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)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(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, 2015 |
This report on Form N-CSR relates solely to the Registrant's Fidelity Diversified International Fund, Fidelity Emerging Markets Discovery Fund, Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Global Commodity Stock Fund, Fidelity Global Equity Income Fund, Fidelity International Capital Appreciation Fund, Fidelity Overseas Fund, Fidelity Total Emerging Markets Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund (each, a "Fund" and collectively, the "Funds").
Item 1. Reports to Stockholders
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015Financial StatementsNotes to Financial StatementsReport of Independent Registered Public Accounting Firm
Fidelity®
Diversified International
Fund -
Class K
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
Report of Independent Registered Public Accounting Firm | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Diversified International Fund
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Diversified International | .98% | | | |
Actual | | $ 1,000.00 | $ 1,073.20 | $ 5.04 |
HypotheticalA | | $ 1,000.00 | $ 1,019.93 | $ 4.91 |
Class K | .86% | | | |
Actual | | $ 1,000.00 | $ 1,073.60 | $ 4.42 |
HypotheticalA | | $ 1,000.00 | $ 1,020.53 | $ 4.31 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Diversified International Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United Kingdom | 17.3% | |
 | Japan | 15.4% | |
 | United States of America* | 12.2% | |
 | Germany | 7.2% | |
 | Switzerland | 4.6% | |
 | France | 4.2% | |
 | Canada | 3.3% | |
 | Netherlands | 3.1% | |
 | Belgium | 2.9% | |
 | Other | 29.8% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | Japan | 17.2% | |
 | United Kingdom | 16.3% | |
 | United States of America* | 11.1% | |
 | Germany | 6.2% | |
 | Switzerland | 5.1% | |
 | France | 4.0% | |
 | Canada | 3.6% | |
 | Netherlands | 3.3% | |
 | Cayman Islands | 3.2% | |
 | Other | 30.0% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 94.7 | 96.6 |
Other Investments | 0.1 | 0.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.2 | 3.3 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.8 | 1.8 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.8 | 1.8 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.8 | 1.6 |
Bayer AG (Germany, Pharmaceuticals) | 1.5 | 1.6 |
AIA Group Ltd. (Hong Kong, Insurance) | 1.5 | 1.2 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Banks) | 1.3 | 0.9 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 1.3 | 1.1 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 | 1.4 |
Hoya Corp. (Japan, Electronic Equipment & Components) | 1.3 | 1.2 |
Prudential PLC (United Kingdom, Insurance) | 1.2 | 1.2 |
| 14.8 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.5 | 21.0 |
Consumer Discretionary | 17.4 | 15.6 |
Health Care | 16.0 | 15.9 |
Information Technology | 12.4 | 13.7 |
Consumer Staples | 10.9 | 11.7 |
Industrials | 6.8 | 6.9 |
Materials | 3.9 | 4.9 |
Telecommunication Services | 3.1 | 3.6 |
Energy | 2.5 | 3.4 |
Semiannual Report
Fidelity Diversified International Fund
Investments April 30, 2015
Showing Percentage of Net Assets
Common Stocks - 92.7% |
| Shares | | Value |
Argentina - 0.1% |
YPF SA Class D sponsored ADR | 1,214,900 | | $ 37,103,046 |
Australia - 1.5% |
Ansell Ltd. | 3,168,821 | | 65,424,497 |
Australia & New Zealand Banking Group Ltd. | 7,919,475 | | 213,017,932 |
CSL Ltd. | 1,712,208 | | 123,273,879 |
TOTAL AUSTRALIA | | 401,716,308 |
Austria - 0.1% |
Andritz AG | 638,000 | | 37,352,833 |
Bailiwick of Guernsey - 0.1% |
Amdocs Ltd. | 428,500 | | 23,597,495 |
Bailiwick of Jersey - 2.3% |
Experian PLC | 2,046,572 | | 36,552,348 |
Shire PLC | 3,280,700 | | 266,601,559 |
Wolseley PLC | 2,664,074 | | 157,565,077 |
WPP PLC | 5,631,109 | | 131,325,896 |
TOTAL BAILIWICK OF JERSEY | | 592,044,880 |
Belgium - 2.9% |
Anheuser-Busch InBev SA NV | 3,734,030 | | 454,611,988 |
Fagron NV | 765,600 | | 33,839,469 |
KBC Groep NV | 3,514,187 | | 231,209,913 |
UCB SA | 348,400 | | 25,096,248 |
TOTAL BELGIUM | | 744,757,618 |
Bermuda - 0.2% |
Travelport Worldwide Ltd. (e) | 2,769,800 | | 43,845,934 |
Brazil - 0.1% |
Cielo SA | 1,191,720 | | 16,588,638 |
Canada - 3.3% |
Agrium, Inc. | 512,300 | | 53,077,082 |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 5,405,881 | | 206,915,528 |
AutoCanada, Inc. | 404,675 | | 13,399,723 |
CGI Group, Inc. Class A (sub. vtg.) (a) | 4,153,000 | | 174,794,314 |
Constellation Software, Inc. | 72,738 | | 28,516,431 |
Constellation Software, Inc. rights 9/15/15 (a) | 72,738 | | 21,704 |
Fairfax India Holdings Corp. (a)(f) | 6,411,100 | | 77,510,199 |
Imperial Oil Ltd. | 1,336,200 | | 58,896,905 |
Keyera Corp. (e) | 1,261,400 | | 44,402,535 |
PrairieSky Royalty Ltd. (e) | 482,600 | | 13,252,000 |
Suncor Energy, Inc. | 3,173,200 | | 103,336,119 |
Tourmaline Oil Corp. (a) | 1,561,200 | | 53,881,780 |
TransForce, Inc. | 683,800 | | 15,444,302 |
TOTAL CANADA | | 843,448,622 |
Cayman Islands - 1.4% |
Alibaba Group Holding Ltd. sponsored ADR | 634,100 | | 51,545,989 |
Baidu.com, Inc. sponsored ADR (a) | 180,900 | | 36,230,652 |
|
| Shares | | Value |
China Modern Dairy Holdings Ltd. (e) | 112,612,000 | | $ 45,913,376 |
Melco Crown Entertainment Ltd. sponsored ADR (e) | 3,343,700 | | 68,278,354 |
PW Medtech Group Ltd. (a)(e) | 81,259,000 | | 34,912,680 |
Sands China Ltd. | 19,962,800 | | 81,777,280 |
Tencent Holdings Ltd. | 2,487,100 | | 51,330,960 |
TOTAL CAYMAN ISLANDS | | 369,989,291 |
Chile - 0.1% |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 1,004,043 | | 21,928,299 |
China - 1.0% |
Daqin Railway Co. Ltd. (A Shares) | 30,304,900 | | 68,252,959 |
Inner Mongoli Yili Industries Co. Ltd. | 4,741,300 | | 27,869,317 |
Kweichow Moutai Co. Ltd. | 2,059,100 | | 83,731,024 |
Qingdao Haier Co. Ltd. | 18,866,189 | | 82,456,694 |
Weifu High-Technology Co. Ltd.
(B Shares) | 1,891,797 | | 8,850,541 |
TOTAL CHINA | | 271,160,535 |
Curacao - 0.2% |
Schlumberger Ltd. | 676,525 | | 64,006,030 |
Denmark - 2.3% |
Genmab A/S (a) | 1,651,576 | | 127,173,324 |
Novo Nordisk A/S Series B | 8,590,495 | | 482,276,167 |
TOTAL DENMARK | | 609,449,491 |
Egypt - 0.0% |
Edita Food Industries SAE (a) | 1,282,026 | | 4,276,192 |
Finland - 0.4% |
Nokia Corp. | 4,512,700 | | 30,449,145 |
Sampo Oyj (A Shares) | 1,367,800 | | 66,275,780 |
TOTAL FINLAND | | 96,724,925 |
France - 4.2% |
Accor SA | 947,700 | | 51,966,975 |
Air Liquide SA | 774,170 | | 101,246,285 |
AXA SA (e) | 5,968,800 | | 150,926,193 |
BNP Paribas SA | 1,629,676 | | 102,916,180 |
Bureau Veritas SA | 1,554,900 | | 36,614,138 |
Danone SA | 886,300 | | 64,134,590 |
LVMH Moet Hennessy - Louis Vuitton SA | 165,152 | | 28,879,521 |
Numericable Group SA (a) | 1,262,154 | | 70,074,799 |
Publicis Groupe SA | 1,676,616 | | 140,618,735 |
Rexel SA | 1,648,300 | | 31,064,936 |
Sanofi SA | 2,931,607 | | 298,409,771 |
TOTAL FRANCE | | 1,076,852,123 |
Germany - 5.5% |
adidas AG (e) | 612,100 | | 50,152,984 |
Bayer AG | 2,666,162 | | 383,747,653 |
Brenntag AG | 926,900 | | 55,614,625 |
Continental AG (e) | 534,700 | | 125,309,523 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Deutsche Boerse AG | 410,300 | | $ 33,999,040 |
Fresenius SE & Co. KGaA | 3,826,100 | | 227,625,932 |
Gerry Weber International AG (Bearer) (e) | 148,600 | | 4,857,092 |
GfK AG | 45,625 | | 1,745,834 |
KION Group AG | 878,500 | | 38,974,580 |
Linde AG | 604,929 | | 118,209,012 |
OSRAM Licht AG | 1,659,916 | | 87,450,791 |
ProSiebenSat.1 Media AG | 2,204,590 | | 112,714,517 |
SAP AG (e) | 1,936,878 | | 146,360,219 |
Symrise AG | 611,700 | | 37,089,463 |
TOTAL GERMANY | | 1,423,851,265 |
Hong Kong - 1.7% |
AIA Group Ltd. | 55,745,200 | | 372,567,284 |
Galaxy Entertainment Group Ltd. | 5,320,000 | | 25,740,109 |
Hang Seng Bank Ltd. | 1,400,700 | | 27,343,338 |
Melco International Development Ltd. | 2,137,000 | | 3,628,506 |
TOTAL HONG KONG | | 429,279,237 |
India - 2.7% |
Apollo Hospitals Enterprise Ltd. (a) | 2,227,126 | | 39,853,155 |
Axis Bank Ltd. (a) | 6,699,871 | | 60,144,843 |
Bharti Infratel Ltd. | 14,300,000 | | 90,303,662 |
HCL Technologies Ltd. | 1,694,017 | | 23,473,181 |
HDFC Bank Ltd. | 9,951,238 | | 177,762,255 |
Housing Development Finance Corp. Ltd. | 8,291,778 | | 152,662,964 |
ITC Ltd. (a) | 13,515,862 | | 68,560,123 |
LIC Housing Finance Ltd. | 3,150,214 | | 21,318,624 |
Lupin Ltd. | 1,787,333 | | 49,854,473 |
Sun Pharmaceutical Industries Ltd. (a) | 774,113 | | 11,436,700 |
TOTAL INDIA | | 695,369,980 |
Indonesia - 0.6% |
PT Astra International Tbk | 41,254,700 | | 21,800,941 |
PT Bank Central Asia Tbk | 84,159,300 | | 87,486,717 |
PT Bank Rakyat Indonesia Tbk | 65,102,000 | | 58,384,629 |
TOTAL INDONESIA | | 167,672,287 |
Ireland - 2.4% |
Actavis PLC (a) | 861,800 | | 243,768,748 |
DCC PLC (United Kingdom) | 874,989 | | 55,661,201 |
Greencore Group PLC | 13,127,300 | | 71,236,361 |
Horizon Pharma PLC (a) | 1,113,600 | | 31,314,432 |
Kerry Group PLC Class A | 514,900 | | 37,872,131 |
Perrigo Co. PLC | 298,700 | | 54,745,736 |
Ryanair Holdings PLC sponsored ADR | 2,047,700 | | 132,793,345 |
TOTAL IRELAND | | 627,391,954 |
Isle of Man - 0.2% |
Optimal Payments PLC (a) | 4,660,775 | | 21,180,120 |
|
| Shares | | Value |
Optimal Payments PLC rights 5/1/15 (a) | 7,767,958 | | $ 16,491,233 |
Playtech Ltd. | 267,402 | | 3,359,313 |
TOTAL ISLE OF MAN | | 41,030,666 |
Israel - 1.5% |
Check Point Software Technologies Ltd. (a) | 1,546,400 | | 129,093,472 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 4,160,600 | | 251,383,452 |
TOTAL ISRAEL | | 380,476,924 |
Italy - 1.1% |
Intesa Sanpaolo SpA | 45,101,500 | | 151,518,642 |
Mediaset SpA | 12,785,300 | | 65,711,511 |
UniCredit SpA | 1,879,467 | | 13,491,064 |
World Duty Free SpA (a) | 5,262,070 | | 58,742,146 |
TOTAL ITALY | | 289,463,363 |
Japan - 15.4% |
Astellas Pharma, Inc. | 17,700,500 | | 275,609,160 |
Don Quijote Holdings Co. Ltd. | 1,779,100 | | 135,735,365 |
Fast Retailing Co. Ltd. | 264,500 | | 104,181,210 |
Glory Ltd. | 1,108,800 | | 30,688,640 |
GMO Internet, Inc. | 2,495,800 | | 31,375,128 |
Hoya Corp. | 8,528,800 | | 328,707,601 |
Japan Exchange Group, Inc. | 4,817,200 | | 139,179,359 |
Japan Tobacco, Inc. | 7,012,400 | | 244,879,065 |
KDDI Corp. | 8,167,000 | | 193,250,351 |
Keyence Corp. | 500,710 | | 267,303,590 |
Komatsu Ltd. | 1,577,900 | | 31,745,973 |
Minebea Ltd. | 515,000 | | 7,896,565 |
Misumi Group, Inc. | 439,400 | | 16,489,861 |
Mitsubishi Electric Corp. | 5,334,000 | | 69,660,489 |
Mitsubishi UFJ Financial Group, Inc. | 47,606,200 | | 338,211,103 |
NEC Corp. | 35,470,000 | | 118,009,101 |
NGK Spark Plug Co. Ltd. | 1,611,400 | | 45,124,586 |
Nitori Holdings Co. Ltd. | 1,085,000 | | 83,446,341 |
Olympus Corp. (a) | 1,285,600 | | 46,294,458 |
OMRON Corp. | 1,996,600 | | 91,680,008 |
ORIX Corp. | 30,868,900 | | 474,714,319 |
Rakuten, Inc. | 16,040,600 | | 280,236,509 |
Seven & i Holdings Co. Ltd. | 1,647,700 | | 70,825,302 |
SHIMANO, Inc. | 660,600 | | 94,631,627 |
Shinsei Bank Ltd. | 23,876,000 | | 48,857,762 |
SoftBank Corp. | 3,113,200 | | 194,607,227 |
Suzuki Motor Corp. | 2,118,300 | | 68,467,977 |
TDK Corp. | 567,700 | | 40,892,709 |
Tsuruha Holdings, Inc. | 1,465,500 | | 106,290,867 |
TOTAL JAPAN | | 3,978,992,253 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 1.0% |
Orion Corp. | 82,708 | | $ 96,214,058 |
Samsung Electronics Co. Ltd. | 120,511 | | 157,755,949 |
TOTAL KOREA (SOUTH) | | 253,970,007 |
Luxembourg - 1.3% |
Altice SA (a) | 2,774,413 | | 293,377,743 |
Eurofins Scientific SA | 196,500 | | 55,351,056 |
TOTAL LUXEMBOURG | | 348,728,799 |
Netherlands - 3.1% |
AEGON NV | 23,573,900 | | 185,995,841 |
AerCap Holdings NV (a) | 375,000 | | 17,505,000 |
IMCD Group BV | 1,560,300 | | 58,145,201 |
ING Groep NV (Certificaten Van Aandelen) | 10,336,900 | | 158,584,120 |
LyondellBasell Industries NV Class A | 149,300 | | 15,455,536 |
Reed Elsevier NV | 4,386,677 | | 105,795,342 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 6,061,557 | | 264,408,789 |
TOTAL NETHERLANDS | | 805,889,829 |
Norway - 0.2% |
Telenor ASA | 2,366,200 | | 53,441,072 |
Philippines - 0.4% |
Alliance Global Group, Inc. | 161,934,956 | | 92,192,040 |
Singapore - 0.4% |
United Overseas Bank Ltd. | 5,107,700 | | 94,534,139 |
South Africa - 1.0% |
Naspers Ltd. Class N | 1,705,399 | | 268,223,406 |
Spain - 1.8% |
Amadeus IT Holding SA Class A | 3,618,200 | | 164,924,636 |
Hispania Activos Inmobiliarios SA (a) | 1,688,000 | | 24,054,407 |
Inditex SA | 8,388,824 | | 269,189,635 |
Prosegur Compania de Seguridad SA (Reg.) | 384,618 | | 2,217,153 |
TOTAL SPAIN | | 460,385,831 |
Sweden - 2.1% |
ASSA ABLOY AB (B Shares) | 1,182,000 | | 68,572,329 |
HEXPOL AB (B Shares) | 212,200 | | 22,739,647 |
Nordea Bank AB | 12,696,000 | | 161,304,584 |
Svenska Cellulosa AB (SCA) (B Shares) (e) | 7,139,600 | | 180,595,973 |
Svenska Handelsbanken AB (A Shares) | 2,399,200 | | 110,744,596 |
TOTAL SWEDEN | | 543,957,129 |
Switzerland - 4.6% |
Actelion Ltd. | 720,402 | | 94,791,115 |
Compagnie Financiere Richemont SA Series A | 1,219,454 | | 108,693,539 |
Nestle SA | 515,865 | | 40,022,984 |
Roche Holding AG (participation certificate) | 1,152,134 | | 329,689,014 |
|
| Shares | | Value |
Sika AG (Bearer) | 21,758 | | $ 74,681,001 |
Sunrise Communications Group AG | 442,688 | | 41,169,818 |
Syngenta AG (Switzerland) | 732,496 | | 245,114,997 |
UBS Group AG | 12,414,107 | | 248,000,761 |
TOTAL SWITZERLAND | | 1,182,163,229 |
Taiwan - 1.2% |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 12,964,500 | | 316,852,380 |
Thailand - 0.3% |
Kasikornbank PCL (For. Reg.) | 12,195,800 | | 77,715,612 |
United Kingdom - 17.3% |
Al Noor Hospitals Group PLC | 4,020,800 | | 55,379,968 |
Associated British Foods PLC | 2,238,600 | | 97,733,362 |
B&M European Value Retail S.A. | 24,794,391 | | 114,762,712 |
Babcock International Group PLC | 2,965,900 | | 45,751,759 |
Barclays PLC | 13,273,224 | | 51,930,862 |
BG Group PLC | 12,670,102 | | 229,500,563 |
British American Tobacco PLC sponsored ADR | 1,533,300 | | 168,831,663 |
BT Group PLC | 28,069,100 | | 195,770,459 |
Bunzl PLC | 1,785,570 | | 50,205,361 |
Capita Group PLC | 2,211,700 | | 38,711,836 |
Compass Group PLC | 5,782,476 | | 102,221,072 |
easyJet PLC | 2,317,600 | | 64,083,173 |
Essentra PLC | 12,044,112 | | 176,799,328 |
Exova Group Ltd. PLC | 8,076,188 | | 23,436,431 |
GlaxoSmithKline PLC | 5,944,900 | | 137,307,547 |
Hikma Pharmaceuticals PLC | 2,920,378 | | 91,326,602 |
HSBC Holdings PLC sponsored ADR | 1,955,057 | | 97,029,479 |
IMI PLC | 2,330,935 | | 44,666,739 |
Imperial Tobacco Group PLC | 1,142,139 | | 55,771,237 |
Indivior PLC (a) | 9,735,942 | | 29,665,545 |
Intertek Group PLC | 650,200 | | 25,985,593 |
ITV PLC | 36,891,800 | | 143,233,068 |
Johnson Matthey PLC | 1,554,482 | | 79,478,853 |
Liberty Global PLC: | | | |
Class A (a) | 861,100 | | 44,897,754 |
Class C (a) | 611,600 | | 30,855,220 |
Lloyds Banking Group PLC | 284,226,800 | | 336,603,640 |
London Stock Exchange Group PLC | 2,043,300 | | 79,536,307 |
Meggitt PLC | 12,349,148 | | 99,798,090 |
Melrose PLC | 6,491,400 | | 26,342,041 |
Micro Focus International PLC | 2,408,000 | | 46,347,115 |
Next PLC | 2,126,400 | | 239,072,163 |
Poundland Group PLC | 9,141,236 | | 43,727,851 |
Prudential PLC | 12,791,652 | | 318,480,735 |
Reckitt Benckiser Group PLC | 2,439,787 | | 217,151,889 |
Rolls-Royce Group PLC | 8,966,900 | | 142,958,473 |
SABMiller PLC | 2,553,000 | | 135,137,673 |
Schroders PLC | 1,360,700 | | 67,488,472 |
Spectris PLC | 1,783,600 | | 58,619,159 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Sports Direct International PLC (a) | 5,818,200 | | $ 54,996,098 |
St. James's Place Capital PLC | 13,447,200 | | 183,429,346 |
Virgin Money Holdings Uk PLC (a) | 6,520,500 | | 39,430,461 |
Vodafone Group PLC | 14,038,200 | | 49,459,509 |
Whitbread PLC | 1,707,020 | | 137,072,636 |
TOTAL UNITED KINGDOM | | 4,470,987,844 |
United States of America - 6.7% |
Alexion Pharmaceuticals, Inc. (a) | 592,100 | | 100,201,083 |
Alliance Data Systems Corp. (a) | 262,300 | | 77,984,413 |
Amgen, Inc. | 566,000 | | 89,377,060 |
Celgene Corp. (a) | 532,600 | | 57,552,756 |
Celldex Therapeutics, Inc. (a) | 475,513 | | 11,412,312 |
CF Industries Holdings, Inc. | 205,484 | | 59,070,485 |
Energizer Holdings, Inc. | 149,900 | | 20,479,338 |
FedEx Corp. | 151,000 | | 25,605,070 |
Fidelity National Information Services, Inc. | 1,217,400 | | 76,075,326 |
Google, Inc.: | | | |
Class A (a) | 142,605 | | 78,257,346 |
Class C (a) | 255,003 | | 137,023,312 |
Las Vegas Sands Corp. | 1,734,200 | | 91,704,496 |
MasterCard, Inc. Class A | 1,639,400 | | 147,890,274 |
McGraw Hill Financial, Inc. | 2,225,200 | | 232,088,360 |
Mead Johnson Nutrition Co. Class A | 627,700 | | 60,208,984 |
Noble Energy, Inc. | 1,186,656 | | 60,187,192 |
Oceaneering International, Inc. | 458,200 | | 25,251,402 |
Qorvo, Inc. (a) | 395,919 | | 26,095,021 |
QUALCOMM, Inc. | 1,522,700 | | 103,543,600 |
ResMed, Inc. (e) | 336,000 | | 21,483,840 |
The Blackstone Group LP | 1,964,300 | | 80,457,728 |
Total System Services, Inc. | 197,300 | | 7,805,188 |
Visa, Inc. Class A | 2,223,800 | | 146,881,990 |
TOTAL UNITED STATES OF AMERICA | | 1,736,636,576 |
TOTAL COMMON STOCKS (Cost $17,895,880,351) |
23,994,048,082
|
Preferred Stocks - 1.7% |
| | | |
Convertible Preferred Stocks - 0.0% |
United States of America - 0.0% |
NJOY, Inc.: | | | |
Series C (a)(j) | 770,400 | | 6,217,128 |
Series D (a)(j) | 250,743 | | 2,023,496 |
TOTAL UNITED STATES OF AMERICA | | 8,240,624 |
|
| Shares | | Value |
Nonconvertible Preferred Stocks - 1.7% |
Germany - 1.7% |
Henkel AG & Co. KGaA | 1,927,400 | | $ 223,881,894 |
Volkswagen AG (e) | 772,426 | | 198,857,804 |
TOTAL GERMANY | | 422,739,698 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC | 1,264,332,900 | | 1,940,751 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 424,680,449 |
TOTAL PREFERRED STOCKS (Cost $302,699,628) |
432,921,073
|
Government Obligations - 0.0% |
| Principal Amount (d) | | |
United States of America - 0.0% |
U.S. Treasury Bills, yield at date of purchase 0.02% 6/25/15 to 7/2/15 (i)
(Cost $2,749,914) | | $ 2,750,000 | |
2,750,000
|
Preferred Securities - 0.1% |
|
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (g)(h)
(Cost $30,791,904) | EUR | 20,050,000 | |
24,087,062
|
Money Market Funds - 6.8% |
| Shares | | |
Fidelity Cash Central Fund, 0.15% (b) | 1,301,610,319 | | 1,301,610,319 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 466,184,845 | | 466,184,845 |
TOTAL MONEY MARKET FUNDS (Cost $1,767,795,164) |
1,767,795,164
|
TOTAL INVESTMENT
PORTFOLIO - 101.3% (Cost $19,999,916,961) | 26,221,601,381 |
NET OTHER ASSETS
(LIABILITIES) - (1.3)% | | (336,329,910) |
NET ASSETS - 100% | $ 25,885,271,471 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
746 CME Nikkei 225 Index Contracts (United States) | June 2015 | | $ 72,511,200 | | $ 2,167,140 |
The face value of futures purchased as a percentage of net assets is 0.3% |
|
Currency Abbreviations |
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Affiliated company |
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $24,087,062 or 0.1% of net assets. |
(h) Security is perpetual in nature with no stated maturity date. |
(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,750,000. |
(j) 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 $8,240,624 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
NJOY, Inc. Series C | 6/7/13 | $ 6,227,143 |
NJOY, Inc. Series D | 2/14/14 | $ 4,244,101 |
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 | $ 672,396 |
Fidelity Securities Lending Cash Central Fund | 3,084,965 |
Total | $ 3,757,361 |
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 |
Fairfax India Holdings Corp. | $ - | $ 61,051,750 | $ 174,636* | $ - | $ 77,510,199 |
* Includes the value of securities delivered through in-kind transactions.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 4,503,501,458 | $ 785,458,958 | $ 3,709,801,876 | $ 8,240,624 |
Consumer Staples | 2,802,674,643 | 782,999,603 | 2,019,675,040 | - |
Energy | 689,817,572 | 460,317,009 | 229,500,563 | - |
Financials | 5,546,907,590 | 1,592,117,005 | 3,954,790,585 | - |
Health Care | 4,146,179,391 | 1,185,994,803 | 2,960,184,588 | - |
Industrials | 1,737,939,703 | 353,733,467 | 1,384,206,236 | - |
Information Technology | 3,177,056,712 | 1,760,026,675 | 1,417,030,037 | - |
Materials | 1,004,889,988 | 149,531,402 | 855,358,586 | - |
Telecommunication Services | 818,002,098 | 90,303,662 | 727,698,436 | - |
Government Obligations | 2,750,000 | - | 2,750,000 | - |
Preferred Securities | 24,087,062 | - | 24,087,062 | - |
Money Market Funds | 1,767,795,164 | 1,767,795,164 | - | - |
Total Investments in Securities: | $ 26,221,601,381 | $ 8,928,277,748 | $ 17,285,083,009 | $ 8,240,624 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 2,167,140 | $ 2,167,140 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 6,570,853,844 |
Level 2 to Level 1 | $ 1,726,505,975 |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 2,167,140 | $ - |
Total Value of Derivatives | $ 2,167,140 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Diversified International Fund
Statement of Assets and Liabilities
| April 30, 2015 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $447,280,586) - See accompanying schedule: Unaffiliated issuers (cost $18,171,216,347) | $ 24,376,296,018 | |
Fidelity Central Funds (cost $1,767,795,164) | 1,767,795,164 | |
Other affiliated issuers (cost $60,905,450) | 77,510,199 | |
Total Investments (cost $19,999,916,961) | | $ 26,221,601,381 |
Cash | | 4,910,899 |
Receivable for investments sold | | 131,642,029 |
Receivable for fund shares sold | | 18,179,874 |
Dividends receivable | | 106,540,894 |
Distributions receivable from Fidelity Central Funds | | 1,137,326 |
Prepaid expenses | | 18,850 |
Other receivables | | 1,584,541 |
Total assets | | 26,485,615,794 |
| | |
Liabilities | | |
Payable for investments purchased | $ 89,894,106 | |
Payable for fund shares redeemed | 19,628,824 | |
Accrued management fee | 16,024,746 | |
Payable for daily variation margin for derivative instruments | 1,473,350 | |
Other affiliated payables | 2,750,853 | |
Other payables and accrued expenses | 4,387,599 | |
Collateral on securities loaned, at value | 466,184,845 | |
Total liabilities | | 600,344,323 |
| | |
Net Assets | | $ 25,885,271,471 |
Net Assets consist of: | | |
Paid in capital | | $ 19,732,426,286 |
Undistributed net investment income | | 93,878,014 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (163,199,419) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,222,166,590 |
Net Assets | | $ 25,885,271,471 |
| | |
Diversified International:
Net Asset Value, offering price and redemption price per share ($14,413,038,871 ÷ 384,582,997 shares) | | $ 37.48 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($11,472,232,600 ÷ 306,566,165 shares) | | $ 37.42 |
Statement of Operations
| Six months ended April 30, 2015 |
| | |
Investment Income | | |
Dividends | | $ 230,470,096 |
Interest | | 191,662 |
Income from Fidelity Central Funds | | 3,757,361 |
Income before foreign taxes withheld | | 234,419,119 |
Less foreign taxes withheld | | (15,426,189) |
Total income | | 218,992,930 |
| | |
Expenses | | |
Management fee
Basic fee | $ 83,794,579 | |
Performance adjustment | 13,698,336 | |
Transfer agent fees | 14,761,307 | |
Accounting and security lending fees | 1,213,938 | |
Custodian fees and expenses | 1,234,847 | |
Independent trustees' compensation | 49,228 | |
Appreciation in deferred trustee compensation account | 16 | |
Registration fees | 108,368 | |
Audit | 138,801 | |
Legal | 41,640 | |
Miscellaneous | 483,572 | |
Total expenses before reductions | 115,524,632 | |
Expense reductions | (386,469) | 115,138,163 |
Net investment income (loss) | | 103,854,767 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 21,683,695 | |
Other affiliated issuers | 28,336 | |
Foreign currency transactions | (2,131,902) | |
Futures contracts | 3,161,727 | |
Total net realized gain (loss) | | 22,741,856 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $1,849,162) | 1,629,155,157 | |
Assets and liabilities in foreign currencies | 1,808,240 | |
Futures contracts | 2,167,140 | |
Total change in net unrealized appreciation (depreciation) | | 1,633,130,537 |
Net gain (loss) | | 1,655,872,393 |
Net increase (decrease) in net assets resulting from operations | | $ 1,759,727,160 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Diversified International Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 103,854,767 | $ 447,924,506 |
Net realized gain (loss) | 22,741,856 | 2,252,453,091 |
Change in net unrealized appreciation (depreciation) | 1,633,130,537 | (2,019,550,205) |
Net increase (decrease) in net assets resulting from operations | 1,759,727,160 | 680,827,392 |
Distributions to shareholders from net investment income | (285,525,428) | (245,684,040) |
Distributions to shareholders from net realized gain | (625,108,082) | (169,078,602) |
Total distributions | (910,633,510) | (414,762,642) |
Share transactions - net increase (decrease) | 120,327,039 | (1,324,765,796) |
Redemption fees | 113,481 | 253,426 |
Total increase (decrease) in net assets | 969,534,170 | (1,058,447,620) |
| | |
Net Assets | | |
Beginning of period | 24,915,737,301 | 25,974,184,921 |
End of period (including undistributed net investment income of $93,878,014 and undistributed net investment income of $275,548,675, respectively) | $ 25,885,271,471 | $ 24,915,737,301 |
Financial Highlights - Diversified International
| Six months ended
April 30, | Years ended October 31, |
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 36.22 | $ 35.89 | $ 29.07 | $ 27.49 | $ 29.49 | $ 26.86 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .14 | .60G | .44 | .42 | .53H | .37 |
Net realized and unrealized gain (loss) | 2.43 | .28 | 6.90 | 1.65 | (1.99) | 2.61 |
Total from investment operations | 2.57 | .88 | 7.34 | 2.07 | (1.46) | 2.98 |
Distributions from net investment income | (.40) | (.32) | (.46) | (.49) | (.46) | (.35) |
Distributions from net realized gain | (.92) | (.23) | (.07) | - | (.08) | - |
Total distributions | (1.31) L | (.55) | (.52) K | (.49) | (.54) | (.35) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 37.48 | $ 36.22 | $ 35.89 | $ 29.07 | $ 27.49 | $ 29.49 |
Total ReturnB, C | 7.32% | 2.48% | 25.66% | 7.72% | (5.07)% | 11.15% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .98%A | .93% | .94% | 1.01% | .90% | .98% |
Expenses net of fee waivers, if any | .98%A | .93% | .94% | 1.01% | .89% | .98% |
Expenses net of all reductions | .98%A | .92% | .92% | .99% | .87% | .96% |
Net investment income (loss) | .78%A | 1.65%G | 1.38% | 1.53% | 1.78%H | 1.34% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,413,039 | $ 13,781,306 | $ 14,432,586 | $ 13,269,769 | $ 17,285,369 | $ 26,527,229 |
Portfolio turnover rateF | 33% A, M | 39%M | 52% | 35% | 45% | 57% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.44%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.52 per share is comprised of distributions from net investment income of $.456 and distributions from net realized gain of $.068 per share. L Total distributions of $1.31 per share is comprised of distributions from net investment income of $.397 and distributions from net realized gain of $.917 per share. M Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended
April 30, | Years ended October 31, |
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 36.20 | $ 35.87 | $ 29.06 | $ 27.51 | $ 29.51 | $ 26.89 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .16 | .65G | .49 | .47 | .58H | .42 |
Net realized and unrealized gain (loss) | 2.42 | .28 | 6.90 | 1.63 | (1.97) | 2.61 |
Total from investment operations | 2.58 | .93 | 7.39 | 2.10 | (1.39) | 3.03 |
Distributions from net investment income | (.45) | (.37) | (.51) | (.55) | (.53) | (.41) |
Distributions from net realized gain | (.92) | (.23) | (.07) | - | (.08) | - |
Total distributions | (1.36) K | (.60) | (.58) | (.55) | (.61) | (.41) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 37.42 | $ 36.20 | $ 35.87 | $ 29.06 | $ 27.51 | $ 29.51 |
Total ReturnB, C | 7.36% | 2.63% | 25.86% | 7.86% | (4.87)% | 11.33% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .86%A | .80% | .80% | .84% | .73% | .79% |
Expenses net of fee waivers, if any | .86%A | .80% | .80% | .84% | .72% | .79% |
Expenses net of all reductions | .85%A | .79% | .78% | .83% | .70% | .77% |
Net investment income (loss) | .91%A | 1.78%G | 1.52% | 1.70% | 1.95%H | 1.54% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,472,233 | $ 11,134,431 | $ 11,541,599 | $ 8,885,304 | $ 8,115,192 | $ 7,697,405 |
Portfolio turnover rateF | 33% A, L | 39%L | 52% | 35% | 45% | 57% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.29%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.61%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $1.36 per share is comprised of distributions from net investment income of $.446 and distributions from net realized gain of $.917 per share. L Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015
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. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to in-kind transactions, futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 6,372,625,217 |
Gross unrealized depreciation | (337,595,915) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,035,029,302 |
| |
Tax cost | $ 20,186,572,079 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
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.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Semiannual Report
Notes to Financial Statements - continued
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $3,161,727 and a change in net unrealized appreciation (depreciation) of $2,167,140 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,884,307,124 and $4,889,228,098, respectively.
