300 | | 4,126,246 |
Nagaileben Co. Ltd. | 57,500 | | 1,022,227 |
NGK Insulators Ltd. | 120,000 | | 1,840,818 |
Nihon Parkerizing Co. Ltd. | 84,000 | | 700,462 |
Nippon Seiki Co. Ltd. | 199,000 | | 1,795,351 |
Nippon Thompson Co. Ltd. | 727,000 | | 3,143,912 |
Nitta Corp. | 31,000 | | 356,365 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Obic Co. Ltd. | 10,840 | | $ 1,471,922 |
Ohashi Technica, Inc. | 50,000 | | 309,620 |
Osaka Securities Exchange Co. Ltd. | 1,659 | | 5,270,472 |
OSG Corp. | 178,800 | | 1,125,918 |
Ozeki Co. Ltd. | 21,300 | | 530,441 |
Pal Co. Ltd. | 19,250 | | 294,698 |
Promise Co. Ltd. (d) | 475,100 | | 6,279,446 |
SAZABY, Inc. | 36,800 | | 393,270 |
SHIMANO, Inc. | 29,800 | | 881,846 |
SHO-BOND Holdings Co. Ltd. | 86,400 | | 1,553,811 |
Sony Financial Holdings, Inc. | 269 | | 846,549 |
Sparx Group Co. Ltd. | 5,960 | | 781,684 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 338,000 | | 1,178,450 |
THK Co. Ltd. | 99,900 | | 1,385,832 |
Toho Holdings Co. Ltd. (d) | 116,800 | | 1,130,198 |
Tsumura & Co. | 225,600 | | 6,179,818 |
Tsutsumi Jewelry Co. Ltd. | 82,300 | | 1,351,764 |
USS Co. Ltd. | 91,120 | | 4,130,249 |
Yamato Kogyo Co. Ltd. | 31,800 | | 722,487 |
TOTAL JAPAN | | 62,099,913 |
Korea (South) - 0.8% |
NHN Corp. (a) | 18,040 | | 2,195,009 |
Mexico - 1.1% |
America Movil SAB de CV Series L sponsored ADR | 41,300 | | 1,356,705 |
Cemex SA de CV sponsored ADR | 109,200 | | 816,816 |
Wal-Mart de Mexico SA de CV Series V | 378,200 | | 1,031,417 |
TOTAL MEXICO | | 3,204,938 |
Netherlands - 2.7% |
Aalberts Industries NV | 111,200 | | 848,674 |
ASML Holding NV (NY Shares) | 104,193 | | 2,203,682 |
James Hardie Industries NV sponsored ADR | 52,600 | | 857,906 |
QIAGEN NV (a) | 224,400 | | 3,698,112 |
TOTAL NETHERLANDS | | 7,608,374 |
Norway - 0.3% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 944,000 | | 797,395 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 1.1% |
Lihir Gold Ltd. sponsored ADR (a)(d) | 89,500 | | $ 1,915,300 |
Oil Search Ltd. | 288,658 | | 1,076,701 |
TOTAL PAPUA NEW GUINEA | | 2,992,001 |
Philippines - 0.5% |
Jollibee Food Corp. | 1,473,900 | | 1,409,551 |
Singapore - 2.0% |
Keppel Land Ltd. | 596,000 | | 692,415 |
Singapore Exchange Ltd. | 1,023,000 | | 4,332,462 |
Wing Tai Holdings Ltd. | 759,000 | | 451,145 |
TOTAL SINGAPORE | | 5,476,022 |
South Africa - 3.6% |
African Rainbow Minerals Ltd. | 309,800 | | 4,186,775 |
JSE Ltd. | 237,181 | | 1,456,120 |
Mr. Price Group Ltd. | 471,800 | | 1,444,577 |
MTN Group Ltd. | 234,300 | | 3,042,860 |
TOTAL SOUTH AFRICA | | 10,130,332 |
Spain - 2.9% |
Grifols SA | 264,580 | | 4,641,558 |
Prosegur Comp Securidad SA (Reg.) | 125,709 | | 3,588,954 |
TOTAL SPAIN | | 8,230,512 |
Sweden - 0.8% |
Swedish Match Co. (d) | 152,000 | | 2,168,697 |
Switzerland - 4.3% |
Actelion Ltd. (Reg.) (a) | 38,110 | | 1,735,823 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 301,717 | | 7,190,451 |
Sonova Holding AG | 47,970 | | 3,103,165 |
TOTAL SWITZERLAND | | 12,029,439 |
Turkey - 1.1% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 323,000 | | 2,301,015 |
Tupras-Turkiye Petrol Rafinerileri AS | 88,800 | | 887,861 |
TOTAL TURKEY | | 3,188,876 |
United Kingdom - 19.1% |
Aberdeen Asset Management PLC | 914,700 | | 1,773,172 |
Autonomy Corp. PLC (a) | 243,285 | | 5,102,003 |
Babcock International Group PLC | 173,800 | | 1,114,502 |
Begbies Traynor Group PLC | 498,000 | | 815,427 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
BG Group PLC | 35,500 | | $ 566,647 |
Bovis Homes Group PLC | 594,452 | | 4,024,312 |
Cobham PLC | 795,000 | | 2,058,794 |
Derwent London PLC | 94,400 | | 1,162,327 |
Great Portland Estates PLC | 392,300 | | 1,768,769 |
H&T Group PLC | 403,000 | | 1,156,732 |
Informa PLC | 693,700 | | 3,030,829 |
InterContinental Hotel Group PLC ADR (d) | 80,400 | | 761,388 |
Johnson Matthey PLC | 100,300 | | 1,770,499 |
Man Group PLC | 134,400 | | 496,591 |
Persimmon PLC | 489,200 | | 2,727,593 |
Serco Group PLC | 1,275,300 | | 6,877,863 |
Shaftesbury PLC | 317,800 | | 1,638,678 |
Spirax-Sarco Engineering PLC | 538,450 | | 6,781,552 |
SSL International PLC | 582,657 | | 4,083,435 |
Ted Baker PLC | 284,300 | | 1,551,603 |
Ultra Electronics Holdings PLC | 148,969 | | 2,610,927 |
Victrex PLC | 210,682 | | 1,664,202 |
TOTAL UNITED KINGDOM | | 53,537,845 |
United States of America - 12.3% |
Advanced Energy Industries, Inc. (a) | 505,219 | | 4,258,996 |
Airgas, Inc. | 51,700 | | 2,229,304 |
Autoliv, Inc. | 115,700 | | 2,854,319 |
CyberSource Corp. (a) | 506,900 | | 7,405,807 |
Dril-Quip, Inc. (a) | 21,900 | | 752,922 |
FMC Technologies, Inc. (a) | 26,500 | | 907,095 |
Martin Marietta Materials, Inc. (d) | 9,900 | | 831,897 |
Mohawk Industries, Inc. (a)(d) | 91,400 | | 4,324,134 |
Pricesmart, Inc. | 369,240 | | 6,590,934 |
Varian Semiconductor Equipment Associates, Inc. (a) | 88,700 | | 2,269,833 |
Visa, Inc. | 30,800 | | 2,000,768 |
TOTAL UNITED STATES OF AMERICA | | 34,426,009 |
TOTAL COMMON STOCKS (Cost $266,244,744) | 275,592,514 |
Money Market Funds - 8.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 2,247,442 | | $ 2,247,442 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 21,426,743 | | 21,426,743 |
TOTAL MONEY MARKET FUNDS (Cost $23,674,185) | 23,674,185 |
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $289,918,929) | | 299,266,699 |
NET OTHER ASSETS - (6.7)% | | (18,772,137) |
NET ASSETS - 100% | $ 280,494,562 |
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 | $ 19,725 |
Fidelity Securities Lending Cash Central Fund | 318,472 |
Total | $ 338,197 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 299,266,699 | $ 112,609,685 | $ 186,657,014 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $146,419,794 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $20,172,805) - See accompanying schedule: Unaffiliated issuers (cost $266,244,744) | $ 275,592,514 | |
Fidelity Central Funds (cost $23,674,185) | 23,674,185 | |
Total Investments (cost $289,918,929) | | $ 299,266,699 |
Cash | | 130,191 |
Receivable for investments sold | | 7,491,860 |
Receivable for fund shares sold | | 204,871 |
Dividends receivable | | 1,416,458 |
Distributions receivable from Fidelity Central Funds | | 36,969 |
Prepaid expenses | | 3,177 |
Other receivables | | 25,086 |
Total assets | | 308,575,311 |
| | |
Liabilities | | |
Payable to custodian bank | $ 41,093 | |
Payable for investments purchased | 6,145,393 | |
Payable for fund shares redeemed | 306,223 | |
Accrued management fee | 19,817 | |
Distribution fees payable | 13,785 | |
Other affiliated payables | 85,340 | |
Other payables and accrued expenses | 42,355 | |
Collateral on securities loaned, at value | 21,426,743 | |
Total liabilities | | 28,080,749 |
| | |
Net Assets | | $ 280,494,562 |
Net Assets consist of: | | |
Paid in capital | | $ 780,759,555 |
Undistributed net investment income | | 1,760,581 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (511,354,885) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 9,329,311 |
Net Assets | | $ 280,494,562 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($14,453,410 ÷ 2,489,176 shares) | | $ 5.81 |
| | |
Maximum offering price per share (100/94.25 of $5.81) | | $ 6.16 |
Class T:
Net Asset Value and redemption price per share ($8,865,106 ÷ 1,538,405 shares) | | $ 5.76 |
| | |
Maximum offering price per share (100/96.50 of $5.76) | | $ 5.97 |
Class B:
Net Asset Value and offering price per share ($2,137,810 ÷ 376,327 shares)A | | $ 5.68 |
| | |
Class C:
Net Asset Value and offering price per share ($6,541,663 ÷ 1,153,122 shares)A | | $ 5.67 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($246,440,745 ÷ 42,119,425 shares) | | $ 5.85 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,055,828 ÷ 351,718 shares) | | $ 5.85 |
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, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 2,593,711 |
Income from Fidelity Central Funds (including $318,472 from security lending) | | 338,197 |
| | 2,931,908 |
Less foreign taxes withheld | | (213,734) |
Total income | | 2,718,174 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,257,672 | |
Performance adjustment | (1,092,965) | |
Transfer agent fees | 406,055 | |
Distribution fees | 87,310 | |
Accounting and security lending fees | 79,416 | |
Custodian fees and expenses | 87,089 | |
Independent trustees' compensation | 1,211 | |
Registration fees | 30,245 | |
Audit | 39,974 | |
Legal | 1,134 | |
Miscellaneous | 3,600 | |
Total expenses before reductions | 900,741 | |
Expense reductions | (83,848) | 816,893 |
Net investment income (loss) | | 1,901,281 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (352,217,191) | |
Investment not meeting investment restrictions | 1,590,340 | |
Foreign currency transactions | (173,038) | |
Total net realized gain (loss) | | (350,799,889) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 320,908,827 | |
Assets and liabilities in foreign currencies | (14,227) | |
Total change in net unrealized appreciation (depreciation) | | 320,894,600 |
Net gain (loss) | | (29,905,289) |
Net increase (decrease) in net assets resulting from operations | | $ (28,004,008) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,901,281 | $ 2,902,276 |
Net realized gain (loss) | (350,799,889) | (156,690,003) |
Change in net unrealized appreciation (depreciation) | 320,894,600 | (647,198,943) |
Net increase (decrease) in net assets resulting from operations | (28,004,008) | (800,986,670) |
Distributions to shareholders from net investment income | (140,700) | (4,817,372) |
Distributions to shareholders from net realized gain | - | (154,491,933) |
Total distributions | (140,700) | (159,309,305) |
Share transactions - net increase (decrease) | (53,616,882) | (308,489,372) |
Redemption fees | 58,992 | 307,719 |
Total increase (decrease) in net assets | (81,702,598) | (1,268,477,628) |
| | |
Net Assets | | |
Beginning of period | 362,197,160 | 1,630,674,788 |
End of period (including undistributed net investment income of $1,760,581 and $0, respectively) | $ 280,494,562 | $ 362,197,160 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.24 | $ 18.97 | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .02 | .02 | - J | - J |
Net realized and unrealized gain (loss) | (.46) | (10.85) | 4.76 | 3.74 | .40 |
Total from investment operations | (.43) | (10.83) | 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 | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.81 | $ 6.24 | $ 18.97 | $ 14.18 | $ 10.41 |
Total Return B, C, D | (6.89)% | (62.98)% | 33.78% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | .81% A | 1.75% | 1.63% | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | .81% A | 1.66% | 1.63% | 1.63% | 1.65% A |
Expenses net of all reductions | .75% A | 1.62% | 1.59% | 1.51% | 1.54% A |
Net investment income (loss) | 1.12% A | .13% | .10% | .02% | (.09)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,453 | $ 17,905 | $ 70,785 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.20 | $ 18.85 | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .02 | (.02) | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | (.46) | (10.78) | 4.74 | 3.74 | .38 |
Total from investment operations | (.44) | (10.80) | 4.72 | 3.71 | .37 |
Distributions from net realized gain | - | (1.85) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.76 | $ 6.20 | $ 18.85 | $ 14.12 | $ 10.38 |
Total Return B, C, D | (7.10)% | (63.08)% | 33.50% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.08% A | 2.00% | 1.85% | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.08% A | 1.91% | 1.85% | 1.85% | 1.90% A |
Expenses net of all reductions | 1.02% A | 1.87% | 1.81% | 1.74% | 1.78% A |
Net investment income (loss) | .85% A | (.12)% | (.13)% | (.20)% | (.33)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,865 | $ 11,614 | $ 46,568 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.12 | $ 18.64 | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .01 | (.08) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (.45) | (10.68) | 4.70 | 3.74 | .38 |
Total from investment operations | (.44) | (10.76) | 4.59 | 3.64 | .36 |
Distributions from net realized gain | - | (1.76) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.68 | $ 6.12 | $ 18.64 | $ 14.04 | $ 10.37 |
Total Return B, C, D | (7.19)% | (63.32)% | 32.76% | 35.39% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.57% A | 2.51% | 2.40% | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 1.57% A | 2.41% | 2.40% | 2.41% | 2.40% A |
Expenses net of all reductions | 1.51% A | 2.38% | 2.36% | 2.30% | 2.27% A |
Net investment income (loss) | .37% A | (.62)% | (.67)% | (.76)% | (.82)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,138 | $ 2,687 | $ 10,975 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.11 | $ 18.63 | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .01 | (.08) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (.45) | (10.66) | 4.70 | 3.73 | .38 |
Total from investment operations | (.44) | (10.74) | 4.59 | 3.63 | .36 |
Distributions from net realized gain | - | (1.78) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.67 | $ 6.11 | $ 18.63 | $ 14.03 | $ 10.37 |
Total Return B, C, D | (7.20)% | (63.32)% | 32.79% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.55% A | 2.51% | 2.38% | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 1.55% A | 2.41% | 2.38% | 2.38% | 2.40% A |
Expenses net of all reductions | 1.50% A | 2.38% | 2.34% | 2.27% | 2.29% A |
Net investment income (loss) | .38% A | (.62)% | (.66)% | (.73)% | (.84)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,542 | $ 9,497 | $ 40,894 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.28 | $ 19.09 | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .04 | .05 | .07 | .05 | - I |
Net realized and unrealized gain (loss) | (.47) | (10.92) | 4.78 | 3.75 | .39 |
Total from investment operations | (.43) | (10.87) | 4.85 | 3.80 | .39 |
Distributions from net investment income | - I | (.06) | - | - | - |
Distributions from net realized gain | - | (1.88) | - | - I | - |
Total distributions | - I | (1.94) J | - | - I | - |
Redemption fees added to paid in capital D | - I | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 5.85 | $ 6.28 | $ 19.09 | $ 14.23 | $ 10.40 |
Total Return B, C | (6.80)% | (62.91)% | 34.15% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .56% A | 1.44% | 1.30% | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | .56% A | 1.44% | 1.30% | 1.28% | 1.40% A |
Expenses net of all reductions | .50% A | 1.40% | 1.25% | 1.16% | 1.31% A |
Net investment income (loss) | 1.37% A | .36% | .43% | .37% | .14% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 246,441 | $ 312,376 | $ 1,433,844 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.27 | $ 19.09 | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .04 | .05 | .08 | .05 | - I |
Net realized and unrealized gain (loss) | (.46) | (10.92) | 4.78 | 3.74 | .39 |
Total from investment operations | (.42) | (10.87) | 4.86 | 3.79 | .39 |
Distributions from net investment income | - I | (.07) | - | - | - |
Distributions from net realized gain | - | (1.88) | - | - I | - |
Total distributions | - I | (1.95) J | - | - I | - |
Redemption fees added to paid in capital D | - I | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 5.85 | $ 6.27 | $ 19.09 | $ 14.22 | $ 10.40 |
Total Return B, C | (6.67)% | (62.95)% | 34.25% | 36.77% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .60% A | 1.40% | 1.29% | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | .60% A | 1.40% | 1.29% | 1.25% | 1.40% A |
Expenses net of all reductions | .54% A | 1.37% | 1.25% | 1.14% | 1.29% A |
Net investment income (loss) | 1.33% A | .39% | .44% | .40% | .16% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,056 | $ 8,117 | $ 27,609 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 271% A | 61% | 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, 2009 (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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 28,692,689 |
Unrealized depreciation | (21,269,988) |
Net unrealized appreciation (depreciation) | $ 7,422,701 |
Cost for federal income tax purposes | $ 291,843,998 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
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 $396,585,240 and $449,434,727, respectively.
The Fund realized a gain on the sale of an investment not meeting the investment restrictions of the Fund.
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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .11% 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
6. 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% | $ 18,180 | $ - |
Class T | .25% | .25% | 23,272 | - |
Class B | .75% | .25% | 11,031 | 8,319 |
Class C | .75% | .25% | 34,827 | 4,389 |
| | | $ 87,310 | $ 12,708 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,843 |
Class T | 1,406 |
Class B* | 4,653 |
Class C* | 344 |
| $ 9,246 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 20,372 | .28 |
Class T | 13,963 | .30 |
Class B | 3,154 | .29 |
Class C | 9,421 | .27 |
International Small Cap Opportunities | 351,268 | .28 |
Institutional Class | 7,877 | .32 |
| $ 406,055 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,452 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $975 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
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 $83,848 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ - | $ 91,280 |
International Small Cap Opportunities | 138,653 | 4,620,425 |
Institutional Class | 2,047 | 105,667 |
Total | $ 140,700 | $ 4,817,372 |
From net realized gain | | |
Class A | $ - | $ 6,856,940 |
Class T | - | 4,515,065 |
Class B | - | 1,019,225 |
Class C | - | 3,838,511 |
International Small Cap Opportunities | - | 135,580,534 |
Institutional Class | - | 2,681,658 |
Total | $ - | $ 154,491,933 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Six months ended
April 30,
2009 | | Year ended
October 31,
2008 | | Six months ended
April 30,
2009 | | Year ended
October 31,
2008 |
Class A | | | | | | | |
Shares sold | 306,031 | | 828,854 | | $ 1,679,889 | | $ 10,916,918 |
Reinvestment of distributions | - | | 416,175 | | - | | 6,313,370 |
Shares redeemed | (688,496) | | (2,104,322) | | (3,771,211) | | (25,609,420) |
Net increase (decrease) | (382,465) | | (859,293) | | $ (2,091,322) | | $ (8,379,132) |
Class T | | | | | | | |
Shares sold | 140,491 | | 298,437 | | $ 769,501 | | $ 3,745,246 |
Reinvestment of distributions | - | | 288,615 | | - | | 4,360,975 |
Shares redeemed | (476,431) | | (1,182,864) | | (2,585,053) | | (14,814,150) |
Net increase (decrease) | (335,940) | | (595,812) | | $ (1,815,552) | | $ (6,707,929) |
Class B | | | | | | | |
Shares sold | 26,402 | | 67,210 | | $ 142,248 | | $ 882,196 |
Reinvestment of distributions | - | | 61,167 | | - | | 917,505 |
Shares redeemed | (88,900) | | (278,427) | | (475,968) | | (3,422,675) |
Net increase (decrease) | (62,498) | | (150,050) | | $ (333,720) | | $ (1,622,974) |
Class C | | | | | | | |
Shares sold | 96,634 | | 393,320 | | $ 518,145 | | $ 4,565,906 |
Reinvestment of distributions | - | | 216,879 | | - | | 3,248,846 |
Shares redeemed | (496,685) | | (1,252,106) | | (2,520,914) | | (14,199,211) |
Net increase (decrease) | (400,051) | | (641,907) | | $ (2,002,769) | | $ (6,384,459) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Six months ended
April 30,
2009 | | Year ended
October 31,
2008 | | Six months ended
April 30,
2009 | | Year ended
October 31,
2008 |
International Small
Cap Opportunities | | | | | | |
Shares sold | 2,817,958 | | 10,644,155 | | $ 15,766,040 | | $ 141,713,979 |
Reinvestment of distributions | 21,738 | | 8,363,264 | | 128,470 | | 127,539,782 |
Shares redeemed | (10,475,028) | | (44,345,885) | | (58,082,259) | | (553,799,561) |
Net increase (decrease) | (7,635,332) | | (25,338,466) | | $ (42,187,749) | | $ (284,545,800) |
Institutional Class | | | | | | | |
Shares sold | 233,398 | | 915,939 | | $ 1,282,566 | | $ 11,419,413 |
Reinvestment of distributions | 122 | | 149,148 | | 720 | | 2,273,017 |
Shares redeemed | (1,175,804) | | (1,217,529) | | (6,469,056) | | (14,541,508) |
Net increase (decrease) | (942,284) | | (152,442) | | $ (5,185,770) | | $ (849,078) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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
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By PC
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Fidelity's Web Site
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* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
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Semiannual Report
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Semiannual Report
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Semiannual Report
Investment Adviser
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Investment Sub-Advisers
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Fidelity Advisor
International Small Cap Opportunities
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2009
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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | .81% | | | |
Actual | | $ 1,000.00 | $ 931.10 | $ 3.88 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Class T | 1.08% | | | |
Actual | | $ 1,000.00 | $ 929.00 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
Class B | 1.57% | | | |
Actual | | $ 1,000.00 | $ 928.10 | $ 7.51 |
HypotheticalA | | $ 1,000.00 | $ 1,017.01 | $ 7.85 |
Class C | 1.55% | | | |
Actual | | $ 1,000.00 | $ 928.00 | $ 7.41 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
International Small Cap Opportunities | .56% | | | |
Actual | | $ 1,000.00 | $ 932.00 | $ 2.68 |
HypotheticalA | | $ 1,000.00 | $ 1,022.02 | $ 2.81 |
Institutional Class | .60% | | | |
Actual | | $ 1,000.00 | $ 933.30 | $ 2.88** |
HypotheticalA | | $ 1,000.00 | $ 1,021.82 | $ 3.01** |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If changes to transfer agent contracts, effective February 1, 2009 had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as follows:
| Annualized
Expense Ratio | Expenses Paid |
Institutional Class | .63% | |
Actual | | $ 3.02 |
HypotheticalA | | $ 3.16 |
A 5% return per year before expenses
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 22.1% | |
| United Kingdom 19.1% | |
| United States of America 14.0% | |
| Canada 4.7% | |
| Germany 4.3% | |
| Switzerland 4.3% | |
| South Africa 3.6% | |
| Spain 2.9% | |
| Netherlands 2.7% | |
| Other 22.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 15.4% | |
| United Kingdom 13.6% | |
| China 9.2% | |
| Netherlands 7.6% | |
| Cayman Islands 7.5% | |
| United States of America 7.3% | |
| Papua New Guinea 7.3% | |
| Australia 6.4% | |
| Germany 6.4% | |
| Other 19.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.3 | 98.9 |
Short-Term Investments and Net Other Assets | 1.7 | 1.1 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
CyberSource Corp. (United States of America, IT Services) | 2.6 | 0.0 |
Bank Sarasin & Co. Ltd. Series B (Reg.) (Switzerland, Capital Markets) | 2.6 | 0.0 |
Serco Group PLC (United Kingdom, Commercial Services & Supplies) | 2.5 | 0.0 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 2.4 | 0.0 |
Pricesmart, Inc. (United States of America, Food & Staples Retailing) | 2.4 | 0.0 |
Promise Co. Ltd. (Japan, Consumer Finance) | 2.2 | 1.4 |
Tsumura & Co. (Japan, Pharmaceuticals) | 2.2 | 0.0 |
Software AG (Bearer) (Germany, Software) | 2.0 | 0.0 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.9 | 0.0 |
Autonomy Corp. PLC (United Kingdom, Software) | 1.8 | 2.7 |
| 22.6 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.4 | 10.5 |
Consumer Discretionary | 16.9 | 9.5 |
Industrials | 16.8 | 21.5 |
Information Technology | 11.5 | 27.5 |
Health Care | 10.2 | 6.5 |
Materials | 8.6 | 11.3 |
Consumer Staples | 7.4 | 10.6 |
Energy | 4.5 | 1.0 |
Telecommunication Services | 3.6 | 0.0 |
Utilities | 0.4 | 0.5 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3% |
| Shares | | Value |
Austria - 0.4% |
Andritz AG | 34,800 | | $ 1,182,692 |
Belgium - 0.7% |
Umicore SA (d) | 101,900 | | 1,996,539 |
Bermuda - 2.2% |
China Sports International Ltd. | 6,306,000 | | 447,234 |
Lazard Ltd. Class A | 48,700 | | 1,329,510 |
Ports Design Ltd. | 2,107,000 | | 3,199,613 |
Seadrill Ltd. | 105,300 | | 1,123,671 |
TOTAL BERMUDA | | 6,100,028 |
Brazil - 2.0% |
Banco ABC Brasil SA | 219,000 | | 700,976 |
BM&F BOVESPA SA | 653,500 | | 2,689,362 |
Braskem SA Class A sponsored ADR (d) | 74,500 | | 422,415 |
MRV Engenharia e Participacoes SA | 168,800 | | 1,675,689 |
TOTAL BRAZIL | | 5,488,442 |
Canada - 4.7% |
Agnico-Eagle Mines Ltd. (Canada) | 34,400 | | 1,520,721 |
Eldorado Gold Corp. (a) | 174,600 | | 1,387,143 |
Fairfax Financial Holdings Ltd. | 14,900 | | 3,940,867 |
Niko Resources Ltd. | 40,300 | | 2,039,570 |
Petrobank Energy & Resources Ltd. (a) | 205,200 | | 4,410,962 |
TOTAL CANADA | | 13,299,263 |
Cayman Islands - 0.5% |
Bosideng International Holdings Ltd. | 3,974,000 | | 321,078 |
China Dongxiang Group Co. Ltd. | 2,215,000 | | 1,075,702 |
TOTAL CAYMAN ISLANDS | | 1,396,780 |
China - 0.5% |
China Nepstar Chain Drugstore Ltd. ADR | 119,200 | | 600,768 |
China Zaino International Ltd. | 1,490,000 | | 261,668 |
Li Ning Co. Ltd. | 256,500 | | 524,917 |
TOTAL CHINA | | 1,387,353 |
Finland - 1.4% |
Nokian Tyres PLC | 101,300 | | 1,599,310 |
Outotec Oyj | 67,800 | | 1,437,492 |
Poyry Oyj | 74,238 | | 922,276 |
TOTAL FINLAND | | 3,959,078 |
Common Stocks - continued |
| Shares | | Value |
France - 2.7% |
Audika SA | 123,284 | | $ 2,974,894 |
Laurent-Perrier Group | 10,367 | | 607,981 |
Remy Cointreau SA | 34,000 | | 1,120,518 |
Saft Groupe SA | 90,700 | | 2,775,307 |
TOTAL FRANCE | | 7,478,700 |
Germany - 4.3% |
Bilfinger Berger AG (d) | 31,000 | | 1,457,664 |
DIC Asset AG | 166,800 | | 1,314,462 |
Software AG (Bearer) (d) | 89,800 | | 5,553,359 |
Vossloh AG | 36,600 | | 3,731,351 |
TOTAL GERMANY | | 12,056,836 |
Greece - 0.4% |
Terna Energy SA | 187,051 | | 1,114,838 |
India - 0.9% |
Bharti Airtel Ltd. (a) | 170,930 | | 2,605,137 |
Ireland - 1.1% |
CRH PLC | 75,057 | | 1,950,745 |
Kerry Group PLC Class A | 53,700 | | 1,100,267 |
TOTAL IRELAND | | 3,051,012 |
Israel - 1.1% |
Partner Communications Co. Ltd. ADR (d) | 182,700 | | 2,968,875 |
Italy - 0.7% |
Azimut Holdings SpA | 288,000 | | 2,012,028 |
Japan - 22.1% |
Alpen Co. Ltd. | 21,000 | | 346,858 |
Autobacs Seven Co. Ltd. | 108,300 | | 2,961,252 |
Daikoku Denki Co. Ltd. | 71,500 | | 822,368 |
Denso Corp. | 61,000 | | 1,442,337 |
FCC Co. Ltd. | 92,400 | | 1,171,072 |
Glory Ltd. | 53,000 | | 972,859 |
Kamigumi Co. Ltd. | 125,000 | | 803,066 |
Kobayashi Pharmaceutical Co. Ltd. | 146,800 | | 4,776,245 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 761,300 | | 4,126,246 |
Nagaileben Co. Ltd. | 57,500 | | 1,022,227 |
NGK Insulators Ltd. | 120,000 | | 1,840,818 |
Nihon Parkerizing Co. Ltd. | 84,000 | | 700,462 |
Nippon Seiki Co. Ltd. | 199,000 | | 1,795,351 |
Nippon Thompson Co. Ltd. | 727,000 | | 3,143,912 |
Nitta Corp. | 31,000 | | 356,365 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Obic Co. Ltd. | 10,840 | | $ 1,471,922 |
Ohashi Technica, Inc. | 50,000 | | 309,620 |
Osaka Securities Exchange Co. Ltd. | 1,659 | | 5,270,472 |
OSG Corp. | 178,800 | | 1,125,918 |
Ozeki Co. Ltd. | 21,300 | | 530,441 |
Pal Co. Ltd. | 19,250 | | 294,698 |
Promise Co. Ltd. (d) | 475,100 | | 6,279,446 |
SAZABY, Inc. | 36,800 | | 393,270 |
SHIMANO, Inc. | 29,800 | | 881,846 |
SHO-BOND Holdings Co. Ltd. | 86,400 | | 1,553,811 |
Sony Financial Holdings, Inc. | 269 | | 846,549 |
Sparx Group Co. Ltd. | 5,960 | | 781,684 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 338,000 | | 1,178,450 |
THK Co. Ltd. | 99,900 | | 1,385,832 |
Toho Holdings Co. Ltd. (d) | 116,800 | | 1,130,198 |
Tsumura & Co. | 225,600 | | 6,179,818 |
Tsutsumi Jewelry Co. Ltd. | 82,300 | | 1,351,764 |
USS Co. Ltd. | 91,120 | | 4,130,249 |
Yamato Kogyo Co. Ltd. | 31,800 | | 722,487 |
TOTAL JAPAN | | 62,099,913 |
Korea (South) - 0.8% |
NHN Corp. (a) | 18,040 | | 2,195,009 |
Mexico - 1.1% |
America Movil SAB de CV Series L sponsored ADR | 41,300 | | 1,356,705 |
Cemex SA de CV sponsored ADR | 109,200 | | 816,816 |
Wal-Mart de Mexico SA de CV Series V | 378,200 | | 1,031,417 |
TOTAL MEXICO | | 3,204,938 |
Netherlands - 2.7% |
Aalberts Industries NV | 111,200 | | 848,674 |
ASML Holding NV (NY Shares) | 104,193 | | 2,203,682 |
James Hardie Industries NV sponsored ADR | 52,600 | | 857,906 |
QIAGEN NV (a) | 224,400 | | 3,698,112 |
TOTAL NETHERLANDS | | 7,608,374 |
Norway - 0.3% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 944,000 | | 797,395 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 1.1% |
Lihir Gold Ltd. sponsored ADR (a)(d) | 89,500 | | $ 1,915,300 |
Oil Search Ltd. | 288,658 | | 1,076,701 |
TOTAL PAPUA NEW GUINEA | | 2,992,001 |
Philippines - 0.5% |
Jollibee Food Corp. | 1,473,900 | | 1,409,551 |
Singapore - 2.0% |
Keppel Land Ltd. | 596,000 | | 692,415 |
Singapore Exchange Ltd. | 1,023,000 | | 4,332,462 |
Wing Tai Holdings Ltd. | 759,000 | | 451,145 |
TOTAL SINGAPORE | | 5,476,022 |
South Africa - 3.6% |
African Rainbow Minerals Ltd. | 309,800 | | 4,186,775 |
JSE Ltd. | 237,181 | | 1,456,120 |
Mr. Price Group Ltd. | 471,800 | | 1,444,577 |
MTN Group Ltd. | 234,300 | | 3,042,860 |
TOTAL SOUTH AFRICA | | 10,130,332 |
Spain - 2.9% |
Grifols SA | 264,580 | | 4,641,558 |
Prosegur Comp Securidad SA (Reg.) | 125,709 | | 3,588,954 |
TOTAL SPAIN | | 8,230,512 |
Sweden - 0.8% |
Swedish Match Co. (d) | 152,000 | | 2,168,697 |
Switzerland - 4.3% |
Actelion Ltd. (Reg.) (a) | 38,110 | | 1,735,823 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 301,717 | | 7,190,451 |
Sonova Holding AG | 47,970 | | 3,103,165 |
TOTAL SWITZERLAND | | 12,029,439 |
Turkey - 1.1% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 323,000 | | 2,301,015 |
Tupras-Turkiye Petrol Rafinerileri AS | 88,800 | | 887,861 |
TOTAL TURKEY | | 3,188,876 |
United Kingdom - 19.1% |
Aberdeen Asset Management PLC | 914,700 | | 1,773,172 |
Autonomy Corp. PLC (a) | 243,285 | | 5,102,003 |
Babcock International Group PLC | 173,800 | | 1,114,502 |
Begbies Traynor Group PLC | 498,000 | | 815,427 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
BG Group PLC | 35,500 | | $ 566,647 |
Bovis Homes Group PLC | 594,452 | | 4,024,312 |
Cobham PLC | 795,000 | | 2,058,794 |
Derwent London PLC | 94,400 | | 1,162,327 |
Great Portland Estates PLC | 392,300 | | 1,768,769 |
H&T Group PLC | 403,000 | | 1,156,732 |
Informa PLC | 693,700 | | 3,030,829 |
InterContinental Hotel Group PLC ADR (d) | 80,400 | | 761,388 |
Johnson Matthey PLC | 100,300 | | 1,770,499 |
Man Group PLC | 134,400 | | 496,591 |
Persimmon PLC | 489,200 | | 2,727,593 |
Serco Group PLC | 1,275,300 | | 6,877,863 |
Shaftesbury PLC | 317,800 | | 1,638,678 |
Spirax-Sarco Engineering PLC | 538,450 | | 6,781,552 |
SSL International PLC | 582,657 | | 4,083,435 |
Ted Baker PLC | 284,300 | | 1,551,603 |
Ultra Electronics Holdings PLC | 148,969 | | 2,610,927 |
Victrex PLC | 210,682 | | 1,664,202 |
TOTAL UNITED KINGDOM | | 53,537,845 |
United States of America - 12.3% |
Advanced Energy Industries, Inc. (a) | 505,219 | | 4,258,996 |
Airgas, Inc. | 51,700 | | 2,229,304 |
Autoliv, Inc. | 115,700 | | 2,854,319 |
CyberSource Corp. (a) | 506,900 | | 7,405,807 |
Dril-Quip, Inc. (a) | 21,900 | | 752,922 |
FMC Technologies, Inc. (a) | 26,500 | | 907,095 |
Martin Marietta Materials, Inc. (d) | 9,900 | | 831,897 |
Mohawk Industries, Inc. (a)(d) | 91,400 | | 4,324,134 |
Pricesmart, Inc. | 369,240 | | 6,590,934 |
Varian Semiconductor Equipment Associates, Inc. (a) | 88,700 | | 2,269,833 |
Visa, Inc. | 30,800 | | 2,000,768 |
TOTAL UNITED STATES OF AMERICA | | 34,426,009 |
TOTAL COMMON STOCKS (Cost $266,244,744) | 275,592,514 |
Money Market Funds - 8.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 2,247,442 | | $ 2,247,442 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 21,426,743 | | 21,426,743 |
TOTAL MONEY MARKET FUNDS (Cost $23,674,185) | 23,674,185 |
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $289,918,929) | | 299,266,699 |
NET OTHER ASSETS - (6.7)% | | (18,772,137) |
NET ASSETS - 100% | $ 280,494,562 |
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 | $ 19,725 |
Fidelity Securities Lending Cash Central Fund | 318,472 |
Total | $ 338,197 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 299,266,699 | $ 112,609,685 | $ 186,657,014 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $146,419,794 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $20,172,805) - See accompanying schedule: Unaffiliated issuers (cost $266,244,744) | $ 275,592,514 | |
Fidelity Central Funds (cost $23,674,185) | 23,674,185 | |
Total Investments (cost $289,918,929) | | $ 299,266,699 |
Cash | | 130,191 |
Receivable for investments sold | | 7,491,860 |
Receivable for fund shares sold | | 204,871 |
Dividends receivable | | 1,416,458 |
Distributions receivable from Fidelity Central Funds | | 36,969 |
Prepaid expenses | | 3,177 |
Other receivables | | 25,086 |
Total assets | | 308,575,311 |
| | |
Liabilities | | |
Payable to custodian bank | $ 41,093 | |
Payable for investments purchased | 6,145,393 | |
Payable for fund shares redeemed | 306,223 | |
Accrued management fee | 19,817 | |
Distribution fees payable | 13,785 | |
Other affiliated payables | 85,340 | |
Other payables and accrued expenses | 42,355 | |
Collateral on securities loaned, at value | 21,426,743 | |
Total liabilities | | 28,080,749 |
| | |
Net Assets | | $ 280,494,562 |
Net Assets consist of: | | |
Paid in capital | | $ 780,759,555 |
Undistributed net investment income | | 1,760,581 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (511,354,885) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 9,329,311 |
Net Assets | | $ 280,494,562 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($14,453,410 ÷ 2,489,176 shares) | | $ 5.81 |
| | |
Maximum offering price per share (100/94.25 of $5.81) | | $ 6.16 |
Class T:
Net Asset Value and redemption price per share ($8,865,106 ÷ 1,538,405 shares) | | $ 5.76 |
| | |
Maximum offering price per share (100/96.50 of $5.76) | | $ 5.97 |
Class B:
Net Asset Value and offering price per share ($2,137,810 ÷ 376,327 shares)A | | $ 5.68 |
| | |
Class C:
Net Asset Value and offering price per share ($6,541,663 ÷ 1,153,122 shares)A | | $ 5.67 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($246,440,745 ÷ 42,119,425 shares) | | $ 5.85 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,055,828 ÷ 351,718 shares) | | $ 5.85 |
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, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 2,593,711 |
Income from Fidelity Central Funds (including $318,472 from security lending) | | 338,197 |
| | 2,931,908 |
Less foreign taxes withheld | | (213,734) |
Total income | | 2,718,174 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,257,672 | |
Performance adjustment | (1,092,965) | |
Transfer agent fees | 406,055 | |
Distribution fees | 87,310 | |
Accounting and security lending fees | 79,416 | |
Custodian fees and expenses | 87,089 | |
Independent trustees' compensation | 1,211 | |
Registration fees | 30,245 | |
Audit | 39,974 | |
Legal | 1,134 | |
Miscellaneous | 3,600 | |
Total expenses before reductions | 900,741 | |
Expense reductions | (83,848) | 816,893 |
Net investment income (loss) | | 1,901,281 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (352,217,191) | |
Investment not meeting investment restrictions | 1,590,340 | |
Foreign currency transactions | (173,038) | |
Total net realized gain (loss) | | (350,799,889) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 320,908,827 | |
Assets and liabilities in foreign currencies | (14,227) | |
Total change in net unrealized appreciation (depreciation) | | 320,894,600 |
Net gain (loss) | | (29,905,289) |
Net increase (decrease) in net assets resulting from operations | | $ (28,004,008) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,901,281 | $ 2,902,276 |
Net realized gain (loss) | (350,799,889) | (156,690,003) |
Change in net unrealized appreciation (depreciation) | 320,894,600 | (647,198,943) |
Net increase (decrease) in net assets resulting from operations | (28,004,008) | (800,986,670) |
Distributions to shareholders from net investment income | (140,700) | (4,817,372) |
Distributions to shareholders from net realized gain | - | (154,491,933) |
Total distributions | (140,700) | (159,309,305) |
Share transactions - net increase (decrease) | (53,616,882) | (308,489,372) |
Redemption fees | 58,992 | 307,719 |
Total increase (decrease) in net assets | (81,702,598) | (1,268,477,628) |
| | |
Net Assets | | |
Beginning of period | 362,197,160 | 1,630,674,788 |
End of period (including undistributed net investment income of $1,760,581 and $0, respectively) | $ 280,494,562 | $ 362,197,160 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.24 | $ 18.97 | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .02 | .02 | - J | - J |
Net realized and unrealized gain (loss) | (.46) | (10.85) | 4.76 | 3.74 | .40 |
Total from investment operations | (.43) | (10.83) | 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 | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.81 | $ 6.24 | $ 18.97 | $ 14.18 | $ 10.41 |
Total Return B, C, D | (6.89)% | (62.98)% | 33.78% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | .81% A | 1.75% | 1.63% | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | .81% A | 1.66% | 1.63% | 1.63% | 1.65% A |
Expenses net of all reductions | .75% A | 1.62% | 1.59% | 1.51% | 1.54% A |
Net investment income (loss) | 1.12% A | .13% | .10% | .02% | (.09)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,453 | $ 17,905 | $ 70,785 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.20 | $ 18.85 | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .02 | (.02) | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | (.46) | (10.78) | 4.74 | 3.74 | .38 |
Total from investment operations | (.44) | (10.80) | 4.72 | 3.71 | .37 |
Distributions from net realized gain | - | (1.85) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.76 | $ 6.20 | $ 18.85 | $ 14.12 | $ 10.38 |
Total Return B, C, D | (7.10)% | (63.08)% | 33.50% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.08% A | 2.00% | 1.85% | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.08% A | 1.91% | 1.85% | 1.85% | 1.90% A |
Expenses net of all reductions | 1.02% A | 1.87% | 1.81% | 1.74% | 1.78% A |
Net investment income (loss) | .85% A | (.12)% | (.13)% | (.20)% | (.33)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,865 | $ 11,614 | $ 46,568 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.12 | $ 18.64 | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .01 | (.08) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (.45) | (10.68) | 4.70 | 3.74 | .38 |
Total from investment operations | (.44) | (10.76) | 4.59 | 3.64 | .36 |
Distributions from net realized gain | - | (1.76) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.68 | $ 6.12 | $ 18.64 | $ 14.04 | $ 10.37 |
Total Return B, C, D | (7.19)% | (63.32)% | 32.76% | 35.39% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.57% A | 2.51% | 2.40% | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 1.57% A | 2.41% | 2.40% | 2.41% | 2.40% A |
Expenses net of all reductions | 1.51% A | 2.38% | 2.36% | 2.30% | 2.27% A |
Net investment income (loss) | .37% A | (.62)% | (.67)% | (.76)% | (.82)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,138 | $ 2,687 | $ 10,975 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.11 | $ 18.63 | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .01 | (.08) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (.45) | (10.66) | 4.70 | 3.73 | .38 |
Total from investment operations | (.44) | (10.74) | 4.59 | 3.63 | .36 |
Distributions from net realized gain | - | (1.78) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.67 | $ 6.11 | $ 18.63 | $ 14.03 | $ 10.37 |
Total Return B, C, D | (7.20)% | (63.32)% | 32.79% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.55% A | 2.51% | 2.38% | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 1.55% A | 2.41% | 2.38% | 2.38% | 2.40% A |
Expenses net of all reductions | 1.50% A | 2.38% | 2.34% | 2.27% | 2.29% A |
Net investment income (loss) | .38% A | (.62)% | (.66)% | (.73)% | (.84)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,542 | $ 9,497 | $ 40,894 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.28 | $ 19.09 | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .04 | .05 | .07 | .05 | - I |
Net realized and unrealized gain (loss) | (.47) | (10.92) | 4.78 | 3.75 | .39 |
Total from investment operations | (.43) | (10.87) | 4.85 | 3.80 | .39 |
Distributions from net investment income | - I | (.06) | - | - | - |
Distributions from net realized gain | - | (1.88) | - | - I | - |
Total distributions | - I | (1.94) J | - | - I | - |
Redemption fees added to paid in capital D | - I | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 5.85 | $ 6.28 | $ 19.09 | $ 14.23 | $ 10.40 |
Total Return B, C | (6.80)% | (62.91)% | 34.15% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .56% A | 1.44% | 1.30% | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | .56% A | 1.44% | 1.30% | 1.28% | 1.40% A |
Expenses net of all reductions | .50% A | 1.40% | 1.25% | 1.16% | 1.31% A |
Net investment income (loss) | 1.37% A | .36% | .43% | .37% | .14% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 246,441 | $ 312,376 | $ 1,433,844 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.27 | $ 19.09 | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .04 | .05 | .08 | .05 | - I |
Net realized and unrealized gain (loss) | (.46) | (10.92) | 4.78 | 3.74 | .39 |
Total from investment operations | (.42) | (10.87) | 4.86 | 3.79 | .39 |
Distributions from net investment income | - I | (.07) | - | - | - |
Distributions from net realized gain | - | (1.88) | - | - I | - |
Total distributions | - I | (1.95) J | - | - I | - |
Redemption fees added to paid in capital D | - I | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 5.85 | $ 6.27 | $ 19.09 | $ 14.22 | $ 10.40 |
Total Return B, C | (6.67)% | (62.95)% | 34.25% | 36.77% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .60% A | 1.40% | 1.29% | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | .60% A | 1.40% | 1.29% | 1.25% | 1.40% A |
Expenses net of all reductions | .54% A | 1.37% | 1.25% | 1.14% | 1.29% A |
Net investment income (loss) | 1.33% A | .39% | .44% | .40% | .16% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,056 | $ 8,117 | $ 27,609 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 271% A | 61% | 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, 2009 (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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 28,692,689 |
Unrealized depreciation | (21,269,988) |
Net unrealized appreciation (depreciation) | $ 7,422,701 |
Cost for federal income tax purposes | $ 291,843,998 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
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 $396,585,240 and $449,434,727, respectively.