Redemptions In-Kind. During the period, 8,849,634 shares of the Fund held by unaffiliated entities were redeemed for cash and investments, including accrued interest with a value of $309,648,354. The net realized gain of $90,257,760 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Diversified International as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .78% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Diversified International | $ 12,172,201 | .18 |
Class K | 2,589,106 | .05 |
| $ 14,761,307 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $20,918 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $19,408 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $3,084,965, including $9,512 from securities loaned to FCM.
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $354,820 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 $114.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Diversified International expenses during the period in the amount of $31,535.
Semiannual Report
Notes to Financial Statements - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Diversified International | $ 149,948,658 | $ 126,517,539 |
Class K | 135,576,770 | 119,166,501 |
Total | $ 285,525,428 | $ 245,684,040 |
From net realized gain | | |
Diversified International | $ 346,354,986 | $ 93,097,870 |
Class K | 278,753,096 | 75,980,732 |
Total | $ 625,108,082 | $ 169,078,602 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Diversified International | | | | |
Shares sold | 42,434,624 | 63,463,792 | $ 1,529,668,310 | $ 2,320,618,859 |
Reinvestment of distributions | 13,245,636 | 5,837,698 | 468,498,147 | 207,822,041 |
Shares redeemed | (51,565,185) | (90,929,350) | (1,852,414,988) | (3,326,061,359) |
Net increase (decrease) | 4,115,075 | (21,627,860) | $ 145,751,469 | $ (797,620,459) |
Class K | | | | |
Shares sold | 33,259,394 | 73,871,959 | $ 1,198,491,072 | $ 2,700,737,555 |
Reinvestment of distributions | 11,737,390 | 5,492,463 | 414,329,866 | 195,147,232 |
Shares redeemed | (46,044,631) A | (93,499,195) B | (1,638,245,368) A | (3,423,030,124) B |
Net increase (decrease) | (1,047,847) | (14,134,773) | $ (25,424,430) | $ (527,145,337) |
A Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).
B Amount includes in-kind redemptions.
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 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, 2015, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2015 and for the year ended October 31, 2014, and the financial highlights for the six months ended April 30, 2015 and for each of the five years in the period ended October 31, 2014. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, 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, 2015, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2015 and for the year ended October 31, 2014, and the financial highlights for the six months ended April 30, 2015 and for each of the five years in the period ended October 31, 2014, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 19, 2015
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
DIF-K-USAN-0615
1.863007.106
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Europe,
Middle East, Africa (EMEA)
Fund - Institutional Class
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Institutional Class is a
class of Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual 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, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.64% | | | |
Actual | | $ 1,000.00 | $ 998.30 | $ 8.13 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 996.00 | $ 9.40 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 993.80 | $ 11.86 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 993.70 | $ 11.86 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 999.10 | $ 6.94 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.29% | | | |
Actual | | $ 1,000.00 | $ 999.20 | $ 6.39 |
HypotheticalA | | $ 1,000.00 | $ 1,018.40 | $ 6.46 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
 | South Africa 41.2% | |
 | Russia 20.9% | |
 | Turkey 5.8% | |
 | Poland 5.3% | |
 | United Kingdom 4.9% | |
 | United Arab Emirates 3.7% | |
 | Romania 2.9% | |
 | Qatar 2.6% | |
 | Austria 1.8% | |
 | Other* 10.9% | |
As of October 31, 2014 |
 | South Africa 43.1% | |
 | Russia 20.1% | |
 | Turkey 5.5% | |
 | Poland 5.1% | |
 | United Arab Emirates 4.6% | |
 | United Kingdom 4.0% | |
 | Qatar 3.0% | |
 | Romania 1.9% | |
 | Greece 1.6% | |
 | Other* 11.1% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.9 | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1 | 0.1 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Naspers Ltd. Class N (South Africa, Media) | 7.3 | 5.8 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels) | 5.5 | 4.3 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 5.4 | 7.4 |
Gazprom OAO sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels) | 4.9 | 5.3 |
Sberbank of Russia sponsored ADR (Russia, Banks) | 4.1 | 0.0 |
Standard Bank Group Ltd. (South Africa, Banks) | 3.1 | 2.5 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 2.9 | 2.7 |
Remgro Ltd. (South Africa, Diversified Financial Services) | 2.4 | 2.6 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 2.4 | 3.8 |
Megafon OJSC GDR (Russia, Wireless Telecommunication Services) | 1.9 | 0.8 |
| 39.9 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 35.9 | 36.4 |
Energy | 16.6 | 18.5 |
Consumer Discretionary | 16.3 | 12.6 |
Consumer Staples | 9.3 | 9.1 |
Telecommunication Services | 8.1 | 10.1 |
Materials | 5.9 | 6.2 |
Health Care | 4.3 | 3.5 |
Industrials | 3.1 | 3.2 |
Information Technology | 0.4 | 0.3 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the emerging Europe, Middle East and Africa markets. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% |
| Shares | | Value |
Austria - 1.8% |
Buwog-Gemeinnuetzige Wohnung | 15,000 | | $ 303,283 |
CA Immobilien Anlagen AG | 43,700 | | 793,064 |
Erste Group Bank AG | 29,100 | | 821,599 |
TOTAL AUSTRIA | | 1,917,946 |
Bailiwick of Jersey - 0.3% |
Wizz Air Holdings PLC | 13,669 | | 297,497 |
Bermuda - 0.3% |
Aquarius Platinum Ltd. (a) | 1,967,700 | | 277,881 |
Botswana - 0.4% |
First National Bank of Botswana Ltd. | 964,358 | | 372,802 |
Canada - 0.7% |
Africa Oil Corp. (a) | 211,600 | | 457,751 |
SEMAFO, Inc. (a) | 105,000 | | 322,876 |
TOTAL CANADA | | 780,627 |
Croatia - 0.4% |
Ledo d.d. | 413 | | 474,596 |
Czech Republic - 1.4% |
Komercni Banka A/S | 6,705 | | 1,495,261 |
Estonia - 0.4% |
Tallinna Kaubamaja AS | 70,900 | | 475,272 |
Greece - 1.3% |
Fourlis Holdings SA (a) | 90,500 | | 246,899 |
Jumbo SA | 53,036 | | 544,542 |
Karelia Tobacco Co., Inc. | 970 | | 245,950 |
Sarantis SA (a) | 37,800 | | 342,075 |
TOTAL GREECE | | 1,379,466 |
Kenya - 1.3% |
British American Tobacco Kenya Ltd. | 31,700 | | 240,933 |
Common Stocks - continued |
| Shares | | Value |
Kenya - continued |
Kenya Commercial Bank Ltd. | 756,500 | | $ 499,802 |
Safaricom Ltd. | 3,816,544 | | 701,986 |
TOTAL KENYA | | 1,442,721 |
Kuwait - 0.8% |
Kuwait Food Co. (Americana) | 95,250 | | 839,930 |
Lithuania - 0.5% |
Apranga AB (a) | 163,766 | | 544,299 |
Luxembourg - 0.6% |
Pegas NONWOVENS SA | 20,400 | | 607,413 |
Nigeria - 0.6% |
Zenith Bank PLC | 6,384,656 | | 678,570 |
Oman - 0.1% |
National Bank of Oman (a) | 189,246 | | 154,326 |
Pakistan - 1.2% |
Habib Bank Ltd. | 145,600 | | 287,234 |
Indus Motor Co. Ltd. | 30,000 | | 358,357 |
Pak Suzuki Motors | 80,800 | | 340,530 |
United Bank Ltd. | 190,000 | | 331,998 |
TOTAL PAKISTAN | | 1,318,119 |
Poland - 5.3% |
Bank Handlowy w Warszawie SA | 43,000 | | 1,361,723 |
Bank Polska Kasa Opieki SA | 27,500 | | 1,432,351 |
Inter Cars SA | 3,700 | | 265,024 |
Kruk SA (a) | 9,000 | | 383,016 |
NG2 SA | 11,800 | | 624,443 |
Orbis SA | 60,600 | | 926,714 |
Quercus TFI SA | 250,000 | | 545,162 |
Stomil Sanok SA | 10,000 | | 177,785 |
TOTAL POLAND | | 5,716,218 |
Qatar - 2.6% |
Al Meera Consumer Goods Co. (a) | 7,996 | | 542,373 |
Commercial Bank of Qatar (a) | 30,022 | | 465,182 |
Qatar National Bank SAQ (a) | 32,850 | | 1,786,920 |
TOTAL QATAR | | 2,794,475 |
Romania - 2.9% |
Banca Transilvania SA (a) | 2,023,073 | | 1,258,641 |
BRD-Groupe Societe Generale (a) | 363,129 | | 981,131 |
Common Stocks - continued |
| Shares | | Value |
Romania - continued |
Bursa de Valori Bucuresti (a) | 73,404 | | $ 704,589 |
Fondul Propietatea SA GDR (a) | 14,000 | | 159,499 |
TOTAL ROMANIA | | 3,103,860 |
Russia - 18.1% |
Gazprom OAO sponsored ADR (Reg. S) | 885,900 | | 5,190,446 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 115,295 | | 5,897,975 |
Megafon OJSC GDR | 122,400 | | 2,076,127 |
Moscow Exchange MICEX-RTS OAO | 275,000 | | 411,085 |
NOVATEK OAO GDR (Reg. S) | 4,825 | | 467,183 |
Sberbank of Russia sponsored ADR | 737,100 | | 4,374,887 |
Tatneft OAO sponsored ADR | 7,000 | | 240,115 |
Vozrozhdenie Bank (a) | 90,200 | | 709,202 |
TOTAL RUSSIA | | 19,367,020 |
Slovenia - 0.5% |
Krka dd Novo mesto | 6,700 | | 516,460 |
South Africa - 41.2% |
AngloGold Ashanti Ltd. (a) | 128,400 | | 1,458,166 |
Aspen Pharmacare Holdings Ltd. | 63,600 | | 1,935,333 |
Cashbuild Ltd. (e) | 28,300 | | 664,403 |
Clicks Group Ltd. (e) | 149,552 | | 1,147,639 |
Discovery Ltd. | 26,408 | | 293,199 |
DRDGOLD Ltd. | 4,469,214 | | 838,040 |
FirstRand Ltd. (e) | 651,600 | | 3,112,782 |
Grand Parade Investments Ltd. | 727,000 | | 402,115 |
Holdsport Ltd. | 220,400 | | 1,011,566 |
Hulamin Ltd. (d) | 996,200 | | 579,485 |
MTN Group Ltd. | 290,250 | | 5,831,228 |
Nampak Ltd. | 387,100 | | 1,387,817 |
Naspers Ltd. Class N | 49,600 | | 7,801,035 |
Netcare Ltd. | 310,000 | | 1,085,863 |
Pioneer Foods Ltd. | 75,000 | | 1,173,584 |
Raubex Group Ltd. | 364,600 | | 548,605 |
Remgro Ltd. | 114,800 | | 2,554,381 |
RMB Holdings Ltd. | 164,600 | | 992,339 |
Sasol Ltd. | 63,000 | | 2,536,599 |
Shoprite Holdings Ltd. | 120,100 | | 1,718,274 |
Spar Group Ltd. | 89,200 | | 1,432,149 |
Standard Bank Group Ltd. | 227,663 | | 3,341,386 |
Steinhoff International Holdings Ltd. | 20,000 | | 127,065 |
Telkom SA Ltd. (a)(e) | 36,300 | | 250,213 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Truworths International Ltd. | 164,000 | | $ 1,195,510 |
Zeder Investments Ltd. (e) | 940,847 | | 700,717 |
TOTAL SOUTH AFRICA | | 44,119,493 |
Turkey - 5.8% |
Aselsan A/S | 244,000 | | 1,273,591 |
Brisa Bridgestone S.A.B. Las San | 45,000 | | 150,528 |
Gubre Fabrikalari TAS | 298,000 | | 797,239 |
Koc Holding A/S | 188,850 | | 893,868 |
Logo Yazilim Sanayi Ve Ticar | 43,328 | | 402,866 |
Pinar Sut Mamulleri Sanayi A/S | 58,000 | | 557,734 |
Soda Sanayii AS | 225,000 | | 548,904 |
Turkiye Garanti Bankasi A/S | 505,000 | | 1,606,786 |
TOTAL TURKEY | | 6,231,516 |
United Arab Emirates - 3.7% |
Agthia Group PJSC | 300,000 | | 628,922 |
Aldar Properties PJSC (a) | 1,409,585 | | 1,059,218 |
First Gulf Bank PJSC | 286,313 | | 1,188,765 |
SHUAA Capital PSC (a) | 5,249,942 | | 1,129,189 |
TOTAL UNITED ARAB EMIRATES | | 4,006,094 |
United Kingdom - 4.9% |
Abdullah Al Othaim Markets Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) | 17,836 | | 507,888 |
Al Noor Hospitals Group PLC | 30,100 | | 414,578 |
Alabama Khaleej Training & Education ELS (HSBC Bank Warrant Program) warrants 7/18/16 (a)(c) | 37,010 | | 547,317 |
Fawaz Abdulaziz Alhokair Co. ELS (HSBC Warrant Program) warrants 3/20/17 (a)(c) | 10,300 | | 305,546 |
Halwani Brothers Co. ELS (HSBC Warrant Program) warrants 2/9/18 (c) | 11,262 | | 258,078 |
NMC Health PLC | 58,700 | | 683,163 |
Saudi Basic Industries Corp. (SABIC) ELS (HSBC Bank Warrant Program) warrants 1/22/18 (c) | 15,000 | | 434,691 |
Saudia Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/26/15 (a)(c) | 19,000 | | 658,927 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(c) | 39,200 | | $ 811,752 |
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) | 38,333 | | 607,665 |
TOTAL UNITED KINGDOM | | 5,229,605 |
TOTAL COMMON STOCKS (Cost $89,400,001) |
104,141,467
|
Nonconvertible Preferred Stocks - 2.8% |
| | | |
Russia - 2.8% |
Surgutneftegas OJSC (a) | 2,448,600 | | 1,845,941 |
Tatneft OAO (a) | 363,800 | | 1,178,766 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,423,687) |
3,024,707
|
Money Market Funds - 0.3% |
| | | |
Fidelity Cash Central Fund, 0.15% (b)
(Cost $283,799) | 283,799 | |
283,799
|
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $92,107,487) | | 107,449,973 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | | (244,015) |
NET ASSETS - 100% | $ 107,205,958 |
Security Type Abbreviations |
ELS - Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,131,864 or 3.9% of net assets. |
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) A portion of the security sold on a delayed delivery basis |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 352 |
Fidelity Securities Lending Cash Central Fund | 33 |
Total | $ 385 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 17,375,475 | $ 16,036,717 | $ 1,338,758 | $ - |
Consumer Staples | 10,146,316 | 8,391,476 | 1,754,840 | - |
Energy | 17,814,776 | 1,636,517 | 16,178,259 | - |
Financials | 38,324,805 | 27,847,955 | 10,476,850 | - |
Health Care | 4,635,397 | 3,537,656 | 1,097,741 | - |
Industrials | 3,396,577 | 3,099,080 | 297,497 | - |
Information Technology | 402,866 | 402,866 | - | - |
Materials | 6,210,408 | 3,914,202 | 2,296,206 | - |
Telecommunication Services | 8,859,554 | 6,783,427 | 2,076,127 | - |
Money Market Funds | 283,799 | 283,799 | - | - |
Total Investments in Securities: | $ 107,449,973 | $ 71,933,695 | $ 35,516,278 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 16,383,904 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $91,823,688) | $ 107,166,174 | |
Fidelity Central Funds (cost $283,799) | 283,799 | |
Total Investments (cost $92,107,487) | | $ 107,449,973 |
Foreign currency held at value (cost $39,814) | | 39,799 |
Receivable for investments sold | | |
Regular delivery | | 496,851 |
Delayed delivery | | 500,956 |
Receivable for fund shares sold | | 54,411 |
Dividends receivable | | 174,429 |
Distributions receivable from Fidelity Central Funds | | 23 |
Prepaid expenses | | 93 |
Receivable from investment adviser for expense reductions | | 13,344 |
Other receivables | | 49,645 |
Total assets | | 108,779,524 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 1,134,701 | |
Delayed delivery | 58,458 | |
Payable for fund shares redeemed | 139,236 | |
Accrued management fee | 69,957 | |
Distribution and service plan fees payable | 8,151 | |
Other affiliated payables | 27,703 | |
Other payables and accrued expenses | 135,360 | |
Total liabilities | | 1,573,566 |
| | |
Net Assets | | $ 107,205,958 |
Net Assets consist of: | | |
Paid in capital | | $ 104,974,629 |
Undistributed net investment income | | 440,400 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (13,471,295) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 15,262,224 |
Net Assets | | $ 107,205,958 |
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, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($7,451,465 ÷ 843,311 shares) | | $ 8.84 |
| | |
Maximum offering price per share (100/94.25 of $8.84) | | $ 9.38 |
Class T:
Net Asset Value and redemption price per share ($2,540,610 ÷ 288,729 shares) | | $ 8.80 |
| | |
Maximum offering price per share (100/96.50 of $8.80) | | $ 9.12 |
Class B:
Net Asset Value and offering price per share ($247,258 ÷ 27,816 shares)A | | $ 8.89 |
| | |
Class C:
Net Asset Value and offering price per share ($6,549,032 ÷ 748,184 shares)A | | $ 8.75 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($85,945,319 ÷ 9,715,024 shares) | | $ 8.85 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($4,472,274 ÷ 506,003 shares) | | $ 8.84 |
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, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,562,303 |
Income from Fidelity Central Funds | | 385 |
Income before foreign taxes withheld | | 1,562,688 |
Less foreign taxes withheld | | (147,252) |
Total income | | 1,415,436 |
| | |
Expenses | | |
Management fee | $ 422,278 | |
Transfer agent fees | 145,663 | |
Distribution and service plan fees | 47,215 | |
Accounting and security lending fees | 27,379 | |
Custodian fees and expenses | 51,642 | |
Independent trustees' compensation | 215 | |
Registration fees | 69,311 | |
Audit | 31,955 | |
Legal | 177 | |
Miscellaneous | 405 | |
Total expenses before reductions | 796,240 | |
Expense reductions | (13,727) | 782,513 |
Net investment income (loss) | | 632,923 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $64,672) | (6,306,198) | |
Foreign currency transactions | (18,151) | |
Total net realized gain (loss) | | (6,324,349) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $18,841) | 4,621,727 | |
Assets and liabilities in foreign currencies | 1,195 | |
Total change in net unrealized appreciation (depreciation) | | 4,622,922 |
Net gain (loss) | | (1,701,427) |
Net increase (decrease) in net assets resulting from operations | | $ (1,068,504) |
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, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 632,923 | $ 2,097,602 |
Net realized gain (loss) | (6,324,349) | (4,234,408) |
Change in net unrealized appreciation (depreciation) | 4,622,922 | (2,810,920) |
Net increase (decrease) in net assets resulting from operations | (1,068,504) | (4,947,726) |
Distributions to shareholders from net investment income | (2,091,570) | (1,921,556) |
Distributions to shareholders from net realized gain | (504,771) | - |
Total distributions | (2,596,341) | (1,921,556) |
Share transactions - net increase (decrease) | (8,826,135) | (15,497,892) |
Redemption fees | 7,211 | 42,040 |
Total increase (decrease) in net assets | (12,483,769) | (22,325,134) |
| | |
Net Assets | | |
Beginning of period | 119,689,727 | 142,014,861 |
End of period (including undistributed net investment income of $440,400 and undistributed net investment income of $1,899,047, respectively) | $ 107,205,958 | $ 119,689,727 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.04 | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 | $ 7.26 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .13 | .16 | .18 | .16H | .07 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .85 | .34 | (.70) | 1.70 |
Total from investment operations | (.03) | (.33) | 1.01 | .52 | (.54) | 1.77 |
Distributions from net investment income | (.14) | (.12) | (.15) | (.15) | (.08) | (.04) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.17) M | (.12) | (.23) L | (.15) | (.10) | (.07) K |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.84 | $ 9.04 | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 |
Total ReturnB, C, D | (.17)% | (3.48)% | 11.75% | 6.38% | (6.05)% | 24.66% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.64%A | 1.60% | 1.64% | 1.62% | 1.60% | 1.69% |
Expenses net of fee waivers, if any | 1.64%A | 1.60% | 1.63% | 1.62% | 1.56% | 1.50% |
Expenses net of all reductions | 1.64%A | 1.60% | 1.62% | 1.60% | 1.51% | 1.38% |
Net investment income (loss) | 1.04%A | 1.45% | 1.82% | 2.09% | 1.70% H | .95% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 7,451 | $ 7,889 | $ 10,883 | $ 8,934 | $ 10,260 | $ 10,045 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share. L Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share. M Total distributions of $.17 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.039 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.01 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .11 | .14 | .15 | .13H | .06 |
Net realized and unrealized gain (loss) | (.08) | (.46) | .84 | .35 | (.71) | 1.69 |
Total from investment operations | (.05) | (.35) | .98 | .50 | (.58) | 1.75 |
Distributions from net investment income | (.13) | (.10) | (.12) | (.13) | (.07) | (.03) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.16) M | (.10) | (.20) L | (.13) | (.08) K | (.05) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.80 | $ 9.01 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 |
Total ReturnB, C, D | (.40)% | (3.67)% | 11.42% | 6.14% | (6.42)% | 24.44% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.96%A | 1.92% | 1.93% | 1.89% | 1.87% | 1.95% |
Expenses net of fee waivers, if any | 1.90%A | 1.90% | 1.90% | 1.89% | 1.84% | 1.75% |
Expenses net of all reductions | 1.90%A | 1.90% | 1.88% | 1.86% | 1.78% | 1.62% |
Net investment income (loss) | .79%A | 1.15% | 1.55% | 1.82% | 1.42% H | .70% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,541 | $ 2,465 | $ 3,465 | $ 3,336 | $ 3,502 | $ 3,114 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share. L Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.07 per share. M Total distributions of $.16 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.039 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.05 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .06 | .09 | .11 | .09H | .02 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .85 | .35 | (.71) | 1.68 |
Total from investment operations | (.06) | (.40) | .94 | .46 | (.62) | 1.70 |
Distributions from net investment income | (.06) | (.05) | (.06) | (.06) | (.02) | - |
Distributions from net realized gain | (.04) | - | (.07) | - | (.01) | (.01) |
Total distributions | (.10) | (.05) | (.13) | (.06) | (.03) | (.01) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.89 | $ 9.05 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 |
Total ReturnB, C, D | (.62)% | (4.23)% | 10.94% | 5.56% | (6.85)% | 23.72% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.44%A | 2.40% | 2.42% | 2.38% | 2.37% | 2.47% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.38% | 2.33% | 2.25% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.38% | 2.35% | 2.27% | 2.12% |
Net investment income (loss) | .28%A | .65% | 1.05% | 1.33% | .93% H | .20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 247 | $ 294 | $ 388 | $ 441 | $ 539 | $ 822 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.93 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .06 | .09 | .11 | .08H | .02 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .83 | .35 | (.69) | 1.67 |
Total from investment operations | (.06) | (.40) | .92 | .46 | (.61) | 1.69 |
Distributions from net investment income | (.08) | (.06) | (.08) | (.08) | (.05) | (.01) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.12) | (.06) | (.15) | (.08) | (.06) K | (.03) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.75 | $ 8.93 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 |
Total ReturnB, C, D | (.63)% | (4.24)% | 10.83% | 5.68% | (6.79)% | 23.61% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.44%A | 2.40% | 2.42% | 2.37% | 2.36% | 2.45% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.37% | 2.33% | 2.25% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.38% | 2.35% | 2.27% | 2.13% |
Net investment income (loss) | .29%A | .65% | 1.05% | 1.34% | .93% H | .20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,549 | $ 6,662 | $ 6,782 | $ 7,770 | $ 6,650 | $ 5,151 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .16 | .18 | .20 | .18G | .09 |
Net realized and unrealized gain (loss) | (.07) | (.47) | .84 | .35 | (.71) | 1.70 |
Total from investment operations | (.02) | (.31) | 1.02 | .55 | (.53) | 1.79 |
Distributions from net investment income | (.17) | (.13) | (.18) | (.17) | (.09) | (.05) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.21) | (.13) | (.25) | (.17) | (.11) | (.08) J |
Redemption fees added to paid in capital D | - I | - I | - I | - I | .01 | .01 |
Net asset value, end of period | $ 8.85 | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 |
Total ReturnB, C | (.09)% | (3.21)% | 11.90% | 6.81% | (5.91)% | 24.92% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.43%A | 1.37% | 1.40% | 1.37% | 1.35% | 1.45% |
Expenses net of fee waivers, if any | 1.40%A | 1.37% | 1.40% | 1.37% | 1.31% | 1.25% |
Expenses net of all reductions | 1.40%A | 1.37% | 1.38% | 1.34% | 1.25% | 1.12% |
Net investment income (loss) | 1.28%A | 1.68% | 2.05% | 2.34% | 1.95% G | 1.21% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 85,945 | $ 96,784 | $ 110,265 | $ 111,441 | $ 114,117 | $ 140,270 |
Portfolio turnover rateF | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.51%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .16 | .19 | .21 | .19G | .09 |
Net realized and unrealized gain (loss) | (.08) | (.46) | .84 | .35 | (.72) | 1.70 |
Total from investment operations | (.02) | (.30) | 1.03 | .56 | (.53) | 1.79 |
Distributions from net investment income | (.18) | (.14) | (.19) | (.18) | (.09) | (.05) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.22) | (.14) | (.26) | (.18) | (.11) | (.08) J |
Redemption fees added to paid in capital D | - I | - I | - I | - I | .01 | .01 |
Net asset value, end of period | $ 8.84 | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 |
Total ReturnB, C | (.08)% | (3.09)% | 12.05% | 6.93% | (5.91)% | 24.95% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.29%A | 1.26% | 1.30% | 1.28% | 1.26% | 1.34% |
Expenses net of fee waivers, if any | 1.29%A | 1.26% | 1.30% | 1.28% | 1.24% | 1.25% |
Expenses net of all reductions | 1.29%A | 1.26% | 1.28% | 1.25% | 1.19% | 1.13% |
Net investment income (loss) | 1.39%A | 1.79% | 2.15% | 2.43% | 2.02%G | 1.20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,472 | $ 5,596 | $ 10,231 | $ 8,586 | $ 7,633 | $ 7,171 |
Portfolio turnover rateF | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Europe, Middle East, Africa (EMEA) and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 including information on transfers between Levels 1 and 2 is included at the end of the each Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 22,228,760 |
Gross unrealized depreciation | (7,895,185) |
Net unrealized appreciation (depreciation) on securities | $ 14,333,575 |
| |
Tax cost | $ 93,116,398 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2018 | $ (1,624,705) |
No expiration | |
Short-term | (373,258) |
Long-term | (4,059,292) |
Total no expiration | (4,432,550) |
Total capital loss carryforward | $ (6,057,255) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and
Semiannual Report
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $22,949,667 and $33,377,644, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 8,629 | $ 286 |
Class T | .25% | .25% | 5,961 | 59 |
Class B | .75% | .25% | 1,261 | 950 |
Class C | .75% | .25% | 31,364 | 4,980 |
| | | $ 47,215 | $ 6,275 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,673 |
Class T | 740 |
Class B* | 5 |
Class C* | 490 |
| $ 3,908 |
* 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 the investment adviser, is the transfer, dividend disbursing and
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 8,644 | .25 |
Class T | 3,753 | .32 |
Class B | 374 | .30 |
Class C | 9,137 | .29 |
Emerging Europe, Middle East, Africa (EMEA) | 120,305 | .28 |
Institutional Class | 3,450 | .15 |
| $ 145,663 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $86 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $33. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
The investment adviser 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 |
Class A | 1.65% | $ - |
Class T | 1.90% | 747 |
Class B | 2.40% | 50 |
Class C | 2.40% | 1,223 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 11,324 |
Institutional Class | 1.40% | - |
| | $ 13,344 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $37 for the period.