The Fund realized a gain on the sale of an investment not meeting the investment restrictions of the Fund.
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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .11% 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
6. 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% | $ 18,180 | $ - |
Class T | .25% | .25% | 23,272 | - |
Class B | .75% | .25% | 11,031 | 8,319 |
Class C | .75% | .25% | 34,827 | 4,389 |
| | | $ 87,310 | $ 12,708 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,843 |
Class T | 1,406 |
Class B* | 4,653 |
Class C* | 344 |
| $ 9,246 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 20,372 | .28 |
Class T | 13,963 | .30 |
Class B | 3,154 | .29 |
Class C | 9,421 | .27 |
International Small Cap Opportunities | 351,268 | .28 |
Institutional Class | 7,877 | .32 |
| $ 406,055 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,452 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $975 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
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 $83,848 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ - | $ 91,280 |
International Small Cap Opportunities | 138,653 | 4,620,425 |
Institutional Class | 2,047 | 105,667 |
Total | $ 140,700 | $ 4,817,372 |
From net realized gain | | |
Class A | $ - | $ 6,856,940 |
Class T | - | 4,515,065 |
Class B | - | 1,019,225 |
Class C | - | 3,838,511 |
International Small Cap Opportunities | - | 135,580,534 |
Institutional Class | - | 2,681,658 |
Total | $ - | $ 154,491,933 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Six months ended
April 30,
2009 | | Year ended
October 31,
2008 | | Six months ended
April 30,
2009 | | Year ended
October 31,
2008 |
Class A | | | | | | | |
Shares sold | 306,031 | | 828,854 | | $ 1,679,889 | | $ 10,916,918 |
Reinvestment of distributions | - | | 416,175 | | - | | 6,313,370 |
Shares redeemed | (688,496) | | (2,104,322) | | (3,771,211) | | (25,609,420) |
Net increase (decrease) | (382,465) | | (859,293) | | $ (2,091,322) | | $ (8,379,132) |
Class T | | | | | | | |
Shares sold | 140,491 | | 298,437 | | $ 769,501 | | $ 3,745,246 |
Reinvestment of distributions | - | | 288,615 | | - | | 4,360,975 |
Shares redeemed | (476,431) | | (1,182,864) | | (2,585,053) | | (14,814,150) |
Net increase (decrease) | (335,940) | | (595,812) | | $ (1,815,552) | | $ (6,707,929) |
Class B | | | | | | | |
Shares sold | 26,402 | | 67,210 | | $ 142,248 | | $ 882,196 |
Reinvestment of distributions | - | | 61,167 | | - | | 917,505 |
Shares redeemed | (88,900) | | (278,427) | | (475,968) | | (3,422,675) |
Net increase (decrease) | (62,498) | | (150,050) | | $ (333,720) | | $ (1,622,974) |
Class C | | | | | | | |
Shares sold | 96,634 | | 393,320 | | $ 518,145 | | $ 4,565,906 |
Reinvestment of distributions | - | | 216,879 | | - | | 3,248,846 |
Shares redeemed | (496,685) | | (1,252,106) | | (2,520,914) | | (14,199,211) |
Net increase (decrease) | (400,051) | | (641,907) | | $ (2,002,769) | | $ (6,384,459) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Six months ended
April 30,
2009 | | Year ended
October 31,
2008 | | Six months ended
April 30,
2009 | | Year ended
October 31,
2008 |
International Small
Cap Opportunities | | | | | | |
Shares sold | 2,817,958 | | 10,644,155 | | $ 15,766,040 | | $ 141,713,979 |
Reinvestment of distributions | 21,738 | | 8,363,264 | | 128,470 | | 127,539,782 |
Shares redeemed | (10,475,028) | | (44,345,885) | | (58,082,259) | | (553,799,561) |
Net increase (decrease) | (7,635,332) | | (25,338,466) | | $ (42,187,749) | | $ (284,545,800) |
Institutional Class | | | | | | | |
Shares sold | 233,398 | | 915,939 | | $ 1,282,566 | | $ 11,419,413 |
Reinvestment of distributions | 122 | | 149,148 | | 720 | | 2,273,017 |
Shares redeemed | (1,175,804) | | (1,217,529) | | (6,469,056) | | (14,541,508) |
Net increase (decrease) | (942,284) | | (152,442) | | $ (5,185,770) | | $ (849,078) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
AILS-USAN-0609
1.815093.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap Opportunities
Fund - Institutional Class
Semiannual Report
April 30, 2009
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. |
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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | .81% | | | |
Actual | | $ 1,000.00 | $ 931.10 | $ 3.88 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Class T | 1.08% | | | |
Actual | | $ 1,000.00 | $ 929.00 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
Class B | 1.57% | | | |
Actual | | $ 1,000.00 | $ 928.10 | $ 7.51 |
HypotheticalA | | $ 1,000.00 | $ 1,017.01 | $ 7.85 |
Class C | 1.55% | | | |
Actual | | $ 1,000.00 | $ 928.00 | $ 7.41 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
International Small Cap Opportunities | .56% | | | |
Actual | | $ 1,000.00 | $ 932.00 | $ 2.68 |
HypotheticalA | | $ 1,000.00 | $ 1,022.02 | $ 2.81 |
Institutional Class | .60% | | | |
Actual | | $ 1,000.00 | $ 933.30 | $ 2.88** |
HypotheticalA | | $ 1,000.00 | $ 1,021.82 | $ 3.01** |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If changes to transfer agent contracts, effective February 1, 2009 had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as follows:
| Annualized
Expense Ratio | Expenses Paid |
Institutional Class | .63% | |
Actual | | $ 3.02 |
HypotheticalA | | $ 3.16 |
A 5% return per year before expenses
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 22.1% | |
| United Kingdom 19.1% | |
| United States of America 14.0% | |
| Canada 4.7% | |
| Germany 4.3% | |
| Switzerland 4.3% | |
| South Africa 3.6% | |
| Spain 2.9% | |
| Netherlands 2.7% | |
| Other 22.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 15.4% | |
| United Kingdom 13.6% | |
| China 9.2% | |
| Netherlands 7.6% | |
| Cayman Islands 7.5% | |
| United States of America 7.3% | |
| Papua New Guinea 7.3% | |
| Australia 6.4% | |
| Germany 6.4% | |
| Other 19.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.3 | 98.9 |
Short-Term Investments and Net Other Assets | 1.7 | 1.1 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
CyberSource Corp. (United States of America, IT Services) | 2.6 | 0.0 |
Bank Sarasin & Co. Ltd. Series B (Reg.) (Switzerland, Capital Markets) | 2.6 | 0.0 |
Serco Group PLC (United Kingdom, Commercial Services & Supplies) | 2.5 | 0.0 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 2.4 | 0.0 |
Pricesmart, Inc. (United States of America, Food & Staples Retailing) | 2.4 | 0.0 |
Promise Co. Ltd. (Japan, Consumer Finance) | 2.2 | 1.4 |
Tsumura & Co. (Japan, Pharmaceuticals) | 2.2 | 0.0 |
Software AG (Bearer) (Germany, Software) | 2.0 | 0.0 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.9 | 0.0 |
Autonomy Corp. PLC (United Kingdom, Software) | 1.8 | 2.7 |
| 22.6 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.4 | 10.5 |
Consumer Discretionary | 16.9 | 9.5 |
Industrials | 16.8 | 21.5 |
Information Technology | 11.5 | 27.5 |
Health Care | 10.2 | 6.5 |
Materials | 8.6 | 11.3 |
Consumer Staples | 7.4 | 10.6 |
Energy | 4.5 | 1.0 |
Telecommunication Services | 3.6 | 0.0 |
Utilities | 0.4 | 0.5 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3% |
| Shares | | Value |
Austria - 0.4% |
Andritz AG | 34,800 | | $ 1,182,692 |
Belgium - 0.7% |
Umicore SA (d) | 101,900 | | 1,996,539 |
Bermuda - 2.2% |
China Sports International Ltd. | 6,306,000 | | 447,234 |
Lazard Ltd. Class A | 48,700 | | 1,329,510 |
Ports Design Ltd. | 2,107,000 | | 3,199,613 |
Seadrill Ltd. | 105,300 | | 1,123,671 |
TOTAL BERMUDA | | 6,100,028 |
Brazil - 2.0% |
Banco ABC Brasil SA | 219,000 | | 700,976 |
BM&F BOVESPA SA | 653,500 | | 2,689,362 |
Braskem SA Class A sponsored ADR (d) | 74,500 | | 422,415 |
MRV Engenharia e Participacoes SA | 168,800 | | 1,675,689 |
TOTAL BRAZIL | | 5,488,442 |
Canada - 4.7% |
Agnico-Eagle Mines Ltd. (Canada) | 34,400 | | 1,520,721 |
Eldorado Gold Corp. (a) | 174,600 | | 1,387,143 |
Fairfax Financial Holdings Ltd. | 14,900 | | 3,940,867 |
Niko Resources Ltd. | 40,300 | | 2,039,570 |
Petrobank Energy & Resources Ltd. (a) | 205,200 | | 4,410,962 |
TOTAL CANADA | | 13,299,263 |
Cayman Islands - 0.5% |
Bosideng International Holdings Ltd. | 3,974,000 | | 321,078 |
China Dongxiang Group Co. Ltd. | 2,215,000 | | 1,075,702 |
TOTAL CAYMAN ISLANDS | | 1,396,780 |
China - 0.5% |
China Nepstar Chain Drugstore Ltd. ADR | 119,200 | | 600,768 |
China Zaino International Ltd. | 1,490,000 | | 261,668 |
Li Ning Co. Ltd. | 256,500 | | 524,917 |
TOTAL CHINA | | 1,387,353 |
Finland - 1.4% |
Nokian Tyres PLC | 101,300 | | 1,599,310 |
Outotec Oyj | 67,800 | | 1,437,492 |
Poyry Oyj | 74,238 | | 922,276 |
TOTAL FINLAND | | 3,959,078 |
Common Stocks - continued |
| Shares | | Value |
France - 2.7% |
Audika SA | 123,284 | | $ 2,974,894 |
Laurent-Perrier Group | 10,367 | | 607,981 |
Remy Cointreau SA | 34,000 | | 1,120,518 |
Saft Groupe SA | 90,700 | | 2,775,307 |
TOTAL FRANCE | | 7,478,700 |
Germany - 4.3% |
Bilfinger Berger AG (d) | 31,000 | | 1,457,664 |
DIC Asset AG | 166,800 | | 1,314,462 |
Software AG (Bearer) (d) | 89,800 | | 5,553,359 |
Vossloh AG | 36,600 | | 3,731,351 |
TOTAL GERMANY | | 12,056,836 |
Greece - 0.4% |
Terna Energy SA | 187,051 | | 1,114,838 |
India - 0.9% |
Bharti Airtel Ltd. (a) | 170,930 | | 2,605,137 |
Ireland - 1.1% |
CRH PLC | 75,057 | | 1,950,745 |
Kerry Group PLC Class A | 53,700 | | 1,100,267 |
TOTAL IRELAND | | 3,051,012 |
Israel - 1.1% |
Partner Communications Co. Ltd. ADR (d) | 182,700 | | 2,968,875 |
Italy - 0.7% |
Azimut Holdings SpA | 288,000 | | 2,012,028 |
Japan - 22.1% |
Alpen Co. Ltd. | 21,000 | | 346,858 |
Autobacs Seven Co. Ltd. | 108,300 | | 2,961,252 |
Daikoku Denki Co. Ltd. | 71,500 | | 822,368 |
Denso Corp. | 61,000 | | 1,442,337 |
FCC Co. Ltd. | 92,400 | | 1,171,072 |
Glory Ltd. | 53,000 | | 972,859 |
Kamigumi Co. Ltd. | 125,000 | | 803,066 |
Kobayashi Pharmaceutical Co. Ltd. | 146,800 | | 4,776,245 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 761,300 | | 4,126,246 |
Nagaileben Co. Ltd. | 57,500 | | 1,022,227 |
NGK Insulators Ltd. | 120,000 | | 1,840,818 |
Nihon Parkerizing Co. Ltd. | 84,000 | | 700,462 |
Nippon Seiki Co. Ltd. | 199,000 | | 1,795,351 |
Nippon Thompson Co. Ltd. | 727,000 | | 3,143,912 |
Nitta Corp. | 31,000 | | 356,365 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Obic Co. Ltd. | 10,840 | | $ 1,471,922 |
Ohashi Technica, Inc. | 50,000 | | 309,620 |
Osaka Securities Exchange Co. Ltd. | 1,659 | | 5,270,472 |
OSG Corp. | 178,800 | | 1,125,918 |
Ozeki Co. Ltd. | 21,300 | | 530,441 |
Pal Co. Ltd. | 19,250 | | 294,698 |
Promise Co. Ltd. (d) | 475,100 | | 6,279,446 |
SAZABY, Inc. | 36,800 | | 393,270 |
SHIMANO, Inc. | 29,800 | | 881,846 |
SHO-BOND Holdings Co. Ltd. | 86,400 | | 1,553,811 |
Sony Financial Holdings, Inc. | 269 | | 846,549 |
Sparx Group Co. Ltd. | 5,960 | | 781,684 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 338,000 | | 1,178,450 |
THK Co. Ltd. | 99,900 | | 1,385,832 |
Toho Holdings Co. Ltd. (d) | 116,800 | | 1,130,198 |
Tsumura & Co. | 225,600 | | 6,179,818 |
Tsutsumi Jewelry Co. Ltd. | 82,300 | | 1,351,764 |
USS Co. Ltd. | 91,120 | | 4,130,249 |
Yamato Kogyo Co. Ltd. | 31,800 | | 722,487 |
TOTAL JAPAN | | 62,099,913 |
Korea (South) - 0.8% |
NHN Corp. (a) | 18,040 | | 2,195,009 |
Mexico - 1.1% |
America Movil SAB de CV Series L sponsored ADR | 41,300 | | 1,356,705 |
Cemex SA de CV sponsored ADR | 109,200 | | 816,816 |
Wal-Mart de Mexico SA de CV Series V | 378,200 | | 1,031,417 |
TOTAL MEXICO | | 3,204,938 |
Netherlands - 2.7% |
Aalberts Industries NV | 111,200 | | 848,674 |
ASML Holding NV (NY Shares) | 104,193 | | 2,203,682 |
James Hardie Industries NV sponsored ADR | 52,600 | | 857,906 |
QIAGEN NV (a) | 224,400 | | 3,698,112 |
TOTAL NETHERLANDS | | 7,608,374 |
Norway - 0.3% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 944,000 | | 797,395 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 1.1% |
Lihir Gold Ltd. sponsored ADR (a)(d) | 89,500 | | $ 1,915,300 |
Oil Search Ltd. | 288,658 | | 1,076,701 |
TOTAL PAPUA NEW GUINEA | | 2,992,001 |
Philippines - 0.5% |
Jollibee Food Corp. | 1,473,900 | | 1,409,551 |
Singapore - 2.0% |
Keppel Land Ltd. | 596,000 | | 692,415 |
Singapore Exchange Ltd. | 1,023,000 | | 4,332,462 |
Wing Tai Holdings Ltd. | 759,000 | | 451,145 |
TOTAL SINGAPORE | | 5,476,022 |
South Africa - 3.6% |
African Rainbow Minerals Ltd. | 309,800 | | 4,186,775 |
JSE Ltd. | 237,181 | | 1,456,120 |
Mr. Price Group Ltd. | 471,800 | | 1,444,577 |
MTN Group Ltd. | 234,300 | | 3,042,860 |
TOTAL SOUTH AFRICA | | 10,130,332 |
Spain - 2.9% |
Grifols SA | 264,580 | | 4,641,558 |
Prosegur Comp Securidad SA (Reg.) | 125,709 | | 3,588,954 |
TOTAL SPAIN | | 8,230,512 |
Sweden - 0.8% |
Swedish Match Co. (d) | 152,000 | | 2,168,697 |
Switzerland - 4.3% |
Actelion Ltd. (Reg.) (a) | 38,110 | | 1,735,823 |
Bank Sarasin & Co. Ltd. Series B (Reg.) | 301,717 | | 7,190,451 |
Sonova Holding AG | 47,970 | | 3,103,165 |
TOTAL SWITZERLAND | | 12,029,439 |
Turkey - 1.1% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 323,000 | | 2,301,015 |
Tupras-Turkiye Petrol Rafinerileri AS | 88,800 | | 887,861 |
TOTAL TURKEY | | 3,188,876 |
United Kingdom - 19.1% |
Aberdeen Asset Management PLC | 914,700 | | 1,773,172 |
Autonomy Corp. PLC (a) | 243,285 | | 5,102,003 |
Babcock International Group PLC | 173,800 | | 1,114,502 |
Begbies Traynor Group PLC | 498,000 | | 815,427 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
BG Group PLC | 35,500 | | $ 566,647 |
Bovis Homes Group PLC | 594,452 | | 4,024,312 |
Cobham PLC | 795,000 | | 2,058,794 |
Derwent London PLC | 94,400 | | 1,162,327 |
Great Portland Estates PLC | 392,300 | | 1,768,769 |
H&T Group PLC | 403,000 | | 1,156,732 |
Informa PLC | 693,700 | | 3,030,829 |
InterContinental Hotel Group PLC ADR (d) | 80,400 | | 761,388 |
Johnson Matthey PLC | 100,300 | | 1,770,499 |
Man Group PLC | 134,400 | | 496,591 |
Persimmon PLC | 489,200 | | 2,727,593 |
Serco Group PLC | 1,275,300 | | 6,877,863 |
Shaftesbury PLC | 317,800 | | 1,638,678 |
Spirax-Sarco Engineering PLC | 538,450 | | 6,781,552 |
SSL International PLC | 582,657 | | 4,083,435 |
Ted Baker PLC | 284,300 | | 1,551,603 |
Ultra Electronics Holdings PLC | 148,969 | | 2,610,927 |
Victrex PLC | 210,682 | | 1,664,202 |
TOTAL UNITED KINGDOM | | 53,537,845 |
United States of America - 12.3% |
Advanced Energy Industries, Inc. (a) | 505,219 | | 4,258,996 |
Airgas, Inc. | 51,700 | | 2,229,304 |
Autoliv, Inc. | 115,700 | | 2,854,319 |
CyberSource Corp. (a) | 506,900 | | 7,405,807 |
Dril-Quip, Inc. (a) | 21,900 | | 752,922 |
FMC Technologies, Inc. (a) | 26,500 | | 907,095 |
Martin Marietta Materials, Inc. (d) | 9,900 | | 831,897 |
Mohawk Industries, Inc. (a)(d) | 91,400 | | 4,324,134 |
Pricesmart, Inc. | 369,240 | | 6,590,934 |
Varian Semiconductor Equipment Associates, Inc. (a) | 88,700 | | 2,269,833 |
Visa, Inc. | 30,800 | | 2,000,768 |
TOTAL UNITED STATES OF AMERICA | | 34,426,009 |
TOTAL COMMON STOCKS (Cost $266,244,744) | 275,592,514 |
Money Market Funds - 8.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 2,247,442 | | $ 2,247,442 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 21,426,743 | | 21,426,743 |
TOTAL MONEY MARKET FUNDS (Cost $23,674,185) | 23,674,185 |
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $289,918,929) | | 299,266,699 |
NET OTHER ASSETS - (6.7)% | | (18,772,137) |
NET ASSETS - 100% | $ 280,494,562 |
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 | $ 19,725 |
Fidelity Securities Lending Cash Central Fund | 318,472 |
Total | $ 338,197 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 299,266,699 | $ 112,609,685 | $ 186,657,014 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $146,419,794 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $20,172,805) - See accompanying schedule: Unaffiliated issuers (cost $266,244,744) | $ 275,592,514 | |
Fidelity Central Funds (cost $23,674,185) | 23,674,185 | |
Total Investments (cost $289,918,929) | | $ 299,266,699 |
Cash | | 130,191 |
Receivable for investments sold | | 7,491,860 |
Receivable for fund shares sold | | 204,871 |
Dividends receivable | | 1,416,458 |
Distributions receivable from Fidelity Central Funds | | 36,969 |
Prepaid expenses | | 3,177 |
Other receivables | | 25,086 |
Total assets | | 308,575,311 |
| | |
Liabilities | | |
Payable to custodian bank | $ 41,093 | |
Payable for investments purchased | 6,145,393 | |
Payable for fund shares redeemed | 306,223 | |
Accrued management fee | 19,817 | |
Distribution fees payable | 13,785 | |
Other affiliated payables | 85,340 | |
Other payables and accrued expenses | 42,355 | |
Collateral on securities loaned, at value | 21,426,743 | |
Total liabilities | | 28,080,749 |
| | |
Net Assets | | $ 280,494,562 |
Net Assets consist of: | | |
Paid in capital | | $ 780,759,555 |
Undistributed net investment income | | 1,760,581 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (511,354,885) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 9,329,311 |
Net Assets | | $ 280,494,562 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($14,453,410 ÷ 2,489,176 shares) | | $ 5.81 |
| | |
Maximum offering price per share (100/94.25 of $5.81) | | $ 6.16 |
Class T:
Net Asset Value and redemption price per share ($8,865,106 ÷ 1,538,405 shares) | | $ 5.76 |
| | |
Maximum offering price per share (100/96.50 of $5.76) | | $ 5.97 |
Class B:
Net Asset Value and offering price per share ($2,137,810 ÷ 376,327 shares)A | | $ 5.68 |
| | |
Class C:
Net Asset Value and offering price per share ($6,541,663 ÷ 1,153,122 shares)A | | $ 5.67 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($246,440,745 ÷ 42,119,425 shares) | | $ 5.85 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,055,828 ÷ 351,718 shares) | | $ 5.85 |
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, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 2,593,711 |
Income from Fidelity Central Funds (including $318,472 from security lending) | | 338,197 |
| | 2,931,908 |
Less foreign taxes withheld | | (213,734) |
Total income | | 2,718,174 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,257,672 | |
Performance adjustment | (1,092,965) | |
Transfer agent fees | 406,055 | |
Distribution fees | 87,310 | |
Accounting and security lending fees | 79,416 | |
Custodian fees and expenses | 87,089 | |
Independent trustees' compensation | 1,211 | |
Registration fees | 30,245 | |
Audit | 39,974 | |
Legal | 1,134 | |
Miscellaneous | 3,600 | |
Total expenses before reductions | 900,741 | |
Expense reductions | (83,848) | 816,893 |
Net investment income (loss) | | 1,901,281 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (352,217,191) | |
Investment not meeting investment restrictions | 1,590,340 | |
Foreign currency transactions | (173,038) | |
Total net realized gain (loss) | | (350,799,889) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 320,908,827 | |
Assets and liabilities in foreign currencies | (14,227) | |
Total change in net unrealized appreciation (depreciation) | | 320,894,600 |
Net gain (loss) | | (29,905,289) |
Net increase (decrease) in net assets resulting from operations | | $ (28,004,008) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,901,281 | $ 2,902,276 |
Net realized gain (loss) | (350,799,889) | (156,690,003) |
Change in net unrealized appreciation (depreciation) | 320,894,600 | (647,198,943) |
Net increase (decrease) in net assets resulting from operations | (28,004,008) | (800,986,670) |
Distributions to shareholders from net investment income | (140,700) | (4,817,372) |
Distributions to shareholders from net realized gain | - | (154,491,933) |
Total distributions | (140,700) | (159,309,305) |
Share transactions - net increase (decrease) | (53,616,882) | (308,489,372) |
Redemption fees | 58,992 | 307,719 |
Total increase (decrease) in net assets | (81,702,598) | (1,268,477,628) |
| | |
Net Assets | | |
Beginning of period | 362,197,160 | 1,630,674,788 |
End of period (including undistributed net investment income of $1,760,581 and $0, respectively) | $ 280,494,562 | $ 362,197,160 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.24 | $ 18.97 | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .02 | .02 | - J | - J |
Net realized and unrealized gain (loss) | (.46) | (10.85) | 4.76 | 3.74 | .40 |
Total from investment operations | (.43) | (10.83) | 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 | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.81 | $ 6.24 | $ 18.97 | $ 14.18 | $ 10.41 |
Total Return B, C, D | (6.89)% | (62.98)% | 33.78% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | .81% A | 1.75% | 1.63% | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | .81% A | 1.66% | 1.63% | 1.63% | 1.65% A |
Expenses net of all reductions | .75% A | 1.62% | 1.59% | 1.51% | 1.54% A |
Net investment income (loss) | 1.12% A | .13% | .10% | .02% | (.09)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,453 | $ 17,905 | $ 70,785 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.20 | $ 18.85 | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .02 | (.02) | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | (.46) | (10.78) | 4.74 | 3.74 | .38 |
Total from investment operations | (.44) | (10.80) | 4.72 | 3.71 | .37 |
Distributions from net realized gain | - | (1.85) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.76 | $ 6.20 | $ 18.85 | $ 14.12 | $ 10.38 |
Total Return B, C, D | (7.10)% | (63.08)% | 33.50% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.08% A | 2.00% | 1.85% | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.08% A | 1.91% | 1.85% | 1.85% | 1.90% A |
Expenses net of all reductions | 1.02% A | 1.87% | 1.81% | 1.74% | 1.78% A |
Net investment income (loss) | .85% A | (.12)% | (.13)% | (.20)% | (.33)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,865 | $ 11,614 | $ 46,568 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.12 | $ 18.64 | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .01 | (.08) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (.45) | (10.68) | 4.70 | 3.74 | .38 |
Total from investment operations | (.44) | (10.76) | 4.59 | 3.64 | .36 |
Distributions from net realized gain | - | (1.76) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.68 | $ 6.12 | $ 18.64 | $ 14.04 | $ 10.37 |
Total Return B, C, D | (7.19)% | (63.32)% | 32.76% | 35.39% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.57% A | 2.51% | 2.40% | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 1.57% A | 2.41% | 2.40% | 2.41% | 2.40% A |
Expenses net of all reductions | 1.51% A | 2.38% | 2.36% | 2.30% | 2.27% A |
Net investment income (loss) | .37% A | (.62)% | (.67)% | (.76)% | (.82)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,138 | $ 2,687 | $ 10,975 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.11 | $ 18.63 | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .01 | (.08) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (.45) | (10.66) | 4.70 | 3.73 | .38 |
Total from investment operations | (.44) | (10.74) | 4.59 | 3.63 | .36 |
Distributions from net realized gain | - | (1.78) K | - | - | - |
Redemption fees added to paid in capital E | - J | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 5.67 | $ 6.11 | $ 18.63 | $ 14.03 | $ 10.37 |
Total Return B, C, D | (7.20)% | (63.32)% | 32.79% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.55% A | 2.51% | 2.38% | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 1.55% A | 2.41% | 2.38% | 2.38% | 2.40% A |
Expenses net of all reductions | 1.50% A | 2.38% | 2.34% | 2.27% | 2.29% A |
Net investment income (loss) | .38% A | (.62)% | (.66)% | (.73)% | (.84)% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,542 | $ 9,497 | $ 40,894 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.28 | $ 19.09 | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .04 | .05 | .07 | .05 | - I |
Net realized and unrealized gain (loss) | (.47) | (10.92) | 4.78 | 3.75 | .39 |
Total from investment operations | (.43) | (10.87) | 4.85 | 3.80 | .39 |
Distributions from net investment income | - I | (.06) | - | - | - |
Distributions from net realized gain | - | (1.88) | - | - I | - |
Total distributions | - I | (1.94) J | - | - I | - |
Redemption fees added to paid in capital D | - I | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 5.85 | $ 6.28 | $ 19.09 | $ 14.23 | $ 10.40 |
Total Return B, C | (6.80)% | (62.91)% | 34.15% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .56% A | 1.44% | 1.30% | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | .56% A | 1.44% | 1.30% | 1.28% | 1.40% A |
Expenses net of all reductions | .50% A | 1.40% | 1.25% | 1.16% | 1.31% A |
Net investment income (loss) | 1.37% A | .36% | .43% | .37% | .14% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 246,441 | $ 312,376 | $ 1,433,844 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 271% A | 61% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.27 | $ 19.09 | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .04 | .05 | .08 | .05 | - I |
Net realized and unrealized gain (loss) | (.46) | (10.92) | 4.78 | 3.74 | .39 |
Total from investment operations | (.42) | (10.87) | 4.86 | 3.79 | .39 |
Distributions from net investment income | - I | (.07) | - | - | - |
Distributions from net realized gain | - | (1.88) | - | - I | - |
Total distributions | - I | (1.95) J | - | - I | - |
Redemption fees added to paid in capital D | - I | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 5.85 | $ 6.27 | $ 19.09 | $ 14.22 | $ 10.40 |
Total Return B, C | (6.67)% | (62.95)% | 34.25% | 36.77% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .60% A | 1.40% | 1.29% | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | .60% A | 1.40% | 1.29% | 1.25% | 1.40% A |
Expenses net of all reductions | .54% A | 1.37% | 1.25% | 1.14% | 1.29% A |
Net investment income (loss) | 1.33% A | .39% | .44% | .40% | .16% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,056 | $ 8,117 | $ 27,609 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 271% A | 61% | 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, 2009 (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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 28,692,689 |
Unrealized depreciation | (21,269,988) |
Net unrealized appreciation (depreciation) | $ 7,422,701 |
Cost for federal income tax purposes | $ 291,843,998 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
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 $396,585,240 and $449,434,727, respectively.