Semiannual Report
8. Expense Reductions - continued
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Emerging Europe, Middle East, Africa (EMEA) expenses during the period in the amount of $346.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ 113,464 | $ 138,741 |
Class T | 35,916 | 39,254 |
Class B | 1,835 | 1,980 |
Class C | 58,320 | 46,648 |
Emerging Europe, Middle East, Africa (EMEA) | 1,776,301 | 1,537,065 |
Institutional Class | 105,734 | 157,868 |
Total | $ 2,091,570 | $ 1,921,556 |
From net realized gain | | |
Class A | $ 32,778 | $ - |
Class T | 11,206 | - |
Class B | 1,213 | - |
Class C | 29,160 | - |
Emerging Europe, Middle East, Africa (EMEA) | 407,505 | - |
Institutional Class | 22,909 | - |
Total | $ 504,771 | $ - |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 131,510 | 315,373 | $ 1,093,319 | $ 2,918,425 |
Reinvestment of distributions | 16,251 | 11,698 | 135,531 | 104,929 |
Shares redeemed | (176,870) | (601,453) | (1,468,606) | (5,463,762) |
Net increase (decrease) | (29,109) | (274,382) | $ (239,756) | $ (2,440,408) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class T | | | | |
Shares sold | 54,435 | 101,639 | $ 461,356 | $ 928,488 |
Reinvestment of distributions | 5,631 | 4,323 | 46,793 | 38,736 |
Shares redeemed | (45,085) | (198,384) | (370,940) | (1,797,181) |
Net increase (decrease) | 14,981 | (92,422) | $ 137,209 | $ (829,957) |
Class B | | | | |
Shares sold | 2,383 | 4,359 | $ 19,877 | $ 39,785 |
Reinvestment of distributions | 349 | 219 | 2,936 | 1,980 |
Shares redeemed | (7,453) | (12,911) | (62,767) | (117,435) |
Net increase (decrease) | (4,721) | (8,333) | $ (39,954) | $ (75,670) |
Class C | | | | |
Shares sold | 130,877 | 241,646 | $ 1,078,837 | $ 2,211,783 |
Reinvestment of distributions | 8,117 | 3,905 | 67,210 | 34,875 |
Shares redeemed | (136,634) | (221,913) | (1,125,716) | (2,006,697) |
Net increase (decrease) | 2,360 | 23,638 | $ 20,331 | $ 239,961 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 836,759 | 2,719,041 | $ 6,924,743 | $ 24,959,563 |
Reinvestment of distributions | 247,446 | 162,803 | 2,063,699 | 1,463,600 |
Shares redeemed | (2,029,191) | (3,802,325) | (16,788,057) | (34,854,232) |
Net increase (decrease) | (944,986) | (920,481) | $ (7,799,615) | $ (8,431,069) |
Institutional Class | | | | |
Shares sold | 83,420 | 374,756 | $ 685,639 | $ 3,428,841 |
Reinvestment of distributions | 12,912 | 8,639 | 107,558 | 77,579 |
Shares redeemed | (206,850) | (841,493) | (1,697,547) | (7,467,169) |
Net increase (decrease) | (110,518) | (458,098) | $ (904,350) | $ (3,960,749) |
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.
FMR Investment Management
(U.K.) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AEMEI-USAN-0615
1.861983.106
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(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, 2015
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are classes of Fidelity® Emerging Europe,
Middle East, Africa (EMEA) Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.64% | | | |
Actual | | $ 1,000.00 | $ 998.30 | $ 8.13 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 996.00 | $ 9.40 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 993.80 | $ 11.86 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 993.70 | $ 11.86 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 999.10 | $ 6.94 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.29% | | | |
Actual | | $ 1,000.00 | $ 999.20 | $ 6.39 |
HypotheticalA | | $ 1,000.00 | $ 1,018.40 | $ 6.46 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
 | South Africa 41.2% | |
 | Russia 20.9% | |
 | Turkey 5.8% | |
 | Poland 5.3% | |
 | United Kingdom 4.9% | |
 | United Arab Emirates 3.7% | |
 | Romania 2.9% | |
 | Qatar 2.6% | |
 | Austria 1.8% | |
 | Other* 10.9% | |
As of October 31, 2014 |
 | South Africa 43.1% | |
 | Russia 20.1% | |
 | Turkey 5.5% | |
 | Poland 5.1% | |
 | United Arab Emirates 4.6% | |
 | United Kingdom 4.0% | |
 | Qatar 3.0% | |
 | Romania 1.9% | |
 | Greece 1.6% | |
 | Other* 11.1% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.9 | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1 | 0.1 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Naspers Ltd. Class N (South Africa, Media) | 7.3 | 5.8 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels) | 5.5 | 4.3 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 5.4 | 7.4 |
Gazprom OAO sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels) | 4.9 | 5.3 |
Sberbank of Russia sponsored ADR (Russia, Banks) | 4.1 | 0.0 |
Standard Bank Group Ltd. (South Africa, Banks) | 3.1 | 2.5 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 2.9 | 2.7 |
Remgro Ltd. (South Africa, Diversified Financial Services) | 2.4 | 2.6 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 2.4 | 3.8 |
Megafon OJSC GDR (Russia, Wireless Telecommunication Services) | 1.9 | 0.8 |
| 39.9 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 35.9 | 36.4 |
Energy | 16.6 | 18.5 |
Consumer Discretionary | 16.3 | 12.6 |
Consumer Staples | 9.3 | 9.1 |
Telecommunication Services | 8.1 | 10.1 |
Materials | 5.9 | 6.2 |
Health Care | 4.3 | 3.5 |
Industrials | 3.1 | 3.2 |
Information Technology | 0.4 | 0.3 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the emerging Europe, Middle East and Africa markets. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% |
| Shares | | Value |
Austria - 1.8% |
Buwog-Gemeinnuetzige Wohnung | 15,000 | | $ 303,283 |
CA Immobilien Anlagen AG | 43,700 | | 793,064 |
Erste Group Bank AG | 29,100 | | 821,599 |
TOTAL AUSTRIA | | 1,917,946 |
Bailiwick of Jersey - 0.3% |
Wizz Air Holdings PLC | 13,669 | | 297,497 |
Bermuda - 0.3% |
Aquarius Platinum Ltd. (a) | 1,967,700 | | 277,881 |
Botswana - 0.4% |
First National Bank of Botswana Ltd. | 964,358 | | 372,802 |
Canada - 0.7% |
Africa Oil Corp. (a) | 211,600 | | 457,751 |
SEMAFO, Inc. (a) | 105,000 | | 322,876 |
TOTAL CANADA | | 780,627 |
Croatia - 0.4% |
Ledo d.d. | 413 | | 474,596 |
Czech Republic - 1.4% |
Komercni Banka A/S | 6,705 | | 1,495,261 |
Estonia - 0.4% |
Tallinna Kaubamaja AS | 70,900 | | 475,272 |
Greece - 1.3% |
Fourlis Holdings SA (a) | 90,500 | | 246,899 |
Jumbo SA | 53,036 | | 544,542 |
Karelia Tobacco Co., Inc. | 970 | | 245,950 |
Sarantis SA (a) | 37,800 | | 342,075 |
TOTAL GREECE | | 1,379,466 |
Kenya - 1.3% |
British American Tobacco Kenya Ltd. | 31,700 | | 240,933 |
Common Stocks - continued |
| Shares | | Value |
Kenya - continued |
Kenya Commercial Bank Ltd. | 756,500 | | $ 499,802 |
Safaricom Ltd. | 3,816,544 | | 701,986 |
TOTAL KENYA | | 1,442,721 |
Kuwait - 0.8% |
Kuwait Food Co. (Americana) | 95,250 | | 839,930 |
Lithuania - 0.5% |
Apranga AB (a) | 163,766 | | 544,299 |
Luxembourg - 0.6% |
Pegas NONWOVENS SA | 20,400 | | 607,413 |
Nigeria - 0.6% |
Zenith Bank PLC | 6,384,656 | | 678,570 |
Oman - 0.1% |
National Bank of Oman (a) | 189,246 | | 154,326 |
Pakistan - 1.2% |
Habib Bank Ltd. | 145,600 | | 287,234 |
Indus Motor Co. Ltd. | 30,000 | | 358,357 |
Pak Suzuki Motors | 80,800 | | 340,530 |
United Bank Ltd. | 190,000 | | 331,998 |
TOTAL PAKISTAN | | 1,318,119 |
Poland - 5.3% |
Bank Handlowy w Warszawie SA | 43,000 | | 1,361,723 |
Bank Polska Kasa Opieki SA | 27,500 | | 1,432,351 |
Inter Cars SA | 3,700 | | 265,024 |
Kruk SA (a) | 9,000 | | 383,016 |
NG2 SA | 11,800 | | 624,443 |
Orbis SA | 60,600 | | 926,714 |
Quercus TFI SA | 250,000 | | 545,162 |
Stomil Sanok SA | 10,000 | | 177,785 |
TOTAL POLAND | | 5,716,218 |
Qatar - 2.6% |
Al Meera Consumer Goods Co. (a) | 7,996 | | 542,373 |
Commercial Bank of Qatar (a) | 30,022 | | 465,182 |
Qatar National Bank SAQ (a) | 32,850 | | 1,786,920 |
TOTAL QATAR | | 2,794,475 |
Romania - 2.9% |
Banca Transilvania SA (a) | 2,023,073 | | 1,258,641 |
BRD-Groupe Societe Generale (a) | 363,129 | | 981,131 |
Common Stocks - continued |
| Shares | | Value |
Romania - continued |
Bursa de Valori Bucuresti (a) | 73,404 | | $ 704,589 |
Fondul Propietatea SA GDR (a) | 14,000 | | 159,499 |
TOTAL ROMANIA | | 3,103,860 |
Russia - 18.1% |
Gazprom OAO sponsored ADR (Reg. S) | 885,900 | | 5,190,446 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 115,295 | | 5,897,975 |
Megafon OJSC GDR | 122,400 | | 2,076,127 |
Moscow Exchange MICEX-RTS OAO | 275,000 | | 411,085 |
NOVATEK OAO GDR (Reg. S) | 4,825 | | 467,183 |
Sberbank of Russia sponsored ADR | 737,100 | | 4,374,887 |
Tatneft OAO sponsored ADR | 7,000 | | 240,115 |
Vozrozhdenie Bank (a) | 90,200 | | 709,202 |
TOTAL RUSSIA | | 19,367,020 |
Slovenia - 0.5% |
Krka dd Novo mesto | 6,700 | | 516,460 |
South Africa - 41.2% |
AngloGold Ashanti Ltd. (a) | 128,400 | | 1,458,166 |
Aspen Pharmacare Holdings Ltd. | 63,600 | | 1,935,333 |
Cashbuild Ltd. (e) | 28,300 | | 664,403 |
Clicks Group Ltd. (e) | 149,552 | | 1,147,639 |
Discovery Ltd. | 26,408 | | 293,199 |
DRDGOLD Ltd. | 4,469,214 | | 838,040 |
FirstRand Ltd. (e) | 651,600 | | 3,112,782 |
Grand Parade Investments Ltd. | 727,000 | | 402,115 |
Holdsport Ltd. | 220,400 | | 1,011,566 |
Hulamin Ltd. (d) | 996,200 | | 579,485 |
MTN Group Ltd. | 290,250 | | 5,831,228 |
Nampak Ltd. | 387,100 | | 1,387,817 |
Naspers Ltd. Class N | 49,600 | | 7,801,035 |
Netcare Ltd. | 310,000 | | 1,085,863 |
Pioneer Foods Ltd. | 75,000 | | 1,173,584 |
Raubex Group Ltd. | 364,600 | | 548,605 |
Remgro Ltd. | 114,800 | | 2,554,381 |
RMB Holdings Ltd. | 164,600 | | 992,339 |
Sasol Ltd. | 63,000 | | 2,536,599 |
Shoprite Holdings Ltd. | 120,100 | | 1,718,274 |
Spar Group Ltd. | 89,200 | | 1,432,149 |
Standard Bank Group Ltd. | 227,663 | | 3,341,386 |
Steinhoff International Holdings Ltd. | 20,000 | | 127,065 |
Telkom SA Ltd. (a)(e) | 36,300 | | 250,213 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Truworths International Ltd. | 164,000 | | $ 1,195,510 |
Zeder Investments Ltd. (e) | 940,847 | | 700,717 |
TOTAL SOUTH AFRICA | | 44,119,493 |
Turkey - 5.8% |
Aselsan A/S | 244,000 | | 1,273,591 |
Brisa Bridgestone S.A.B. Las San | 45,000 | | 150,528 |
Gubre Fabrikalari TAS | 298,000 | | 797,239 |
Koc Holding A/S | 188,850 | | 893,868 |
Logo Yazilim Sanayi Ve Ticar | 43,328 | | 402,866 |
Pinar Sut Mamulleri Sanayi A/S | 58,000 | | 557,734 |
Soda Sanayii AS | 225,000 | | 548,904 |
Turkiye Garanti Bankasi A/S | 505,000 | | 1,606,786 |
TOTAL TURKEY | | 6,231,516 |
United Arab Emirates - 3.7% |
Agthia Group PJSC | 300,000 | | 628,922 |
Aldar Properties PJSC (a) | 1,409,585 | | 1,059,218 |
First Gulf Bank PJSC | 286,313 | | 1,188,765 |
SHUAA Capital PSC (a) | 5,249,942 | | 1,129,189 |
TOTAL UNITED ARAB EMIRATES | | 4,006,094 |
United Kingdom - 4.9% |
Abdullah Al Othaim Markets Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) | 17,836 | | 507,888 |
Al Noor Hospitals Group PLC | 30,100 | | 414,578 |
Alabama Khaleej Training & Education ELS (HSBC Bank Warrant Program) warrants 7/18/16 (a)(c) | 37,010 | | 547,317 |
Fawaz Abdulaziz Alhokair Co. ELS (HSBC Warrant Program) warrants 3/20/17 (a)(c) | 10,300 | | 305,546 |
Halwani Brothers Co. ELS (HSBC Warrant Program) warrants 2/9/18 (c) | 11,262 | | 258,078 |
NMC Health PLC | 58,700 | | 683,163 |
Saudi Basic Industries Corp. (SABIC) ELS (HSBC Bank Warrant Program) warrants 1/22/18 (c) | 15,000 | | 434,691 |
Saudia Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/26/15 (a)(c) | 19,000 | | 658,927 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(c) | 39,200 | | $ 811,752 |
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) | 38,333 | | 607,665 |
TOTAL UNITED KINGDOM | | 5,229,605 |
TOTAL COMMON STOCKS (Cost $89,400,001) |
104,141,467
|
Nonconvertible Preferred Stocks - 2.8% |
| | | |
Russia - 2.8% |
Surgutneftegas OJSC (a) | 2,448,600 | | 1,845,941 |
Tatneft OAO (a) | 363,800 | | 1,178,766 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,423,687) |
3,024,707
|
Money Market Funds - 0.3% |
| | | |
Fidelity Cash Central Fund, 0.15% (b)
(Cost $283,799) | 283,799 | |
283,799
|
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $92,107,487) | | 107,449,973 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | | (244,015) |
NET ASSETS - 100% | $ 107,205,958 |
Security Type Abbreviations |
ELS - Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,131,864 or 3.9% of net assets. |
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) A portion of the security sold on a delayed delivery basis |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 352 |
Fidelity Securities Lending Cash Central Fund | 33 |
Total | $ 385 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 17,375,475 | $ 16,036,717 | $ 1,338,758 | $ - |
Consumer Staples | 10,146,316 | 8,391,476 | 1,754,840 | - |
Energy | 17,814,776 | 1,636,517 | 16,178,259 | - |
Financials | 38,324,805 | 27,847,955 | 10,476,850 | - |
Health Care | 4,635,397 | 3,537,656 | 1,097,741 | - |
Industrials | 3,396,577 | 3,099,080 | 297,497 | - |
Information Technology | 402,866 | 402,866 | - | - |
Materials | 6,210,408 | 3,914,202 | 2,296,206 | - |
Telecommunication Services | 8,859,554 | 6,783,427 | 2,076,127 | - |
Money Market Funds | 283,799 | 283,799 | - | - |
Total Investments in Securities: | $ 107,449,973 | $ 71,933,695 | $ 35,516,278 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 16,383,904 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $91,823,688) | $ 107,166,174 | |
Fidelity Central Funds (cost $283,799) | 283,799 | |
Total Investments (cost $92,107,487) | | $ 107,449,973 |
Foreign currency held at value (cost $39,814) | | 39,799 |
Receivable for investments sold | | |
Regular delivery | | 496,851 |
Delayed delivery | | 500,956 |
Receivable for fund shares sold | | 54,411 |
Dividends receivable | | 174,429 |
Distributions receivable from Fidelity Central Funds | | 23 |
Prepaid expenses | | 93 |
Receivable from investment adviser for expense reductions | | 13,344 |
Other receivables | | 49,645 |
Total assets | | 108,779,524 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 1,134,701 | |
Delayed delivery | 58,458 | |
Payable for fund shares redeemed | 139,236 | |
Accrued management fee | 69,957 | |
Distribution and service plan fees payable | 8,151 | |
Other affiliated payables | 27,703 | |
Other payables and accrued expenses | 135,360 | |
Total liabilities | | 1,573,566 |
| | |
Net Assets | | $ 107,205,958 |
Net Assets consist of: | | |
Paid in capital | | $ 104,974,629 |
Undistributed net investment income | | 440,400 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (13,471,295) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 15,262,224 |
Net Assets | | $ 107,205,958 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($7,451,465 ÷ 843,311 shares) | | $ 8.84 |
| | |
Maximum offering price per share (100/94.25 of $8.84) | | $ 9.38 |
Class T:
Net Asset Value and redemption price per share ($2,540,610 ÷ 288,729 shares) | | $ 8.80 |
| | |
Maximum offering price per share (100/96.50 of $8.80) | | $ 9.12 |
Class B:
Net Asset Value and offering price per share ($247,258 ÷ 27,816 shares)A | | $ 8.89 |
| | |
Class C:
Net Asset Value and offering price per share ($6,549,032 ÷ 748,184 shares)A | | $ 8.75 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($85,945,319 ÷ 9,715,024 shares) | | $ 8.85 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($4,472,274 ÷ 506,003 shares) | | $ 8.84 |
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
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,562,303 |
Income from Fidelity Central Funds | | 385 |
Income before foreign taxes withheld | | 1,562,688 |
Less foreign taxes withheld | | (147,252) |
Total income | | 1,415,436 |
| | |
Expenses | | |
Management fee | $ 422,278 | |
Transfer agent fees | 145,663 | |
Distribution and service plan fees | 47,215 | |
Accounting and security lending fees | 27,379 | |
Custodian fees and expenses | 51,642 | |
Independent trustees' compensation | 215 | |
Registration fees | 69,311 | |
Audit | 31,955 | |
Legal | 177 | |
Miscellaneous | 405 | |
Total expenses before reductions | 796,240 | |
Expense reductions | (13,727) | 782,513 |
Net investment income (loss) | | 632,923 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $64,672) | (6,306,198) | |
Foreign currency transactions | (18,151) | |
Total net realized gain (loss) | | (6,324,349) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $18,841) | 4,621,727 | |
Assets and liabilities in foreign currencies | 1,195 | |
Total change in net unrealized appreciation (depreciation) | | 4,622,922 |
Net gain (loss) | | (1,701,427) |
Net increase (decrease) in net assets resulting from operations | | $ (1,068,504) |
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, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 632,923 | $ 2,097,602 |
Net realized gain (loss) | (6,324,349) | (4,234,408) |
Change in net unrealized appreciation (depreciation) | 4,622,922 | (2,810,920) |
Net increase (decrease) in net assets resulting from operations | (1,068,504) | (4,947,726) |
Distributions to shareholders from net investment income | (2,091,570) | (1,921,556) |
Distributions to shareholders from net realized gain | (504,771) | - |
Total distributions | (2,596,341) | (1,921,556) |
Share transactions - net increase (decrease) | (8,826,135) | (15,497,892) |
Redemption fees | 7,211 | 42,040 |
Total increase (decrease) in net assets | (12,483,769) | (22,325,134) |
| | |
Net Assets | | |
Beginning of period | 119,689,727 | 142,014,861 |
End of period (including undistributed net investment income of $440,400 and undistributed net investment income of $1,899,047, respectively) | $ 107,205,958 | $ 119,689,727 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.04 | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 | $ 7.26 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .13 | .16 | .18 | .16H | .07 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .85 | .34 | (.70) | 1.70 |
Total from investment operations | (.03) | (.33) | 1.01 | .52 | (.54) | 1.77 |
Distributions from net investment income | (.14) | (.12) | (.15) | (.15) | (.08) | (.04) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.17) M | (.12) | (.23) L | (.15) | (.10) | (.07) K |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.84 | $ 9.04 | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 |
Total ReturnB, C, D | (.17)% | (3.48)% | 11.75% | 6.38% | (6.05)% | 24.66% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.64%A | 1.60% | 1.64% | 1.62% | 1.60% | 1.69% |
Expenses net of fee waivers, if any | 1.64%A | 1.60% | 1.63% | 1.62% | 1.56% | 1.50% |
Expenses net of all reductions | 1.64%A | 1.60% | 1.62% | 1.60% | 1.51% | 1.38% |
Net investment income (loss) | 1.04%A | 1.45% | 1.82% | 2.09% | 1.70% H | .95% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 7,451 | $ 7,889 | $ 10,883 | $ 8,934 | $ 10,260 | $ 10,045 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share. L Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share. M Total distributions of $.17 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.039 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.01 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .11 | .14 | .15 | .13H | .06 |
Net realized and unrealized gain (loss) | (.08) | (.46) | .84 | .35 | (.71) | 1.69 |
Total from investment operations | (.05) | (.35) | .98 | .50 | (.58) | 1.75 |
Distributions from net investment income | (.13) | (.10) | (.12) | (.13) | (.07) | (.03) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.16) M | (.10) | (.20) L | (.13) | (.08) K | (.05) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.80 | $ 9.01 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 |
Total ReturnB, C, D | (.40)% | (3.67)% | 11.42% | 6.14% | (6.42)% | 24.44% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.96%A | 1.92% | 1.93% | 1.89% | 1.87% | 1.95% |
Expenses net of fee waivers, if any | 1.90%A | 1.90% | 1.90% | 1.89% | 1.84% | 1.75% |
Expenses net of all reductions | 1.90%A | 1.90% | 1.88% | 1.86% | 1.78% | 1.62% |
Net investment income (loss) | .79%A | 1.15% | 1.55% | 1.82% | 1.42% H | .70% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,541 | $ 2,465 | $ 3,465 | $ 3,336 | $ 3,502 | $ 3,114 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share. L Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.07 per share. M Total distributions of $.16 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.039 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.05 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .06 | .09 | .11 | .09H | .02 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .85 | .35 | (.71) | 1.68 |
Total from investment operations | (.06) | (.40) | .94 | .46 | (.62) | 1.70 |
Distributions from net investment income | (.06) | (.05) | (.06) | (.06) | (.02) | - |
Distributions from net realized gain | (.04) | - | (.07) | - | (.01) | (.01) |
Total distributions | (.10) | (.05) | (.13) | (.06) | (.03) | (.01) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.89 | $ 9.05 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 |
Total ReturnB, C, D | (.62)% | (4.23)% | 10.94% | 5.56% | (6.85)% | 23.72% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.44%A | 2.40% | 2.42% | 2.38% | 2.37% | 2.47% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.38% | 2.33% | 2.25% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.38% | 2.35% | 2.27% | 2.12% |
Net investment income (loss) | .28%A | .65% | 1.05% | 1.33% | .93% H | .20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 247 | $ 294 | $ 388 | $ 441 | $ 539 | $ 822 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.93 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .06 | .09 | .11 | .08H | .02 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .83 | .35 | (.69) | 1.67 |
Total from investment operations | (.06) | (.40) | .92 | .46 | (.61) | 1.69 |
Distributions from net investment income | (.08) | (.06) | (.08) | (.08) | (.05) | (.01) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.12) | (.06) | (.15) | (.08) | (.06) K | (.03) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.75 | $ 8.93 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 |
Total ReturnB, C, D | (.63)% | (4.24)% | 10.83% | 5.68% | (6.79)% | 23.61% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.44%A | 2.40% | 2.42% | 2.37% | 2.36% | 2.45% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.37% | 2.33% | 2.25% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.38% | 2.35% | 2.27% | 2.13% |
Net investment income (loss) | .29%A | .65% | 1.05% | 1.34% | .93% H | .20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,549 | $ 6,662 | $ 6,782 | $ 7,770 | $ 6,650 | $ 5,151 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .16 | .18 | .20 | .18G | .09 |
Net realized and unrealized gain (loss) | (.07) | (.47) | .84 | .35 | (.71) | 1.70 |
Total from investment operations | (.02) | (.31) | 1.02 | .55 | (.53) | 1.79 |
Distributions from net investment income | (.17) | (.13) | (.18) | (.17) | (.09) | (.05) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.21) | (.13) | (.25) | (.17) | (.11) | (.08) J |
Redemption fees added to paid in capital D | - I | - I | - I | - I | .01 | .01 |
Net asset value, end of period | $ 8.85 | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 |
Total ReturnB, C | (.09)% | (3.21)% | 11.90% | 6.81% | (5.91)% | 24.92% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.43%A | 1.37% | 1.40% | 1.37% | 1.35% | 1.45% |
Expenses net of fee waivers, if any | 1.40%A | 1.37% | 1.40% | 1.37% | 1.31% | 1.25% |
Expenses net of all reductions | 1.40%A | 1.37% | 1.38% | 1.34% | 1.25% | 1.12% |
Net investment income (loss) | 1.28%A | 1.68% | 2.05% | 2.34% | 1.95% G | 1.21% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 85,945 | $ 96,784 | $ 110,265 | $ 111,441 | $ 114,117 | $ 140,270 |
Portfolio turnover rateF | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.51%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .16 | .19 | .21 | .19G | .09 |
Net realized and unrealized gain (loss) | (.08) | (.46) | .84 | .35 | (.72) | 1.70 |
Total from investment operations | (.02) | (.30) | 1.03 | .56 | (.53) | 1.79 |
Distributions from net investment income | (.18) | (.14) | (.19) | (.18) | (.09) | (.05) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.22) | (.14) | (.26) | (.18) | (.11) | (.08) J |
Redemption fees added to paid in capital D | - I | - I | - I | - I | .01 | .01 |
Net asset value, end of period | $ 8.84 | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 |
Total ReturnB, C | (.08)% | (3.09)% | 12.05% | 6.93% | (5.91)% | 24.95% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.29%A | 1.26% | 1.30% | 1.28% | 1.26% | 1.34% |
Expenses net of fee waivers, if any | 1.29%A | 1.26% | 1.30% | 1.28% | 1.24% | 1.25% |
Expenses net of all reductions | 1.29%A | 1.26% | 1.28% | 1.25% | 1.19% | 1.13% |
Net investment income (loss) | 1.39%A | 1.79% | 2.15% | 2.43% | 2.02%G | 1.20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,472 | $ 5,596 | $ 10,231 | $ 8,586 | $ 7,633 | $ 7,171 |
Portfolio turnover rateF | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Europe, Middle East, Africa (EMEA) and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 including information on transfers between Levels 1 and 2 is included at the end of the each Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 22,228,760 |
Gross unrealized depreciation | (7,895,185) |
Net unrealized appreciation (depreciation) on securities | $ 14,333,575 |
| |
Tax cost | $ 93,116,398 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2018 | $ (1,624,705) |
No expiration | |
Short-term | (373,258) |
Long-term | (4,059,292) |
Total no expiration | (4,432,550) |
Total capital loss carryforward | $ (6,057,255) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $22,949,667 and $33,377,644, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 8,629 | $ 286 |
Class T | .25% | .25% | 5,961 | 59 |
Class B | .75% | .25% | 1,261 | 950 |
Class C | .75% | .25% | 31,364 | 4,980 |
| | | $ 47,215 | $ 6,275 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,673 |
Class T | 740 |
Class B* | 5 |
Class C* | 490 |
| $ 3,908 |
* 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 the investment adviser, is the transfer, dividend disbursing and
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 8,644 | .25 |
Class T | 3,753 | .32 |
Class B | 374 | .30 |
Class C | 9,137 | .29 |
Emerging Europe, Middle East, Africa (EMEA) | 120,305 | .28 |
Institutional Class | 3,450 | .15 |
| $ 145,663 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $86 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a
Semiannual Report
7. Security Lending - continued
broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $33. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
The investment adviser 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 |
Class A | 1.65% | $ - |
Class T | 1.90% | 747 |
Class B | 2.40% | 50 |
Class C | 2.40% | 1,223 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 11,324 |
Institutional Class | 1.40% | - |
| | $ 13,344 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $37 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Emerging Europe, Middle East, Africa (EMEA) expenses during the period in the amount of $346.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ 113,464 | $ 138,741 |
Class T | 35,916 | 39,254 |
Class B | 1,835 | 1,980 |
Class C | 58,320 | 46,648 |
Emerging Europe, Middle East, Africa (EMEA) | 1,776,301 | 1,537,065 |
Institutional Class | 105,734 | 157,868 |
Total | $ 2,091,570 | $ 1,921,556 |
From net realized gain | | |
Class A | $ 32,778 | $ - |
Class T | 11,206 | - |
Class B | 1,213 | - |
Class C | 29,160 | - |
Emerging Europe, Middle East, Africa (EMEA) | 407,505 | - |
Institutional Class | 22,909 | - |
Total | $ 504,771 | $ - |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 131,510 | 315,373 | $ 1,093,319 | $ 2,918,425 |
Reinvestment of distributions | 16,251 | 11,698 | 135,531 | 104,929 |
Shares redeemed | (176,870) | (601,453) | (1,468,606) | (5,463,762) |
Net increase (decrease) | (29,109) | (274,382) | $ (239,756) | $ (2,440,408) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class T | | | | |
Shares sold | 54,435 | 101,639 | $ 461,356 | $ 928,488 |
Reinvestment of distributions | 5,631 | 4,323 | 46,793 | 38,736 |
Shares redeemed | (45,085) | (198,384) | (370,940) | (1,797,181) |
Net increase (decrease) | 14,981 | (92,422) | $ 137,209 | $ (829,957) |
Class B | | | | |
Shares sold | 2,383 | 4,359 | $ 19,877 | $ 39,785 |
Reinvestment of distributions | 349 | 219 | 2,936 | 1,980 |
Shares redeemed | (7,453) | (12,911) | (62,767) | (117,435) |
Net increase (decrease) | (4,721) | (8,333) | $ (39,954) | $ (75,670) |
Class C | | | | |
Shares sold | 130,877 | 241,646 | $ 1,078,837 | $ 2,211,783 |
Reinvestment of distributions | 8,117 | 3,905 | 67,210 | 34,875 |
Shares redeemed | (136,634) | (221,913) | (1,125,716) | (2,006,697) |
Net increase (decrease) | 2,360 | 23,638 | $ 20,331 | $ 239,961 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 836,759 | 2,719,041 | $ 6,924,743 | $ 24,959,563 |
Reinvestment of distributions | 247,446 | 162,803 | 2,063,699 | 1,463,600 |
Shares redeemed | (2,029,191) | (3,802,325) | (16,788,057) | (34,854,232) |
Net increase (decrease) | (944,986) | (920,481) | $ (7,799,615) | $ (8,431,069) |
Institutional Class | | | | |
Shares sold | 83,420 | 374,756 | $ 685,639 | $ 3,428,841 |
Reinvestment of distributions | 12,912 | 8,639 | 107,558 | 77,579 |
Shares redeemed | (206,850) | (841,493) | (1,697,547) | (7,467,169) |
Net increase (decrease) | (110,518) | (458,098) | $ (904,350) | $ (3,960,749) |
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
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(U.K.) Limited
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FIL Investment Advisors
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(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
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Fidelity Investments Institutional
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Custodian
State Street Bank & Trust Company
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(Fidelity Investment logo)(registered trademark)
AEME-USAN-0615
1.861991.106
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
Fidelity®
Emerging Europe,
Middle East, Africa (EMEA)
Fund
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.64% | | | |
Actual | | $ 1,000.00 | $ 998.30 | $ 8.13 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 996.00 | $ 9.40 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 993.80 | $ 11.86 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 993.70 | $ 11.86 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 999.10 | $ 6.94 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.29% | | | |
Actual | | $ 1,000.00 | $ 999.20 | $ 6.39 |
HypotheticalA | | $ 1,000.00 | $ 1,018.40 | $ 6.46 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
 | South Africa 41.2% | |
 | Russia 20.9% | |
 | Turkey 5.8% | |
 | Poland 5.3% | |
 | United Kingdom 4.9% | |
 | United Arab Emirates 3.7% | |
 | Romania 2.9% | |
 | Qatar 2.6% | |
 | Austria 1.8% | |
 | Other* 10.9% | |
As of October 31, 2014 |
 | South Africa 43.1% | |
 | Russia 20.1% | |
 | Turkey 5.5% | |
 | Poland 5.1% | |
 | United Arab Emirates 4.6% | |
 | United Kingdom 4.0% | |
 | Qatar 3.0% | |
 | Romania 1.9% | |
 | Greece 1.6% | |
 | Other* 11.1% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.9 | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1 | 0.1 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Naspers Ltd. Class N (South Africa, Media) | 7.3 | 5.8 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels) | 5.5 | 4.3 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 5.4 | 7.4 |
Gazprom OAO sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels) | 4.9 | 5.3 |
Sberbank of Russia sponsored ADR (Russia, Banks) | 4.1 | 0.0 |
Standard Bank Group Ltd. (South Africa, Banks) | 3.1 | 2.5 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 2.9 | 2.7 |
Remgro Ltd. (South Africa, Diversified Financial Services) | 2.4 | 2.6 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 2.4 | 3.8 |
Megafon OJSC GDR (Russia, Wireless Telecommunication Services) | 1.9 | 0.8 |
| 39.9 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 35.9 | 36.4 |
Energy | 16.6 | 18.5 |
Consumer Discretionary | 16.3 | 12.6 |
Consumer Staples | 9.3 | 9.1 |
Telecommunication Services | 8.1 | 10.1 |
Materials | 5.9 | 6.2 |
Health Care | 4.3 | 3.5 |
Industrials | 3.1 | 3.2 |
Information Technology | 0.4 | 0.3 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the emerging Europe, Middle East and Africa markets. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% |
| Shares | | Value |
Austria - 1.8% |
Buwog-Gemeinnuetzige Wohnung | 15,000 | | $ 303,283 |
CA Immobilien Anlagen AG | 43,700 | | 793,064 |
Erste Group Bank AG | 29,100 | | 821,599 |
TOTAL AUSTRIA | | 1,917,946 |
Bailiwick of Jersey - 0.3% |
Wizz Air Holdings PLC | 13,669 | | 297,497 |
Bermuda - 0.3% |
Aquarius Platinum Ltd. (a) | 1,967,700 | | 277,881 |
Botswana - 0.4% |
First National Bank of Botswana Ltd. | 964,358 | | 372,802 |
Canada - 0.7% |
Africa Oil Corp. (a) | 211,600 | | 457,751 |
SEMAFO, Inc. (a) | 105,000 | | 322,876 |
TOTAL CANADA | | 780,627 |
Croatia - 0.4% |
Ledo d.d. | 413 | | 474,596 |
Czech Republic - 1.4% |
Komercni Banka A/S | 6,705 | | 1,495,261 |
Estonia - 0.4% |
Tallinna Kaubamaja AS | 70,900 | | 475,272 |
Greece - 1.3% |
Fourlis Holdings SA (a) | 90,500 | | 246,899 |
Jumbo SA | 53,036 | | 544,542 |
Karelia Tobacco Co., Inc. | 970 | | 245,950 |
Sarantis SA (a) | 37,800 | | 342,075 |
TOTAL GREECE | | 1,379,466 |
Kenya - 1.3% |
British American Tobacco Kenya Ltd. | 31,700 | | 240,933 |
Common Stocks - continued |
| Shares | | Value |
Kenya - continued |
Kenya Commercial Bank Ltd. | 756,500 | | $ 499,802 |
Safaricom Ltd. | 3,816,544 | | 701,986 |
TOTAL KENYA | | 1,442,721 |
Kuwait - 0.8% |
Kuwait Food Co. (Americana) | 95,250 | | 839,930 |
Lithuania - 0.5% |
Apranga AB (a) | 163,766 | | 544,299 |
Luxembourg - 0.6% |
Pegas NONWOVENS SA | 20,400 | | 607,413 |
Nigeria - 0.6% |
Zenith Bank PLC | 6,384,656 | | 678,570 |
Oman - 0.1% |
National Bank of Oman (a) | 189,246 | | 154,326 |
Pakistan - 1.2% |
Habib Bank Ltd. | 145,600 | | 287,234 |
Indus Motor Co. Ltd. | 30,000 | | 358,357 |
Pak Suzuki Motors | 80,800 | | 340,530 |
United Bank Ltd. | 190,000 | | 331,998 |
TOTAL PAKISTAN | | 1,318,119 |
Poland - 5.3% |
Bank Handlowy w Warszawie SA | 43,000 | | 1,361,723 |
Bank Polska Kasa Opieki SA | 27,500 | | 1,432,351 |
Inter Cars SA | 3,700 | | 265,024 |
Kruk SA (a) | 9,000 | | 383,016 |
NG2 SA | 11,800 | | 624,443 |
Orbis SA | 60,600 | | 926,714 |
Quercus TFI SA | 250,000 | | 545,162 |
Stomil Sanok SA | 10,000 | | 177,785 |
TOTAL POLAND | | 5,716,218 |
Qatar - 2.6% |
Al Meera Consumer Goods Co. (a) | 7,996 | | 542,373 |
Commercial Bank of Qatar (a) | 30,022 | | 465,182 |
Qatar National Bank SAQ (a) | 32,850 | | 1,786,920 |
TOTAL QATAR | | 2,794,475 |
Romania - 2.9% |
Banca Transilvania SA (a) | 2,023,073 | | 1,258,641 |
BRD-Groupe Societe Generale (a) | 363,129 | | 981,131 |
Common Stocks - continued |
| Shares | | Value |
Romania - continued |
Bursa de Valori Bucuresti (a) | 73,404 | | $ 704,589 |
Fondul Propietatea SA GDR (a) | 14,000 | | 159,499 |
TOTAL ROMANIA | | 3,103,860 |
Russia - 18.1% |
Gazprom OAO sponsored ADR (Reg. S) | 885,900 | | 5,190,446 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 115,295 | | 5,897,975 |
Megafon OJSC GDR | 122,400 | | 2,076,127 |
Moscow Exchange MICEX-RTS OAO | 275,000 | | 411,085 |
NOVATEK OAO GDR (Reg. S) | 4,825 | | 467,183 |
Sberbank of Russia sponsored ADR | 737,100 | | 4,374,887 |
Tatneft OAO sponsored ADR | 7,000 | | 240,115 |
Vozrozhdenie Bank (a) | 90,200 | | 709,202 |
TOTAL RUSSIA | | 19,367,020 |
Slovenia - 0.5% |
Krka dd Novo mesto | 6,700 | | 516,460 |
South Africa - 41.2% |
AngloGold Ashanti Ltd. (a) | 128,400 | | 1,458,166 |
Aspen Pharmacare Holdings Ltd. | 63,600 | | 1,935,333 |
Cashbuild Ltd. (e) | 28,300 | | 664,403 |
Clicks Group Ltd. (e) | 149,552 | | 1,147,639 |
Discovery Ltd. | 26,408 | | 293,199 |
DRDGOLD Ltd. | 4,469,214 | | 838,040 |
FirstRand Ltd. (e) | 651,600 | | 3,112,782 |
Grand Parade Investments Ltd. | 727,000 | | 402,115 |
Holdsport Ltd. | 220,400 | | 1,011,566 |
Hulamin Ltd. (d) | 996,200 | | 579,485 |
MTN Group Ltd. | 290,250 | | 5,831,228 |
Nampak Ltd. | 387,100 | | 1,387,817 |
Naspers Ltd. Class N | 49,600 | | 7,801,035 |
Netcare Ltd. | 310,000 | | 1,085,863 |
Pioneer Foods Ltd. | 75,000 | | 1,173,584 |
Raubex Group Ltd. | 364,600 | | 548,605 |
Remgro Ltd. | 114,800 | | 2,554,381 |
RMB Holdings Ltd. | 164,600 | | 992,339 |
Sasol Ltd. | 63,000 | | 2,536,599 |
Shoprite Holdings Ltd. | 120,100 | | 1,718,274 |
Spar Group Ltd. | 89,200 | | 1,432,149 |
Standard Bank Group Ltd. | 227,663 | | 3,341,386 |
Steinhoff International Holdings Ltd. | 20,000 | | 127,065 |
Telkom SA Ltd. (a)(e) | 36,300 | | 250,213 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Truworths International Ltd. | 164,000 | | $ 1,195,510 |
Zeder Investments Ltd. (e) | 940,847 | | 700,717 |
TOTAL SOUTH AFRICA | | 44,119,493 |
Turkey - 5.8% |
Aselsan A/S | 244,000 | | 1,273,591 |
Brisa Bridgestone S.A.B. Las San | 45,000 | | 150,528 |
Gubre Fabrikalari TAS | 298,000 | | 797,239 |
Koc Holding A/S | 188,850 | | 893,868 |
Logo Yazilim Sanayi Ve Ticar | 43,328 | | 402,866 |
Pinar Sut Mamulleri Sanayi A/S | 58,000 | | 557,734 |
Soda Sanayii AS | 225,000 | | 548,904 |
Turkiye Garanti Bankasi A/S | 505,000 | | 1,606,786 |
TOTAL TURKEY | | 6,231,516 |
United Arab Emirates - 3.7% |
Agthia Group PJSC | 300,000 | | 628,922 |
Aldar Properties PJSC (a) | 1,409,585 | | 1,059,218 |
First Gulf Bank PJSC | 286,313 | | 1,188,765 |
SHUAA Capital PSC (a) | 5,249,942 | | 1,129,189 |
TOTAL UNITED ARAB EMIRATES | | 4,006,094 |
United Kingdom - 4.9% |
Abdullah Al Othaim Markets Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) | 17,836 | | 507,888 |
Al Noor Hospitals Group PLC | 30,100 | | 414,578 |
Alabama Khaleej Training & Education ELS (HSBC Bank Warrant Program) warrants 7/18/16 (a)(c) | 37,010 | | 547,317 |
Fawaz Abdulaziz Alhokair Co. ELS (HSBC Warrant Program) warrants 3/20/17 (a)(c) | 10,300 | | 305,546 |
Halwani Brothers Co. ELS (HSBC Warrant Program) warrants 2/9/18 (c) | 11,262 | | 258,078 |
NMC Health PLC | 58,700 | | 683,163 |
Saudi Basic Industries Corp. (SABIC) ELS (HSBC Bank Warrant Program) warrants 1/22/18 (c) | 15,000 | | 434,691 |
Saudia Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/26/15 (a)(c) | 19,000 | | 658,927 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(c) | 39,200 | | $ 811,752 |
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) | 38,333 | | 607,665 |
TOTAL UNITED KINGDOM | | 5,229,605 |
TOTAL COMMON STOCKS (Cost $89,400,001) |
104,141,467
|
Nonconvertible Preferred Stocks - 2.8% |
| | | |
Russia - 2.8% |
Surgutneftegas OJSC (a) | 2,448,600 | | 1,845,941 |
Tatneft OAO (a) | 363,800 | | 1,178,766 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,423,687) |
3,024,707
|
Money Market Funds - 0.3% |
| | | |
Fidelity Cash Central Fund, 0.15% (b)
(Cost $283,799) | 283,799 | |
283,799
|
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $92,107,487) | | 107,449,973 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | | (244,015) |
NET ASSETS - 100% | $ 107,205,958 |
Security Type Abbreviations |
ELS - Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,131,864 or 3.9% of net assets. |
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) A portion of the security sold on a delayed delivery basis |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 352 |
Fidelity Securities Lending Cash Central Fund | 33 |
Total | $ 385 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 17,375,475 | $ 16,036,717 | $ 1,338,758 | $ - |
Consumer Staples | 10,146,316 | 8,391,476 | 1,754,840 | - |
Energy | 17,814,776 | 1,636,517 | 16,178,259 | - |
Financials | 38,324,805 | 27,847,955 | 10,476,850 | - |
Health Care | 4,635,397 | 3,537,656 | 1,097,741 | - |
Industrials | 3,396,577 | 3,099,080 | 297,497 | - |
Information Technology | 402,866 | 402,866 | - | - |
Materials | 6,210,408 | 3,914,202 | 2,296,206 | - |
Telecommunication Services | 8,859,554 | 6,783,427 | 2,076,127 | - |
Money Market Funds | 283,799 | 283,799 | - | - |
Total Investments in Securities: | $ 107,449,973 | $ 71,933,695 | $ 35,516,278 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 16,383,904 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $91,823,688) | $ 107,166,174 | |
Fidelity Central Funds (cost $283,799) | 283,799 | |
Total Investments (cost $92,107,487) | | $ 107,449,973 |
Foreign currency held at value (cost $39,814) | | 39,799 |
Receivable for investments sold | | |
Regular delivery | | 496,851 |
Delayed delivery | | 500,956 |
Receivable for fund shares sold | | 54,411 |
Dividends receivable | | 174,429 |
Distributions receivable from Fidelity Central Funds | | 23 |
Prepaid expenses | | 93 |
Receivable from investment adviser for expense reductions | | 13,344 |
Other receivables | | 49,645 |
Total assets | | 108,779,524 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 1,134,701 | |
Delayed delivery | 58,458 | |
Payable for fund shares redeemed | 139,236 | |
Accrued management fee | 69,957 | |
Distribution and service plan fees payable | 8,151 | |
Other affiliated payables | 27,703 | |
Other payables and accrued expenses | 135,360 | |
Total liabilities | | 1,573,566 |
| | |
Net Assets | | $ 107,205,958 |
Net Assets consist of: | | |
Paid in capital | | $ 104,974,629 |
Undistributed net investment income | | 440,400 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (13,471,295) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 15,262,224 |
Net Assets | | $ 107,205,958 |
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, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($7,451,465 ÷ 843,311 shares) | | $ 8.84 |
| | |
Maximum offering price per share (100/94.25 of $8.84) | | $ 9.38 |
Class T:
Net Asset Value and redemption price per share ($2,540,610 ÷ 288,729 shares) | | $ 8.80 |
| | |
Maximum offering price per share (100/96.50 of $8.80) | | $ 9.12 |
Class B:
Net Asset Value and offering price per share ($247,258 ÷ 27,816 shares)A | | $ 8.89 |
| | |
Class C:
Net Asset Value and offering price per share ($6,549,032 ÷ 748,184 shares)A | | $ 8.75 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($85,945,319 ÷ 9,715,024 shares) | | $ 8.85 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($4,472,274 ÷ 506,003 shares) | | $ 8.84 |
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, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,562,303 |
Income from Fidelity Central Funds | | 385 |
Income before foreign taxes withheld | | 1,562,688 |
Less foreign taxes withheld | | (147,252) |
Total income | | 1,415,436 |
| | |
Expenses | | |
Management fee | $ 422,278 | |
Transfer agent fees | 145,663 | |
Distribution and service plan fees | 47,215 | |
Accounting and security lending fees | 27,379 | |
Custodian fees and expenses | 51,642 | |
Independent trustees' compensation | 215 | |
Registration fees | 69,311 | |
Audit | 31,955 | |
Legal | 177 | |
Miscellaneous | 405 | |
Total expenses before reductions | 796,240 | |
Expense reductions | (13,727) | 782,513 |
Net investment income (loss) | | 632,923 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $64,672) | (6,306,198) | |
Foreign currency transactions | (18,151) | |
Total net realized gain (loss) | | (6,324,349) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $18,841) | 4,621,727 | |
Assets and liabilities in foreign currencies | 1,195 | |
Total change in net unrealized appreciation (depreciation) | | 4,622,922 |
Net gain (loss) | | (1,701,427) |
Net increase (decrease) in net assets resulting from operations | | $ (1,068,504) |
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, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 632,923 | $ 2,097,602 |
Net realized gain (loss) | (6,324,349) | (4,234,408) |
Change in net unrealized appreciation (depreciation) | 4,622,922 | (2,810,920) |
Net increase (decrease) in net assets resulting from operations | (1,068,504) | (4,947,726) |
Distributions to shareholders from net investment income | (2,091,570) | (1,921,556) |
Distributions to shareholders from net realized gain | (504,771) | - |
Total distributions | (2,596,341) | (1,921,556) |
Share transactions - net increase (decrease) | (8,826,135) | (15,497,892) |
Redemption fees | 7,211 | 42,040 |
Total increase (decrease) in net assets | (12,483,769) | (22,325,134) |
| | |
Net Assets | | |
Beginning of period | 119,689,727 | 142,014,861 |
End of period (including undistributed net investment income of $440,400 and undistributed net investment income of $1,899,047, respectively) | $ 107,205,958 | $ 119,689,727 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.04 | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 | $ 7.26 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .13 | .16 | .18 | .16H | .07 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .85 | .34 | (.70) | 1.70 |
Total from investment operations | (.03) | (.33) | 1.01 | .52 | (.54) | 1.77 |
Distributions from net investment income | (.14) | (.12) | (.15) | (.15) | (.08) | (.04) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.17) M | (.12) | (.23) L | (.15) | (.10) | (.07) K |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.84 | $ 9.04 | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 |
Total ReturnB, C, D | (.17)% | (3.48)% | 11.75% | 6.38% | (6.05)% | 24.66% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.64%A | 1.60% | 1.64% | 1.62% | 1.60% | 1.69% |
Expenses net of fee waivers, if any | 1.64%A | 1.60% | 1.63% | 1.62% | 1.56% | 1.50% |
Expenses net of all reductions | 1.64%A | 1.60% | 1.62% | 1.60% | 1.51% | 1.38% |
Net investment income (loss) | 1.04%A | 1.45% | 1.82% | 2.09% | 1.70% H | .95% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 7,451 | $ 7,889 | $ 10,883 | $ 8,934 | $ 10,260 | $ 10,045 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share. L Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share. M Total distributions of $.17 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.039 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.01 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .11 | .14 | .15 | .13H | .06 |
Net realized and unrealized gain (loss) | (.08) | (.46) | .84 | .35 | (.71) | 1.69 |
Total from investment operations | (.05) | (.35) | .98 | .50 | (.58) | 1.75 |
Distributions from net investment income | (.13) | (.10) | (.12) | (.13) | (.07) | (.03) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.16) M | (.10) | (.20) L | (.13) | (.08) K | (.05) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.80 | $ 9.01 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 |
Total ReturnB, C, D | (.40)% | (3.67)% | 11.42% | 6.14% | (6.42)% | 24.44% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.96%A | 1.92% | 1.93% | 1.89% | 1.87% | 1.95% |
Expenses net of fee waivers, if any | 1.90%A | 1.90% | 1.90% | 1.89% | 1.84% | 1.75% |
Expenses net of all reductions | 1.90%A | 1.90% | 1.88% | 1.86% | 1.78% | 1.62% |
Net investment income (loss) | .79%A | 1.15% | 1.55% | 1.82% | 1.42% H | .70% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,541 | $ 2,465 | $ 3,465 | $ 3,336 | $ 3,502 | $ 3,114 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share. L Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.07 per share. M Total distributions of $.16 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.039 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.05 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .06 | .09 | .11 | .09H | .02 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .85 | .35 | (.71) | 1.68 |
Total from investment operations | (.06) | (.40) | .94 | .46 | (.62) | 1.70 |
Distributions from net investment income | (.06) | (.05) | (.06) | (.06) | (.02) | - |
Distributions from net realized gain | (.04) | - | (.07) | - | (.01) | (.01) |
Total distributions | (.10) | (.05) | (.13) | (.06) | (.03) | (.01) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.89 | $ 9.05 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 |
Total ReturnB, C, D | (.62)% | (4.23)% | 10.94% | 5.56% | (6.85)% | 23.72% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.44%A | 2.40% | 2.42% | 2.38% | 2.37% | 2.47% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.38% | 2.33% | 2.25% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.38% | 2.35% | 2.27% | 2.12% |
Net investment income (loss) | .28%A | .65% | 1.05% | 1.33% | .93% H | .20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 247 | $ 294 | $ 388 | $ 441 | $ 539 | $ 822 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.93 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .06 | .09 | .11 | .08H | .02 |
Net realized and unrealized gain (loss) | (.07) | (.46) | .83 | .35 | (.69) | 1.67 |
Total from investment operations | (.06) | (.40) | .92 | .46 | (.61) | 1.69 |
Distributions from net investment income | (.08) | (.06) | (.08) | (.08) | (.05) | (.01) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.12) | (.06) | (.15) | (.08) | (.06) K | (.03) |
Redemption fees added to paid in capital E | - J | - J | - J | - J | .01 | .01 |
Net asset value, end of period | $ 8.75 | $ 8.93 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 |
Total ReturnB, C, D | (.63)% | (4.24)% | 10.83% | 5.68% | (6.79)% | 23.61% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.44%A | 2.40% | 2.42% | 2.37% | 2.36% | 2.45% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.37% | 2.33% | 2.25% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.38% | 2.35% | 2.27% | 2.13% |
Net investment income (loss) | .29%A | .65% | 1.05% | 1.34% | .93% H | .20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,549 | $ 6,662 | $ 6,782 | $ 7,770 | $ 6,650 | $ 5,151 |
Portfolio turnover rateG | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .16 | .18 | .20 | .18G | .09 |
Net realized and unrealized gain (loss) | (.07) | (.47) | .84 | .35 | (.71) | 1.70 |
Total from investment operations | (.02) | (.31) | 1.02 | .55 | (.53) | 1.79 |
Distributions from net investment income | (.17) | (.13) | (.18) | (.17) | (.09) | (.05) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.21) | (.13) | (.25) | (.17) | (.11) | (.08) J |
Redemption fees added to paid in capital D | - I | - I | - I | - I | .01 | .01 |
Net asset value, end of period | $ 8.85 | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 |
Total ReturnB, C | (.09)% | (3.21)% | 11.90% | 6.81% | (5.91)% | 24.92% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.43%A | 1.37% | 1.40% | 1.37% | 1.35% | 1.45% |
Expenses net of fee waivers, if any | 1.40%A | 1.37% | 1.40% | 1.37% | 1.31% | 1.25% |
Expenses net of all reductions | 1.40%A | 1.37% | 1.38% | 1.34% | 1.25% | 1.12% |
Net investment income (loss) | 1.28%A | 1.68% | 2.05% | 2.34% | 1.95% G | 1.21% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 85,945 | $ 96,784 | $ 110,265 | $ 111,441 | $ 114,117 | $ 140,270 |
Portfolio turnover rateF | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.51%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .16 | .19 | .21 | .19G | .09 |
Net realized and unrealized gain (loss) | (.08) | (.46) | .84 | .35 | (.72) | 1.70 |
Total from investment operations | (.02) | (.30) | 1.03 | .56 | (.53) | 1.79 |
Distributions from net investment income | (.18) | (.14) | (.19) | (.18) | (.09) | (.05) |
Distributions from net realized gain | (.04) | - | (.07) | - | (.02) | (.02) |
Total distributions | (.22) | (.14) | (.26) | (.18) | (.11) | (.08) J |
Redemption fees added to paid in capital D | - I | - I | - I | - I | .01 | .01 |
Net asset value, end of period | $ 8.84 | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 |
Total ReturnB, C | (.08)% | (3.09)% | 12.05% | 6.93% | (5.91)% | 24.95% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.29%A | 1.26% | 1.30% | 1.28% | 1.26% | 1.34% |
Expenses net of fee waivers, if any | 1.29%A | 1.26% | 1.30% | 1.28% | 1.24% | 1.25% |
Expenses net of all reductions | 1.29%A | 1.26% | 1.28% | 1.25% | 1.19% | 1.13% |
Net investment income (loss) | 1.39%A | 1.79% | 2.15% | 2.43% | 2.02%G | 1.20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,472 | $ 5,596 | $ 10,231 | $ 8,586 | $ 7,633 | $ 7,171 |
Portfolio turnover rateF | 43% A | 38% | 64% | 30% | 53% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Europe, Middle East, Africa (EMEA) and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 including information on transfers between Levels 1 and 2 is included at the end of the each Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 22,228,760 |
Gross unrealized depreciation | (7,895,185) |
Net unrealized appreciation (depreciation) on securities | $ 14,333,575 |
| |
Tax cost | $ 93,116,398 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2018 | $ (1,624,705) |
No expiration | |
Short-term | (373,258) |
Long-term | (4,059,292) |
Total no expiration | (4,432,550) |
Total capital loss carryforward | $ (6,057,255) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and
Semiannual Report
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $22,949,667 and $33,377,644, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 8,629 | $ 286 |
Class T | .25% | .25% | 5,961 | 59 |
Class B | .75% | .25% | 1,261 | 950 |
Class C | .75% | .25% | 31,364 | 4,980 |
| | | $ 47,215 | $ 6,275 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,673 |
Class T | 740 |
Class B* | 5 |
Class C* | 490 |
| $ 3,908 |
* 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 the investment adviser, is the transfer, dividend disbursing and
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 8,644 | .25 |
Class T | 3,753 | .32 |
Class B | 374 | .30 |
Class C | 9,137 | .29 |
Emerging Europe, Middle East, Africa (EMEA) | 120,305 | .28 |
Institutional Class | 3,450 | .15 |
| $ 145,663 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $86 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $33. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
The investment adviser 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 |
Class A | 1.65% | $ - |
Class T | 1.90% | 747 |
Class B | 2.40% | 50 |
Class C | 2.40% | 1,223 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 11,324 |
Institutional Class | 1.40% | - |
| | $ 13,344 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $37 for the period.