The Fund realized a gain on the sale of an investment not meeting the investment restrictions of the Fund.
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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .11% 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
6. 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% | $ 18,180 | $ - |
Class T | .25% | .25% | 23,272 | - |
Class B | .75% | .25% | 11,031 | 8,319 |
Class C | .75% | .25% | 34,827 | 4,389 |
| | | $ 87,310 | $ 12,708 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,843 |
Class T | 1,406 |
Class B* | 4,653 |
Class C* | 344 |
| $ 9,246 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 20,372 | .28 |
Class T | 13,963 | .30 |
Class B | 3,154 | .29 |
Class C | 9,421 | .27 |
International Small Cap Opportunities | 351,268 | .28 |
Institutional Class | 7,877 | .32 |
| $ 406,055 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,452 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $975 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
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 $83,848 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ - | $ 91,280 |
International Small Cap Opportunities | 138,653 | 4,620,425 |
Institutional Class | 2,047 | 105,667 |
Total | $ 140,700 | $ 4,817,372 |
From net realized gain | | |
Class A | $ - | $ 6,856,940 |
Class T | - | 4,515,065 |
Class B | - | 1,019,225 |
Class C | - | 3,838,511 |
International Small Cap Opportunities | - | 135,580,534 |
Institutional Class | - | 2,681,658 |
Total | $ - | $ 154,491,933 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Six months ended
April 30,
2009 | | Year ended
October 31,
2008 | | Six months ended
April 30,
2009 | | Year ended
October 31,
2008 |
Class A | | | | | | | |
Shares sold | 306,031 | | 828,854 | | $ 1,679,889 | | $ 10,916,918 |
Reinvestment of distributions | - | | 416,175 | | - | | 6,313,370 |
Shares redeemed | (688,496) | | (2,104,322) | | (3,771,211) | | (25,609,420) |
Net increase (decrease) | (382,465) | | (859,293) | | $ (2,091,322) | | $ (8,379,132) |
Class T | | | | | | | |
Shares sold | 140,491 | | 298,437 | | $ 769,501 | | $ 3,745,246 |
Reinvestment of distributions | - | | 288,615 | | - | | 4,360,975 |
Shares redeemed | (476,431) | | (1,182,864) | | (2,585,053) | | (14,814,150) |
Net increase (decrease) | (335,940) | | (595,812) | | $ (1,815,552) | | $ (6,707,929) |
Class B | | | | | | | |
Shares sold | 26,402 | | 67,210 | | $ 142,248 | | $ 882,196 |
Reinvestment of distributions | - | | 61,167 | | - | | 917,505 |
Shares redeemed | (88,900) | | (278,427) | | (475,968) | | (3,422,675) |
Net increase (decrease) | (62,498) | | (150,050) | | $ (333,720) | | $ (1,622,974) |
Class C | | | | | | | |
Shares sold | 96,634 | | 393,320 | | $ 518,145 | | $ 4,565,906 |
Reinvestment of distributions | - | | 216,879 | | - | | 3,248,846 |
Shares redeemed | (496,685) | | (1,252,106) | | (2,520,914) | | (14,199,211) |
Net increase (decrease) | (400,051) | | (641,907) | | $ (2,002,769) | | $ (6,384,459) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Six months ended
April 30,
2009 | | Year ended
October 31,
2008 | | Six months ended
April 30,
2009 | | Year ended
October 31,
2008 |
International Small
Cap Opportunities | | | | | | |
Shares sold | 2,817,958 | | 10,644,155 | | $ 15,766,040 | | $ 141,713,979 |
Reinvestment of distributions | 21,738 | | 8,363,264 | | 128,470 | | 127,539,782 |
Shares redeemed | (10,475,028) | | (44,345,885) | | (58,082,259) | | (553,799,561) |
Net increase (decrease) | (7,635,332) | | (25,338,466) | | $ (42,187,749) | | $ (284,545,800) |
Institutional Class | | | | | | | |
Shares sold | 233,398 | | 915,939 | | $ 1,282,566 | | $ 11,419,413 |
Reinvestment of distributions | 122 | | 149,148 | | 720 | | 2,273,017 |
Shares redeemed | (1,175,804) | | (1,217,529) | | (6,469,056) | | (14,541,508) |
Net increase (decrease) | (942,284) | | (152,442) | | $ (5,185,770) | | $ (849,078) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
AILSI-USAN-0609
1.815084.103
Fidelity®
International Value
Fund
Semiannual Report
April 30, 2009
(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 financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.32% | | | |
Actual | | $ 1,000.00 | $ 1,001.80 | $ 6.55 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.61 |
Class T | 1.57% | | | |
Actual | | $ 1,000.00 | $ 998.30 | $ 7.78 |
HypotheticalA | | $ 1,000.00 | $ 1,017.01 | $ 7.85 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 996.60 | $ 10.20 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.05% | | | |
Actual | | $ 1,000.00 | $ 996.60 | $ 10.15 |
HypotheticalA | | $ 1,000.00 | $ 1,014.63 | $ 10.24 |
International Value | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,002.90 | $ 5.31 |
HypotheticalA | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
Institutional Class | .96% | | | |
Actual | | $ 1,000.00 | $ 1,001.40 | $ 4.76 |
HypotheticalA | | $ 1,000.00 | $ 1,020.03 | $ 4.81 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 20.2% | |
| United Kingdom 15.3% | |
| Germany 13.0% | |
| France 9.3% | |
| Switzerland 7.5% | |
| Italy 5.8% | |
| Canada 3.8% | |
| Australia 2.7% | |
| Hong Kong 2.5% | |
| Other 19.9% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
 | Japan 19.6% | |
| United Kingdom 14.2% | |
| Germany 13.5% | |
| France 11.5% | |
| Switzerland 7.5% | |
| Italy 4.8% | |
| Spain 3.6% | |
| Norway 3.0% | |
| Cayman Islands 2.6% | |
| Other 19.7% | |
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 | 97.8 | 99.2 |
Short-Term Investments and Net Other Assets | 2.2 | 0.8 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Toyota Motor Corp. (Japan, Automobiles) | 3.9 | 3.5 |
E.ON AG (Germany, Electric Utilities) | 3.6 | 2.9 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 3.1 | 2.6 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 3.1 | 2.6 |
Munich Re Group (Reg.) (Germany, Insurance) | 3.1 | 3.0 |
UniCredit SpA (Italy, Commercial Banks) | 2.8 | 2.5 |
Daimler AG (Germany, Automobiles) | 2.6 | 2.3 |
AXA SA sponsored ADR (France, Insurance) | 2.6 | 2.6 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.5 | 3.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.5 | 3.4 |
| 29.8 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 33.8 | 32.2 |
Consumer Discretionary | 11.0 | 9.5 |
Energy | 10.8 | 14.9 |
Industrials | 10.3 | 9.2 |
Telecommunication Services | 7.6 | 7.0 |
Utilities | 6.8 | 8.2 |
Materials | 6.6 | 5.9 |
Health Care | 4.9 | 5.1 |
Information Technology | 3.6 | 4.0 |
Consumer Staples | 2.4 | 3.2 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% |
| Shares | | Value |
Australia - 2.7% |
AMP Ltd. | 388,042 | | $ 1,464,334 |
Macquarie Airports unit | 462,720 | | 608,963 |
Macquarie Group Ltd. (d) | 34,191 | | 832,322 |
Macquarie Infrastructure Group unit | 593,083 | | 582,161 |
Wesfarmers Ltd. | 20,099 | | 330,861 |
TOTAL AUSTRALIA | | 3,818,641 |
Bermuda - 1.0% |
Seadrill Ltd. | 128,500 | | 1,371,242 |
Brazil - 0.6% |
Itau Unibanco Banco Multiplo SA ADR | 34,030 | | 467,232 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 12,000 | | 402,840 |
TOTAL BRAZIL | | 870,072 |
Canada - 3.8% |
Cameco Corp. | 22,800 | | 523,545 |
Canadian Natural Resources Ltd. | 17,800 | | 820,598 |
First Quantum Minerals Ltd. | 12,800 | | 495,051 |
Petrobank Energy & Resources Ltd. (a) | 52,200 | | 1,122,087 |
Potash Corp. of Saskatchewan, Inc. | 3,700 | | 317,829 |
Power Corp. of Canada (sub. vtg.) | 24,600 | | 459,942 |
Suncor Energy, Inc. | 27,400 | | 689,564 |
Toronto-Dominion Bank | 24,700 | | 974,959 |
TOTAL CANADA | | 5,403,575 |
Cayman Islands - 0.8% |
Chaoda Modern Agriculture (Holdings) Ltd. | 1,537,952 | | 869,638 |
Subsea 7, Inc. (a)(d) | 41,000 | | 306,442 |
TOTAL CAYMAN ISLANDS | | 1,176,080 |
China - 1.1% |
China Merchants Bank Co. Ltd. (H Shares) | 333,000 | | 594,980 |
Industrial & Commercial Bank of China Ltd. | 983,000 | | 559,211 |
Nine Dragons Paper (Holdings) Ltd. | 1,087,000 | | 491,994 |
TOTAL CHINA | | 1,646,185 |
Denmark - 0.5% |
Vestas Wind Systems AS (a) | 11,900 | | 772,406 |
Finland - 0.6% |
Nokia Corp. sponsored ADR (d) | 56,100 | | 793,254 |
France - 9.3% |
AXA SA sponsored ADR | 216,500 | | 3,719,470 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
BNP Paribas SA | 53,900 | | $ 2,836,751 |
Compagnie de St. Gobain (d) | 17,612 | | 631,667 |
GDF Suez (d) | 20,989 | | 748,840 |
Pernod Ricard SA | 4,591 | | 271,105 |
Pernod Ricard SA rights 4/29/09 (a) | 4,591 | | 19,595 |
Societe Generale Series A | 22,800 | | 1,164,966 |
Total SA: | | | |
Series B | 5,400 | | 270,122 |
sponsored ADR | 42,200 | | 2,098,184 |
Unibail-Rodamco | 11,072 | | 1,650,681 |
TOTAL FRANCE | | 13,411,381 |
Germany - 13.0% |
Allianz AG sponsored ADR | 351,300 | | 3,182,778 |
BASF AG (d) | 16,700 | | 623,536 |
Daimler AG | 105,000 | | 3,748,500 |
Deutsche Bank AG | 10,900 | | 571,497 |
E.ON AG (d) | 152,700 | | 5,116,721 |
GEA Group AG | 11,600 | | 150,991 |
GFK AG | 21,800 | | 505,981 |
Metro AG | 8,200 | | 345,068 |
Munich Re Group (Reg.) (d) | 32,100 | | 4,389,307 |
TOTAL GERMANY | | 18,634,379 |
Greece - 0.7% |
Public Power Corp. of Greece | 51,600 | | 994,415 |
Hong Kong - 2.5% |
China Overseas Land & Investment Ltd. | 486,038 | | 846,540 |
CNOOC Ltd. | 260,000 | | 290,243 |
Swire Pacific Ltd. (A Shares) | 320,300 | | 2,503,748 |
TOTAL HONG KONG | | 3,640,531 |
India - 0.4% |
Bharti Airtel Ltd. (a) | 20,985 | | 319,831 |
Satyam Computer Services Ltd. sponsored ADR | 400 | | 720 |
Suzlon Energy Ltd. | 177,784 | | 229,488 |
TOTAL INDIA | | 550,039 |
Indonesia - 0.1% |
PT Bank Rakyat Indonesia Tbk | 274,500 | | 149,845 |
Ireland - 1.2% |
CRH PLC sponsored ADR (d) | 68,800 | | 1,769,536 |
Common Stocks - continued |
| Shares | | Value |
Italy - 4.8% |
ENI SpA sponsored ADR | 42,400 | | $ 1,810,056 |
Finmeccanica SpA | 73,400 | | 1,033,724 |
UniCredit SpA | 1,675,300 | | 4,078,230 |
TOTAL ITALY | | 6,922,010 |
Japan - 20.2% |
Denso Corp. | 39,800 | | 941,065 |
East Japan Railway Co. | 24,300 | | 1,369,636 |
Eisai Co. Ltd. | 11,000 | | 295,266 |
Japan Retail Fund Investment Corp. | 83 | | 290,331 |
JSR Corp. | 31,400 | | 382,687 |
Konica Minolta Holdings, Inc. | 100,000 | | 826,264 |
Miraca Holdings, Inc. | 65,600 | | 1,339,239 |
Mitsubishi Estate Co. Ltd. | 25,000 | | 326,862 |
Mitsubishi UFJ Financial Group, Inc. | 403,700 | | 2,202,689 |
Mitsui & Co. Ltd. | 415,000 | | 4,402,839 |
NGK Insulators Ltd. | 23,000 | | 352,823 |
Nippon Electric Glass Co. Ltd. | 31,000 | | 252,325 |
Obic Co. Ltd. | 3,880 | | 526,850 |
ORIX Corp. | 9,460 | | 443,158 |
Osaka Gas Co. Ltd. | 904,000 | | 2,865,435 |
Promise Co. Ltd. (d) | 37,450 | | 494,981 |
Seven & i Holdings Co., Ltd. | 15,500 | | 350,337 |
Sumitomo Corp. | 97,000 | | 844,554 |
Sumitomo Metal Industries Ltd. | 330,000 | | 773,232 |
Sumitomo Mitsui Financial Group, Inc. | 13,700 | | 475,253 |
Tokuyama Corp. | 136,000 | | 811,197 |
Toyota Motor Corp. | 142,800 | | 5,653,283 |
USS Co. Ltd. | 11,900 | | 539,398 |
Xebio Co. Ltd. | 51,600 | | 793,034 |
Yamada Denki Co. Ltd. | 30,170 | | 1,390,028 |
TOTAL JAPAN | | 28,942,766 |
Kazakhstan - 0.4% |
JSC Halyk Bank of Kazakhstan unit | 140,800 | | 520,960 |
Korea (South) - 0.0% |
Shinhan Financial Group Co. Ltd. | 5 | | 124 |
Luxembourg - 0.3% |
ArcelorMittal SA (Netherlands) | 17,800 | | 416,843 |
Mexico - 0.6% |
America Movil SAB de CV Series L sponsored ADR | 26,700 | | 877,095 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.5% |
Gemalto NV (a) | 25,400 | | $ 799,566 |
Heineken NV (Bearer) | 10,900 | | 323,820 |
Koninklijke KPN NV (d) | 82,400 | | 990,376 |
TOTAL NETHERLANDS | | 2,113,762 |
Norway - 2.1% |
DnB Nor ASA | 221,900 | | 1,380,951 |
Orkla ASA (A Shares) | 175,950 | | 1,259,452 |
Petroleum Geo-Services ASA (a) | 67,850 | | 328,190 |
TOTAL NORWAY | | 2,968,593 |
Philippines - 0.4% |
Philippine Long Distance Telephone Co. sponsored ADR | 13,600 | | 623,832 |
Singapore - 1.2% |
DBS Group Holdings Ltd. | 272,000 | | 1,745,356 |
South Africa - 1.4% |
Impala Platinum Holdings Ltd. | 75,100 | | 1,435,362 |
MTN Group Ltd. | 39,300 | | 510,390 |
TOTAL SOUTH AFRICA | | 1,945,752 |
Spain - 2.1% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 38,816 | | 419,989 |
Banco Santander SA | 45,600 | | 433,245 |
Telefonica SA sponsored ADR | 39,200 | | 2,206,568 |
TOTAL SPAIN | | 3,059,802 |
Sweden - 0.3% |
Telefonaktiebolaget LM Ericsson (B Shares) | 53,600 | | 455,197 |
Switzerland - 7.5% |
EFG International | 77,540 | | 937,844 |
Nestle SA (Reg.) | 16,379 | | 533,762 |
Roche Holding AG (participation certificate) | 28,353 | | 3,574,491 |
Sonova Holding AG | 18,842 | | 1,218,883 |
Transocean Ltd. (a) | 24,339 | | 1,642,396 |
Zurich Financial Services AG (Reg.) | 15,415 | | 2,863,825 |
TOTAL SWITZERLAND | | 10,771,201 |
Taiwan - 0.3% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 174,000 | | 502,170 |
Thailand - 0.1% |
Siam Commercial Bank PCL (For. Reg.) | 82,400 | | 140,700 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 15.3% |
Aegis Group PLC | 342,500 | | $ 458,347 |
Anglo American PLC (United Kingdom) | 30,595 | | 658,105 |
AstraZeneca PLC (United Kingdom) | 21,000 | | 735,048 |
BAE Systems PLC | 151,600 | | 797,156 |
BHP Billiton PLC | 23,200 | | 481,336 |
easyJet PLC (a) | 169,400 | | 787,215 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 122,123 | | 868,147 |
Imperial Tobacco Group PLC | 6,300 | | 143,688 |
Informa PLC | 131,000 | | 572,349 |
Man Group PLC | 534,800 | | 1,976,020 |
Misys PLC | 439,600 | | 896,895 |
Prudential PLC | 313,428 | | 1,800,808 |
Rio Tinto PLC (Reg.) | 26,100 | | 1,060,081 |
Royal Dutch Shell PLC Class A sponsored ADR | 80,000 | | 3,654,400 |
Standard Chartered PLC (United Kingdom) | 60,450 | | 934,769 |
Tesco PLC | 44,100 | | 218,426 |
Vodafone Group PLC | 372,400 | | 684,204 |
Vodafone Group PLC sponsored ADR | 204,312 | | 3,749,125 |
Wolseley PLC | 24,704 | | 442,895 |
WPP PLC | 159,800 | | 1,092,932 |
TOTAL UNITED KINGDOM | | 22,011,946 |
TOTAL COMMON STOCKS (Cost $211,965,297) | 139,019,690 |
Nonconvertible Preferred Stocks - 1.0% |
| | | |
Italy - 1.0% |
Fiat SpA (Risparmio Shares) | 55,700 | | 336,305 |
Telecom Italia SpA (Risparmio Shares) | 1,172,100 | | 1,046,838 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,076,157) | 1,383,143 |
Money Market Funds - 11.8% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 2,202,626 | | $ 2,202,626 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 14,736,200 | | 14,736,200 |
TOTAL MONEY MARKET FUNDS (Cost $16,938,826) | 16,938,826 |
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $230,980,280) | | 157,341,659 |
NET OTHER ASSETS - (9.6)% | | (13,810,413) |
NET ASSETS - 100% | $ 143,531,246 |
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 | $ 4,833 |
Fidelity Securities Lending Cash Central Fund | 82,301 |
Total | $ 87,134 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 157,341,659 | $ 59,883,878 | $ 97,457,781 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $17,062,233 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $14,328,554) - See accompanying schedule: Unaffiliated issuers (cost $214,041,454) | $ 140,402,833 | |
Fidelity Central Funds (cost $16,938,826) | 16,938,826 | |
Total Investments (cost $230,980,280) | | $ 157,341,659 |
Cash | | 5,437 |
Foreign currency held at value (cost $78,969) | | 79,152 |
Receivable for investments sold | | 763,446 |
Receivable for fund shares sold | | 95,467 |
Dividends receivable | | 980,751 |
Distributions receivable from Fidelity Central Funds | | 62,865 |
Prepaid expenses | | 1,343 |
Other receivables | | 26,630 |
Total assets | | 159,356,750 |
| | |
Liabilities | | |
Payable for investments purchased | $ 896,173 | |
Payable for fund shares redeemed | 48,078 | |
Accrued management fee | 68,181 | |
Distribution fees payable | 3,176 | |
Other affiliated payables | 40,409 | |
Other payables and accrued expenses | 33,287 | |
Collateral on securities loaned, at value | 14,736,200 | |
Total liabilities | | 15,825,504 |
| | |
Net Assets | | $ 143,531,246 |
Net Assets consist of: | | |
Paid in capital | | $ 294,329,269 |
Undistributed net investment income | | 1,145,152 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (78,297,753) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (73,645,422) |
Net Assets | | $ 143,531,246 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($2,899,540 ÷ 496,065 shares) | | $ 5.85 |
| | |
Maximum offering price per share (100/94.25 of $5.85) | | $ 6.21 |
Class T:
Net Asset Value and redemption price per share ($1,760,606 ÷ 301,394 shares) | | $ 5.84 |
| | |
Maximum offering price per share (100/96.50 of $5.84) | | $ 6.05 |
Class B:
Net Asset Value and offering price per share
($763,338 ÷ 130,196 shares) A | | $ 5.86 |
| | |
Class C:
Net Asset Value and offering price per share ($1,630,367 ÷ 278,340 shares) A | | $ 5.86 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($135,806,980 ÷ 23,267,280 shares) | | $ 5.84 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($670,415 ÷ 114,716 shares) | | $ 5.84 |
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, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 2,815,548 |
Interest | | 265 |
Income from Fidelity Central Funds | | 87,134 |
| | 2,902,947 |
Less foreign taxes withheld | | (366,253) |
Total income | | 2,536,694 |
| | |
Expenses | | |
Management fee
Basic fee | $ 513,998 | |
Performance adjustment | (101,746) | |
Transfer agent fees | 212,870 | |
Distribution fees | 19,383 | |
Accounting and security lending fees | 37,381 | |
Custodian fees and expenses | 26,393 | |
Independent trustees' compensation | 570 | |
Registration fees | 41,992 | |
Audit | 31,426 | |
Legal | 457 | |
Miscellaneous | 1,618 | |
Total expenses before reductions | 784,342 | |
Expense reductions | (5,748) | 778,594 |
Net investment income (loss) | | 1,758,100 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (56,903,012) | |
Foreign currency transactions | (26,357) | |
Total net realized gain (loss) | | (56,929,369) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 51,611,574 | |
Assets and liabilities in foreign currencies | (24,867) | |
Total change in net unrealized appreciation (depreciation) | | 51,586,707 |
Net gain (loss) | | (5,342,662) |
Net increase (decrease) in net assets resulting from operations | | $ (3,584,562) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,758,100 | $ 7,306,482 |
Net realized gain (loss) | (56,929,369) | (21,258,353) |
Change in net unrealized appreciation (depreciation) | 51,586,707 | (181,063,041) |
Net increase (decrease) in net assets resulting from operations | (3,584,562) | (195,014,912) |
Distributions to shareholders from net investment income | (3,076,516) | (5,562,901) |
Distributions to shareholders from net realized gain | - | (18,717,865) |
Total distributions | (3,076,516) | (24,280,766) |
Share transactions - net increase (decrease) | (19,297,117) | (16,138,151) |
Redemption fees | 3,733 | 26,598 |
Total increase (decrease) in net assets | (25,954,462) | (235,407,231) |
| | |
Net Assets | | |
Beginning of period | 169,485,708 | 404,892,939 |
End of period (including undistributed net investment income of $1,145,152 and undistributed net investment income of $5,906,440, respectively) | $ 143,531,246 | $ 169,485,708 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.93 | $ 13.02 | $ 10.60 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .21 | .18 | .06 H |
Net realized and unrealized gain (loss) | (.06) | (6.53) | 2.29 | .54 |
Total from investment operations | - K | (6.32) | 2.47 | .60 |
Distributions from net investment income | (.08) | (.15) | (.03) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.08) | (.77) | (.05) | - |
Redemption fees added to paid in capital E,K | - | - | - | - |
Net asset value, end of period | $ 5.85 | $ 5.93 | $ 13.02 | $ 10.60 |
Total Return B,C,D | .18% | (51.50)% | 23.43% | 6.00% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.32% A | 1.42% | 1.38% | 1.75% A |
Expenses net of fee waivers, if any | 1.32% A | 1.42% | 1.38% | 1.50% A |
Expenses net of all reductions | 1.31% A | 1.41% | 1.37% | 1.46% A |
Net investment income (loss) | 2.24% A | 2.05% | 1.49% | 1.29% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,900 | $ 2,854 | $ 6,052 | $ 1,537 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.91 | $ 12.99 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .18 | .15 | .05 H |
Net realized and unrealized gain (loss) | (.07) | (6.50) | 2.29 | .54 |
Total from investment operations | (.02) | (6.32) | 2.44 | .59 |
Distributions from net investment income | (.05) | (.14) | (.02) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.05) | (.76) | (.04) | - |
Redemption fees added to paid in capital E,K | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.91 | $ 12.99 | $ 10.59 |
Total Return B,C,D | (.17)% | (51.60)% | 23.13% | 5.90% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.57% A | 1.67% | 1.60% | 2.01% A |
Expenses net of fee waivers, if any | 1.57% A | 1.67% | 1.60% | 1.75% A |
Expenses net of all reductions | 1.56% A | 1.66% | 1.58% | 1.71% A |
Net investment income (loss) | 1.99% A | 1.80% | 1.27% | 1.04% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,761 | $ 2,087 | $ 5,081 | $ 1,789 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.88 | $ 12.93 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .02 H |
Net realized and unrealized gain (loss) | (.06) | (6.48) | 2.29 | .54 |
Total from investment operations | (.02) | (6.35) | 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 | $ 5.86 | $ 5.88 | $ 12.93 | $ 10.56 |
Total Return B,C,D | (.34)% | (51.85)% | 22.59% | 5.60% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.06% A | 2.18% | 2.10% | 2.50% A |
Expenses net of fee waivers, if any | 2.06% A | 2.18% | 2.10% | 2.25% A |
Expenses net of all reductions | 2.05% A | 2.17% | 2.08% | 2.21% A |
Net investment income (loss) | 1.50% A | 1.29% | .77% | .54% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 763 | $ 931 | $ 2,651 | $ 1,304 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.88 | $ 12.92 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .02 H |
Net realized and unrealized gain (loss) | (.06) | (6.47) | 2.29 | .54 |
Total from investment operations | (.02) | (6.34) | 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 | $ 5.86 | $ 5.88 | $ 12.92 | $ 10.56 |
Total Return B,C,D | (.34)% | (51.80)% | 22.56% | 5.60% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.05% A | 2.17% | 2.07% | 2.47% A |
Expenses net of fee waivers, if any | 2.05% A | 2.17% | 2.07% | 2.25% A |
Expenses net of all reductions | 2.04% A | 2.16% | 2.05% | 2.21% A |
Net investment income (loss) | 1.51% A | 1.30% | .80% | .54% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,630 | $ 1,784 | $ 5,996 | $ 2,183 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.95 | $ 13.06 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .07 | .24 | .22 | .07 G |
Net realized and unrealized gain (loss) | (.07) | (6.54) | 2.29 | .54 |
Total from investment operations | - J | (6.30) | 2.51 | .61 |
Distributions from net investment income | (.11) | (.19) | (.04) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.11) | (.81) | (.06) | - |
Redemption fees added to paid in capital D,J | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.95 | $ 13.06 | $ 10.61 |
Total Return B,C | .29% | (51.34)% | 23.81% | 6.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.07% A | 1.10% | 1.03% | 1.50% A |
Expenses net of fee waivers, if any | 1.07% A | 1.10% | 1.03% | 1.25% A |
Expenses net of all reductions | 1.06% A | 1.09% | 1.02% | 1.21% A |
Net investment income (loss) | 2.48% A | 2.37% | 1.84% | 1.54% A,G |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 135,807 | $ 160,777 | $ 381,148 | $ 221,130 |
Portfolio turnover rate F | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.96 | $ 13.07 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .07 | .25 | .22 | .07 G |
Net realized and unrealized gain (loss) | (.07) | (6.54) | 2.30 | .54 |
Total from investment operations | - J | (6.29) | 2.52 | .61 |
Distributions from net investment income | (.12) | (.20) | (.04) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.12) | (.82) | (.06) | - |
Redemption fees added to paid in capital D,J | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.96 | $ 13.07 | $ 10.61 |
Total Return B,C | .14% | (51.27)% | 23.91% | 6.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | .96% A | 1.02% | .98% | 1.38% A |
Expenses net of fee waivers, if any | .96% A | 1.02% | .98% | 1.25% A |
Expenses net of all reductions | .96% A | 1.01% | .96% | 1.21% A |
Net investment income (loss) | 2.59% A | 2.45% | 1.89% | 1.54% A,G |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 670 | $ 1,052 | $ 3,965 | $ 3,064 |
Portfolio turnover rate F | 41% A | 68% | 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, 2009 (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 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 4,554,557 |
Unrealized depreciation | (79,037,017) |
Net unrealized appreciation (depreciation) | $ (74,482,460) |
Cost for federal income tax purposes | $ 231,824,119 |
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.
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 $29,329,299 and $51,828,149, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .58% 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 3,371 | $ 182 |
Class T | .25% | .25% | 4,266 | 20 |
Class B | .75% | .25% | 3,837 | 2,992 |
Class C | .75% | .25% | 7,909 | 1,569 |
| | | $ 19,383 | $ 4,763 |
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 | $ 1,137 |
Class T | 347 |
Class B* | 805 |
Class C* | 54 |
| $ 2,343 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 3,945 | .29 |
Class T | 2,546 | .30 |
Class B | 1,101 | .29 |
Class C | 2,194 | .28 |
International Value | 202,407 | .30 |
Institutional Class | 677 | .19 |
| $ 212,870 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $249 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $465 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $82,301.
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 $5,748 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 38,784 | $ 71,381 |
Class T | 19,023 | 53,705 |
Class B | - | 15,783 |
Class C | - | 37,642 |
International Value | 3,001,128 | 5,325,187 |
Institutional Class | 17,581 | 59,203 |
Total | $ 3,076,516 | $ 5,562,901 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net realized gain | | |
Class A | $ - | $ 297,020 |
Class T | - | 246,645 |
Class B | - | 128,753 |
Class C | - | 295,420 |
International Value | - | 17,561,793 |
Institutional Class | - | 188,234 |
Total | $ - | $ 18,717,865 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 168,662 | 298,063 | $ 907,903 | $ 3,154,503 |
Reinvestment of distributions | 6,730 | 30,184 | 35,265 | 357,686 |
Shares redeemed | (160,430) | (312,021) | (787,914) | (3,010,663) |
Net increase (decrease) | 14,962 | 16,226 | $ 155,254 | $ 501,526 |
Class T | | | | |
Shares sold | 45,205 | 169,412 | $ 240,301 | $ 1,740,848 |
Reinvestment of distributions | 2,980 | 21,586 | 15,614 | 255,358 |
Shares redeemed | (100,076) | (228,991) | (577,055) | (2,152,407) |
Net increase (decrease) | (51,891) | (37,993) | $ (321,140) | $ (156,201) |
Class B | | | | |
Shares sold | 31,983 | 48,187 | $ 169,869 | $ 472,858 |
Reinvestment of distributions | - | 10,866 | - | 128,544 |
Shares redeemed | (60,015) | (105,867) | (313,428) | (916,142) |
Net increase (decrease) | (28,032) | (46,814) | $ (143,559) | $ (314,740) |
Class C | | | | |
Shares sold | 67,677 | 114,256 | $ 375,363 | $ 1,072,554 |
Reinvestment of distributions | - | 22,711 | - | 268,223 |
Shares redeemed | (92,999) | (297,329) | (517,004) | (2,692,615) |
Net increase (decrease) | (25,322) | (160,362) | $ (141,641) | $ (1,351,838) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
International Value | | | | |
Shares sold | 1,911,677 | 13,343,931 | $ 10,419,251 | $ 131,489,328 |
Reinvestment of distributions | 550,070 | 1,810,134 | 2,876,866 | 21,468,187 |
Shares redeemed | (6,196,190) | (17,329,561) | (31,804,761) | (166,721,411) |
Net increase (decrease) | (3,734,443) | (2,175,496) | $ (18,508,644) | $ (13,763,896) |
Institutional Class | | | | |
Shares sold | 6,604 | 50,248 | $ 34,426 | $ 566,166 |
Reinvestment of distributions | 572 | 6,826 | 2,992 | 80,952 |
Shares redeemed | (69,021) | (183,848) | (374,805) | (1,700,120) |
Net increase (decrease) | (61,845) | (126,774) | $ (337,387) | $ (1,053,002) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
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
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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
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Semiannual Report
To Write Fidelity
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(letter_graphic)
Making Changes
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(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
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General Correspondence
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(letter_graphic)
For Retirement
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Buying shares
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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 Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
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Boston, MA
Transfer and Service Agents
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Operations Company, Inc.
Boston, MA
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Automated line for quickest service
FIV-USAN-0609
1.827484.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Value
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2009
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 financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.32% | | | |
Actual | | $ 1,000.00 | $ 1,001.80 | $ 6.55 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.61 |
Class T | 1.57% | | | |
Actual | | $ 1,000.00 | $ 998.30 | $ 7.78 |
HypotheticalA | | $ 1,000.00 | $ 1,017.01 | $ 7.85 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 996.60 | $ 10.20 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.05% | | | |
Actual | | $ 1,000.00 | $ 996.60 | $ 10.15 |
HypotheticalA | | $ 1,000.00 | $ 1,014.63 | $ 10.24 |
International Value | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,002.90 | $ 5.31 |
HypotheticalA | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
Institutional Class | .96% | | | |
Actual | | $ 1,000.00 | $ 1,001.40 | $ 4.76 |
HypotheticalA | | $ 1,000.00 | $ 1,020.03 | $ 4.81 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 20.2% | |
| United Kingdom 15.3% | |
| Germany 13.0% | |
| France 9.3% | |
| Switzerland 7.5% | |
| Italy 5.8% | |
| Canada 3.8% | |
| Australia 2.7% | |
| Hong Kong 2.5% | |
| Other 19.9% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 19.6% | |
| United Kingdom 14.2% | |
| Germany 13.5% | |
| France 11.5% | |
| Switzerland 7.5% | |
| Italy 4.8% | |
| Spain 3.6% | |
| Norway 3.0% | |
| Cayman Islands 2.6% | |
| Other 19.7% | |
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 | 97.8 | 99.2 |
Short-Term Investments and Net Other Assets | 2.2 | 0.8 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Toyota Motor Corp. (Japan, Automobiles) | 3.9 | 3.5 |
E.ON AG (Germany, Electric Utilities) | 3.6 | 2.9 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 3.1 | 2.6 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 3.1 | 2.6 |
Munich Re Group (Reg.) (Germany, Insurance) | 3.1 | 3.0 |
UniCredit SpA (Italy, Commercial Banks) | 2.8 | 2.5 |
Daimler AG (Germany, Automobiles) | 2.6 | 2.3 |
AXA SA sponsored ADR (France, Insurance) | 2.6 | 2.6 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.5 | 3.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.5 | 3.4 |
| 29.8 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 33.8 | 32.2 |
Consumer Discretionary | 11.0 | 9.5 |
Energy | 10.8 | 14.9 |
Industrials | 10.3 | 9.2 |
Telecommunication Services | 7.6 | 7.0 |
Utilities | 6.8 | 8.2 |
Materials | 6.6 | 5.9 |
Health Care | 4.9 | 5.1 |
Information Technology | 3.6 | 4.0 |
Consumer Staples | 2.4 | 3.2 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% |
| Shares | | Value |
Australia - 2.7% |
AMP Ltd. | 388,042 | | $ 1,464,334 |
Macquarie Airports unit | 462,720 | | 608,963 |
Macquarie Group Ltd. (d) | 34,191 | | 832,322 |
Macquarie Infrastructure Group unit | 593,083 | | 582,161 |
Wesfarmers Ltd. | 20,099 | | 330,861 |
TOTAL AUSTRALIA | | 3,818,641 |
Bermuda - 1.0% |
Seadrill Ltd. | 128,500 | | 1,371,242 |
Brazil - 0.6% |
Itau Unibanco Banco Multiplo SA ADR | 34,030 | | 467,232 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 12,000 | | 402,840 |
TOTAL BRAZIL | | 870,072 |
Canada - 3.8% |
Cameco Corp. | 22,800 | | 523,545 |
Canadian Natural Resources Ltd. | 17,800 | | 820,598 |
First Quantum Minerals Ltd. | 12,800 | | 495,051 |
Petrobank Energy & Resources Ltd. (a) | 52,200 | | 1,122,087 |
Potash Corp. of Saskatchewan, Inc. | 3,700 | | 317,829 |
Power Corp. of Canada (sub. vtg.) | 24,600 | | 459,942 |
Suncor Energy, Inc. | 27,400 | | 689,564 |
Toronto-Dominion Bank | 24,700 | | 974,959 |
TOTAL CANADA | | 5,403,575 |
Cayman Islands - 0.8% |
Chaoda Modern Agriculture (Holdings) Ltd. | 1,537,952 | | 869,638 |
Subsea 7, Inc. (a)(d) | 41,000 | | 306,442 |
TOTAL CAYMAN ISLANDS | | 1,176,080 |
China - 1.1% |
China Merchants Bank Co. Ltd. (H Shares) | 333,000 | | 594,980 |
Industrial & Commercial Bank of China Ltd. | 983,000 | | 559,211 |
Nine Dragons Paper (Holdings) Ltd. | 1,087,000 | | 491,994 |
TOTAL CHINA | | 1,646,185 |
Denmark - 0.5% |
Vestas Wind Systems AS (a) | 11,900 | | 772,406 |
Finland - 0.6% |
Nokia Corp. sponsored ADR (d) | 56,100 | | 793,254 |
France - 9.3% |
AXA SA sponsored ADR | 216,500 | | 3,719,470 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
BNP Paribas SA | 53,900 | | $ 2,836,751 |
Compagnie de St. Gobain (d) | 17,612 | | 631,667 |
GDF Suez (d) | 20,989 | | 748,840 |
Pernod Ricard SA | 4,591 | | 271,105 |
Pernod Ricard SA rights 4/29/09 (a) | 4,591 | | 19,595 |
Societe Generale Series A | 22,800 | | 1,164,966 |
Total SA: | | | |
Series B | 5,400 | | 270,122 |
sponsored ADR | 42,200 | | 2,098,184 |
Unibail-Rodamco | 11,072 | | 1,650,681 |
TOTAL FRANCE | | 13,411,381 |
Germany - 13.0% |
Allianz AG sponsored ADR | 351,300 | | 3,182,778 |
BASF AG (d) | 16,700 | | 623,536 |
Daimler AG | 105,000 | | 3,748,500 |
Deutsche Bank AG | 10,900 | | 571,497 |
E.ON AG (d) | 152,700 | | 5,116,721 |
GEA Group AG | 11,600 | | 150,991 |
GFK AG | 21,800 | | 505,981 |
Metro AG | 8,200 | | 345,068 |
Munich Re Group (Reg.) (d) | 32,100 | | 4,389,307 |
TOTAL GERMANY | | 18,634,379 |
Greece - 0.7% |
Public Power Corp. of Greece | 51,600 | | 994,415 |
Hong Kong - 2.5% |
China Overseas Land & Investment Ltd. | 486,038 | | 846,540 |
CNOOC Ltd. | 260,000 | | 290,243 |
Swire Pacific Ltd. (A Shares) | 320,300 | | 2,503,748 |
TOTAL HONG KONG | | 3,640,531 |
India - 0.4% |
Bharti Airtel Ltd. (a) | 20,985 | | 319,831 |
Satyam Computer Services Ltd. sponsored ADR | 400 | | 720 |
Suzlon Energy Ltd. | 177,784 | | 229,488 |
TOTAL INDIA | | 550,039 |
Indonesia - 0.1% |
PT Bank Rakyat Indonesia Tbk | 274,500 | | 149,845 |
Ireland - 1.2% |
CRH PLC sponsored ADR (d) | 68,800 | | 1,769,536 |
Common Stocks - continued |
| Shares | | Value |
Italy - 4.8% |
ENI SpA sponsored ADR | 42,400 | | $ 1,810,056 |
Finmeccanica SpA | 73,400 | | 1,033,724 |
UniCredit SpA | 1,675,300 | | 4,078,230 |
TOTAL ITALY | | 6,922,010 |
Japan - 20.2% |
Denso Corp. | 39,800 | | 941,065 |
East Japan Railway Co. | 24,300 | | 1,369,636 |
Eisai Co. Ltd. | 11,000 | | 295,266 |
Japan Retail Fund Investment Corp. | 83 | | 290,331 |
JSR Corp. | 31,400 | | 382,687 |
Konica Minolta Holdings, Inc. | 100,000 | | 826,264 |
Miraca Holdings, Inc. | 65,600 | | 1,339,239 |
Mitsubishi Estate Co. Ltd. | 25,000 | | 326,862 |
Mitsubishi UFJ Financial Group, Inc. | 403,700 | | 2,202,689 |
Mitsui & Co. Ltd. | 415,000 | | 4,402,839 |
NGK Insulators Ltd. | 23,000 | | 352,823 |
Nippon Electric Glass Co. Ltd. | 31,000 | | 252,325 |
Obic Co. Ltd. | 3,880 | | 526,850 |
ORIX Corp. | 9,460 | | 443,158 |
Osaka Gas Co. Ltd. | 904,000 | | 2,865,435 |
Promise Co. Ltd. (d) | 37,450 | | 494,981 |
Seven & i Holdings Co., Ltd. | 15,500 | | 350,337 |
Sumitomo Corp. | 97,000 | | 844,554 |
Sumitomo Metal Industries Ltd. | 330,000 | | 773,232 |
Sumitomo Mitsui Financial Group, Inc. | 13,700 | | 475,253 |
Tokuyama Corp. | 136,000 | | 811,197 |
Toyota Motor Corp. | 142,800 | | 5,653,283 |
USS Co. Ltd. | 11,900 | | 539,398 |
Xebio Co. Ltd. | 51,600 | | 793,034 |
Yamada Denki Co. Ltd. | 30,170 | | 1,390,028 |
TOTAL JAPAN | | 28,942,766 |
Kazakhstan - 0.4% |
JSC Halyk Bank of Kazakhstan unit | 140,800 | | 520,960 |
Korea (South) - 0.0% |
Shinhan Financial Group Co. Ltd. | 5 | | 124 |
Luxembourg - 0.3% |
ArcelorMittal SA (Netherlands) | 17,800 | | 416,843 |
Mexico - 0.6% |
America Movil SAB de CV Series L sponsored ADR | 26,700 | | 877,095 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.5% |
Gemalto NV (a) | 25,400 | | $ 799,566 |
Heineken NV (Bearer) | 10,900 | | 323,820 |
Koninklijke KPN NV (d) | 82,400 | | 990,376 |
TOTAL NETHERLANDS | | 2,113,762 |
Norway - 2.1% |
DnB Nor ASA | 221,900 | | 1,380,951 |
Orkla ASA (A Shares) | 175,950 | | 1,259,452 |
Petroleum Geo-Services ASA (a) | 67,850 | | 328,190 |
TOTAL NORWAY | | 2,968,593 |
Philippines - 0.4% |
Philippine Long Distance Telephone Co. sponsored ADR | 13,600 | | 623,832 |
Singapore - 1.2% |
DBS Group Holdings Ltd. | 272,000 | | 1,745,356 |
South Africa - 1.4% |
Impala Platinum Holdings Ltd. | 75,100 | | 1,435,362 |
MTN Group Ltd. | 39,300 | | 510,390 |
TOTAL SOUTH AFRICA | | 1,945,752 |
Spain - 2.1% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 38,816 | | 419,989 |
Banco Santander SA | 45,600 | | 433,245 |
Telefonica SA sponsored ADR | 39,200 | | 2,206,568 |
TOTAL SPAIN | | 3,059,802 |
Sweden - 0.3% |
Telefonaktiebolaget LM Ericsson (B Shares) | 53,600 | | 455,197 |
Switzerland - 7.5% |
EFG International | 77,540 | | 937,844 |
Nestle SA (Reg.) | 16,379 | | 533,762 |
Roche Holding AG (participation certificate) | 28,353 | | 3,574,491 |
Sonova Holding AG | 18,842 | | 1,218,883 |
Transocean Ltd. (a) | 24,339 | | 1,642,396 |
Zurich Financial Services AG (Reg.) | 15,415 | | 2,863,825 |
TOTAL SWITZERLAND | | 10,771,201 |
Taiwan - 0.3% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 174,000 | | 502,170 |
Thailand - 0.1% |
Siam Commercial Bank PCL (For. Reg.) | 82,400 | | 140,700 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 15.3% |
Aegis Group PLC | 342,500 | | $ 458,347 |
Anglo American PLC (United Kingdom) | 30,595 | | 658,105 |
AstraZeneca PLC (United Kingdom) | 21,000 | | 735,048 |
BAE Systems PLC | 151,600 | | 797,156 |
BHP Billiton PLC | 23,200 | | 481,336 |
easyJet PLC (a) | 169,400 | | 787,215 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 122,123 | | 868,147 |
Imperial Tobacco Group PLC | 6,300 | | 143,688 |
Informa PLC | 131,000 | | 572,349 |
Man Group PLC | 534,800 | | 1,976,020 |
Misys PLC | 439,600 | | 896,895 |
Prudential PLC | 313,428 | | 1,800,808 |
Rio Tinto PLC (Reg.) | 26,100 | | 1,060,081 |
Royal Dutch Shell PLC Class A sponsored ADR | 80,000 | | 3,654,400 |
Standard Chartered PLC (United Kingdom) | 60,450 | | 934,769 |
Tesco PLC | 44,100 | | 218,426 |
Vodafone Group PLC | 372,400 | | 684,204 |
Vodafone Group PLC sponsored ADR | 204,312 | | 3,749,125 |
Wolseley PLC | 24,704 | | 442,895 |
WPP PLC | 159,800 | | 1,092,932 |
TOTAL UNITED KINGDOM | | 22,011,946 |
TOTAL COMMON STOCKS (Cost $211,965,297) | 139,019,690 |
Nonconvertible Preferred Stocks - 1.0% |
| | | |
Italy - 1.0% |
Fiat SpA (Risparmio Shares) | 55,700 | | 336,305 |
Telecom Italia SpA (Risparmio Shares) | 1,172,100 | | 1,046,838 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,076,157) | 1,383,143 |
Money Market Funds - 11.8% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 2,202,626 | | $ 2,202,626 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 14,736,200 | | 14,736,200 |
TOTAL MONEY MARKET FUNDS (Cost $16,938,826) | 16,938,826 |
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $230,980,280) | | 157,341,659 |
NET OTHER ASSETS - (9.6)% | | (13,810,413) |