Semiannual Report
8. Expense Reductions - continued
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Emerging Europe, Middle East, Africa (EMEA) expenses during the period in the amount of $346.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ 113,464 | $ 138,741 |
Class T | 35,916 | 39,254 |
Class B | 1,835 | 1,980 |
Class C | 58,320 | 46,648 |
Emerging Europe, Middle East, Africa (EMEA) | 1,776,301 | 1,537,065 |
Institutional Class | 105,734 | 157,868 |
Total | $ 2,091,570 | $ 1,921,556 |
From net realized gain | | |
Class A | $ 32,778 | $ - |
Class T | 11,206 | - |
Class B | 1,213 | - |
Class C | 29,160 | - |
Emerging Europe, Middle East, Africa (EMEA) | 407,505 | - |
Institutional Class | 22,909 | - |
Total | $ 504,771 | $ - |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 131,510 | 315,373 | $ 1,093,319 | $ 2,918,425 |
Reinvestment of distributions | 16,251 | 11,698 | 135,531 | 104,929 |
Shares redeemed | (176,870) | (601,453) | (1,468,606) | (5,463,762) |
Net increase (decrease) | (29,109) | (274,382) | $ (239,756) | $ (2,440,408) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class T | | | | |
Shares sold | 54,435 | 101,639 | $ 461,356 | $ 928,488 |
Reinvestment of distributions | 5,631 | 4,323 | 46,793 | 38,736 |
Shares redeemed | (45,085) | (198,384) | (370,940) | (1,797,181) |
Net increase (decrease) | 14,981 | (92,422) | $ 137,209 | $ (829,957) |
Class B | | | | |
Shares sold | 2,383 | 4,359 | $ 19,877 | $ 39,785 |
Reinvestment of distributions | 349 | 219 | 2,936 | 1,980 |
Shares redeemed | (7,453) | (12,911) | (62,767) | (117,435) |
Net increase (decrease) | (4,721) | (8,333) | $ (39,954) | $ (75,670) |
Class C | | | | |
Shares sold | 130,877 | 241,646 | $ 1,078,837 | $ 2,211,783 |
Reinvestment of distributions | 8,117 | 3,905 | 67,210 | 34,875 |
Shares redeemed | (136,634) | (221,913) | (1,125,716) | (2,006,697) |
Net increase (decrease) | 2,360 | 23,638 | $ 20,331 | $ 239,961 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 836,759 | 2,719,041 | $ 6,924,743 | $ 24,959,563 |
Reinvestment of distributions | 247,446 | 162,803 | 2,063,699 | 1,463,600 |
Shares redeemed | (2,029,191) | (3,802,325) | (16,788,057) | (34,854,232) |
Net increase (decrease) | (944,986) | (920,481) | $ (7,799,615) | $ (8,431,069) |
Institutional Class | | | | |
Shares sold | 83,420 | 374,756 | $ 685,639 | $ 3,428,841 |
Reinvestment of distributions | 12,912 | 8,639 | 107,558 | 77,579 |
Shares redeemed | (206,850) | (841,493) | (1,697,547) | (7,467,169) |
Net increase (decrease) | (110,518) | (458,098) | $ (904,350) | $ (3,960,749) |
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.
FMR Investment Management
(U.K.) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
EME-USAN-0615
1.861974.106
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Global Commodity Stock
Fund - Institutional Class
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Institutional Class is a
class of Fidelity® Global
Commodity Stock Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.34% | | | |
Actual | | $ 1,000.00 | $ 982.40 | $ 6.59 |
HypotheticalA | | $ 1,000.00 | $ 1,018.15 | $ 6.71 |
Class T | 1.64% | | | |
Actual | | $ 1,000.00 | $ 980.80 | $ 8.05 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | 2.14% | | | |
Actual | | $ 1,000.00 | $ 978.10 | $ 10.50 |
HypotheticalA | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.12% | | | |
Actual | | $ 1,000.00 | $ 978.70 | $ 10.40 |
HypotheticalA | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Global Commodity Stock | 1.13% | | | |
Actual | | $ 1,000.00 | $ 983.20 | $ 5.56 |
HypotheticalA | | $ 1,000.00 | $ 1,019.19 | $ 5.66 |
Institutional Class | 1.11% | | | |
Actual | | $ 1,000.00 | $ 983.90 | $ 5.46 |
HypotheticalA | | $ 1,000.00 | $ 1,019.29 | $ 5.56 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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)
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Monsanto Co. | 7.7 | 7.4 |
BHP Billiton PLC | 5.4 | 6.0 |
Potash Corp. of Saskatchewan, Inc. | 5.3 | 6.1 |
Agrium, Inc. | 4.3 | 2.1 |
CF Industries Holdings, Inc. | 4.3 | 2.9 |
Rio Tinto PLC | 3.7 | 3.3 |
Chevron Corp. | 3.4 | 3.3 |
Syngenta AG (Switzerland) | 3.3 | 3.6 |
The Mosaic Co. | 2.7 | 2.3 |
BP PLC | 2.2 | 0.0 |
| 42.3 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2015 |
 | Agriculture 40.6% | |
 | Energy 28.8% | |
 | Metals 28.6% | |
 | Other 1.7% | |
 | Short-Term
Investments and
Net Other Assets 0.3% | |
As of October 31, 2014 |
 | Agriculture 36.9% | |
 | Energy 30.0% | |
 | Metals 29.2% | |
 | Other 3.3% | |
 | Short-Term
Investments and
Net Other Assets 0.6% | |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7% |
| Shares | | Value |
CHEMICALS - 31.6% |
Diversified Chemicals - 0.1% |
E.I. du Pont de Nemours & Co. | 4,300 | | $ 314,760 |
Fertilizers & Agricultural Chemicals - 31.4% |
Agrium, Inc. | 125,100 | | 12,961,044 |
CF Industries Holdings, Inc. | 45,072 | | 12,956,848 |
Intrepid Potash, Inc. (a)(d) | 253,900 | | 3,181,367 |
K&S AG | 62,100 | | 2,024,426 |
Monsanto Co. | 203,500 | | 23,190,859 |
Potash Corp. of Saskatchewan, Inc. | 488,700 | | 15,959,204 |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d) | 112,300 | | 2,452,632 |
Syngenta AG (Switzerland) | 29,834 | | 9,983,346 |
The Mosaic Co. | 182,459 | | 8,028,196 |
Uralkali OJSC GDR (Reg. S) | 20,100 | | 295,629 |
Yara International ASA | 64,500 | | 3,304,818 |
| | 94,338,369 |
Specialty Chemicals - 0.1% |
Sika AG (Bearer) | 40 | | 137,294 |
TOTAL CHEMICALS | | 94,790,423 |
CONSTRUCTION MATERIALS - 0.2% |
Construction Materials - 0.2% |
Grasim Industries Ltd. | 8,056 | | 502,113 |
CONTAINERS & PACKAGING - 0.7% |
Paper Packaging - 0.7% |
MeadWestvaco Corp. | 5,600 | | 273,280 |
Rock-Tenn Co. Class A | 29,905 | | 1,883,417 |
| | 2,156,697 |
ELECTRIC UTILITIES - 0.1% |
Electric Utilities - 0.1% |
Exelon Corp. | 9,100 | | 309,582 |
ENERGY EQUIPMENT & SERVICES - 0.7% |
Oil & Gas Drilling - 0.2% |
Ocean Rig UDW, Inc. (United States) | 44,047 | | 330,793 |
Odfjell Drilling A/S | 142,532 | | 126,880 |
Vantage Drilling Co. (a) | 705,782 | | 281,254 |
| | 738,927 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Equipment & Services - 0.5% |
Dril-Quip, Inc. (a) | 3,996 | | $ 318,561 |
Ezion Holdings Ltd. | 397,100 | | 361,627 |
SBM Offshore NV (a)(d) | 62,800 | | 810,991 |
| | 1,491,179 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 2,230,106 |
FOOD PRODUCTS - 4.1% |
Agricultural Products - 4.0% |
Archer Daniels Midland Co. | 104,800 | | 5,122,624 |
Bunge Ltd. | 45,800 | | 3,955,746 |
First Resources Ltd. | 1,080,200 | | 1,453,111 |
Golden Agri-Resources Ltd. | 2,383,000 | | 756,394 |
SLC Agricola SA | 97,000 | | 561,792 |
Wilmar International Ltd. | 120,900 | | 297,864 |
| | 12,147,531 |
Packaged Foods & Meats - 0.1% |
Adecoagro SA (a) | 14,900 | | 144,679 |
TOTAL FOOD PRODUCTS | | 12,292,210 |
HOUSEHOLD PRODUCTS - 0.3% |
Household Products - 0.3% |
Svenska Cellulosa AB (SCA) (B Shares) | 31,100 | | 786,674 |
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.3% |
Independent Power Producers & Energy Traders - 0.3% |
Dynegy, Inc. (a) | 28,600 | | 951,522 |
MACHINERY - 2.0% |
Agricultural & Farm Machinery - 1.9% |
AGCO Corp. (d) | 24,700 | | 1,272,297 |
Deere & Co. | 50,700 | | 4,589,364 |
| | 5,861,661 |
Construction Machinery & Heavy Trucks - 0.1% |
Manitowoc Co., Inc. | 14,900 | | 293,977 |
TOTAL MACHINERY | | 6,155,638 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - 27.6% |
Aluminum - 1.0% |
Alcoa, Inc. | 179,900 | | $ 2,414,258 |
Norsk Hydro ASA | 112,500 | | 532,778 |
| | 2,947,036 |
Diversified Metals & Mining - 15.6% |
Anglo American PLC (United Kingdom) | 202,851 | | 3,436,809 |
BHP Billiton PLC | 673,663 | | 16,192,491 |
First Quantum Minerals Ltd. | 90,624 | | 1,388,091 |
Freeport-McMoRan, Inc. | 149,100 | | 3,469,557 |
Glencore Xstrata PLC | 1,354,865 | | 6,436,384 |
Grupo Mexico SA de CV Series B | 503,411 | | 1,554,005 |
Ivanhoe Mines Ltd. (a) | 709,500 | | 682,155 |
Ivanhoe Mines Ltd. Class A warrants 12/10/15 (a)(e) | 422,500 | | 14,007 |
MMC Norilsk Nickel OJSC sponsored ADR | 30,800 | | 570,108 |
Rio Tinto PLC | 247,787 | | 11,088,743 |
Sesa Sterlite Ltd. | 279,297 | | 918,154 |
Teck Resources Ltd. Class B (sub. vtg.) | 70,700 | | 1,071,780 |
| | 46,822,284 |
Gold - 6.1% |
Acacia Mining PLC | 11,200 | | 49,672 |
Agnico Eagle Mines Ltd. (Canada) | 31,300 | | 947,431 |
AngloGold Ashanti Ltd. sponsored ADR (a) | 49,300 | | 558,569 |
Argonaut Gold, Inc. (a) | 206,600 | | 347,615 |
B2Gold Corp. (a) | 1,309,180 | | 2,050,850 |
Barrick Gold Corp. | 156,900 | | 2,039,115 |
Compania de Minas Buenaventura SA sponsored ADR | 30,700 | | 343,226 |
Continental Gold Ltd. (a) | 207,300 | | 378,002 |
Detour Gold Corp. (a) | 36,500 | | 385,723 |
Eldorado Gold Corp. | 161,450 | | 804,239 |
Franco-Nevada Corp. | 22,000 | | 1,142,213 |
Gold Fields Ltd. sponsored ADR | 88,200 | | 403,074 |
Goldcorp, Inc. | 131,110 | | 2,467,889 |
New Gold, Inc. (a) | 121,300 | | 407,182 |
Newcrest Mining Ltd. (a) | 92,224 | | 1,033,783 |
Newmont Mining Corp. | 75,400 | | 1,997,346 |
Premier Gold Mines Ltd. (a) | 291,100 | | 593,540 |
Randgold Resources Ltd. sponsored ADR | 16,600 | | 1,264,422 |
Romarco Minerals, Inc. (a) | 1,580,000 | | 595,856 |
Torex Gold Resources, Inc. (a) | 344,700 | | 319,987 |
Yamana Gold, Inc. | 102,300 | | 390,885 |
| | 18,520,619 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Precious Metals & Minerals - 0.5% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 1,446,400 | | $ 195,949 |
Fresnillo PLC | 33,700 | | 373,769 |
Gem Diamonds Ltd. | 143,900 | | 307,678 |
Impala Platinum Holdings Ltd. (a) | 60,500 | | 335,652 |
Tahoe Resources, Inc. | 21,753 | | 307,409 |
| | 1,520,457 |
Silver - 0.4% |
Silver Wheaton Corp. | 61,900 | | 1,221,069 |
Steel - 4.0% |
ArcelorMittal SA Class A unit (d) | 149,700 | | 1,600,293 |
Hyundai Steel Co. | 11,523 | | 841,938 |
JFE Holdings, Inc. | 60,100 | | 1,356,749 |
Nippon Steel & Sumitomo Metal Corp. | 1,102,000 | | 2,866,540 |
Nucor Corp. | 37,400 | | 1,827,364 |
POSCO | 11,582 | | 2,715,354 |
Steel Dynamics, Inc. | 7,600 | | 168,188 |
Tata Steel Ltd. | 59,417 | | 336,927 |
Thyssenkrupp AG | 10,900 | | 289,607 |
| | 12,002,960 |
TOTAL METALS & MINING | | 83,034,425 |
OIL, GAS & CONSUMABLE FUELS - 27.8% |
Coal & Consumable Fuels - 0.9% |
Cameco Corp. | 21,400 | | 376,385 |
Cloud Peak Energy, Inc. (a) | 48,800 | | 316,712 |
Coal India Ltd. | 44,800 | | 255,732 |
CONSOL Energy, Inc. | 11,300 | | 367,024 |
Peabody Energy Corp. (d) | 264,698 | | 1,252,022 |
| | 2,567,875 |
Integrated Oil & Gas - 12.9% |
BP PLC | 908,100 | | 6,549,581 |
Chevron Corp. | 91,800 | | 10,195,308 |
Exxon Mobil Corp. | 34,561 | | 3,019,595 |
Gazprom OAO sponsored ADR | 69,900 | | 411,012 |
Imperial Oil Ltd. | 11,800 | | 520,119 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 24,900 | | 1,273,772 |
Royal Dutch Shell PLC Class A (United Kingdom) | 99,100 | | 3,124,649 |
Statoil ASA | 92,200 | | 1,954,674 |
Suncor Energy, Inc. | 148,132 | | 4,823,959 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Total SA | 101,300 | | $ 5,485,391 |
YPF SA Class D sponsored ADR | 45,500 | | 1,389,570 |
| | 38,747,630 |
Oil & Gas Exploration & Production - 13.6% |
Anadarko Petroleum Corp. | 45,600 | | 4,290,960 |
Apache Corp. | 22,100 | | 1,511,640 |
Cabot Oil & Gas Corp. | 82,900 | | 2,803,678 |
California Resources Corp. | 17,500 | | 162,750 |
Canadian Natural Resources Ltd. | 32,700 | | 1,086,567 |
Chesapeake Energy Corp. (d) | 24,600 | | 387,942 |
Cimarex Energy Co. | 18,100 | | 2,251,640 |
CNOOC Ltd. sponsored ADR (d) | 8,800 | | 1,507,000 |
Cobalt International Energy, Inc. (a) | 117,500 | | 1,257,250 |
Concho Resources, Inc. (a) | 4,500 | | 569,970 |
ConocoPhillips Co. | 66,200 | | 4,496,304 |
Continental Resources, Inc. (a) | 5,800 | | 305,254 |
Devon Energy Corp. | 18,700 | | 1,275,527 |
Encana Corp. | 46,800 | | 664,471 |
Energen Corp. | 6,000 | | 427,020 |
EOG Resources, Inc. | 46,700 | | 4,620,965 |
EQT Corp. | 10,500 | | 944,370 |
Hess Corp. | 10,400 | | 799,760 |
Kosmos Energy Ltd. (a) | 69,600 | | 680,688 |
Marathon Oil Corp. | 33,700 | | 1,048,070 |
Murphy Oil Corp. | 8,200 | | 390,402 |
Newfield Exploration Co. (a) | 8,200 | | 321,768 |
Noble Energy, Inc. | 40,600 | | 2,059,232 |
NOVATEK OAO GDR (Reg. S) | 10,400 | | 1,006,984 |
Oil & Natural Gas Corp. Ltd. | 77,295 | | 369,764 |
Oil Search Ltd. ADR | 56,800 | | 363,635 |
PDC Energy, Inc. (a) | 12,300 | | 697,902 |
Pioneer Natural Resources Co. | 3,560 | | 615,097 |
Range Resources Corp. | 8,400 | | 533,904 |
Santos Ltd. | 46,800 | | 307,392 |
SM Energy Co. | 16,000 | | 927,520 |
Southwestern Energy Co. (a) | 21,200 | | 594,236 |
Tullow Oil PLC | 138,200 | | 877,441 |
Whiting Petroleum Corp. (a) | 10,100 | | 382,891 |
Woodside Petroleum Ltd. | 6,700 | | 185,837 |
| | 40,725,831 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Refining & Marketing - 0.2% |
Tesoro Corp. | 3,400 | | $ 291,822 |
Valero Energy Corp. | 5,200 | | 295,880 |
| | 587,702 |
Oil & Gas Storage & Transport - 0.2% |
Columbia Pipeline Partners LP | 11,100 | | 300,255 |
Golar LNG Ltd. | 12,569 | | 452,421 |
| | 752,676 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 83,381,714 |
PAPER & FOREST PRODUCTS - 3.2% |
Forest Products - 0.4% |
West Fraser Timber Co. Ltd. | 22,000 | | 1,132,002 |
Paper Products - 2.8% |
Empresas CMPC SA | 455,180 | | 1,293,317 |
International Paper Co. | 111,300 | | 5,979,036 |
Stora Enso Oyj (R Shares) (d) | 64,600 | | 679,804 |
UPM-Kymmene Corp. | 31,900 | | 577,217 |
| | 8,529,374 |
TOTAL PAPER & FOREST PRODUCTS | | 9,661,376 |
REAL ESTATE INVESTMENT TRUSTS - 0.1% |
Specialized REITs - 0.1% |
Weyerhaeuser Co. | 14,300 | | 450,593 |
TOTAL COMMON STOCKS (Cost $357,284,003) |
296,703,073
|
Nonconvertible Preferred Stocks - 1.0% |
| | | |
METALS & MINING - 1.0% |
Steel - 1.0% |
Gerdau SA sponsored ADR (d) | 164,400 | | 552,384 |
Vale SA (PN-A) sponsored ADR | 393,700 | | 2,381,885 |
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Cost $9,117,207) |
2,934,269
|
Money Market Funds - 3.9% |
| Shares | | Value |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)
(Cost $11,599,043) | 11,599,043 | | $ 11,599,043 |
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $378,000,253) | | 311,236,385 |
NET OTHER ASSETS (LIABILITIES) - (3.6)% | | (10,795,827) |
NET ASSETS - 100% | $ 300,440,558 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,007 or 0.0% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 288 |
Fidelity Securities Lending Cash Central Fund | 61,018 |
Total | $ 61,306 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Common Stocks | $ 296,703,073 | $ 209,406,929 | $ 87,296,144 | $ - |
Nonconvertible Preferred Stocks | 2,934,269 | 2,934,269 | - | - |
Money Market Funds | 11,599,043 | 11,599,043 | - | - |
Total Investments in Securities: | $ 311,236,385 | $ 223,940,241 | $ 87,296,144 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 18,745,707 |
Level 2 to Level 1 | 3,248,921 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 43.2% |
Canada | 18.3% |
United Kingdom | 13.8% |
Switzerland | 3.4% |
Bailiwick of Jersey | 2.5% |
Norway | 2.0% |
Bermuda | 1.8% |
France | 1.8% |
Japan | 1.4% |
Chile | 1.2% |
Korea (South) | 1.2% |
Brazil | 1.2% |
Russia | 1.1% |
Others (Individually Less Than 1%) | 7.1% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $11,311,539) - See accompanying schedule: Unaffiliated issuers (cost $366,401,210) | $ 299,637,342 | |
Fidelity Central Funds (cost $11,599,043) | 11,599,043 | |
Total Investments (cost $378,000,253) | | $ 311,236,385 |
Foreign currency held at value (cost $88,535) | | 88,535 |
Receivable for investments sold | | 3,935,312 |
Receivable for fund shares sold | | 199,453 |
Dividends receivable | | 1,100,030 |
Distributions receivable from Fidelity Central Funds | | 25,785 |
Prepaid expenses | | 274 |
Other receivables | | 4,659 |
Total assets | | 316,590,433 |
| | |
Liabilities | | |
Payable to custodian bank | $ 104,991 | |
Payable for investments purchased | 3,523,859 | |
Payable for fund shares redeemed | 603,953 | |
Accrued management fee | 172,744 | |
Distribution and service plan fees payable | 26,511 | |
Other affiliated payables | 84,827 | |
Other payables and accrued expenses | 33,947 | |
Collateral on securities loaned, at value | 11,599,043 | |
Total liabilities | | 16,149,875 |
| | |
Net Assets | | $ 300,440,558 |
Net Assets consist of: | | |
Paid in capital | | $ 420,802,797 |
Undistributed net investment income | | 1,812,974 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (55,404,089) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (66,771,124) |
Net Assets | | $ 300,440,558 |
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, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($44,023,678 ÷ 3,425,257 shares) | | $ 12.85 |
| | |
Maximum offering price per share (100/94.25 of $12.85) | | $ 13.63 |
Class T:
Net Asset Value and redemption price per share ($9,125,302 ÷ 710,972 shares) | | $ 12.83 |
| | |
Maximum offering price per share (100/96.50 of $12.83) | | $ 13.30 |
Class B:
Net Asset Value and offering price per share ($1,321,078 ÷ 103,253 shares)A | | $ 12.79 |
| | |
Class C:
Net Asset Value and offering price per share ($15,492,006 ÷ 1,216,762 shares)A | | $ 12.73 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($205,562,829 ÷ 15,954,820 shares) | | $ 12.88 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($24,915,665 ÷ 1,934,220 shares) | | $ 12.88 |
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, 2015
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,203,810 |
Interest | | 3 |
Income from Fidelity Central Funds | | 61,306 |
Income before foreign taxes withheld | | 4,265,119 |
Less foreign taxes withheld | | (239,548) |
Total income | | 4,025,571 |
| | |
Expenses | | |
Management fee | $ 1,067,675 | |
Transfer agent fees | 436,069 | |
Distribution and service plan fees | 166,768 | |
Accounting and security lending fees | 80,720 | |
Custodian fees and expenses | 25,657 | |
Independent trustees' compensation | 620 | |
Registration fees | 77,490 | |
Audit | 27,018 | |
Legal | 452 | |
Miscellaneous | 643 | |
Total expenses before reductions | 1,883,112 | |
Expense reductions | (1,533) | 1,881,579 |
Net investment income (loss) | | 2,143,992 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (8,925,917) | |
Foreign currency transactions | (39,197) | |
Total net realized gain (loss) | | (8,965,114) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,038,735 | |
Assets and liabilities in foreign currencies | 10,385 | |
Total change in net unrealized appreciation (depreciation) | | 1,049,120 |
Net gain (loss) | | (7,915,994) |
Net increase (decrease) in net assets resulting from operations | | $ (5,772,002) |
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, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,143,992 | $ 4,495,175 |
Net realized gain (loss) | (8,965,114) | (3,681,278) |
Change in net unrealized appreciation (depreciation) | 1,049,120 | (18,645,040) |
Net increase (decrease) in net assets resulting
from operations | (5,772,002) | (17,831,143) |
Distributions to shareholders from net investment income | (3,898,874) | (4,765,250) |
Distributions to shareholders from net realized gain | (629,272) | (367,709) |
Total distributions | (4,528,146) | (5,132,959) |
Share transactions - net increase (decrease) | (16,881,447) | (64,489,864) |
Redemption fees | 2,277 | 7,328 |
Total increase (decrease) in net assets | (27,179,318) | (87,446,638) |
| | |
Net Assets | | |
Beginning of period | 327,619,876 | 415,066,514 |
End of period (including undistributed net investment income of $1,812,974 and undistributed net investment income of $3,567,856, respectively) | $ 300,440,558 | $ 327,619,876 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.25 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | .08 | .15 | .16 | .11 | .12 | .19H |
Net realized and unrealized gain (loss) | (.31) | (.91) | (.45) | (.59) | (.38) | 2.20 |
Total from investment operations | (.23) | (.76) | (.29) | (.48) | (.26) | 2.39 |
Distributions from net investment income | (.14) | (.15) | (.13) | (.05) | (.13) | - J |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.17) | (.16) | (.13) | (.07) L | (.20) K | (.08) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.85 | $ 13.25 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 |
Total ReturnB, C, D | (1.76)% | (5.41)% | (2.00)% | (3.19)% | (1.80)% | 18.04% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.34%A | 1.35% | 1.36% | 1.34% | 1.32% | 1.37% |
Expenses net of fee waivers, if any | 1.34%A | 1.35% | 1.35% | 1.34% | 1.32% | 1.37% |
Expenses net of all reductions | 1.34%A | 1.35% | 1.34% | 1.33% | 1.31% | 1.36% |
Net investment income (loss) | 1.30% A | 1.05% | 1.12% | .80% | .71% | 1.35% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 44,024 | $ 51,586 | $ 71,293 | $ 99,694 | $ 127,979 | $ 60,370 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share. LTotal distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.21 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .11 | .12 | .08 | .07 | .16H |
Net realized and unrealized gain (loss) | (.31) | (.90) | (.45) | (.60) | (.38) | 2.19 |
Total from investment operations | (.25) | (.79) | (.33) | (.52) | (.31) | 2.35 |
Distributions from net investment income | (.10) | (.11) | (.08) | (.01) | (.10) | - |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.07) |
Total distributions | (.13) | (.13) K | (.08) | (.02) | (.16) | (.07) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.83 | $ 13.21 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 |
Total ReturnB, C, D | (1.92)% | (5.65)% | (2.26)% | (3.43)% | (2.09)% | 17.73% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.64%A | 1.62% | 1.62% | 1.61% | 1.60% | 1.63% |
Expenses net of fee waivers, if any | 1.64%A | 1.62% | 1.61% | 1.61% | 1.60% | 1.63% |
Expenses net of all reductions | 1.64%A | 1.62% | 1.60% | 1.60% | 1.59% | 1.61% |
Net investment income (loss) | 1.00% A | .78% | .86% | .53% | .43% | 1.10% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,125 | $ 9,867 | $ 12,551 | $ 16,692 | $ 20,831 | $ 11,762 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.13 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.013 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.12 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .04 | .05 | -J | (.01) | .08H |
Net realized and unrealized gain (loss) | (.32) | (.89) | (.45) | (.59) | (.39) | 2.20 |
Total from investment operations | (.29) | (.85) | (.40) | (.59) | (.40) | 2.28 |
Distributions from net investment income | (.02) | (.03) | - J | - | - | - |
Distributions from net realized gain | (.03) | (.01) | - | - | (.06) | (.04) |
Total distributions | (.04) K | (.04) | - J | - | (.06) | (.04) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.79 | $ 13.12 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 |
Total ReturnB, C, D | (2.19)% | (6.06)% | (2.75)% | (3.93)% | (2.62)% | 17.23% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.14%A | 2.11% | 2.11% | 2.10% | 2.11% | 2.16% |
Expenses net of fee waivers, if any | 2.14%A | 2.11% | 2.11% | 2.10% | 2.11% | 2.16% |
Expenses net of all reductions | 2.14%A | 2.11% | 2.10% | 2.10% | 2.10% | 2.15% |
Net investment income (loss) | .50% A | .29% | .36% | .03% | (.09)% | .56% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,321 | $ 1,584 | $ 2,303 | $ 3,097 | $ 4,324 | $ 4,348 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37)%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.04 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.026 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.06 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .04 | .05 | .01 | (.01) | .08H |
Net realized and unrealized gain (loss) | (.31) | (.89) | (.44) | (.59) | (.38) | 2.19 |
Total from investment operations | (.28) | (.85) | (.39) | (.58) | (.39) | 2.27 |
Distributions from net investment income | (.03) | (.03) | (.02) | - | (.05) | - |
Distributions from net realized gain | (.03) | (.01) | - | - | (.06) | (.04) |
Total distributions | (.05) L | (.05) K | (.02) | - | (.11) | (.04) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.73 | $ 13.06 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 |
Total ReturnB, C, D | (2.13)% | (6.13)% | (2.75)% | (3.88)% | (2.58)% | 17.21% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.12%A | 2.11% | 2.11% | 2.10% | 2.09% | 2.14% |
Expenses net of fee waivers, if any | 2.12%A | 2.11% | 2.11% | 2.10% | 2.09% | 2.14% |
Expenses net of all reductions | 2.12%A | 2.11% | 2.10% | 2.09% | 2.08% | 2.13% |
Net investment income (loss) | .52% A | .29% | .36% | .03% | (.07)% | .58% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,492 | $ 17,659 | $ 23,830 | $ 31,865 | $ 37,185 | $ 14,338 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34)%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.05 per share is comprised of distributions from net investment income of $.033 and distributions from net realized gain of $.013 per share. LTotal distributions of $.05 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.026 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Global Commodity Stock
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .19 | .19 | .15 | .16 | .23G |
Net realized and unrealized gain (loss) | (.33) | (.92) | (.45) | (.60) | (.39) | 2.21 |
Total from investment operations | (.23) | (.73) | (.26) | (.45) | (.23) | 2.44 |
Distributions from net investment income | (.18) | (.19) | (.16) | (.08) | (.16) | (.01) |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.20) K | (.20) | (.16) | (.10) J | (.22) | (.09) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 13.31 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 |
Total ReturnB, C | (1.68)% | (5.16)% | (1.75)% | (2.96)% | (1.59)% | 18.38% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.13%A | 1.11% | 1.11% | 1.10% | 1.08% | 1.10% |
Expenses net of fee waivers, if any | 1.13%A | 1.11% | 1.11% | 1.10% | 1.08% | 1.10% |
Expenses net of all reductions | 1.13%A | 1.11% | 1.09% | 1.09% | 1.07% | 1.09% |
Net investment income (loss) | 1.51% A | 1.29% | 1.37% | 1.04% | .95% | 1.62% G |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 205,563 | $ 223,084 | $ 273,476 | $ 387,242 | $ 531,224 | $ 310,186 |
Portfolio turnover rateF | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share. KTotal distributions of $.20 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.026 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .19 | .20 | .16 | .16 | .23G |
Net realized and unrealized gain (loss) | (.32) | (.92) | (.45) | (.60) | (.38) | 2.21 |
Total from investment operations | (.22) | (.73) | (.25) | (.44) | (.22) | 2.44 |
Distributions from net investment income | (.19) | (.19) | (.18) | (.09) | (.16) | (.01) |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.21) K | (.20) | (.18) | (.11) J | (.22) | (.09) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 13.31 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 |
Total ReturnB, C | (1.61)% | (5.16)% | (1.71)% | (2.90)% | (1.50)% | 18.39% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.11%A | 1.06% | 1.04% | 1.04% | 1.03% | 1.09% |
Expenses net of fee waivers, if any | 1.11%A | 1.06% | 1.04% | 1.04% | 1.03% | 1.09% |
Expenses net of all reductions | 1.10%A | 1.06% | 1.03% | 1.03% | 1.03% | 1.07% |
Net investment income (loss) | 1.53% A | 1.34% | 1.43% | 1.10% | .99% | 1.64% G |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 24,916 | $ 23,840 | $ 31,613 | $ 50,540 | $ 58,925 | $ 35,739 |
Portfolio turnover rateF | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share. KTotal distributions of $.21 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.026 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Global Commodity Stock and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 13,636,318 |
Gross unrealized depreciation | (84,887,209) |
Net unrealized appreciation (depreciation) on securities | $ (71,250,891) |
| |
Tax cost | $ 382,487,276 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2019 | $ (6,952,413) |
No expiration | |
Short-term | (14,785,479) |
Long-term | (19,776,286) |
Total no expiration | (34,561,765) |
Total capital loss carryforward | $ (41,514,178) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $108,092,236 and $125,934,064, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 57,087 | $ 980 |
Class T | .25% | .25% | 22,881 | 266 |
Class B | .75% | .25% | 7,003 | 5,275 |
Class C | .75% | .25% | 79,797 | 8,954 |
| | | $ 166,768 | $ 15,475 |
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 10,065 |
Class T | 1,256 |
Class B* | 1,475 |
Class C* | 626 |
| $ 13,422 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund.FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 58,082 | .25 |
Class T | 13,761 | .30 |
Class B | 2,057 | .29 |
Class C | 22,547 | .28 |
Global Commodity Stock | 307,925 | .29 |
Institutional Class | 31,697 | .27 |
| $ 436,069 | |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees - continued
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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,354 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $247 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of
Semiannual Report
7. Security Lending - continued
Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $61,018, including $8 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $802 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Global Commodity Stock expenses during the period in the amount of $731.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ 520,699 | $ 708,856 |
Class T | 72,766 | 98,770 |
Class B | 1,871 | 4,646 |
Class C | 32,755 | 54,810 |
Global Commodity Stock | 2,937,401 | 3,531,196 |
Institutional Class | 333,382 | 366,972 |
Total | $ 3,898,874 | $ 4,765,250 |
From net realized gain | | |
Class A | $ 97,397 | $ 63,118 |
Class T | 19,110 | 11,363 |
Class B | 3,040 | 2,083 |
Class C | 34,065 | 21,591 |
Global Commodity Stock | 429,058 | 244,178 |
Institutional Class | 46,602 | 25,376 |
Total | $ 629,272 | $ 367,709 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 257,962 | 686,605 | $ 3,235,091 | $ 9,882,029 |
Reinvestment of distributions | 46,881 | 49,529 | 594,452 | 677,563 |
Shares redeemed | (772,711) | (1,874,574) | (9,719,523) | (26,738,279) |
Net increase (decrease) | (467,868) | (1,138,440) | $ (5,889,980) | $ (16,178,687) |
Class T | | | | |
Shares sold | 49,698 | 67,497 | $ 628,601 | $ 970,700 |
Reinvestment of distributions | 7,092 | 7,867 | 89,851 | 107,538 |
Shares redeemed | (92,686) | (216,700) | (1,175,871) | (3,112,471) |
Net increase (decrease) | (35,896) | (141,336) | $ (457,419) | $ (2,034,233) |
Class B | | | | |
Shares sold | 421 | 2,197 | $ 5,471 | $ 29,999 |
Reinvestment of distributions | 371 | 453 | 4,698 | 6,179 |
Shares redeemed | (18,316) | (46,232) | (228,721) | (649,491) |
Net increase (decrease) | (17,524) | (43,582) | $ (218,552) | $ (613,313) |
Class C | | | | |
Shares sold | 110,961 | 167,515 | $ 1,381,868 | $ 2,371,848 |
Reinvestment of distributions | 4,962 | 4,980 | 62,526 | 67,632 |
Shares redeemed | (251,209) | (527,630) | (3,147,909) | (7,391,284) |
Net increase (decrease) | (135,286) | (355,135) | $ (1,703,515) | $ (4,951,804) |
Global Commodity Stock | | | | |
Shares sold | 1,971,909 | 3,796,689 | $ 24,406,878 | $ 54,637,922 |
Reinvestment of distributions | 238,065 | 246,397 | 3,023,431 | 3,378,098 |
Shares redeemed | (3,017,252) | (6,485,397) | (37,884,940) | (92,819,253) |
Net increase (decrease) | (807,278) | (2,442,311) | $ (10,454,631) | $ (34,803,233) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Institutional Class | | | | |
Shares sold | 478,938 | 912,359 | $ 6,048,533 | $ 13,219,634 |
Reinvestment of distributions | 24,972 | 20,652 | 316,895 | 283,141 |
Shares redeemed | (360,498) | (1,362,707) | (4,522,778) | (19,411,369) |
Net increase (decrease) | 143,412 | (429,696) | $ 1,842,650 | $ (5,908,594) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 16% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AGCSI-USAN-0615
1.879391.106
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Global Commodity Stock
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Class A, Class T, Class B,
and Class C are classes
of Fidelity® Global Commodity
Stock Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.34% | | | |
Actual | | $ 1,000.00 | $ 982.40 | $ 6.59 |
HypotheticalA | | $ 1,000.00 | $ 1,018.15 | $ 6.71 |
Class T | 1.64% | | | |
Actual | | $ 1,000.00 | $ 980.80 | $ 8.05 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | 2.14% | | | |
Actual | | $ 1,000.00 | $ 978.10 | $ 10.50 |
HypotheticalA | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.12% | | | |
Actual | | $ 1,000.00 | $ 978.70 | $ 10.40 |
HypotheticalA | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Global Commodity Stock | 1.13% | | | |
Actual | | $ 1,000.00 | $ 983.20 | $ 5.56 |
HypotheticalA | | $ 1,000.00 | $ 1,019.19 | $ 5.66 |
Institutional Class | 1.11% | | | |
Actual | | $ 1,000.00 | $ 983.90 | $ 5.46 |
HypotheticalA | | $ 1,000.00 | $ 1,019.29 | $ 5.56 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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)
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Monsanto Co. | 7.7 | 7.4 |
BHP Billiton PLC | 5.4 | 6.0 |
Potash Corp. of Saskatchewan, Inc. | 5.3 | 6.1 |
Agrium, Inc. | 4.3 | 2.1 |
CF Industries Holdings, Inc. | 4.3 | 2.9 |
Rio Tinto PLC | 3.7 | 3.3 |
Chevron Corp. | 3.4 | 3.3 |
Syngenta AG (Switzerland) | 3.3 | 3.6 |
The Mosaic Co. | 2.7 | 2.3 |
BP PLC | 2.2 | 0.0 |
| 42.3 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2015 |
 | Agriculture 40.6% | |
 | Energy 28.8% | |
 | Metals 28.6% | |
 | Other 1.7% | |
 | Short-Term
Investments and
Net Other Assets 0.3% | |
As of October 31, 2014 |
 | Agriculture 36.9% | |
 | Energy 30.0% | |
 | Metals 29.2% | |
 | Other 3.3% | |
 | Short-Term
Investments and
Net Other Assets 0.6% | |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7% |
| Shares | | Value |
CHEMICALS - 31.6% |
Diversified Chemicals - 0.1% |
E.I. du Pont de Nemours & Co. | 4,300 | | $ 314,760 |
Fertilizers & Agricultural Chemicals - 31.4% |
Agrium, Inc. | 125,100 | | 12,961,044 |
CF Industries Holdings, Inc. | 45,072 | | 12,956,848 |
Intrepid Potash, Inc. (a)(d) | 253,900 | | 3,181,367 |
K&S AG | 62,100 | | 2,024,426 |
Monsanto Co. | 203,500 | | 23,190,859 |
Potash Corp. of Saskatchewan, Inc. | 488,700 | | 15,959,204 |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d) | 112,300 | | 2,452,632 |
Syngenta AG (Switzerland) | 29,834 | | 9,983,346 |
The Mosaic Co. | 182,459 | | 8,028,196 |
Uralkali OJSC GDR (Reg. S) | 20,100 | | 295,629 |
Yara International ASA | 64,500 | | 3,304,818 |
| | 94,338,369 |
Specialty Chemicals - 0.1% |
Sika AG (Bearer) | 40 | | 137,294 |
TOTAL CHEMICALS | | 94,790,423 |
CONSTRUCTION MATERIALS - 0.2% |
Construction Materials - 0.2% |
Grasim Industries Ltd. | 8,056 | | 502,113 |
CONTAINERS & PACKAGING - 0.7% |
Paper Packaging - 0.7% |
MeadWestvaco Corp. | 5,600 | | 273,280 |
Rock-Tenn Co. Class A | 29,905 | | 1,883,417 |
| | 2,156,697 |
ELECTRIC UTILITIES - 0.1% |
Electric Utilities - 0.1% |
Exelon Corp. | 9,100 | | 309,582 |
ENERGY EQUIPMENT & SERVICES - 0.7% |
Oil & Gas Drilling - 0.2% |
Ocean Rig UDW, Inc. (United States) | 44,047 | | 330,793 |
Odfjell Drilling A/S | 142,532 | | 126,880 |
Vantage Drilling Co. (a) | 705,782 | | 281,254 |
| | 738,927 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Equipment & Services - 0.5% |
Dril-Quip, Inc. (a) | 3,996 | | $ 318,561 |
Ezion Holdings Ltd. | 397,100 | | 361,627 |
SBM Offshore NV (a)(d) | 62,800 | | 810,991 |
| | 1,491,179 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 2,230,106 |
FOOD PRODUCTS - 4.1% |
Agricultural Products - 4.0% |
Archer Daniels Midland Co. | 104,800 | | 5,122,624 |
Bunge Ltd. | 45,800 | | 3,955,746 |
First Resources Ltd. | 1,080,200 | | 1,453,111 |
Golden Agri-Resources Ltd. | 2,383,000 | | 756,394 |
SLC Agricola SA | 97,000 | | 561,792 |
Wilmar International Ltd. | 120,900 | | 297,864 |
| | 12,147,531 |
Packaged Foods & Meats - 0.1% |
Adecoagro SA (a) | 14,900 | | 144,679 |
TOTAL FOOD PRODUCTS | | 12,292,210 |
HOUSEHOLD PRODUCTS - 0.3% |
Household Products - 0.3% |
Svenska Cellulosa AB (SCA) (B Shares) | 31,100 | | 786,674 |
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.3% |
Independent Power Producers & Energy Traders - 0.3% |
Dynegy, Inc. (a) | 28,600 | | 951,522 |
MACHINERY - 2.0% |
Agricultural & Farm Machinery - 1.9% |
AGCO Corp. (d) | 24,700 | | 1,272,297 |
Deere & Co. | 50,700 | | 4,589,364 |
| | 5,861,661 |
Construction Machinery & Heavy Trucks - 0.1% |
Manitowoc Co., Inc. | 14,900 | | 293,977 |
TOTAL MACHINERY | | 6,155,638 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - 27.6% |
Aluminum - 1.0% |
Alcoa, Inc. | 179,900 | | $ 2,414,258 |
Norsk Hydro ASA | 112,500 | | 532,778 |
| | 2,947,036 |
Diversified Metals & Mining - 15.6% |
Anglo American PLC (United Kingdom) | 202,851 | | 3,436,809 |
BHP Billiton PLC | 673,663 | | 16,192,491 |
First Quantum Minerals Ltd. | 90,624 | | 1,388,091 |
Freeport-McMoRan, Inc. | 149,100 | | 3,469,557 |
Glencore Xstrata PLC | 1,354,865 | | 6,436,384 |
Grupo Mexico SA de CV Series B | 503,411 | | 1,554,005 |
Ivanhoe Mines Ltd. (a) | 709,500 | | 682,155 |
Ivanhoe Mines Ltd. Class A warrants 12/10/15 (a)(e) | 422,500 | | 14,007 |
MMC Norilsk Nickel OJSC sponsored ADR | 30,800 | | 570,108 |
Rio Tinto PLC | 247,787 | | 11,088,743 |
Sesa Sterlite Ltd. | 279,297 | | 918,154 |
Teck Resources Ltd. Class B (sub. vtg.) | 70,700 | | 1,071,780 |
| | 46,822,284 |
Gold - 6.1% |
Acacia Mining PLC | 11,200 | | 49,672 |
Agnico Eagle Mines Ltd. (Canada) | 31,300 | | 947,431 |
AngloGold Ashanti Ltd. sponsored ADR (a) | 49,300 | | 558,569 |
Argonaut Gold, Inc. (a) | 206,600 | | 347,615 |
B2Gold Corp. (a) | 1,309,180 | | 2,050,850 |
Barrick Gold Corp. | 156,900 | | 2,039,115 |
Compania de Minas Buenaventura SA sponsored ADR | 30,700 | | 343,226 |
Continental Gold Ltd. (a) | 207,300 | | 378,002 |
Detour Gold Corp. (a) | 36,500 | | 385,723 |
Eldorado Gold Corp. | 161,450 | | 804,239 |
Franco-Nevada Corp. | 22,000 | | 1,142,213 |
Gold Fields Ltd. sponsored ADR | 88,200 | | 403,074 |
Goldcorp, Inc. | 131,110 | | 2,467,889 |
New Gold, Inc. (a) | 121,300 | | 407,182 |
Newcrest Mining Ltd. (a) | 92,224 | | 1,033,783 |
Newmont Mining Corp. | 75,400 | | 1,997,346 |
Premier Gold Mines Ltd. (a) | 291,100 | | 593,540 |
Randgold Resources Ltd. sponsored ADR | 16,600 | | 1,264,422 |
Romarco Minerals, Inc. (a) | 1,580,000 | | 595,856 |
Torex Gold Resources, Inc. (a) | 344,700 | | 319,987 |
Yamana Gold, Inc. | 102,300 | | 390,885 |
| | 18,520,619 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Precious Metals & Minerals - 0.5% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 1,446,400 | | $ 195,949 |
Fresnillo PLC | 33,700 | | 373,769 |
Gem Diamonds Ltd. | 143,900 | | 307,678 |
Impala Platinum Holdings Ltd. (a) | 60,500 | | 335,652 |
Tahoe Resources, Inc. | 21,753 | | 307,409 |
| | 1,520,457 |
Silver - 0.4% |
Silver Wheaton Corp. | 61,900 | | 1,221,069 |
Steel - 4.0% |
ArcelorMittal SA Class A unit (d) | 149,700 | | 1,600,293 |
Hyundai Steel Co. | 11,523 | | 841,938 |
JFE Holdings, Inc. | 60,100 | | 1,356,749 |
Nippon Steel & Sumitomo Metal Corp. | 1,102,000 | | 2,866,540 |
Nucor Corp. | 37,400 | | 1,827,364 |
POSCO | 11,582 | | 2,715,354 |
Steel Dynamics, Inc. | 7,600 | | 168,188 |
Tata Steel Ltd. | 59,417 | | 336,927 |
Thyssenkrupp AG | 10,900 | | 289,607 |
| | 12,002,960 |
TOTAL METALS & MINING | | 83,034,425 |
OIL, GAS & CONSUMABLE FUELS - 27.8% |
Coal & Consumable Fuels - 0.9% |
Cameco Corp. | 21,400 | | 376,385 |
Cloud Peak Energy, Inc. (a) | 48,800 | | 316,712 |
Coal India Ltd. | 44,800 | | 255,732 |
CONSOL Energy, Inc. | 11,300 | | 367,024 |
Peabody Energy Corp. (d) | 264,698 | | 1,252,022 |
| | 2,567,875 |
Integrated Oil & Gas - 12.9% |
BP PLC | 908,100 | | 6,549,581 |
Chevron Corp. | 91,800 | | 10,195,308 |
Exxon Mobil Corp. | 34,561 | | 3,019,595 |
Gazprom OAO sponsored ADR | 69,900 | | 411,012 |
Imperial Oil Ltd. | 11,800 | | 520,119 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 24,900 | | 1,273,772 |
Royal Dutch Shell PLC Class A (United Kingdom) | 99,100 | | 3,124,649 |
Statoil ASA | 92,200 | | 1,954,674 |
Suncor Energy, Inc. | 148,132 | | 4,823,959 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Total SA | 101,300 | | $ 5,485,391 |
YPF SA Class D sponsored ADR | 45,500 | | 1,389,570 |
| | 38,747,630 |
Oil & Gas Exploration & Production - 13.6% |
Anadarko Petroleum Corp. | 45,600 | | 4,290,960 |
Apache Corp. | 22,100 | | 1,511,640 |
Cabot Oil & Gas Corp. | 82,900 | | 2,803,678 |
California Resources Corp. | 17,500 | | 162,750 |
Canadian Natural Resources Ltd. | 32,700 | | 1,086,567 |
Chesapeake Energy Corp. (d) | 24,600 | | 387,942 |
Cimarex Energy Co. | 18,100 | | 2,251,640 |
CNOOC Ltd. sponsored ADR (d) | 8,800 | | 1,507,000 |
Cobalt International Energy, Inc. (a) | 117,500 | | 1,257,250 |
Concho Resources, Inc. (a) | 4,500 | | 569,970 |
ConocoPhillips Co. | 66,200 | | 4,496,304 |
Continental Resources, Inc. (a) | 5,800 | | 305,254 |
Devon Energy Corp. | 18,700 | | 1,275,527 |
Encana Corp. | 46,800 | | 664,471 |
Energen Corp. | 6,000 | | 427,020 |
EOG Resources, Inc. | 46,700 | | 4,620,965 |
EQT Corp. | 10,500 | | 944,370 |
Hess Corp. | 10,400 | | 799,760 |
Kosmos Energy Ltd. (a) | 69,600 | | 680,688 |
Marathon Oil Corp. | 33,700 | | 1,048,070 |
Murphy Oil Corp. | 8,200 | | 390,402 |
Newfield Exploration Co. (a) | 8,200 | | 321,768 |
Noble Energy, Inc. | 40,600 | | 2,059,232 |
NOVATEK OAO GDR (Reg. S) | 10,400 | | 1,006,984 |
Oil & Natural Gas Corp. Ltd. | 77,295 | | 369,764 |
Oil Search Ltd. ADR | 56,800 | | 363,635 |
PDC Energy, Inc. (a) | 12,300 | | 697,902 |
Pioneer Natural Resources Co. | 3,560 | | 615,097 |
Range Resources Corp. | 8,400 | | 533,904 |
Santos Ltd. | 46,800 | | 307,392 |
SM Energy Co. | 16,000 | | 927,520 |
Southwestern Energy Co. (a) | 21,200 | | 594,236 |
Tullow Oil PLC | 138,200 | | 877,441 |
Whiting Petroleum Corp. (a) | 10,100 | | 382,891 |
Woodside Petroleum Ltd. | 6,700 | | 185,837 |
| | 40,725,831 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Refining & Marketing - 0.2% |
Tesoro Corp. | 3,400 | | $ 291,822 |
Valero Energy Corp. | 5,200 | | 295,880 |
| | 587,702 |
Oil & Gas Storage & Transport - 0.2% |
Columbia Pipeline Partners LP | 11,100 | | 300,255 |
Golar LNG Ltd. | 12,569 | | 452,421 |
| | 752,676 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 83,381,714 |
PAPER & FOREST PRODUCTS - 3.2% |
Forest Products - 0.4% |
West Fraser Timber Co. Ltd. | 22,000 | | 1,132,002 |
Paper Products - 2.8% |
Empresas CMPC SA | 455,180 | | 1,293,317 |
International Paper Co. | 111,300 | | 5,979,036 |
Stora Enso Oyj (R Shares) (d) | 64,600 | | 679,804 |
UPM-Kymmene Corp. | 31,900 | | 577,217 |
| | 8,529,374 |
TOTAL PAPER & FOREST PRODUCTS | | 9,661,376 |
REAL ESTATE INVESTMENT TRUSTS - 0.1% |
Specialized REITs - 0.1% |
Weyerhaeuser Co. | 14,300 | | 450,593 |
TOTAL COMMON STOCKS (Cost $357,284,003) |
296,703,073
|
Nonconvertible Preferred Stocks - 1.0% |
| | | |
METALS & MINING - 1.0% |
Steel - 1.0% |
Gerdau SA sponsored ADR (d) | 164,400 | | 552,384 |
Vale SA (PN-A) sponsored ADR | 393,700 | | 2,381,885 |
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Cost $9,117,207) |
2,934,269
|
Money Market Funds - 3.9% |
| Shares | | Value |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)
(Cost $11,599,043) | 11,599,043 | | $ 11,599,043 |
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $378,000,253) | | 311,236,385 |
NET OTHER ASSETS (LIABILITIES) - (3.6)% | | (10,795,827) |
NET ASSETS - 100% | $ 300,440,558 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,007 or 0.0% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 288 |
Fidelity Securities Lending Cash Central Fund | 61,018 |
Total | $ 61,306 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Common Stocks | $ 296,703,073 | $ 209,406,929 | $ 87,296,144 | $ - |
Nonconvertible Preferred Stocks | 2,934,269 | 2,934,269 | - | - |
Money Market Funds | 11,599,043 | 11,599,043 | - | - |
Total Investments in Securities: | $ 311,236,385 | $ 223,940,241 | $ 87,296,144 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 18,745,707 |
Level 2 to Level 1 | 3,248,921 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 43.2% |
Canada | 18.3% |
United Kingdom | 13.8% |
Switzerland | 3.4% |
Bailiwick of Jersey | 2.5% |
Norway | 2.0% |
Bermuda | 1.8% |
France | 1.8% |
Japan | 1.4% |
Chile | 1.2% |
Korea (South) | 1.2% |
Brazil | 1.2% |
Russia | 1.1% |
Others (Individually Less Than 1%) | 7.1% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $11,311,539) - See accompanying schedule: Unaffiliated issuers (cost $366,401,210) | $ 299,637,342 | |
Fidelity Central Funds (cost $11,599,043) | 11,599,043 | |
Total Investments (cost $378,000,253) | | $ 311,236,385 |
Foreign currency held at value (cost $88,535) | | 88,535 |
Receivable for investments sold | | 3,935,312 |
Receivable for fund shares sold | | 199,453 |
Dividends receivable | | 1,100,030 |
Distributions receivable from Fidelity Central Funds | | 25,785 |
Prepaid expenses | | 274 |
Other receivables | | 4,659 |
Total assets | | 316,590,433 |
| | |
Liabilities | | |
Payable to custodian bank | $ 104,991 | |
Payable for investments purchased | 3,523,859 | |
Payable for fund shares redeemed | 603,953 | |
Accrued management fee | 172,744 | |
Distribution and service plan fees payable | 26,511 | |
Other affiliated payables | 84,827 | |
Other payables and accrued expenses | 33,947 | |
Collateral on securities loaned, at value | 11,599,043 | |
Total liabilities | | 16,149,875 |
| | |
Net Assets | | $ 300,440,558 |
Net Assets consist of: | | |
Paid in capital | | $ 420,802,797 |
Undistributed net investment income | | 1,812,974 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (55,404,089) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (66,771,124) |
Net Assets | | $ 300,440,558 |
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, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($44,023,678 ÷ 3,425,257 shares) | | $ 12.85 |
| | |
Maximum offering price per share (100/94.25 of $12.85) | | $ 13.63 |
Class T:
Net Asset Value and redemption price per share ($9,125,302 ÷ 710,972 shares) | | $ 12.83 |
| | |
Maximum offering price per share (100/96.50 of $12.83) | | $ 13.30 |
Class B:
Net Asset Value and offering price per share ($1,321,078 ÷ 103,253 shares)A | | $ 12.79 |
| | |
Class C:
Net Asset Value and offering price per share ($15,492,006 ÷ 1,216,762 shares)A | | $ 12.73 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($205,562,829 ÷ 15,954,820 shares) | | $ 12.88 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($24,915,665 ÷ 1,934,220 shares) | | $ 12.88 |
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, 2015
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,203,810 |
Interest | | 3 |
Income from Fidelity Central Funds | | 61,306 |
Income before foreign taxes withheld | | 4,265,119 |
Less foreign taxes withheld | | (239,548) |
Total income | | 4,025,571 |
| | |
Expenses | | |
Management fee | $ 1,067,675 | |
Transfer agent fees | 436,069 | |
Distribution and service plan fees | 166,768 | |
Accounting and security lending fees | 80,720 | |
Custodian fees and expenses | 25,657 | |
Independent trustees' compensation | 620 | |
Registration fees | 77,490 | |
Audit | 27,018 | |
Legal | 452 | |
Miscellaneous | 643 | |
Total expenses before reductions | 1,883,112 | |
Expense reductions | (1,533) | 1,881,579 |
Net investment income (loss) | | 2,143,992 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (8,925,917) | |
Foreign currency transactions | (39,197) | |
Total net realized gain (loss) | | (8,965,114) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,038,735 | |
Assets and liabilities in foreign currencies | 10,385 | |
Total change in net unrealized appreciation (depreciation) | | 1,049,120 |
Net gain (loss) | | (7,915,994) |
Net increase (decrease) in net assets resulting from operations | | $ (5,772,002) |
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, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,143,992 | $ 4,495,175 |
Net realized gain (loss) | (8,965,114) | (3,681,278) |
Change in net unrealized appreciation (depreciation) | 1,049,120 | (18,645,040) |
Net increase (decrease) in net assets resulting
from operations | (5,772,002) | (17,831,143) |
Distributions to shareholders from net investment income | (3,898,874) | (4,765,250) |
Distributions to shareholders from net realized gain | (629,272) | (367,709) |
Total distributions | (4,528,146) | (5,132,959) |
Share transactions - net increase (decrease) | (16,881,447) | (64,489,864) |
Redemption fees | 2,277 | 7,328 |
Total increase (decrease) in net assets | (27,179,318) | (87,446,638) |
| | |
Net Assets | | |
Beginning of period | 327,619,876 | 415,066,514 |