NET ASSETS - 100% | $ 143,531,246 |
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 | $ 4,833 |
Fidelity Securities Lending Cash Central Fund | 82,301 |
Total | $ 87,134 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 157,341,659 | $ 59,883,878 | $ 97,457,781 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $17,062,233 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $14,328,554) - See accompanying schedule: Unaffiliated issuers (cost $214,041,454) | $ 140,402,833 | |
Fidelity Central Funds (cost $16,938,826) | 16,938,826 | |
Total Investments (cost $230,980,280) | | $ 157,341,659 |
Cash | | 5,437 |
Foreign currency held at value (cost $78,969) | | 79,152 |
Receivable for investments sold | | 763,446 |
Receivable for fund shares sold | | 95,467 |
Dividends receivable | | 980,751 |
Distributions receivable from Fidelity Central Funds | | 62,865 |
Prepaid expenses | | 1,343 |
Other receivables | | 26,630 |
Total assets | | 159,356,750 |
| | |
Liabilities | | |
Payable for investments purchased | $ 896,173 | |
Payable for fund shares redeemed | 48,078 | |
Accrued management fee | 68,181 | |
Distribution fees payable | 3,176 | |
Other affiliated payables | 40,409 | |
Other payables and accrued expenses | 33,287 | |
Collateral on securities loaned, at value | 14,736,200 | |
Total liabilities | | 15,825,504 |
| | |
Net Assets | | $ 143,531,246 |
Net Assets consist of: | | |
Paid in capital | | $ 294,329,269 |
Undistributed net investment income | | 1,145,152 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (78,297,753) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (73,645,422) |
Net Assets | | $ 143,531,246 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($2,899,540 ÷ 496,065 shares) | | $ 5.85 |
| | |
Maximum offering price per share (100/94.25 of $5.85) | | $ 6.21 |
Class T:
Net Asset Value and redemption price per share ($1,760,606 ÷ 301,394 shares) | | $ 5.84 |
| | |
Maximum offering price per share (100/96.50 of $5.84) | | $ 6.05 |
Class B:
Net Asset Value and offering price per share
($763,338 ÷ 130,196 shares) A | | $ 5.86 |
| | |
Class C:
Net Asset Value and offering price per share ($1,630,367 ÷ 278,340 shares) A | | $ 5.86 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($135,806,980 ÷ 23,267,280 shares) | | $ 5.84 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($670,415 ÷ 114,716 shares) | | $ 5.84 |
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, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 2,815,548 |
Interest | | 265 |
Income from Fidelity Central Funds | | 87,134 |
| | 2,902,947 |
Less foreign taxes withheld | | (366,253) |
Total income | | 2,536,694 |
| | |
Expenses | | |
Management fee
Basic fee | $ 513,998 | |
Performance adjustment | (101,746) | |
Transfer agent fees | 212,870 | |
Distribution fees | 19,383 | |
Accounting and security lending fees | 37,381 | |
Custodian fees and expenses | 26,393 | |
Independent trustees' compensation | 570 | |
Registration fees | 41,992 | |
Audit | 31,426 | |
Legal | 457 | |
Miscellaneous | 1,618 | |
Total expenses before reductions | 784,342 | |
Expense reductions | (5,748) | 778,594 |
Net investment income (loss) | | 1,758,100 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (56,903,012) | |
Foreign currency transactions | (26,357) | |
Total net realized gain (loss) | | (56,929,369) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 51,611,574 | |
Assets and liabilities in foreign currencies | (24,867) | |
Total change in net unrealized appreciation (depreciation) | | 51,586,707 |
Net gain (loss) | | (5,342,662) |
Net increase (decrease) in net assets resulting from operations | | $ (3,584,562) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,758,100 | $ 7,306,482 |
Net realized gain (loss) | (56,929,369) | (21,258,353) |
Change in net unrealized appreciation (depreciation) | 51,586,707 | (181,063,041) |
Net increase (decrease) in net assets resulting from operations | (3,584,562) | (195,014,912) |
Distributions to shareholders from net investment income | (3,076,516) | (5,562,901) |
Distributions to shareholders from net realized gain | - | (18,717,865) |
Total distributions | (3,076,516) | (24,280,766) |
Share transactions - net increase (decrease) | (19,297,117) | (16,138,151) |
Redemption fees | 3,733 | 26,598 |
Total increase (decrease) in net assets | (25,954,462) | (235,407,231) |
| | |
Net Assets | | |
Beginning of period | 169,485,708 | 404,892,939 |
End of period (including undistributed net investment income of $1,145,152 and undistributed net investment income of $5,906,440, respectively) | $ 143,531,246 | $ 169,485,708 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.93 | $ 13.02 | $ 10.60 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .21 | .18 | .06 H |
Net realized and unrealized gain (loss) | (.06) | (6.53) | 2.29 | .54 |
Total from investment operations | - K | (6.32) | 2.47 | .60 |
Distributions from net investment income | (.08) | (.15) | (.03) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.08) | (.77) | (.05) | - |
Redemption fees added to paid in capital E,K | - | - | - | - |
Net asset value, end of period | $ 5.85 | $ 5.93 | $ 13.02 | $ 10.60 |
Total Return B,C,D | .18% | (51.50)% | 23.43% | 6.00% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.32% A | 1.42% | 1.38% | 1.75% A |
Expenses net of fee waivers, if any | 1.32% A | 1.42% | 1.38% | 1.50% A |
Expenses net of all reductions | 1.31% A | 1.41% | 1.37% | 1.46% A |
Net investment income (loss) | 2.24% A | 2.05% | 1.49% | 1.29% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,900 | $ 2,854 | $ 6,052 | $ 1,537 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.91 | $ 12.99 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .18 | .15 | .05 H |
Net realized and unrealized gain (loss) | (.07) | (6.50) | 2.29 | .54 |
Total from investment operations | (.02) | (6.32) | 2.44 | .59 |
Distributions from net investment income | (.05) | (.14) | (.02) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.05) | (.76) | (.04) | - |
Redemption fees added to paid in capital E,K | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.91 | $ 12.99 | $ 10.59 |
Total Return B,C,D | (.17)% | (51.60)% | 23.13% | 5.90% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.57% A | 1.67% | 1.60% | 2.01% A |
Expenses net of fee waivers, if any | 1.57% A | 1.67% | 1.60% | 1.75% A |
Expenses net of all reductions | 1.56% A | 1.66% | 1.58% | 1.71% A |
Net investment income (loss) | 1.99% A | 1.80% | 1.27% | 1.04% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,761 | $ 2,087 | $ 5,081 | $ 1,789 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.88 | $ 12.93 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .02 H |
Net realized and unrealized gain (loss) | (.06) | (6.48) | 2.29 | .54 |
Total from investment operations | (.02) | (6.35) | 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 | $ 5.86 | $ 5.88 | $ 12.93 | $ 10.56 |
Total Return B,C,D | (.34)% | (51.85)% | 22.59% | 5.60% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.06% A | 2.18% | 2.10% | 2.50% A |
Expenses net of fee waivers, if any | 2.06% A | 2.18% | 2.10% | 2.25% A |
Expenses net of all reductions | 2.05% A | 2.17% | 2.08% | 2.21% A |
Net investment income (loss) | 1.50% A | 1.29% | .77% | .54% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 763 | $ 931 | $ 2,651 | $ 1,304 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.88 | $ 12.92 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .02 H |
Net realized and unrealized gain (loss) | (.06) | (6.47) | 2.29 | .54 |
Total from investment operations | (.02) | (6.34) | 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 | $ 5.86 | $ 5.88 | $ 12.92 | $ 10.56 |
Total Return B,C,D | (.34)% | (51.80)% | 22.56% | 5.60% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.05% A | 2.17% | 2.07% | 2.47% A |
Expenses net of fee waivers, if any | 2.05% A | 2.17% | 2.07% | 2.25% A |
Expenses net of all reductions | 2.04% A | 2.16% | 2.05% | 2.21% A |
Net investment income (loss) | 1.51% A | 1.30% | .80% | .54% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,630 | $ 1,784 | $ 5,996 | $ 2,183 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.95 | $ 13.06 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .07 | .24 | .22 | .07 G |
Net realized and unrealized gain (loss) | (.07) | (6.54) | 2.29 | .54 |
Total from investment operations | - J | (6.30) | 2.51 | .61 |
Distributions from net investment income | (.11) | (.19) | (.04) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.11) | (.81) | (.06) | - |
Redemption fees added to paid in capital D,J | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.95 | $ 13.06 | $ 10.61 |
Total Return B,C | .29% | (51.34)% | 23.81% | 6.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.07% A | 1.10% | 1.03% | 1.50% A |
Expenses net of fee waivers, if any | 1.07% A | 1.10% | 1.03% | 1.25% A |
Expenses net of all reductions | 1.06% A | 1.09% | 1.02% | 1.21% A |
Net investment income (loss) | 2.48% A | 2.37% | 1.84% | 1.54% A,G |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 135,807 | $ 160,777 | $ 381,148 | $ 221,130 |
Portfolio turnover rate F | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.96 | $ 13.07 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .07 | .25 | .22 | .07 G |
Net realized and unrealized gain (loss) | (.07) | (6.54) | 2.30 | .54 |
Total from investment operations | - J | (6.29) | 2.52 | .61 |
Distributions from net investment income | (.12) | (.20) | (.04) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.12) | (.82) | (.06) | - |
Redemption fees added to paid in capital D,J | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.96 | $ 13.07 | $ 10.61 |
Total Return B,C | .14% | (51.27)% | 23.91% | 6.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | .96% A | 1.02% | .98% | 1.38% A |
Expenses net of fee waivers, if any | .96% A | 1.02% | .98% | 1.25% A |
Expenses net of all reductions | .96% A | 1.01% | .96% | 1.21% A |
Net investment income (loss) | 2.59% A | 2.45% | 1.89% | 1.54% A,G |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 670 | $ 1,052 | $ 3,965 | $ 3,064 |
Portfolio turnover rate F | 41% A | 68% | 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, 2009 (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 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 4,554,557 |
Unrealized depreciation | (79,037,017) |
Net unrealized appreciation (depreciation) | $ (74,482,460) |
Cost for federal income tax purposes | $ 231,824,119 |
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.
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 $29,329,299 and $51,828,149, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .58% 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 3,371 | $ 182 |
Class T | .25% | .25% | 4,266 | 20 |
Class B | .75% | .25% | 3,837 | 2,992 |
Class C | .75% | .25% | 7,909 | 1,569 |
| | | $ 19,383 | $ 4,763 |
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 | $ 1,137 |
Class T | 347 |
Class B* | 805 |
Class C* | 54 |
| $ 2,343 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 3,945 | .29 |
Class T | 2,546 | .30 |
Class B | 1,101 | .29 |
Class C | 2,194 | .28 |
International Value | 202,407 | .30 |
Institutional Class | 677 | .19 |
| $ 212,870 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $249 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $465 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $82,301.
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 $5,748 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 38,784 | $ 71,381 |
Class T | 19,023 | 53,705 |
Class B | - | 15,783 |
Class C | - | 37,642 |
International Value | 3,001,128 | 5,325,187 |
Institutional Class | 17,581 | 59,203 |
Total | $ 3,076,516 | $ 5,562,901 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net realized gain | | |
Class A | $ - | $ 297,020 |
Class T | - | 246,645 |
Class B | - | 128,753 |
Class C | - | 295,420 |
International Value | - | 17,561,793 |
Institutional Class | - | 188,234 |
Total | $ - | $ 18,717,865 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 168,662 | 298,063 | $ 907,903 | $ 3,154,503 |
Reinvestment of distributions | 6,730 | 30,184 | 35,265 | 357,686 |
Shares redeemed | (160,430) | (312,021) | (787,914) | (3,010,663) |
Net increase (decrease) | 14,962 | 16,226 | $ 155,254 | $ 501,526 |
Class T | | | | |
Shares sold | 45,205 | 169,412 | $ 240,301 | $ 1,740,848 |
Reinvestment of distributions | 2,980 | 21,586 | 15,614 | 255,358 |
Shares redeemed | (100,076) | (228,991) | (577,055) | (2,152,407) |
Net increase (decrease) | (51,891) | (37,993) | $ (321,140) | $ (156,201) |
Class B | | | | |
Shares sold | 31,983 | 48,187 | $ 169,869 | $ 472,858 |
Reinvestment of distributions | - | 10,866 | - | 128,544 |
Shares redeemed | (60,015) | (105,867) | (313,428) | (916,142) |
Net increase (decrease) | (28,032) | (46,814) | $ (143,559) | $ (314,740) |
Class C | | | | |
Shares sold | 67,677 | 114,256 | $ 375,363 | $ 1,072,554 |
Reinvestment of distributions | - | 22,711 | - | 268,223 |
Shares redeemed | (92,999) | (297,329) | (517,004) | (2,692,615) |
Net increase (decrease) | (25,322) | (160,362) | $ (141,641) | $ (1,351,838) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
International Value | | | | |
Shares sold | 1,911,677 | 13,343,931 | $ 10,419,251 | $ 131,489,328 |
Reinvestment of distributions | 550,070 | 1,810,134 | 2,876,866 | 21,468,187 |
Shares redeemed | (6,196,190) | (17,329,561) | (31,804,761) | (166,721,411) |
Net increase (decrease) | (3,734,443) | (2,175,496) | $ (18,508,644) | $ (13,763,896) |
Institutional Class | | | | |
Shares sold | 6,604 | 50,248 | $ 34,426 | $ 566,166 |
Reinvestment of distributions | 572 | 6,826 | 2,992 | 80,952 |
Shares redeemed | (69,021) | (183,848) | (374,805) | (1,700,120) |
Net increase (decrease) | (61,845) | (126,774) | $ (337,387) | $ (1,053,002) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
AFIV-USAN-0609
1.827499.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Value
Fund - Institutional Class
Semiannual Report
April 30, 2009
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 financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2008 | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period*
November 1, 2008 to
April 30, 2009 |
Class A | 1.32% | | | |
Actual | | $ 1,000.00 | $ 1,001.80 | $ 6.55 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.61 |
Class T | 1.57% | | | |
Actual | | $ 1,000.00 | $ 998.30 | $ 7.78 |
HypotheticalA | | $ 1,000.00 | $ 1,017.01 | $ 7.85 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 996.60 | $ 10.20 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.05% | | | |
Actual | | $ 1,000.00 | $ 996.60 | $ 10.15 |
HypotheticalA | | $ 1,000.00 | $ 1,014.63 | $ 10.24 |
International Value | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,002.90 | $ 5.31 |
HypotheticalA | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
Institutional Class | .96% | | | |
Actual | | $ 1,000.00 | $ 1,001.40 | $ 4.76 |
HypotheticalA | | $ 1,000.00 | $ 1,020.03 | $ 4.81 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Japan 20.2% | |
| United Kingdom 15.3% | |
| Germany 13.0% | |
| France 9.3% | |
| Switzerland 7.5% | |
| Italy 5.8% | |
| Canada 3.8% | |
| Australia 2.7% | |
| Hong Kong 2.5% | |
| Other 19.9% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2008 |
| Japan 19.6% | |
| United Kingdom 14.2% | |
| Germany 13.5% | |
| France 11.5% | |
| Switzerland 7.5% | |
| Italy 4.8% | |
| Spain 3.6% | |
| Norway 3.0% | |
| Cayman Islands 2.6% | |
| Other 19.7% | |
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 | 97.8 | 99.2 |
Short-Term Investments and Net Other Assets | 2.2 | 0.8 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Toyota Motor Corp. (Japan, Automobiles) | 3.9 | 3.5 |
E.ON AG (Germany, Electric Utilities) | 3.6 | 2.9 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 3.1 | 2.6 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 3.1 | 2.6 |
Munich Re Group (Reg.) (Germany, Insurance) | 3.1 | 3.0 |
UniCredit SpA (Italy, Commercial Banks) | 2.8 | 2.5 |
Daimler AG (Germany, Automobiles) | 2.6 | 2.3 |
AXA SA sponsored ADR (France, Insurance) | 2.6 | 2.6 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.5 | 3.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.5 | 3.4 |
| 29.8 | |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 33.8 | 32.2 |
Consumer Discretionary | 11.0 | 9.5 |
Energy | 10.8 | 14.9 |
Industrials | 10.3 | 9.2 |
Telecommunication Services | 7.6 | 7.0 |
Utilities | 6.8 | 8.2 |
Materials | 6.6 | 5.9 |
Health Care | 4.9 | 5.1 |
Information Technology | 3.6 | 4.0 |
Consumer Staples | 2.4 | 3.2 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% |
| Shares | | Value |
Australia - 2.7% |
AMP Ltd. | 388,042 | | $ 1,464,334 |
Macquarie Airports unit | 462,720 | | 608,963 |
Macquarie Group Ltd. (d) | 34,191 | | 832,322 |
Macquarie Infrastructure Group unit | 593,083 | | 582,161 |
Wesfarmers Ltd. | 20,099 | | 330,861 |
TOTAL AUSTRALIA | | 3,818,641 |
Bermuda - 1.0% |
Seadrill Ltd. | 128,500 | | 1,371,242 |
Brazil - 0.6% |
Itau Unibanco Banco Multiplo SA ADR | 34,030 | | 467,232 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 12,000 | | 402,840 |
TOTAL BRAZIL | | 870,072 |
Canada - 3.8% |
Cameco Corp. | 22,800 | | 523,545 |
Canadian Natural Resources Ltd. | 17,800 | | 820,598 |
First Quantum Minerals Ltd. | 12,800 | | 495,051 |
Petrobank Energy & Resources Ltd. (a) | 52,200 | | 1,122,087 |
Potash Corp. of Saskatchewan, Inc. | 3,700 | | 317,829 |
Power Corp. of Canada (sub. vtg.) | 24,600 | | 459,942 |
Suncor Energy, Inc. | 27,400 | | 689,564 |
Toronto-Dominion Bank | 24,700 | | 974,959 |
TOTAL CANADA | | 5,403,575 |
Cayman Islands - 0.8% |
Chaoda Modern Agriculture (Holdings) Ltd. | 1,537,952 | | 869,638 |
Subsea 7, Inc. (a)(d) | 41,000 | | 306,442 |
TOTAL CAYMAN ISLANDS | | 1,176,080 |
China - 1.1% |
China Merchants Bank Co. Ltd. (H Shares) | 333,000 | | 594,980 |
Industrial & Commercial Bank of China Ltd. | 983,000 | | 559,211 |
Nine Dragons Paper (Holdings) Ltd. | 1,087,000 | | 491,994 |
TOTAL CHINA | | 1,646,185 |
Denmark - 0.5% |
Vestas Wind Systems AS (a) | 11,900 | | 772,406 |
Finland - 0.6% |
Nokia Corp. sponsored ADR (d) | 56,100 | | 793,254 |
France - 9.3% |
AXA SA sponsored ADR | 216,500 | | 3,719,470 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
BNP Paribas SA | 53,900 | | $ 2,836,751 |
Compagnie de St. Gobain (d) | 17,612 | | 631,667 |
GDF Suez (d) | 20,989 | | 748,840 |
Pernod Ricard SA | 4,591 | | 271,105 |
Pernod Ricard SA rights 4/29/09 (a) | 4,591 | | 19,595 |
Societe Generale Series A | 22,800 | | 1,164,966 |
Total SA: | | | |
Series B | 5,400 | | 270,122 |
sponsored ADR | 42,200 | | 2,098,184 |
Unibail-Rodamco | 11,072 | | 1,650,681 |
TOTAL FRANCE | | 13,411,381 |
Germany - 13.0% |
Allianz AG sponsored ADR | 351,300 | | 3,182,778 |
BASF AG (d) | 16,700 | | 623,536 |
Daimler AG | 105,000 | | 3,748,500 |
Deutsche Bank AG | 10,900 | | 571,497 |
E.ON AG (d) | 152,700 | | 5,116,721 |
GEA Group AG | 11,600 | | 150,991 |
GFK AG | 21,800 | | 505,981 |
Metro AG | 8,200 | | 345,068 |
Munich Re Group (Reg.) (d) | 32,100 | | 4,389,307 |
TOTAL GERMANY | | 18,634,379 |
Greece - 0.7% |
Public Power Corp. of Greece | 51,600 | | 994,415 |
Hong Kong - 2.5% |
China Overseas Land & Investment Ltd. | 486,038 | | 846,540 |
CNOOC Ltd. | 260,000 | | 290,243 |
Swire Pacific Ltd. (A Shares) | 320,300 | | 2,503,748 |
TOTAL HONG KONG | | 3,640,531 |
India - 0.4% |
Bharti Airtel Ltd. (a) | 20,985 | | 319,831 |
Satyam Computer Services Ltd. sponsored ADR | 400 | | 720 |
Suzlon Energy Ltd. | 177,784 | | 229,488 |
TOTAL INDIA | | 550,039 |
Indonesia - 0.1% |
PT Bank Rakyat Indonesia Tbk | 274,500 | | 149,845 |
Ireland - 1.2% |
CRH PLC sponsored ADR (d) | 68,800 | | 1,769,536 |
Common Stocks - continued |
| Shares | | Value |
Italy - 4.8% |
ENI SpA sponsored ADR | 42,400 | | $ 1,810,056 |
Finmeccanica SpA | 73,400 | | 1,033,724 |
UniCredit SpA | 1,675,300 | | 4,078,230 |
TOTAL ITALY | | 6,922,010 |
Japan - 20.2% |
Denso Corp. | 39,800 | | 941,065 |
East Japan Railway Co. | 24,300 | | 1,369,636 |