End of period (including undistributed net investment income of $1,812,974 and undistributed net investment income of $3,567,856, respectively) | $ 300,440,558 | $ 327,619,876 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.25 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | .08 | .15 | .16 | .11 | .12 | .19H |
Net realized and unrealized gain (loss) | (.31) | (.91) | (.45) | (.59) | (.38) | 2.20 |
Total from investment operations | (.23) | (.76) | (.29) | (.48) | (.26) | 2.39 |
Distributions from net investment income | (.14) | (.15) | (.13) | (.05) | (.13) | - J |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.17) | (.16) | (.13) | (.07) L | (.20) K | (.08) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.85 | $ 13.25 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 |
Total ReturnB, C, D | (1.76)% | (5.41)% | (2.00)% | (3.19)% | (1.80)% | 18.04% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.34%A | 1.35% | 1.36% | 1.34% | 1.32% | 1.37% |
Expenses net of fee waivers, if any | 1.34%A | 1.35% | 1.35% | 1.34% | 1.32% | 1.37% |
Expenses net of all reductions | 1.34%A | 1.35% | 1.34% | 1.33% | 1.31% | 1.36% |
Net investment income (loss) | 1.30% A | 1.05% | 1.12% | .80% | .71% | 1.35% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 44,024 | $ 51,586 | $ 71,293 | $ 99,694 | $ 127,979 | $ 60,370 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share. LTotal distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.21 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .11 | .12 | .08 | .07 | .16H |
Net realized and unrealized gain (loss) | (.31) | (.90) | (.45) | (.60) | (.38) | 2.19 |
Total from investment operations | (.25) | (.79) | (.33) | (.52) | (.31) | 2.35 |
Distributions from net investment income | (.10) | (.11) | (.08) | (.01) | (.10) | - |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.07) |
Total distributions | (.13) | (.13) K | (.08) | (.02) | (.16) | (.07) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.83 | $ 13.21 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 |
Total ReturnB, C, D | (1.92)% | (5.65)% | (2.26)% | (3.43)% | (2.09)% | 17.73% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.64%A | 1.62% | 1.62% | 1.61% | 1.60% | 1.63% |
Expenses net of fee waivers, if any | 1.64%A | 1.62% | 1.61% | 1.61% | 1.60% | 1.63% |
Expenses net of all reductions | 1.64%A | 1.62% | 1.60% | 1.60% | 1.59% | 1.61% |
Net investment income (loss) | 1.00% A | .78% | .86% | .53% | .43% | 1.10% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,125 | $ 9,867 | $ 12,551 | $ 16,692 | $ 20,831 | $ 11,762 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.13 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.013 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.12 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .04 | .05 | -J | (.01) | .08H |
Net realized and unrealized gain (loss) | (.32) | (.89) | (.45) | (.59) | (.39) | 2.20 |
Total from investment operations | (.29) | (.85) | (.40) | (.59) | (.40) | 2.28 |
Distributions from net investment income | (.02) | (.03) | - J | - | - | - |
Distributions from net realized gain | (.03) | (.01) | - | - | (.06) | (.04) |
Total distributions | (.04) K | (.04) | - J | - | (.06) | (.04) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.79 | $ 13.12 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 |
Total ReturnB, C, D | (2.19)% | (6.06)% | (2.75)% | (3.93)% | (2.62)% | 17.23% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.14%A | 2.11% | 2.11% | 2.10% | 2.11% | 2.16% |
Expenses net of fee waivers, if any | 2.14%A | 2.11% | 2.11% | 2.10% | 2.11% | 2.16% |
Expenses net of all reductions | 2.14%A | 2.11% | 2.10% | 2.10% | 2.10% | 2.15% |
Net investment income (loss) | .50% A | .29% | .36% | .03% | (.09)% | .56% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,321 | $ 1,584 | $ 2,303 | $ 3,097 | $ 4,324 | $ 4,348 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37)%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.04 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.026 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.06 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .04 | .05 | .01 | (.01) | .08H |
Net realized and unrealized gain (loss) | (.31) | (.89) | (.44) | (.59) | (.38) | 2.19 |
Total from investment operations | (.28) | (.85) | (.39) | (.58) | (.39) | 2.27 |
Distributions from net investment income | (.03) | (.03) | (.02) | - | (.05) | - |
Distributions from net realized gain | (.03) | (.01) | - | - | (.06) | (.04) |
Total distributions | (.05) L | (.05) K | (.02) | - | (.11) | (.04) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.73 | $ 13.06 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 |
Total ReturnB, C, D | (2.13)% | (6.13)% | (2.75)% | (3.88)% | (2.58)% | 17.21% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.12%A | 2.11% | 2.11% | 2.10% | 2.09% | 2.14% |
Expenses net of fee waivers, if any | 2.12%A | 2.11% | 2.11% | 2.10% | 2.09% | 2.14% |
Expenses net of all reductions | 2.12%A | 2.11% | 2.10% | 2.09% | 2.08% | 2.13% |
Net investment income (loss) | .52% A | .29% | .36% | .03% | (.07)% | .58% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,492 | $ 17,659 | $ 23,830 | $ 31,865 | $ 37,185 | $ 14,338 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34)%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.05 per share is comprised of distributions from net investment income of $.033 and distributions from net realized gain of $.013 per share. LTotal distributions of $.05 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.026 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Global Commodity Stock
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .19 | .19 | .15 | .16 | .23G |
Net realized and unrealized gain (loss) | (.33) | (.92) | (.45) | (.60) | (.39) | 2.21 |
Total from investment operations | (.23) | (.73) | (.26) | (.45) | (.23) | 2.44 |
Distributions from net investment income | (.18) | (.19) | (.16) | (.08) | (.16) | (.01) |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.20) K | (.20) | (.16) | (.10) J | (.22) | (.09) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 13.31 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 |
Total ReturnB, C | (1.68)% | (5.16)% | (1.75)% | (2.96)% | (1.59)% | 18.38% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.13%A | 1.11% | 1.11% | 1.10% | 1.08% | 1.10% |
Expenses net of fee waivers, if any | 1.13%A | 1.11% | 1.11% | 1.10% | 1.08% | 1.10% |
Expenses net of all reductions | 1.13%A | 1.11% | 1.09% | 1.09% | 1.07% | 1.09% |
Net investment income (loss) | 1.51% A | 1.29% | 1.37% | 1.04% | .95% | 1.62% G |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 205,563 | $ 223,084 | $ 273,476 | $ 387,242 | $ 531,224 | $ 310,186 |
Portfolio turnover rateF | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share. KTotal distributions of $.20 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.026 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .19 | .20 | .16 | .16 | .23G |
Net realized and unrealized gain (loss) | (.32) | (.92) | (.45) | (.60) | (.38) | 2.21 |
Total from investment operations | (.22) | (.73) | (.25) | (.44) | (.22) | 2.44 |
Distributions from net investment income | (.19) | (.19) | (.18) | (.09) | (.16) | (.01) |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.21) K | (.20) | (.18) | (.11) J | (.22) | (.09) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 13.31 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 |
Total ReturnB, C | (1.61)% | (5.16)% | (1.71)% | (2.90)% | (1.50)% | 18.39% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.11%A | 1.06% | 1.04% | 1.04% | 1.03% | 1.09% |
Expenses net of fee waivers, if any | 1.11%A | 1.06% | 1.04% | 1.04% | 1.03% | 1.09% |
Expenses net of all reductions | 1.10%A | 1.06% | 1.03% | 1.03% | 1.03% | 1.07% |
Net investment income (loss) | 1.53% A | 1.34% | 1.43% | 1.10% | .99% | 1.64% G |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 24,916 | $ 23,840 | $ 31,613 | $ 50,540 | $ 58,925 | $ 35,739 |
Portfolio turnover rateF | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share. KTotal distributions of $.21 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.026 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Global Commodity Stock and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 13,636,318 |
Gross unrealized depreciation | (84,887,209) |
Net unrealized appreciation (depreciation) on securities | $ (71,250,891) |
| |
Tax cost | $ 382,487,276 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2019 | $ (6,952,413) |
No expiration | |
Short-term | (14,785,479) |
Long-term | (19,776,286) |
Total no expiration | (34,561,765) |
Total capital loss carryforward | $ (41,514,178) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $108,092,236 and $125,934,064, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 57,087 | $ 980 |
Class T | .25% | .25% | 22,881 | 266 |
Class B | .75% | .25% | 7,003 | 5,275 |
Class C | .75% | .25% | 79,797 | 8,954 |
| | | $ 166,768 | $ 15,475 |
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 10,065 |
Class T | 1,256 |
Class B* | 1,475 |
Class C* | 626 |
| $ 13,422 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund.FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 58,082 | .25 |
Class T | 13,761 | .30 |
Class B | 2,057 | .29 |
Class C | 22,547 | .28 |
Global Commodity Stock | 307,925 | .29 |
Institutional Class | 31,697 | .27 |
| $ 436,069 | |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees - continued
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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,354 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $247 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of
Semiannual Report
7. Security Lending - continued
Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $61,018, including $8 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $802 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Global Commodity Stock expenses during the period in the amount of $731.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ 520,699 | $ 708,856 |
Class T | 72,766 | 98,770 |
Class B | 1,871 | 4,646 |
Class C | 32,755 | 54,810 |
Global Commodity Stock | 2,937,401 | 3,531,196 |
Institutional Class | 333,382 | 366,972 |
Total | $ 3,898,874 | $ 4,765,250 |
From net realized gain | | |
Class A | $ 97,397 | $ 63,118 |
Class T | 19,110 | 11,363 |
Class B | 3,040 | 2,083 |
Class C | 34,065 | 21,591 |
Global Commodity Stock | 429,058 | 244,178 |
Institutional Class | 46,602 | 25,376 |
Total | $ 629,272 | $ 367,709 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 257,962 | 686,605 | $ 3,235,091 | $ 9,882,029 |
Reinvestment of distributions | 46,881 | 49,529 | 594,452 | 677,563 |
Shares redeemed | (772,711) | (1,874,574) | (9,719,523) | (26,738,279) |
Net increase (decrease) | (467,868) | (1,138,440) | $ (5,889,980) | $ (16,178,687) |
Class T | | | | |
Shares sold | 49,698 | 67,497 | $ 628,601 | $ 970,700 |
Reinvestment of distributions | 7,092 | 7,867 | 89,851 | 107,538 |
Shares redeemed | (92,686) | (216,700) | (1,175,871) | (3,112,471) |
Net increase (decrease) | (35,896) | (141,336) | $ (457,419) | $ (2,034,233) |
Class B | | | | |
Shares sold | 421 | 2,197 | $ 5,471 | $ 29,999 |
Reinvestment of distributions | 371 | 453 | 4,698 | 6,179 |
Shares redeemed | (18,316) | (46,232) | (228,721) | (649,491) |
Net increase (decrease) | (17,524) | (43,582) | $ (218,552) | $ (613,313) |
Class C | | | | |
Shares sold | 110,961 | 167,515 | $ 1,381,868 | $ 2,371,848 |
Reinvestment of distributions | 4,962 | 4,980 | 62,526 | 67,632 |
Shares redeemed | (251,209) | (527,630) | (3,147,909) | (7,391,284) |
Net increase (decrease) | (135,286) | (355,135) | $ (1,703,515) | $ (4,951,804) |
Global Commodity Stock | | | | |
Shares sold | 1,971,909 | 3,796,689 | $ 24,406,878 | $ 54,637,922 |
Reinvestment of distributions | 238,065 | 246,397 | 3,023,431 | 3,378,098 |
Shares redeemed | (3,017,252) | (6,485,397) | (37,884,940) | (92,819,253) |
Net increase (decrease) | (807,278) | (2,442,311) | $ (10,454,631) | $ (34,803,233) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Institutional Class | | | | |
Shares sold | 478,938 | 912,359 | $ 6,048,533 | $ 13,219,634 |
Reinvestment of distributions | 24,972 | 20,652 | 316,895 | 283,141 |
Shares redeemed | (360,498) | (1,362,707) | (4,522,778) | (19,411,369) |
Net increase (decrease) | 143,412 | (429,696) | $ 1,842,650 | $ (5,908,594) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 16% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AGCS-USAN-0615
1.879398.106
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
Fidelity®
Global Commodity Stock
Fund
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.34% | | | |
Actual | | $ 1,000.00 | $ 982.40 | $ 6.59 |
HypotheticalA | | $ 1,000.00 | $ 1,018.15 | $ 6.71 |
Class T | 1.64% | | | |
Actual | | $ 1,000.00 | $ 980.80 | $ 8.05 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | 2.14% | | | |
Actual | | $ 1,000.00 | $ 978.10 | $ 10.50 |
HypotheticalA | | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.12% | | | |
Actual | | $ 1,000.00 | $ 978.70 | $ 10.40 |
HypotheticalA | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Global Commodity Stock | 1.13% | | | |
Actual | | $ 1,000.00 | $ 983.20 | $ 5.56 |
HypotheticalA | | $ 1,000.00 | $ 1,019.19 | $ 5.66 |
Institutional Class | 1.11% | | | |
Actual | | $ 1,000.00 | $ 983.90 | $ 5.46 |
HypotheticalA | | $ 1,000.00 | $ 1,019.29 | $ 5.56 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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)
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Monsanto Co. | 7.7 | 7.4 |
BHP Billiton PLC | 5.4 | 6.0 |
Potash Corp. of Saskatchewan, Inc. | 5.3 | 6.1 |
Agrium, Inc. | 4.3 | 2.1 |
CF Industries Holdings, Inc. | 4.3 | 2.9 |
Rio Tinto PLC | 3.7 | 3.3 |
Chevron Corp. | 3.4 | 3.3 |
Syngenta AG (Switzerland) | 3.3 | 3.6 |
The Mosaic Co. | 2.7 | 2.3 |
BP PLC | 2.2 | 0.0 |
| 42.3 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2015 |
 | Agriculture 40.6% | |
 | Energy 28.8% | |
 | Metals 28.6% | |
 | Other 1.7% | |
 | Short-Term
Investments and
Net Other Assets 0.3% | |
As of October 31, 2014 |
 | Agriculture 36.9% | |
 | Energy 30.0% | |
 | Metals 29.2% | |
 | Other 3.3% | |
 | Short-Term
Investments and
Net Other Assets 0.6% | |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7% |
| Shares | | Value |
CHEMICALS - 31.6% |
Diversified Chemicals - 0.1% |
E.I. du Pont de Nemours & Co. | 4,300 | | $ 314,760 |
Fertilizers & Agricultural Chemicals - 31.4% |
Agrium, Inc. | 125,100 | | 12,961,044 |
CF Industries Holdings, Inc. | 45,072 | | 12,956,848 |
Intrepid Potash, Inc. (a)(d) | 253,900 | | 3,181,367 |
K&S AG | 62,100 | | 2,024,426 |
Monsanto Co. | 203,500 | | 23,190,859 |
Potash Corp. of Saskatchewan, Inc. | 488,700 | | 15,959,204 |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d) | 112,300 | | 2,452,632 |
Syngenta AG (Switzerland) | 29,834 | | 9,983,346 |
The Mosaic Co. | 182,459 | | 8,028,196 |
Uralkali OJSC GDR (Reg. S) | 20,100 | | 295,629 |
Yara International ASA | 64,500 | | 3,304,818 |
| | 94,338,369 |
Specialty Chemicals - 0.1% |
Sika AG (Bearer) | 40 | | 137,294 |
TOTAL CHEMICALS | | 94,790,423 |
CONSTRUCTION MATERIALS - 0.2% |
Construction Materials - 0.2% |
Grasim Industries Ltd. | 8,056 | | 502,113 |
CONTAINERS & PACKAGING - 0.7% |
Paper Packaging - 0.7% |
MeadWestvaco Corp. | 5,600 | | 273,280 |
Rock-Tenn Co. Class A | 29,905 | | 1,883,417 |
| | 2,156,697 |
ELECTRIC UTILITIES - 0.1% |
Electric Utilities - 0.1% |
Exelon Corp. | 9,100 | | 309,582 |
ENERGY EQUIPMENT & SERVICES - 0.7% |
Oil & Gas Drilling - 0.2% |
Ocean Rig UDW, Inc. (United States) | 44,047 | | 330,793 |
Odfjell Drilling A/S | 142,532 | | 126,880 |
Vantage Drilling Co. (a) | 705,782 | | 281,254 |
| | 738,927 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Equipment & Services - 0.5% |
Dril-Quip, Inc. (a) | 3,996 | | $ 318,561 |
Ezion Holdings Ltd. | 397,100 | | 361,627 |
SBM Offshore NV (a)(d) | 62,800 | | 810,991 |
| | 1,491,179 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 2,230,106 |
FOOD PRODUCTS - 4.1% |
Agricultural Products - 4.0% |
Archer Daniels Midland Co. | 104,800 | | 5,122,624 |
Bunge Ltd. | 45,800 | | 3,955,746 |
First Resources Ltd. | 1,080,200 | | 1,453,111 |
Golden Agri-Resources Ltd. | 2,383,000 | | 756,394 |
SLC Agricola SA | 97,000 | | 561,792 |
Wilmar International Ltd. | 120,900 | | 297,864 |
| | 12,147,531 |
Packaged Foods & Meats - 0.1% |
Adecoagro SA (a) | 14,900 | | 144,679 |
TOTAL FOOD PRODUCTS | | 12,292,210 |
HOUSEHOLD PRODUCTS - 0.3% |
Household Products - 0.3% |
Svenska Cellulosa AB (SCA) (B Shares) | 31,100 | | 786,674 |
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.3% |
Independent Power Producers & Energy Traders - 0.3% |
Dynegy, Inc. (a) | 28,600 | | 951,522 |
MACHINERY - 2.0% |
Agricultural & Farm Machinery - 1.9% |
AGCO Corp. (d) | 24,700 | | 1,272,297 |
Deere & Co. | 50,700 | | 4,589,364 |
| | 5,861,661 |
Construction Machinery & Heavy Trucks - 0.1% |
Manitowoc Co., Inc. | 14,900 | | 293,977 |
TOTAL MACHINERY | | 6,155,638 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - 27.6% |
Aluminum - 1.0% |
Alcoa, Inc. | 179,900 | | $ 2,414,258 |
Norsk Hydro ASA | 112,500 | | 532,778 |
| | 2,947,036 |
Diversified Metals & Mining - 15.6% |
Anglo American PLC (United Kingdom) | 202,851 | | 3,436,809 |
BHP Billiton PLC | 673,663 | | 16,192,491 |
First Quantum Minerals Ltd. | 90,624 | | 1,388,091 |
Freeport-McMoRan, Inc. | 149,100 | | 3,469,557 |
Glencore Xstrata PLC | 1,354,865 | | 6,436,384 |
Grupo Mexico SA de CV Series B | 503,411 | | 1,554,005 |
Ivanhoe Mines Ltd. (a) | 709,500 | | 682,155 |
Ivanhoe Mines Ltd. Class A warrants 12/10/15 (a)(e) | 422,500 | | 14,007 |
MMC Norilsk Nickel OJSC sponsored ADR | 30,800 | | 570,108 |
Rio Tinto PLC | 247,787 | | 11,088,743 |
Sesa Sterlite Ltd. | 279,297 | | 918,154 |
Teck Resources Ltd. Class B (sub. vtg.) | 70,700 | | 1,071,780 |
| | 46,822,284 |
Gold - 6.1% |
Acacia Mining PLC | 11,200 | | 49,672 |
Agnico Eagle Mines Ltd. (Canada) | 31,300 | | 947,431 |
AngloGold Ashanti Ltd. sponsored ADR (a) | 49,300 | | 558,569 |
Argonaut Gold, Inc. (a) | 206,600 | | 347,615 |
B2Gold Corp. (a) | 1,309,180 | | 2,050,850 |
Barrick Gold Corp. | 156,900 | | 2,039,115 |
Compania de Minas Buenaventura SA sponsored ADR | 30,700 | | 343,226 |
Continental Gold Ltd. (a) | 207,300 | | 378,002 |
Detour Gold Corp. (a) | 36,500 | | 385,723 |
Eldorado Gold Corp. | 161,450 | | 804,239 |
Franco-Nevada Corp. | 22,000 | | 1,142,213 |
Gold Fields Ltd. sponsored ADR | 88,200 | | 403,074 |
Goldcorp, Inc. | 131,110 | | 2,467,889 |
New Gold, Inc. (a) | 121,300 | | 407,182 |
Newcrest Mining Ltd. (a) | 92,224 | | 1,033,783 |
Newmont Mining Corp. | 75,400 | | 1,997,346 |
Premier Gold Mines Ltd. (a) | 291,100 | | 593,540 |
Randgold Resources Ltd. sponsored ADR | 16,600 | | 1,264,422 |
Romarco Minerals, Inc. (a) | 1,580,000 | | 595,856 |
Torex Gold Resources, Inc. (a) | 344,700 | | 319,987 |
Yamana Gold, Inc. | 102,300 | | 390,885 |
| | 18,520,619 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Precious Metals & Minerals - 0.5% |
Aquarius Platinum Ltd. (United Kingdom) (a) | 1,446,400 | | $ 195,949 |
Fresnillo PLC | 33,700 | | 373,769 |
Gem Diamonds Ltd. | 143,900 | | 307,678 |
Impala Platinum Holdings Ltd. (a) | 60,500 | | 335,652 |
Tahoe Resources, Inc. | 21,753 | | 307,409 |
| | 1,520,457 |
Silver - 0.4% |
Silver Wheaton Corp. | 61,900 | | 1,221,069 |
Steel - 4.0% |
ArcelorMittal SA Class A unit (d) | 149,700 | | 1,600,293 |
Hyundai Steel Co. | 11,523 | | 841,938 |
JFE Holdings, Inc. | 60,100 | | 1,356,749 |
Nippon Steel & Sumitomo Metal Corp. | 1,102,000 | | 2,866,540 |
Nucor Corp. | 37,400 | | 1,827,364 |
POSCO | 11,582 | | 2,715,354 |
Steel Dynamics, Inc. | 7,600 | | 168,188 |
Tata Steel Ltd. | 59,417 | | 336,927 |
Thyssenkrupp AG | 10,900 | | 289,607 |
| | 12,002,960 |
TOTAL METALS & MINING | | 83,034,425 |
OIL, GAS & CONSUMABLE FUELS - 27.8% |
Coal & Consumable Fuels - 0.9% |
Cameco Corp. | 21,400 | | 376,385 |
Cloud Peak Energy, Inc. (a) | 48,800 | | 316,712 |
Coal India Ltd. | 44,800 | | 255,732 |
CONSOL Energy, Inc. | 11,300 | | 367,024 |
Peabody Energy Corp. (d) | 264,698 | | 1,252,022 |
| | 2,567,875 |
Integrated Oil & Gas - 12.9% |
BP PLC | 908,100 | | 6,549,581 |
Chevron Corp. | 91,800 | | 10,195,308 |
Exxon Mobil Corp. | 34,561 | | 3,019,595 |
Gazprom OAO sponsored ADR | 69,900 | | 411,012 |
Imperial Oil Ltd. | 11,800 | | 520,119 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 24,900 | | 1,273,772 |
Royal Dutch Shell PLC Class A (United Kingdom) | 99,100 | | 3,124,649 |
Statoil ASA | 92,200 | | 1,954,674 |
Suncor Energy, Inc. | 148,132 | | 4,823,959 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Total SA | 101,300 | | $ 5,485,391 |
YPF SA Class D sponsored ADR | 45,500 | | 1,389,570 |
| | 38,747,630 |
Oil & Gas Exploration & Production - 13.6% |
Anadarko Petroleum Corp. | 45,600 | | 4,290,960 |
Apache Corp. | 22,100 | | 1,511,640 |
Cabot Oil & Gas Corp. | 82,900 | | 2,803,678 |
California Resources Corp. | 17,500 | | 162,750 |
Canadian Natural Resources Ltd. | 32,700 | | 1,086,567 |
Chesapeake Energy Corp. (d) | 24,600 | | 387,942 |
Cimarex Energy Co. | 18,100 | | 2,251,640 |
CNOOC Ltd. sponsored ADR (d) | 8,800 | | 1,507,000 |
Cobalt International Energy, Inc. (a) | 117,500 | | 1,257,250 |
Concho Resources, Inc. (a) | 4,500 | | 569,970 |
ConocoPhillips Co. | 66,200 | | 4,496,304 |
Continental Resources, Inc. (a) | 5,800 | | 305,254 |
Devon Energy Corp. | 18,700 | | 1,275,527 |
Encana Corp. | 46,800 | | 664,471 |
Energen Corp. | 6,000 | | 427,020 |
EOG Resources, Inc. | 46,700 | | 4,620,965 |
EQT Corp. | 10,500 | | 944,370 |
Hess Corp. | 10,400 | | 799,760 |
Kosmos Energy Ltd. (a) | 69,600 | | 680,688 |
Marathon Oil Corp. | 33,700 | | 1,048,070 |
Murphy Oil Corp. | 8,200 | | 390,402 |
Newfield Exploration Co. (a) | 8,200 | | 321,768 |
Noble Energy, Inc. | 40,600 | | 2,059,232 |
NOVATEK OAO GDR (Reg. S) | 10,400 | | 1,006,984 |
Oil & Natural Gas Corp. Ltd. | 77,295 | | 369,764 |
Oil Search Ltd. ADR | 56,800 | | 363,635 |
PDC Energy, Inc. (a) | 12,300 | | 697,902 |
Pioneer Natural Resources Co. | 3,560 | | 615,097 |
Range Resources Corp. | 8,400 | | 533,904 |
Santos Ltd. | 46,800 | | 307,392 |
SM Energy Co. | 16,000 | | 927,520 |
Southwestern Energy Co. (a) | 21,200 | | 594,236 |
Tullow Oil PLC | 138,200 | | 877,441 |
Whiting Petroleum Corp. (a) | 10,100 | | 382,891 |
Woodside Petroleum Ltd. | 6,700 | | 185,837 |
| | 40,725,831 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Refining & Marketing - 0.2% |
Tesoro Corp. | 3,400 | | $ 291,822 |
Valero Energy Corp. | 5,200 | | 295,880 |
| | 587,702 |
Oil & Gas Storage & Transport - 0.2% |
Columbia Pipeline Partners LP | 11,100 | | 300,255 |
Golar LNG Ltd. | 12,569 | | 452,421 |
| | 752,676 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 83,381,714 |
PAPER & FOREST PRODUCTS - 3.2% |
Forest Products - 0.4% |
West Fraser Timber Co. Ltd. | 22,000 | | 1,132,002 |
Paper Products - 2.8% |
Empresas CMPC SA | 455,180 | | 1,293,317 |
International Paper Co. | 111,300 | | 5,979,036 |
Stora Enso Oyj (R Shares) (d) | 64,600 | | 679,804 |
UPM-Kymmene Corp. | 31,900 | | 577,217 |
| | 8,529,374 |
TOTAL PAPER & FOREST PRODUCTS | | 9,661,376 |
REAL ESTATE INVESTMENT TRUSTS - 0.1% |
Specialized REITs - 0.1% |
Weyerhaeuser Co. | 14,300 | | 450,593 |
TOTAL COMMON STOCKS (Cost $357,284,003) |
296,703,073
|
Nonconvertible Preferred Stocks - 1.0% |
| | | |
METALS & MINING - 1.0% |
Steel - 1.0% |
Gerdau SA sponsored ADR (d) | 164,400 | | 552,384 |
Vale SA (PN-A) sponsored ADR | 393,700 | | 2,381,885 |
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Cost $9,117,207) |
2,934,269
|
Money Market Funds - 3.9% |
| Shares | | Value |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)
(Cost $11,599,043) | 11,599,043 | | $ 11,599,043 |
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $378,000,253) | | 311,236,385 |
NET OTHER ASSETS (LIABILITIES) - (3.6)% | | (10,795,827) |
NET ASSETS - 100% | $ 300,440,558 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,007 or 0.0% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 288 |
Fidelity Securities Lending Cash Central Fund | 61,018 |
Total | $ 61,306 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Common Stocks | $ 296,703,073 | $ 209,406,929 | $ 87,296,144 | $ - |
Nonconvertible Preferred Stocks | 2,934,269 | 2,934,269 | - | - |
Money Market Funds | 11,599,043 | 11,599,043 | - | - |
Total Investments in Securities: | $ 311,236,385 | $ 223,940,241 | $ 87,296,144 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 18,745,707 |