Eisai Co. Ltd. | 11,000 | | 295,266 |
Japan Retail Fund Investment Corp. | 83 | | 290,331 |
JSR Corp. | 31,400 | | 382,687 |
Konica Minolta Holdings, Inc. | 100,000 | | 826,264 |
Miraca Holdings, Inc. | 65,600 | | 1,339,239 |
Mitsubishi Estate Co. Ltd. | 25,000 | | 326,862 |
Mitsubishi UFJ Financial Group, Inc. | 403,700 | | 2,202,689 |
Mitsui & Co. Ltd. | 415,000 | | 4,402,839 |
NGK Insulators Ltd. | 23,000 | | 352,823 |
Nippon Electric Glass Co. Ltd. | 31,000 | | 252,325 |
Obic Co. Ltd. | 3,880 | | 526,850 |
ORIX Corp. | 9,460 | | 443,158 |
Osaka Gas Co. Ltd. | 904,000 | | 2,865,435 |
Promise Co. Ltd. (d) | 37,450 | | 494,981 |
Seven & i Holdings Co., Ltd. | 15,500 | | 350,337 |
Sumitomo Corp. | 97,000 | | 844,554 |
Sumitomo Metal Industries Ltd. | 330,000 | | 773,232 |
Sumitomo Mitsui Financial Group, Inc. | 13,700 | | 475,253 |
Tokuyama Corp. | 136,000 | | 811,197 |
Toyota Motor Corp. | 142,800 | | 5,653,283 |
USS Co. Ltd. | 11,900 | | 539,398 |
Xebio Co. Ltd. | 51,600 | | 793,034 |
Yamada Denki Co. Ltd. | 30,170 | | 1,390,028 |
TOTAL JAPAN | | 28,942,766 |
Kazakhstan - 0.4% |
JSC Halyk Bank of Kazakhstan unit | 140,800 | | 520,960 |
Korea (South) - 0.0% |
Shinhan Financial Group Co. Ltd. | 5 | | 124 |
Luxembourg - 0.3% |
ArcelorMittal SA (Netherlands) | 17,800 | | 416,843 |
Mexico - 0.6% |
America Movil SAB de CV Series L sponsored ADR | 26,700 | | 877,095 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.5% |
Gemalto NV (a) | 25,400 | | $ 799,566 |
Heineken NV (Bearer) | 10,900 | | 323,820 |
Koninklijke KPN NV (d) | 82,400 | | 990,376 |
TOTAL NETHERLANDS | | 2,113,762 |
Norway - 2.1% |
DnB Nor ASA | 221,900 | | 1,380,951 |
Orkla ASA (A Shares) | 175,950 | | 1,259,452 |
Petroleum Geo-Services ASA (a) | 67,850 | | 328,190 |
TOTAL NORWAY | | 2,968,593 |
Philippines - 0.4% |
Philippine Long Distance Telephone Co. sponsored ADR | 13,600 | | 623,832 |
Singapore - 1.2% |
DBS Group Holdings Ltd. | 272,000 | | 1,745,356 |
South Africa - 1.4% |
Impala Platinum Holdings Ltd. | 75,100 | | 1,435,362 |
MTN Group Ltd. | 39,300 | | 510,390 |
TOTAL SOUTH AFRICA | | 1,945,752 |
Spain - 2.1% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 38,816 | | 419,989 |
Banco Santander SA | 45,600 | | 433,245 |
Telefonica SA sponsored ADR | 39,200 | | 2,206,568 |
TOTAL SPAIN | | 3,059,802 |
Sweden - 0.3% |
Telefonaktiebolaget LM Ericsson (B Shares) | 53,600 | | 455,197 |
Switzerland - 7.5% |
EFG International | 77,540 | | 937,844 |
Nestle SA (Reg.) | 16,379 | | 533,762 |
Roche Holding AG (participation certificate) | 28,353 | | 3,574,491 |
Sonova Holding AG | 18,842 | | 1,218,883 |
Transocean Ltd. (a) | 24,339 | | 1,642,396 |
Zurich Financial Services AG (Reg.) | 15,415 | | 2,863,825 |
TOTAL SWITZERLAND | | 10,771,201 |
Taiwan - 0.3% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 174,000 | | 502,170 |
Thailand - 0.1% |
Siam Commercial Bank PCL (For. Reg.) | 82,400 | | 140,700 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 15.3% |
Aegis Group PLC | 342,500 | | $ 458,347 |
Anglo American PLC (United Kingdom) | 30,595 | | 658,105 |
AstraZeneca PLC (United Kingdom) | 21,000 | | 735,048 |
BAE Systems PLC | 151,600 | | 797,156 |
BHP Billiton PLC | 23,200 | | 481,336 |
easyJet PLC (a) | 169,400 | | 787,215 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 122,123 | | 868,147 |
Imperial Tobacco Group PLC | 6,300 | | 143,688 |
Informa PLC | 131,000 | | 572,349 |
Man Group PLC | 534,800 | | 1,976,020 |
Misys PLC | 439,600 | | 896,895 |
Prudential PLC | 313,428 | | 1,800,808 |
Rio Tinto PLC (Reg.) | 26,100 | | 1,060,081 |
Royal Dutch Shell PLC Class A sponsored ADR | 80,000 | | 3,654,400 |
Standard Chartered PLC (United Kingdom) | 60,450 | | 934,769 |
Tesco PLC | 44,100 | | 218,426 |
Vodafone Group PLC | 372,400 | | 684,204 |
Vodafone Group PLC sponsored ADR | 204,312 | | 3,749,125 |
Wolseley PLC | 24,704 | | 442,895 |
WPP PLC | 159,800 | | 1,092,932 |
TOTAL UNITED KINGDOM | | 22,011,946 |
TOTAL COMMON STOCKS (Cost $211,965,297) | 139,019,690 |
Nonconvertible Preferred Stocks - 1.0% |
| | | |
Italy - 1.0% |
Fiat SpA (Risparmio Shares) | 55,700 | | 336,305 |
Telecom Italia SpA (Risparmio Shares) | 1,172,100 | | 1,046,838 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,076,157) | 1,383,143 |
Money Market Funds - 11.8% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b) | 2,202,626 | | $ 2,202,626 |
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) | 14,736,200 | | 14,736,200 |
TOTAL MONEY MARKET FUNDS (Cost $16,938,826) | 16,938,826 |
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $230,980,280) | | 157,341,659 |
NET OTHER ASSETS - (9.6)% | | (13,810,413) |
NET ASSETS - 100% | $ 143,531,246 |
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 | $ 4,833 |
Fidelity Securities Lending Cash Central Fund | 82,301 |
Total | $ 87,134 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 157,341,659 | $ 59,883,878 | $ 97,457,781 | $ - |
Income Tax Information |
At October 31, 2008, the fund had a capital loss carryforward of approximately $17,062,233 all of which will expire on October 31, 2016. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $14,328,554) - See accompanying schedule: Unaffiliated issuers (cost $214,041,454) | $ 140,402,833 | |
Fidelity Central Funds (cost $16,938,826) | 16,938,826 | |
Total Investments (cost $230,980,280) | | $ 157,341,659 |
Cash | | 5,437 |
Foreign currency held at value (cost $78,969) | | 79,152 |
Receivable for investments sold | | 763,446 |
Receivable for fund shares sold | | 95,467 |
Dividends receivable | | 980,751 |
Distributions receivable from Fidelity Central Funds | | 62,865 |
Prepaid expenses | | 1,343 |
Other receivables | | 26,630 |
Total assets | | 159,356,750 |
| | |
Liabilities | | |
Payable for investments purchased | $ 896,173 | |
Payable for fund shares redeemed | 48,078 | |
Accrued management fee | 68,181 | |
Distribution fees payable | 3,176 | |
Other affiliated payables | 40,409 | |
Other payables and accrued expenses | 33,287 | |
Collateral on securities loaned, at value | 14,736,200 | |
Total liabilities | | 15,825,504 |
| | |
Net Assets | | $ 143,531,246 |
Net Assets consist of: | | |
Paid in capital | | $ 294,329,269 |
Undistributed net investment income | | 1,145,152 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (78,297,753) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (73,645,422) |
Net Assets | | $ 143,531,246 |
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, 2009 (Unaudited) |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($2,899,540 ÷ 496,065 shares) | | $ 5.85 |
| | |
Maximum offering price per share (100/94.25 of $5.85) | | $ 6.21 |
Class T:
Net Asset Value and redemption price per share ($1,760,606 ÷ 301,394 shares) | | $ 5.84 |
| | |
Maximum offering price per share (100/96.50 of $5.84) | | $ 6.05 |
Class B:
Net Asset Value and offering price per share
($763,338 ÷ 130,196 shares) A | | $ 5.86 |
| | |
Class C:
Net Asset Value and offering price per share ($1,630,367 ÷ 278,340 shares) A | | $ 5.86 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($135,806,980 ÷ 23,267,280 shares) | | $ 5.84 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($670,415 ÷ 114,716 shares) | | $ 5.84 |
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, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 2,815,548 |
Interest | | 265 |
Income from Fidelity Central Funds | | 87,134 |
| | 2,902,947 |
Less foreign taxes withheld | | (366,253) |
Total income | | 2,536,694 |
| | |
Expenses | | |
Management fee
Basic fee | $ 513,998 | |
Performance adjustment | (101,746) | |
Transfer agent fees | 212,870 | |
Distribution fees | 19,383 | |
Accounting and security lending fees | 37,381 | |
Custodian fees and expenses | 26,393 | |
Independent trustees' compensation | 570 | |
Registration fees | 41,992 | |
Audit | 31,426 | |
Legal | 457 | |
Miscellaneous | 1,618 | |
Total expenses before reductions | 784,342 | |
Expense reductions | (5,748) | 778,594 |
Net investment income (loss) | | 1,758,100 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (56,903,012) | |
Foreign currency transactions | (26,357) | |
Total net realized gain (loss) | | (56,929,369) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 51,611,574 | |
Assets and liabilities in foreign currencies | (24,867) | |
Total change in net unrealized appreciation (depreciation) | | 51,586,707 |
Net gain (loss) | | (5,342,662) |
Net increase (decrease) in net assets resulting from operations | | $ (3,584,562) |
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, 2009
(Unaudited) | Year ended
October 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,758,100 | $ 7,306,482 |
Net realized gain (loss) | (56,929,369) | (21,258,353) |
Change in net unrealized appreciation (depreciation) | 51,586,707 | (181,063,041) |
Net increase (decrease) in net assets resulting from operations | (3,584,562) | (195,014,912) |
Distributions to shareholders from net investment income | (3,076,516) | (5,562,901) |
Distributions to shareholders from net realized gain | - | (18,717,865) |
Total distributions | (3,076,516) | (24,280,766) |
Share transactions - net increase (decrease) | (19,297,117) | (16,138,151) |
Redemption fees | 3,733 | 26,598 |
Total increase (decrease) in net assets | (25,954,462) | (235,407,231) |
| | |
Net Assets | | |
Beginning of period | 169,485,708 | 404,892,939 |
End of period (including undistributed net investment income of $1,145,152 and undistributed net investment income of $5,906,440, respectively) | $ 143,531,246 | $ 169,485,708 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.93 | $ 13.02 | $ 10.60 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .21 | .18 | .06 H |
Net realized and unrealized gain (loss) | (.06) | (6.53) | 2.29 | .54 |
Total from investment operations | - K | (6.32) | 2.47 | .60 |
Distributions from net investment income | (.08) | (.15) | (.03) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.08) | (.77) | (.05) | - |
Redemption fees added to paid in capital E,K | - | - | - | - |
Net asset value, end of period | $ 5.85 | $ 5.93 | $ 13.02 | $ 10.60 |
Total Return B,C,D | .18% | (51.50)% | 23.43% | 6.00% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.32% A | 1.42% | 1.38% | 1.75% A |
Expenses net of fee waivers, if any | 1.32% A | 1.42% | 1.38% | 1.50% A |
Expenses net of all reductions | 1.31% A | 1.41% | 1.37% | 1.46% A |
Net investment income (loss) | 2.24% A | 2.05% | 1.49% | 1.29% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,900 | $ 2,854 | $ 6,052 | $ 1,537 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.91 | $ 12.99 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .18 | .15 | .05 H |
Net realized and unrealized gain (loss) | (.07) | (6.50) | 2.29 | .54 |
Total from investment operations | (.02) | (6.32) | 2.44 | .59 |
Distributions from net investment income | (.05) | (.14) | (.02) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.05) | (.76) | (.04) | - |
Redemption fees added to paid in capital E,K | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.91 | $ 12.99 | $ 10.59 |
Total Return B,C,D | (.17)% | (51.60)% | 23.13% | 5.90% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.57% A | 1.67% | 1.60% | 2.01% A |
Expenses net of fee waivers, if any | 1.57% A | 1.67% | 1.60% | 1.75% A |
Expenses net of all reductions | 1.56% A | 1.66% | 1.58% | 1.71% A |
Net investment income (loss) | 1.99% A | 1.80% | 1.27% | 1.04% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,761 | $ 2,087 | $ 5,081 | $ 1,789 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.88 | $ 12.93 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .02 H |
Net realized and unrealized gain (loss) | (.06) | (6.48) | 2.29 | .54 |
Total from investment operations | (.02) | (6.35) | 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 | $ 5.86 | $ 5.88 | $ 12.93 | $ 10.56 |
Total Return B,C,D | (.34)% | (51.85)% | 22.59% | 5.60% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.06% A | 2.18% | 2.10% | 2.50% A |
Expenses net of fee waivers, if any | 2.06% A | 2.18% | 2.10% | 2.25% A |
Expenses net of all reductions | 2.05% A | 2.17% | 2.08% | 2.21% A |
Net investment income (loss) | 1.50% A | 1.29% | .77% | .54% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 763 | $ 931 | $ 2,651 | $ 1,304 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.88 | $ 12.92 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .02 H |
Net realized and unrealized gain (loss) | (.06) | (6.47) | 2.29 | .54 |
Total from investment operations | (.02) | (6.34) | 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 | $ 5.86 | $ 5.88 | $ 12.92 | $ 10.56 |
Total Return B,C,D | (.34)% | (51.80)% | 22.56% | 5.60% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.05% A | 2.17% | 2.07% | 2.47% A |
Expenses net of fee waivers, if any | 2.05% A | 2.17% | 2.07% | 2.25% A |
Expenses net of all reductions | 2.04% A | 2.16% | 2.05% | 2.21% A |
Net investment income (loss) | 1.51% A | 1.30% | .80% | .54% A,H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,630 | $ 1,784 | $ 5,996 | $ 2,183 |
Portfolio turnover rate G | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.95 | $ 13.06 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .07 | .24 | .22 | .07 G |
Net realized and unrealized gain (loss) | (.07) | (6.54) | 2.29 | .54 |
Total from investment operations | - J | (6.30) | 2.51 | .61 |
Distributions from net investment income | (.11) | (.19) | (.04) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.11) | (.81) | (.06) | - |
Redemption fees added to paid in capital D,J | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.95 | $ 13.06 | $ 10.61 |
Total Return B,C | .29% | (51.34)% | 23.81% | 6.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.07% A | 1.10% | 1.03% | 1.50% A |
Expenses net of fee waivers, if any | 1.07% A | 1.10% | 1.03% | 1.25% A |
Expenses net of all reductions | 1.06% A | 1.09% | 1.02% | 1.21% A |
Net investment income (loss) | 2.48% A | 2.37% | 1.84% | 1.54% A,G |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 135,807 | $ 160,777 | $ 381,148 | $ 221,130 |
Portfolio turnover rate F | 41% A | 68% | 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, 2009 | Years ended October 31, |
| (Unaudited) | 2008 | 2007 | 2006 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.96 | $ 13.07 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .07 | .25 | .22 | .07 G |
Net realized and unrealized gain (loss) | (.07) | (6.54) | 2.30 | .54 |
Total from investment operations | - J | (6.29) | 2.52 | .61 |
Distributions from net investment income | (.12) | (.20) | (.04) | - |
Distributions from net realized gain | - | (.62) | (.02) | - |
Total distributions | (.12) | (.82) | (.06) | - |
Redemption fees added to paid in capital D,J | - | - | - | - |
Net asset value, end of period | $ 5.84 | $ 5.96 | $ 13.07 | $ 10.61 |
Total Return B,C | .14% | (51.27)% | 23.91% | 6.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | .96% A | 1.02% | .98% | 1.38% A |
Expenses net of fee waivers, if any | .96% A | 1.02% | .98% | 1.25% A |
Expenses net of all reductions | .96% A | 1.01% | .96% | 1.21% A |
Net investment income (loss) | 2.59% A | 2.45% | 1.89% | 1.54% A,G |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 670 | $ 1,052 | $ 3,965 | $ 3,064 |
Portfolio turnover rate F | 41% A | 68% | 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, 2009 (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 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 held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 4,554,557 |
Unrealized depreciation | (79,037,017) |
Net unrealized appreciation (depreciation) | $ (74,482,460) |
Cost for federal income tax purposes | $ 231,824,119 |
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.
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 $29,329,299 and $51,828,149, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .58% 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 3,371 | $ 182 |
Class T | .25% | .25% | 4,266 | 20 |
Class B | .75% | .25% | 3,837 | 2,992 |
Class C | .75% | .25% | 7,909 | 1,569 |
| | | $ 19,383 | $ 4,763 |
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 | $ 1,137 |
Class T | 347 |
Class B* | 805 |
Class C* | 54 |
| $ 2,343 |
* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 3,945 | .29 |
Class T | 2,546 | .30 |
Class B | 1,101 | .29 |
Class C | 2,194 | .28 |
International Value | 202,407 | .30 |
Institutional Class | 677 | .19 |
| $ 212,870 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $249 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $465 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $82,301.
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 $5,748 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net investment income | | |
Class A | $ 38,784 | $ 71,381 |
Class T | 19,023 | 53,705 |
Class B | - | 15,783 |
Class C | - | 37,642 |
International Value | 3,001,128 | 5,325,187 |
Institutional Class | 17,581 | 59,203 |
Total | $ 3,076,516 | $ 5,562,901 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
From net realized gain | | |
Class A | $ - | $ 297,020 |
Class T | - | 246,645 |
Class B | - | 128,753 |
Class C | - | 295,420 |
International Value | - | 17,561,793 |
Institutional Class | - | 188,234 |
Total | $ - | $ 18,717,865 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
Class A | | | | |
Shares sold | 168,662 | 298,063 | $ 907,903 | $ 3,154,503 |
Reinvestment of distributions | 6,730 | 30,184 | 35,265 | 357,686 |
Shares redeemed | (160,430) | (312,021) | (787,914) | (3,010,663) |
Net increase (decrease) | 14,962 | 16,226 | $ 155,254 | $ 501,526 |
Class T | | | | |
Shares sold | 45,205 | 169,412 | $ 240,301 | $ 1,740,848 |
Reinvestment of distributions | 2,980 | 21,586 | 15,614 | 255,358 |
Shares redeemed | (100,076) | (228,991) | (577,055) | (2,152,407) |
Net increase (decrease) | (51,891) | (37,993) | $ (321,140) | $ (156,201) |
Class B | | | | |
Shares sold | 31,983 | 48,187 | $ 169,869 | $ 472,858 |
Reinvestment of distributions | - | 10,866 | - | 128,544 |
Shares redeemed | (60,015) | (105,867) | (313,428) | (916,142) |
Net increase (decrease) | (28,032) | (46,814) | $ (143,559) | $ (314,740) |
Class C | | | | |
Shares sold | 67,677 | 114,256 | $ 375,363 | $ 1,072,554 |
Reinvestment of distributions | - | 22,711 | - | 268,223 |
Shares redeemed | (92,999) | (297,329) | (517,004) | (2,692,615) |
Net increase (decrease) | (25,322) | (160,362) | $ (141,641) | $ (1,351,838) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2009 | Year ended
October 31,
2008 | Six months ended
April 30,
2009 | Year ended
October 31,
2008 |
International Value | | | | |
Shares sold | 1,911,677 | 13,343,931 | $ 10,419,251 | $ 131,489,328 |
Reinvestment of distributions | 550,070 | 1,810,134 | 2,876,866 | 21,468,187 |
Shares redeemed | (6,196,190) | (17,329,561) | (31,804,761) | (166,721,411) |
Net increase (decrease) | (3,734,443) | (2,175,496) | $ (18,508,644) | $ (13,763,896) |
Institutional Class | | | | |
Shares sold | 6,604 | 50,248 | $ 34,426 | $ 566,166 |
Reinvestment of distributions | 572 | 6,826 | 2,992 | 80,952 |
Shares redeemed | (69,021) | (183,848) | (374,805) | (1,700,120) |
Net increase (decrease) | (61,845) | (126,774) | $ (337,387) | $ (1,053,002) |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
Fidelity Investments Japan Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
AFIVI-USAN-0609
1.827491.102
Fidelity®
Series Emerging Markets
Fund
Semiannual Report
April 30, 2009
(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 holdings. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the Financial Statements. |
Board Approval of Investment Advisory Contracts and Management Fees | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 9, 2008 to April 30, 2009). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value | Ending
Account Value
April 30, 2009 | Expenses Paid
During Period |
Actual | 1.25% | $ 1,000.00 | $ 1,171.90 | $ 5.32 A |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,018.60 | $ 6.26 B |
A Actual expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 143/365 (to reflect the period December 9, 2008 to April 30, 2009).
B Hypothetical expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2009 |
| Brazil 14.3% | |
| China 12.3% | |
| Korea (South) 8.6% | |
| South Africa 8.2% | |
| India 8.0% | |
| Hong Kong 6.1% | |
| Taiwan 6.0% | |
| Russia 5.6% | |
| Mexico 4.2% | |
| Other 26.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets |
Stocks | 97.7 |
Short-Term Investments and Net Other Assets | 2.3 |
Top Ten Stocks as of April 30, 2009 |
| % of fund's
net assets |
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining) | 2.8 |
China Mobile (Hong Kong) Ltd. sponsored ADR (Hong Kong, Wireless Telecommunication Services) | 2.7 |
Industrial & Commercial Bank of China Ltd. (China, Commercial Banks) | 2.5 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 2.2 |
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals) | 2.2 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 2.2 |
Petroleo Brasileiro SA - Petrobras sponsored ADR (Brazil, Oil, Gas & Consumable Fuels) | 2.1 |
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 2.1 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 2.1 |
China Construction Bank Corp. (H Shares) (China, Commercial Banks) | 2.0 |
| 22.9 |
Market Sectors as of April 30, 2009 |
| % of fund's
net assets |
Financials | 21.6 |
Energy | 15.6 |
Materials | 13.6 |
Information Technology | 11.3 |
Telecommunication Services | 10.7 |
Industrials | 7.7 |
Consumer Discretionary | 5.5 |
Consumer Staples | 5.2 |
Utilities | 3.6 |
Health Care | 2.9 |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
Australia - 0.4% |
Sino Gold Mining Ltd. (a) | 400,417 | | $ 1,586,730 |
Austria - 0.3% |
Erste Bank AG | 66,800 | | 1,393,453 |
Bermuda - 1.4% |
Aquarius Platinum Ltd. (a) | 49,113 | | 182,121 |
Aquarius Platinum Ltd. (Australia) | 535,178 | | 1,984,552 |
Credicorp Ltd. (NY Shares) | 30,800 | | 1,540,616 |
Orient Overseas International Ltd. | 443,000 | | 1,268,943 |
Ports Design Ltd. | 830,500 | | 1,261,167 |
TOTAL BERMUDA | | 6,237,399 |
Brazil - 14.3% |
B2W Companhia Global Do Varejo | 48,800 | | 775,418 |
Banco ABC Brasil SA | 194,000 | | 620,956 |
Banco Bradesco SA (PN) sponsored ADR | 619,300 | | 7,605,004 |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) | 97,600 | | 1,468,880 |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR | 191,700 | | 3,550,284 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 901,000 | | 12,370,733 |
GVT Holding SA (a) | 172,400 | | 2,279,800 |
Iguatemi Empresa de Shopping Centers SA | 139,300 | | 1,052,258 |
Localiza Rent a Car SA | 171,100 | | 887,205 |
Log-in Logistica Intermodal SA | 531,600 | | 1,786,625 |
Natura Cosmeticos SA | 163,800 | | 1,947,370 |
Net Servicos de Comunicacao SA sponsored ADR | 300,000 | | 2,442,000 |
OGX Petroleo e Gas Participacoes SA | 6,500 | | 2,731,400 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 364,100 | | 9,823,418 |
sponsored ADR | 275,700 | | 9,255,249 |
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.) | 118,100 | | 1,836,455 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 269,600 | | 2,356,304 |
TOTAL BRAZIL | | 62,789,359 |
Canada - 0.7% |
Addax Petroleum, Inc. | 59,200 | | 1,629,271 |
Sino-Forest Corp. (a) | 150,100 | | 1,313,257 |
TOTAL CANADA | | 2,942,528 |
Cayman Islands - 2.9% |
Chaoda Modern Agriculture (Holdings) Ltd. | 2,980,000 | | 1,685,046 |
China Infrastructure Machinery Holdings Ltd. | 2,400,000 | | 1,808,244 |
CNinsure, Inc. ADR (a) | 52,500 | | 400,050 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Foxconn International Holdings Ltd. (a) | 3,353,000 | | $ 2,066,347 |
Integra Group Holdings unit (a) | 519,200 | | 872,048 |
Stella International Holdings Ltd. | 1,334,500 | | 1,768,252 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 36,800 | | 549,424 |
Xinao Gas Holdings Ltd. | 1,268,000 | | 1,733,296 |
Yingli Green Energy Holding Co. Ltd. ADR (a) | 246,000 | | 1,717,080 |
TOTAL CAYMAN ISLANDS | | 12,599,787 |
China - 12.3% |
Baidu.com, Inc. sponsored ADR (a) | 8,300 | | 1,933,070 |
China BlueChemical Ltd. (H shares) | 1,427,000 | | 756,963 |
China Communications Construction Co. Ltd. (H Shares) | 2,263,000 | | 2,684,098 |
China Construction Bank Corp. (H Shares) | 15,058,000 | | 8,693,260 |
China Gas Holdings Ltd. | 10,996,000 | | 2,016,554 |
China Merchants Bank Co. Ltd. (H Shares) | 1,488,500 | | 2,659,542 |
China National Materials Co. Ltd. (a) | 1,700,000 | | 1,292,271 |
China Shenhua Energy Co. Ltd. (H Shares) | 1,258,500 | | 3,479,523 |
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares) | 3,497,000 | | 1,568,856 |
China Yurun Food Group Ltd. | 1,841,000 | | 2,180,406 |
Global Bio-Chem Technology Group Co. Ltd. | 2,630,000 | | 357,041 |
Golden Eagle Retail Group Ltd. (H Shares) | 1,151,000 | | 929,104 |
Industrial & Commercial Bank of China Ltd. | 19,683,000 | | 11,197,307 |
Li Ning Co. Ltd. | 740,500 | | 1,515,405 |
Parkson Retail Group Ltd. | 912,500 | | 1,145,977 |
PICC Property & Casualty Co. Ltd. (H Shares) (a) | 1,760,000 | | 993,436 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 928,500 | | 5,735,808 |
Tencent Holdings Ltd. | 298,400 | | 2,637,443 |
ZTE Corp. (H Shares) | 698,860 | | 2,356,128 |
TOTAL CHINA | | 54,132,192 |
Czech Republic - 0.8% |
Ceske Energeticke Zavody AS | 91,500 | | 3,777,347 |
Egypt - 1.0% |
Eastern Tobacco Co. | 50,849 | | 1,398,934 |
Orascom Construction Industries SAE | 50,900 | | 1,455,267 |
Telecom Egypt SAE | 494,400 | | 1,391,761 |
TOTAL EGYPT | | 4,245,962 |
Georgia - 0.5% |
Bank of Georgia unit (a) | 539,900 | | 2,159,600 |
Hong Kong - 6.1% |
China Mobile (Hong Kong) Ltd. sponsored ADR | 277,600 | | 11,981,216 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
China Overseas Land & Investment Ltd. | 1,772,000 | | $ 3,086,319 |
China Resources Power Holdings Co. Ltd. | 660,000 | | 1,478,970 |
CNOOC Ltd. sponsored ADR | 47,100 | | 5,244,585 |
CNPC (Hong Kong) Ltd. | 2,930,000 | | 1,453,766 |
Hong Kong Exchange & Clearing Ltd. | 79,800 | | 919,167 |
Shanghai Industrial Holdings Ltd. (H Shares) | 786,000 | | 2,678,029 |
TOTAL HONG KONG | | 26,842,052 |
Hungary - 0.3% |
OTP Bank Ltd. (a) | 107,900 | | 1,410,910 |
India - 8.0% |
Bank of Baroda | 151,874 | | 1,004,059 |
Bharat Heavy Electricals Ltd. | 84,461 | | 2,830,840 |
Bharti Airtel Ltd. (a) | 121,427 | | 1,850,664 |
Educomp Solutions Ltd. | 18,984 | | 953,951 |
Godrej Consumer Products Ltd. | 607,136 | | 1,713,157 |
Grasim Industries Ltd. | 40,474 | | 1,473,484 |
Housing Development Finance Corp. Ltd. | 168,922 | | 5,908,089 |
Infosys Technologies Ltd. sponsored ADR | 149,600 | | 4,609,176 |
IVRCL Infrastructures & Projects Ltd. | 607,136 | | 1,959,596 |
Jain Irrigation Systems Ltd. | 202,380 | | 2,048,753 |
Pantaloon Retail India Ltd. | 300,206 | | 1,152,997 |
Piramal Healthcare Ltd. | 485,709 | | 2,272,698 |
Power Finance Corp. Ltd. | 375,257 | | 1,169,380 |
Reliance Industries Ltd. | 84,461 | | 3,095,646 |
Rolta India Ltd. | 34,300 | | 55,418 |
Tata Power Co. Ltd. | 126,690 | | 2,300,544 |
Union Bank of India | 249,458 | | 829,855 |
TOTAL INDIA | | 35,228,307 |
Indonesia - 3.1% |
PT Bank Central Asia Tbk | 11,235,000 | | 3,542,343 |
PT Bank Rakyat Indonesia Tbk | 8,311,500 | | 4,537,118 |
PT Perusahaan Gas Negara Tbk Series B | 11,747,500 | | 2,874,693 |
PT Telkomunikasi Indonesia Tbk Series B | 3,620,500 | | 2,674,921 |
TOTAL INDONESIA | | 13,629,075 |
Ireland - 0.5% |
Dragon Oil PLC (a) | 555,500 | | 2,110,460 |
Israel - 3.6% |
Cellcom Israel Ltd. | 53,500 | | 1,165,765 |
Israel Chemicals Ltd. | 364,100 | | 3,061,869 |
Common Stocks - continued |
| Shares | | Value |
Israel - continued |
Mizrahi Tefahot Bank Ltd. | 145,200 | | $ 811,124 |
Nice Systems Ltd. sponsored ADR (a) | 37,100 | | 950,131 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 222,900 | | 9,783,081 |
TOTAL ISRAEL | | 15,771,970 |
Italy - 0.4% |
UniCredit SpA | 692,500 | | 1,685,772 |
Kazakhstan - 0.6% |
KazMunaiGas Exploration & Production JSC (Reg. S) GDR | 139,000 | | 2,468,640 |
Korea (South) - 8.6% |
GS Engineering & Construction Corp. | 39,214 | | 2,068,095 |
Hana Financial Group, Inc. | 175,190 | | 3,029,500 |
Hyundai Industrial Development & Construction Co. | 89,630 | | 2,805,322 |
Hyunjin Materials Co. Ltd. | 69,129 | | 2,090,639 |
KT&G Corp. | 46,117 | | 2,547,623 |
MegaStudy Co. Ltd. | 9,321 | | 1,582,674 |
NHN Corp. (a) | 23,563 | | 2,867,017 |
POSCO sponsored ADR | 74,800 | | 5,757,356 |
Samsung Electronics Co. Ltd. | 21,084 | | 9,766,615 |
Shinhan Financial Group Co. Ltd. | 47,422 | | 1,177,810 |
Shinhan Financial Group Co. Ltd. sponsored ADR | 81,300 | | 4,012,155 |
TOTAL KOREA (SOUTH) | | 37,704,806 |
Luxembourg - 0.4% |
ArcelorMittal SA (NY Shares) Class A | 34,600 | | 815,868 |
Evraz Group SA GDR | 64,646 | | 850,095 |
TOTAL LUXEMBOURG | | 1,665,963 |
Malaysia - 0.3% |
DiGi.com Bhd | 239,600 | | 1,500,865 |
Mexico - 4.2% |
America Movil SAB de CV Series L sponsored ADR | 279,800 | | 9,191,430 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 106,300 | | 3,009,353 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 174,300 | | 2,698,164 |
Telmex Internacional SAB de CV Series L ADR | 148,800 | | 1,544,544 |
Wal-Mart de Mexico SA de CV Series V | 765,400 | | 2,087,379 |
TOTAL MEXICO | | 18,530,870 |
Papua New Guinea - 0.3% |
Oil Search Ltd. | 411,427 | | 1,534,632 |
Peru - 0.4% |
Compania de Minas Buenaventura SA sponsored ADR | 88,500 | | 1,872,660 |
Common Stocks - continued |
| Shares | | Value |
Philippines - 0.4% |
Philippine Long Distance Telephone Co. sponsored ADR | 35,300 | | $ 1,619,211 |
Russia - 5.6% |
Lukoil Oil Co. sponsored ADR | 135,500 | | 5,978,260 |
OAO Gazprom sponsored ADR | 402,800 | | 7,129,560 |
OJSC MMC Norilsk Nickel sponsored ADR | 334,500 | | 2,759,625 |
OJSC Oil Company Rosneft GDR (Reg. S) | 682,300 | | 3,519,920 |
Sberbank (Savings Bank of the Russian Federation) GDR | 23,200 | | 3,259,351 |
Uralkali JSC GDR (Reg. S) | 164,400 | | 1,939,249 |
TOTAL RUSSIA | | 24,585,965 |
Singapore - 0.1% |
Singapore Exchange Ltd. | 90,000 | | 381,155 |
South Africa - 8.2% |
Absa Group Ltd. | 150,485 | | 1,736,018 |
African Bank Investments Ltd. | 190,600 | | 604,113 |
African Rainbow Minerals Ltd. | 137,400 | | 1,856,885 |
AngloGold Ashanti Ltd. sponsored ADR | 89,600 | | 2,759,680 |
Aspen Pharmacare Holdings Ltd. | 204,600 | | 1,038,526 |
Exxaro Resources Ltd. | 333,400 | | 2,444,989 |
FirstRand Ltd. | 1,937,500 | | 2,960,381 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 199,700 | | 1,861,204 |
Imperial Holdings Ltd. | 152,146 | | 975,058 |
Lewis Group Ltd. | 139,200 | | 687,508 |
Mr. Price Group Ltd. | 595,700 | | 1,823,939 |
MTN Group Ltd. | 705,800 | | 9,166,241 |
Mvelaphanda Resources Ltd. (a) | 308,014 | | 1,119,167 |
Naspers Ltd. Class N | 93,000 | | 1,895,773 |
New Clicks Holdings Ltd. | 396,200 | | 764,221 |
Sasol Ltd. sponsored ADR | 96,800 | | 2,914,648 |
Shoprite Holdings Ltd. | 285,500 | | 1,710,936 |
TOTAL SOUTH AFRICA | | 36,319,287 |
Taiwan - 6.0% |
Acer, Inc. | 1,401,000 | | 2,676,756 |
Asia Cement Corp. | 2,350,000 | | 2,418,833 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 1,982,000 | | 5,720,119 |
HTC Corp. | 296,000 | | 4,006,935 |
Innolux Display Corp. | 1,466,000 | | 1,616,126 |
Powertech Technology, Inc. | 574,000 | | 1,195,411 |
Taiwan Mobile Co. Ltd. | 976,000 | | 1,540,652 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - continued |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,884,000 | | $ 6,570,383 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 85,500 | | 903,735 |
TOTAL TAIWAN | | 26,648,950 |
Thailand - 1.4% |
PTT Exploration & Production PCL (For. Reg.) | 897,200 | | 2,631,719 |
Siam Commercial Bank PCL (For. Reg.) | 2,189,300 | | 3,738,283 |
TOTAL THAILAND | | 6,370,002 |
Turkey - 2.6% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 258,000 | | 1,837,963 |
Asya Katilim Bankasi AS | 1,788,000 | | 1,709,508 |
Coca-Cola Icecek AS | 414,000 | | 1,953,257 |
Enka Insaat ve Sanayi AS | 433,000 | | 1,853,492 |
Tupras-Turkiye Petrol Rafinerileri AS | 156,000 | | 1,559,756 |
Turkiye Garanti Bankasi AS (a) | 1,211,000 | | 2,542,703 |
TOTAL TURKEY | | 11,456,679 |
United Kingdom - 1.2% |
Cairn Energy PLC (a) | 29,600 | | 927,699 |
Randgold Resources Ltd. sponsored ADR | 28,900 | | 1,398,760 |
Standard Chartered PLC (Hong Kong) | 95,700 | | 1,440,613 |
Xstrata PLC | 165,500 | | 1,458,527 |
TOTAL UNITED KINGDOM | | 5,225,599 |
United States of America - 0.8% |
CTC Media, Inc. (a) | 154,200 | | 1,208,928 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 50,100 | | 2,136,765 |
TOTAL UNITED STATES OF AMERICA | | 3,345,693 |
TOTAL COMMON STOCKS (Cost $357,507,645) | 429,773,880 |
Money Market Funds - 3.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.53% (b)
(Cost $15,059,390) | 15,059,390 | | $ 15,059,390 |
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $372,567,035) | | 444,833,270 |
NET OTHER ASSETS - (1.1)% | | (4,639,171) |
NET ASSETS - 100% | $ 440,194,099 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 26,203 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 444,833,270 | $ 266,493,599 | $ 178,339,671 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $357,507,645) | $ 429,773,880 | |
Fidelity Central Funds (cost $15,059,390) | 15,059,390 | |
Total Investments (cost $372,567,035) | | $ 444,833,270 |
Cash | | 249,446 |
Foreign currency held at value (cost $2,773,190) | | 2,781,541 |
Receivable for investments sold | | 4,753,042 |
Receivable for fund shares sold | | 3,404,445 |
Dividends receivable | | 913,334 |
Distributions receivable from Fidelity Central Funds | | 10,888 |
Receivable from investment adviser for expense reductions | | 7,076 |
Other receivables | | 83,813 |
Total assets | | 457,036,855 |
| | |
Liabilities | | |
Payable for investments purchased | $ 15,520,336 | |
Payable for fund shares redeemed | 2,494 | |
Accrued management fee | 263,765 | |
Other affiliated payables | 91,559 | |
Other payables and accrued expenses | 964,602 | |
Total liabilities | | 16,842,756 |
| | |
Net Assets | | $ 440,194,099 |
Net Assets consist of: | | |
Paid in capital | | $ 367,122,925 |
Undistributed net investment income | | 1,131,760 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 661,496 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 71,277,918 |
Net Assets, for 37,703,686 shares outstanding | | $ 440,194,099 |
Net Asset Value, offering price and redemption price per share ($440,194,099 ÷ 37,703,686 shares) | | $ 11.68 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
| For the period
December 9, 2008 (Commencement of operations) to
April 30, 2009 (Unaudited) |
Investment Income | | |
Dividends | | $ 2,008,897 |
Interest | | 805 |
Income from Fidelity Central Funds | | 26,203 |
| | 2,035,905 |
Less foreign taxes withheld | | (93,453) |
Total income | | 1,942,452 |
| | |
Expenses | | |
Management fee | $ 517,573 | |
Transfer agent fees | 181,565 | |
Accounting fees and expenses | 32,807 | |
Custodian fees and expenses | 63,210 | |
Independent trustees' compensation | 236 | |
Audit | 17,167 | |
Miscellaneous | 400 | |
Total expenses before reductions | 812,958 | |
Expense reductions | (89,766) | 723,192 |
Net investment income (loss) | | 1,219,260 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 932,420 | |
Foreign currency transactions | (270,924) | |
Total net realized gain (loss) | | 661,496 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $939,197) | 71,327,038 | |
Assets and liabilities in foreign currencies | (49,120) | |
Total change in net unrealized appreciation (depreciation) | | 71,277,918 |
Net gain (loss) | | 71,939,414 |
Net increase (decrease) in net assets resulting from operations | | $ 73,158,674 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period
December 9, 2008 (Commencement of operations) to
April 30, 2009
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 1,219,260 |
Net realized gain (loss) | 661,496 |
Change in net unrealized appreciation (depreciation) | 71,277,918 |
Net increase (decrease) in net assets resulting from operations | 73,158,674 |
Distributions to shareholders from net investment income | (87,500) |
Share transactions
Proceeds from sales of shares | 367,170,313 |
Reinvestment of distributions | 87,500 |
Cost of shares redeemed | (134,888) |
Net increase (decrease) in net assets resulting from share transactions | 367,122,925 |
Total increase (decrease) in net assets | 440,194,099 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $1,131,760) | $ 440,194,099 |
Other Information Shares | |
Sold | 37,708,747 |
Issued in reinvestment of distributions | 8,373 |
Redeemed | (13,434) |
Net increase (decrease) | 37,703,686 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| April 30,
2009 G |
| (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) | 1.64 |
Total from investment operations | 1.72 |
Distributions from net investment income | (.04) |
Net asset value, end of period | $ 11.68 |
Total Return B, C | 17.19% |
Ratios to Average Net Assets E, H | |
Expenses before reductions | 1.26% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.13% A |
Net investment income (loss) | 1.90% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 440,194 |
Portfolio turnover rate F | 39% |
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 December 9, 2008 (commencement of operations) to April 30, 2009.
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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 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, 2009 (Unaudited)
1. Organization.
Fidelity Series Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. On January 15, 2009, the Board of Trustees of Fidelity Series Emerging Markets Fund approved the creation of an additional class of shares. The Fund will commence sale of shares of Class F on or about June 26, 2009.
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 FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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 as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 federal tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.
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.
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 | $ 74,444,905 |
Unrealized depreciation | (2,701,305) |
Net unrealized appreciation (depreciation) | $ 71,743,600 |
Cost for federal income tax purposes | $ 373,089,670 |
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies - continued
Repurchase Agreements - continued
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 $435,900,357 and $79,328,436, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .28% of average net assets.
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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 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 $157 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
FMR voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded 1.25% of average net assets. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $7,076.
Semiannual Report
8. Expense Reductions - continued
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $82,598 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 $92.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Emerging Markets Fund
On September 17, 2008, 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.
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 backgrounds of the fund's investment personnel and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board considered 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 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 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 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.
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.
Investment Performance. Fidelity Series Emerging Markets 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 investment performance, as well as the fund's relative investment performance measured against a broad-based securities market index.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund 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 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 funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that the fund's management fee and projected total expenses 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.
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 managed by FMR 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 Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Inc.
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
Fidelity Investments Japan Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
ILF-SANN-0609
1.873104.100
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Investment Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Investment Trust
By: | /s/ Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
| |
Date: | June 29, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
| |
Date: | June 29, 2009 |
By: | /s/ Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | June 29, 2009 |