Level 2 to Level 1 | 3,248,921 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 43.2% |
Canada | 18.3% |
United Kingdom | 13.8% |
Switzerland | 3.4% |
Bailiwick of Jersey | 2.5% |
Norway | 2.0% |
Bermuda | 1.8% |
France | 1.8% |
Japan | 1.4% |
Chile | 1.2% |
Korea (South) | 1.2% |
Brazil | 1.2% |
Russia | 1.1% |
Others (Individually Less Than 1%) | 7.1% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $11,311,539) - See accompanying schedule: Unaffiliated issuers (cost $366,401,210) | $ 299,637,342 | |
Fidelity Central Funds (cost $11,599,043) | 11,599,043 | |
Total Investments (cost $378,000,253) | | $ 311,236,385 |
Foreign currency held at value (cost $88,535) | | 88,535 |
Receivable for investments sold | | 3,935,312 |
Receivable for fund shares sold | | 199,453 |
Dividends receivable | | 1,100,030 |
Distributions receivable from Fidelity Central Funds | | 25,785 |
Prepaid expenses | | 274 |
Other receivables | | 4,659 |
Total assets | | 316,590,433 |
| | |
Liabilities | | |
Payable to custodian bank | $ 104,991 | |
Payable for investments purchased | 3,523,859 | |
Payable for fund shares redeemed | 603,953 | |
Accrued management fee | 172,744 | |
Distribution and service plan fees payable | 26,511 | |
Other affiliated payables | 84,827 | |
Other payables and accrued expenses | 33,947 | |
Collateral on securities loaned, at value | 11,599,043 | |
Total liabilities | | 16,149,875 |
| | |
Net Assets | | $ 300,440,558 |
Net Assets consist of: | | |
Paid in capital | | $ 420,802,797 |
Undistributed net investment income | | 1,812,974 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (55,404,089) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (66,771,124) |
Net Assets | | $ 300,440,558 |
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, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($44,023,678 ÷ 3,425,257 shares) | | $ 12.85 |
| | |
Maximum offering price per share (100/94.25 of $12.85) | | $ 13.63 |
Class T:
Net Asset Value and redemption price per share ($9,125,302 ÷ 710,972 shares) | | $ 12.83 |
| | |
Maximum offering price per share (100/96.50 of $12.83) | | $ 13.30 |
Class B:
Net Asset Value and offering price per share ($1,321,078 ÷ 103,253 shares)A | | $ 12.79 |
| | |
Class C:
Net Asset Value and offering price per share ($15,492,006 ÷ 1,216,762 shares)A | | $ 12.73 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($205,562,829 ÷ 15,954,820 shares) | | $ 12.88 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($24,915,665 ÷ 1,934,220 shares) | | $ 12.88 |
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, 2015
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,203,810 |
Interest | | 3 |
Income from Fidelity Central Funds | | 61,306 |
Income before foreign taxes withheld | | 4,265,119 |
Less foreign taxes withheld | | (239,548) |
Total income | | 4,025,571 |
| | |
Expenses | | |
Management fee | $ 1,067,675 | |
Transfer agent fees | 436,069 | |
Distribution and service plan fees | 166,768 | |
Accounting and security lending fees | 80,720 | |
Custodian fees and expenses | 25,657 | |
Independent trustees' compensation | 620 | |
Registration fees | 77,490 | |
Audit | 27,018 | |
Legal | 452 | |
Miscellaneous | 643 | |
Total expenses before reductions | 1,883,112 | |
Expense reductions | (1,533) | 1,881,579 |
Net investment income (loss) | | 2,143,992 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (8,925,917) | |
Foreign currency transactions | (39,197) | |
Total net realized gain (loss) | | (8,965,114) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,038,735 | |
Assets and liabilities in foreign currencies | 10,385 | |
Total change in net unrealized appreciation (depreciation) | | 1,049,120 |
Net gain (loss) | | (7,915,994) |
Net increase (decrease) in net assets resulting from operations | | $ (5,772,002) |
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, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,143,992 | $ 4,495,175 |
Net realized gain (loss) | (8,965,114) | (3,681,278) |
Change in net unrealized appreciation (depreciation) | 1,049,120 | (18,645,040) |
Net increase (decrease) in net assets resulting
from operations | (5,772,002) | (17,831,143) |
Distributions to shareholders from net investment income | (3,898,874) | (4,765,250) |
Distributions to shareholders from net realized gain | (629,272) | (367,709) |
Total distributions | (4,528,146) | (5,132,959) |
Share transactions - net increase (decrease) | (16,881,447) | (64,489,864) |
Redemption fees | 2,277 | 7,328 |
Total increase (decrease) in net assets | (27,179,318) | (87,446,638) |
| | |
Net Assets | | |
Beginning of period | 327,619,876 | 415,066,514 |
End of period (including undistributed net investment income of $1,812,974 and undistributed net investment income of $3,567,856, respectively) | $ 300,440,558 | $ 327,619,876 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.25 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | .08 | .15 | .16 | .11 | .12 | .19H |
Net realized and unrealized gain (loss) | (.31) | (.91) | (.45) | (.59) | (.38) | 2.20 |
Total from investment operations | (.23) | (.76) | (.29) | (.48) | (.26) | 2.39 |
Distributions from net investment income | (.14) | (.15) | (.13) | (.05) | (.13) | - J |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.17) | (.16) | (.13) | (.07) L | (.20) K | (.08) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.85 | $ 13.25 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 |
Total ReturnB, C, D | (1.76)% | (5.41)% | (2.00)% | (3.19)% | (1.80)% | 18.04% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.34%A | 1.35% | 1.36% | 1.34% | 1.32% | 1.37% |
Expenses net of fee waivers, if any | 1.34%A | 1.35% | 1.35% | 1.34% | 1.32% | 1.37% |
Expenses net of all reductions | 1.34%A | 1.35% | 1.34% | 1.33% | 1.31% | 1.36% |
Net investment income (loss) | 1.30% A | 1.05% | 1.12% | .80% | .71% | 1.35% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 44,024 | $ 51,586 | $ 71,293 | $ 99,694 | $ 127,979 | $ 60,370 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share. LTotal distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.21 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .11 | .12 | .08 | .07 | .16H |
Net realized and unrealized gain (loss) | (.31) | (.90) | (.45) | (.60) | (.38) | 2.19 |
Total from investment operations | (.25) | (.79) | (.33) | (.52) | (.31) | 2.35 |
Distributions from net investment income | (.10) | (.11) | (.08) | (.01) | (.10) | - |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.07) |
Total distributions | (.13) | (.13) K | (.08) | (.02) | (.16) | (.07) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.83 | $ 13.21 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 |
Total ReturnB, C, D | (1.92)% | (5.65)% | (2.26)% | (3.43)% | (2.09)% | 17.73% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.64%A | 1.62% | 1.62% | 1.61% | 1.60% | 1.63% |
Expenses net of fee waivers, if any | 1.64%A | 1.62% | 1.61% | 1.61% | 1.60% | 1.63% |
Expenses net of all reductions | 1.64%A | 1.62% | 1.60% | 1.60% | 1.59% | 1.61% |
Net investment income (loss) | 1.00% A | .78% | .86% | .53% | .43% | 1.10% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,125 | $ 9,867 | $ 12,551 | $ 16,692 | $ 20,831 | $ 11,762 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.13 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.013 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.12 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .04 | .05 | -J | (.01) | .08H |
Net realized and unrealized gain (loss) | (.32) | (.89) | (.45) | (.59) | (.39) | 2.20 |
Total from investment operations | (.29) | (.85) | (.40) | (.59) | (.40) | 2.28 |
Distributions from net investment income | (.02) | (.03) | - J | - | - | - |
Distributions from net realized gain | (.03) | (.01) | - | - | (.06) | (.04) |
Total distributions | (.04) K | (.04) | - J | - | (.06) | (.04) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.79 | $ 13.12 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 |
Total ReturnB, C, D | (2.19)% | (6.06)% | (2.75)% | (3.93)% | (2.62)% | 17.23% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.14%A | 2.11% | 2.11% | 2.10% | 2.11% | 2.16% |
Expenses net of fee waivers, if any | 2.14%A | 2.11% | 2.11% | 2.10% | 2.11% | 2.16% |
Expenses net of all reductions | 2.14%A | 2.11% | 2.10% | 2.10% | 2.10% | 2.15% |
Net investment income (loss) | .50% A | .29% | .36% | .03% | (.09)% | .56% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,321 | $ 1,584 | $ 2,303 | $ 3,097 | $ 4,324 | $ 4,348 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37)%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.04 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.026 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.06 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .04 | .05 | .01 | (.01) | .08H |
Net realized and unrealized gain (loss) | (.31) | (.89) | (.44) | (.59) | (.38) | 2.19 |
Total from investment operations | (.28) | (.85) | (.39) | (.58) | (.39) | 2.27 |
Distributions from net investment income | (.03) | (.03) | (.02) | - | (.05) | - |
Distributions from net realized gain | (.03) | (.01) | - | - | (.06) | (.04) |
Total distributions | (.05) L | (.05) K | (.02) | - | (.11) | (.04) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 12.73 | $ 13.06 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 |
Total ReturnB, C, D | (2.13)% | (6.13)% | (2.75)% | (3.88)% | (2.58)% | 17.21% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.12%A | 2.11% | 2.11% | 2.10% | 2.09% | 2.14% |
Expenses net of fee waivers, if any | 2.12%A | 2.11% | 2.11% | 2.10% | 2.09% | 2.14% |
Expenses net of all reductions | 2.12%A | 2.11% | 2.10% | 2.09% | 2.08% | 2.13% |
Net investment income (loss) | .52% A | .29% | .36% | .03% | (.07)% | .58% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,492 | $ 17,659 | $ 23,830 | $ 31,865 | $ 37,185 | $ 14,338 |
Portfolio turnover rateG | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34)%. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.05 per share is comprised of distributions from net investment income of $.033 and distributions from net realized gain of $.013 per share. LTotal distributions of $.05 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.026 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Global Commodity Stock
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .19 | .19 | .15 | .16 | .23G |
Net realized and unrealized gain (loss) | (.33) | (.92) | (.45) | (.60) | (.39) | 2.21 |
Total from investment operations | (.23) | (.73) | (.26) | (.45) | (.23) | 2.44 |
Distributions from net investment income | (.18) | (.19) | (.16) | (.08) | (.16) | (.01) |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.20) K | (.20) | (.16) | (.10) J | (.22) | (.09) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 13.31 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 |
Total ReturnB, C | (1.68)% | (5.16)% | (1.75)% | (2.96)% | (1.59)% | 18.38% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.13%A | 1.11% | 1.11% | 1.10% | 1.08% | 1.10% |
Expenses net of fee waivers, if any | 1.13%A | 1.11% | 1.11% | 1.10% | 1.08% | 1.10% |
Expenses net of all reductions | 1.13%A | 1.11% | 1.09% | 1.09% | 1.07% | 1.09% |
Net investment income (loss) | 1.51% A | 1.29% | 1.37% | 1.04% | .95% | 1.62% G |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 205,563 | $ 223,084 | $ 273,476 | $ 387,242 | $ 531,224 | $ 310,186 |
Portfolio turnover rateF | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share. KTotal distributions of $.20 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.026 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .19 | .20 | .16 | .16 | .23G |
Net realized and unrealized gain (loss) | (.32) | (.92) | (.45) | (.60) | (.38) | 2.21 |
Total from investment operations | (.22) | (.73) | (.25) | (.44) | (.22) | 2.44 |
Distributions from net investment income | (.19) | (.19) | (.18) | (.09) | (.16) | (.01) |
Distributions from net realized gain | (.03) | (.01) | - | (.01) | (.06) | (.08) |
Total distributions | (.21) K | (.20) | (.18) | (.11) J | (.22) | (.09) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 13.31 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 |
Total ReturnB, C | (1.61)% | (5.16)% | (1.71)% | (2.90)% | (1.50)% | 18.39% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.11%A | 1.06% | 1.04% | 1.04% | 1.03% | 1.09% |
Expenses net of fee waivers, if any | 1.11%A | 1.06% | 1.04% | 1.04% | 1.03% | 1.09% |
Expenses net of all reductions | 1.10%A | 1.06% | 1.03% | 1.03% | 1.03% | 1.07% |
Net investment income (loss) | 1.53% A | 1.34% | 1.43% | 1.10% | .99% | 1.64% G |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 24,916 | $ 23,840 | $ 31,613 | $ 50,540 | $ 58,925 | $ 35,739 |
Portfolio turnover rateF | 71% A | 75% | 65% | 91% | 71% | 54% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share. KTotal distributions of $.21 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.026 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Global Commodity Stock and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 13,636,318 |
Gross unrealized depreciation | (84,887,209) |
Net unrealized appreciation (depreciation) on securities | $ (71,250,891) |
| |
Tax cost | $ 382,487,276 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2019 | $ (6,952,413) |
No expiration | |
Short-term | (14,785,479) |
Long-term | (19,776,286) |
Total no expiration | (34,561,765) |
Total capital loss carryforward | $ (41,514,178) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $108,092,236 and $125,934,064, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 57,087 | $ 980 |
Class T | .25% | .25% | 22,881 | 266 |
Class B | .75% | .25% | 7,003 | 5,275 |
Class C | .75% | .25% | 79,797 | 8,954 |
| | | $ 166,768 | $ 15,475 |
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 10,065 |
Class T | 1,256 |
Class B* | 1,475 |
Class C* | 626 |
| $ 13,422 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund.FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 58,082 | .25 |
Class T | 13,761 | .30 |
Class B | 2,057 | .29 |
Class C | 22,547 | .28 |
Global Commodity Stock | 307,925 | .29 |
Institutional Class | 31,697 | .27 |
| $ 436,069 | |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees - continued
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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,354 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $247 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of
Semiannual Report
7. Security Lending - continued
Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $61,018, including $8 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $802 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Global Commodity Stock expenses during the period in the amount of $731.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ 520,699 | $ 708,856 |
Class T | 72,766 | 98,770 |
Class B | 1,871 | 4,646 |
Class C | 32,755 | 54,810 |
Global Commodity Stock | 2,937,401 | 3,531,196 |
Institutional Class | 333,382 | 366,972 |
Total | $ 3,898,874 | $ 4,765,250 |
From net realized gain | | |
Class A | $ 97,397 | $ 63,118 |
Class T | 19,110 | 11,363 |
Class B | 3,040 | 2,083 |
Class C | 34,065 | 21,591 |
Global Commodity Stock | 429,058 | 244,178 |
Institutional Class | 46,602 | 25,376 |
Total | $ 629,272 | $ 367,709 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 257,962 | 686,605 | $ 3,235,091 | $ 9,882,029 |
Reinvestment of distributions | 46,881 | 49,529 | 594,452 | 677,563 |
Shares redeemed | (772,711) | (1,874,574) | (9,719,523) | (26,738,279) |
Net increase (decrease) | (467,868) | (1,138,440) | $ (5,889,980) | $ (16,178,687) |
Class T | | | | |
Shares sold | 49,698 | 67,497 | $ 628,601 | $ 970,700 |
Reinvestment of distributions | 7,092 | 7,867 | 89,851 | 107,538 |
Shares redeemed | (92,686) | (216,700) | (1,175,871) | (3,112,471) |
Net increase (decrease) | (35,896) | (141,336) | $ (457,419) | $ (2,034,233) |
Class B | | | | |
Shares sold | 421 | 2,197 | $ 5,471 | $ 29,999 |
Reinvestment of distributions | 371 | 453 | 4,698 | 6,179 |
Shares redeemed | (18,316) | (46,232) | (228,721) | (649,491) |
Net increase (decrease) | (17,524) | (43,582) | $ (218,552) | $ (613,313) |
Class C | | | | |
Shares sold | 110,961 | 167,515 | $ 1,381,868 | $ 2,371,848 |
Reinvestment of distributions | 4,962 | 4,980 | 62,526 | 67,632 |
Shares redeemed | (251,209) | (527,630) | (3,147,909) | (7,391,284) |
Net increase (decrease) | (135,286) | (355,135) | $ (1,703,515) | $ (4,951,804) |
Global Commodity Stock | | | | |
Shares sold | 1,971,909 | 3,796,689 | $ 24,406,878 | $ 54,637,922 |
Reinvestment of distributions | 238,065 | 246,397 | 3,023,431 | 3,378,098 |
Shares redeemed | (3,017,252) | (6,485,397) | (37,884,940) | (92,819,253) |
Net increase (decrease) | (807,278) | (2,442,311) | $ (10,454,631) | $ (34,803,233) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Institutional Class | | | | |
Shares sold | 478,938 | 912,359 | $ 6,048,533 | $ 13,219,634 |
Reinvestment of distributions | 24,972 | 20,652 | 316,895 | 283,141 |
Shares redeemed | (360,498) | (1,362,707) | (4,522,778) | (19,411,369) |
Net increase (decrease) | 143,412 | (429,696) | $ 1,842,650 | $ (5,908,594) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 16% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
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Boston, MA
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State Street Bank and Trust Company
Quincy, MA
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ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
Fidelity®
Global Equity Income
Fund
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs including 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, 2014 to April 30, 2015).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Actual | 1.18% | $ 1,000.00 | $ 1,059.40 | $ 6.03 |
Hypothetical A | | $ 1,000.00 | $ 1,018.94 | $ 5.91 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United States of America* 46.7% | |
 | Japan 9.5% | |
 | United Kingdom 9.2% | |
 | Ireland 4.3% | |
 | Canada 3.5% | |
 | Switzerland 2.8% | |
 | Israel 2.4% | |
 | South Africa 2.3% | |
 | France 2.1% | |
 | Other 17.2% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | United States of America* 52.9% | |
 | Japan 9.4% | |
 | United Kingdom 6.0% | |
 | Sweden 4.3% | |
 | Switzerland 4.2% | |
 | Canada 4.2% | |
 | France 2.6% | |
 | Israel 2.5% | |
 | Germany 2.0% | |
 | Other 11.9% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 94.7 | 95.0 |
Bonds | 0.0† | 0.0† |
Short-Term Investments and Net Other Assets (Liabilities) | 5.3 | 5.0 |
† Amount represents less than 0.1% |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) | 2.1 | 2.5 |
JPMorgan Chase & Co. (United States of America, Banks) | 2.0 | 2.3 |
Medtronic PLC (Ireland, Health Care Equipment & Supplies) | 1.9 | 0.0 |
Oracle Corp. (United States of America, Software) | 1.8 | 1.6 |
Chevron Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.8 | 1.7 |
Exxon Mobil Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.7 | 1.6 |
Johnson & Johnson (United States of America, Pharmaceuticals) | 1.7 | 2.3 |
Shire PLC (Bailiwick of Jersey, Pharmaceuticals) | 1.6 | 0.6 |
CVS Health Corp. (United States of America, Food & Staples Retailing) | 1.6 | 0.0 |
Wells Fargo & Co. (United States of America, Banks) | 1.6 | 1.8 |
| 17.8 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.3 | 20.4 |
Consumer Discretionary | 16.9 | 13.6 |
Health Care | 14.3 | 13.4 |
Information Technology | 13.7 | 11.6 |
Consumer Staples | 10.6 | 10.3 |
Industrials | 7.4 | 10.4 |
Energy | 5.3 | 7.5 |
Telecommunication Services | 3.6 | 3.7 |
Materials | 2.7 | 3.6 |
Utilities | 0.9 | 0.5 |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% |
| Shares | | Value |
Australia - 0.6% |
Telstra Corp. Ltd. | 74,977 | | $ 369,645 |
Bailiwick of Jersey - 1.7% |
Shire PLC | 12,900 | | 1,048,301 |
Wolseley PLC | 1,503 | | 88,894 |
TOTAL BAILIWICK OF JERSEY | | 1,137,195 |
Bermuda - 0.4% |
Haier Electronics Group Co. Ltd. | 98,000 | | 282,599 |
Canada - 3.5% |
Constellation Software, Inc. | 500 | | 196,022 |
Constellation Software, Inc. rights 9/15/15 (a) | 200 | | 60 |
Corus Entertainment, Inc. Class B (non-vtg.) (e) | 13,600 | | 209,101 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 641 | | 350,119 |
Potash Corp. of Saskatchewan, Inc. | 20,200 | | 659,660 |
PrairieSky Royalty Ltd. | 5,200 | | 142,790 |
Suncor Energy, Inc. | 22,100 | | 719,693 |
TOTAL CANADA | | 2,277,445 |
Cayman Islands - 1.3% |
Shenzhou International Group Holdings Ltd. | 39,000 | | 183,916 |
SITC International Holdings Co. Ltd. | 785,000 | | 582,378 |
Sitoy Group Holdings Ltd. | 95,000 | | 58,957 |
TOTAL CAYMAN ISLANDS | | 825,251 |
Chile - 0.3% |
Quinenco SA | 88,781 | | 193,064 |
China - 1.4% |
Daqin Railway Co. Ltd. (A Shares) | 94,100 | | 211,933 |
Kweichow Moutai Co. Ltd. | 7,296 | | 296,684 |
Qingdao Haier Co. Ltd. | 96,400 | | 421,327 |
TOTAL CHINA | | 929,944 |
Denmark - 0.6% |
Spar Nord Bank A/S | 14,100 | | 152,359 |
Vestas Wind Systems A/S | 5,700 | | 258,538 |
TOTAL DENMARK | | 410,897 |
Egypt - 0.0% |
Edita Food Industries SAE (a) | 3,153 | | 10,517 |
Common Stocks - continued |
| Shares | | Value |
France - 2.1% |
Renault SA (e) | 4,500 | | $ 473,480 |
Sanofi SA | 8,710 | | 886,595 |
TOTAL FRANCE | | 1,360,075 |
Germany - 1.8% |
AURELIUS AG | 6,199 | | 297,241 |
Gerry Weber International AG (Bearer) | 7,400 | | 241,874 |
Muenchener Rueckversicherungs AG | 1,400 | | 273,277 |
Siemens AG | 3,239 | | 352,345 |
TOTAL GERMANY | | 1,164,737 |
Greece - 0.1% |
Greek Organization of Football Prognostics SA | 6,800 | | 60,836 |
Hong Kong - 1.3% |
HKT Trust/HKT Ltd. unit | 299,600 | | 401,242 |
Techtronic Industries Co. Ltd. | 129,500 | | 460,319 |
TOTAL HONG KONG | | 861,561 |
Indonesia - 0.5% |
PT Bank Central Asia Tbk | 297,600 | | 309,366 |
Ireland - 4.3% |
Accenture PLC Class A | 8,740 | | 809,761 |
C&C Group PLC | 87,200 | | 353,341 |
Greencore Group PLC | 74,186 | | 402,576 |
Medtronic PLC | 16,200 | | 1,206,090 |
TOTAL IRELAND | | 2,771,768 |
Israel - 2.4% |
Bezeq The Israel Telecommunication Corp. Ltd. | 251,000 | | 475,922 |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | 4,496 | | 182,909 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 15,450 | | 933,489 |
TOTAL ISRAEL | | 1,592,320 |
Italy - 0.1% |
Astaldi SpA (e) | 10,153 | | 88,265 |
Japan - 9.5% |
A/S One Corp. | 3,600 | | 115,578 |
Astellas Pharma, Inc. | 49,600 | | 772,307 |
Broadleaf Co. Ltd. | 5,400 | | 84,190 |
Daiichikosho Co. Ltd. | 15,300 | | 493,452 |
Daito Trust Construction Co. Ltd. | 3,100 | | 360,997 |
Fukuda Denshi Co. Ltd. | 3,600 | | 206,134 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Hoya Corp. | 17,700 | | $ 682,174 |
Japan Tobacco, Inc. | 22,400 | | 782,227 |
KDDI Corp. | 18,000 | | 425,922 |
Leopalace21 Corp. (a) | 34,700 | | 200,131 |
NEC Corp. | 109,000 | | 362,644 |
Olympus Corp. (a) | 9,200 | | 331,292 |
Suzuki Motor Corp. | 10,600 | | 342,615 |
Tsuruha Holdings, Inc. | 7,600 | | 551,218 |
United Arrows Ltd. | 9,800 | | 301,572 |
Workman Co. Ltd. | 2,500 | | 131,324 |
TOTAL JAPAN | | 6,143,777 |
Korea (South) - 1.1% |
Coway Co. Ltd. | 1,493 | | 125,166 |
Samsung Electronics Co. Ltd. | 431 | | 564,204 |
TOTAL KOREA (SOUTH) | | 689,370 |
Luxembourg - 0.8% |
Altice SA (a) | 4,900 | | 518,146 |
Netherlands - 0.7% |
LyondellBasell Industries NV Class A | 4,100 | | 424,432 |
Norway - 0.2% |
Gjensidige Forsikring ASA (e) | 9,300 | | 161,789 |
Singapore - 0.7% |
United Overseas Bank Ltd. | 23,819 | | 440,846 |
South Africa - 2.3% |
Capitec Bank Holdings Ltd. | 8,300 | | 390,711 |
EOH Holdings Ltd. | 17,400 | | 236,217 |
Lewis Group Ltd. | 67,500 | | 490,806 |
Reunert Ltd. | 80,500 | | 410,409 |
TOTAL SOUTH AFRICA | | 1,528,143 |
Spain - 0.4% |
Atresmedia Corporacion de Medios de Comunicacion SA (e) | 14,415 | | 232,834 |
Sweden - 1.7% |
Nordea Bank AB | 50,000 | | 635,258 |
Svenska Handelsbanken AB (A Shares) | 9,780 | | 451,435 |
TOTAL SWEDEN | | 1,086,693 |
Switzerland - 2.8% |
Banque Cantonale Vaudoise (Bearer) | 580 | | 341,586 |
Roche Holding AG (participation certificate) | 2,888 | | 826,416 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Sika AG (Bearer) | 50 | | $ 171,617 |
TE Connectivity Ltd. | 7,000 | | 465,850 |
TOTAL SWITZERLAND | | 1,805,469 |
Taiwan - 1.5% |
ECLAT Textile Co. Ltd. | 26,000 | | 349,768 |
King's Town Bank | 120,000 | | 123,229 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 111,000 | | 534,384 |
TOTAL TAIWAN | | 1,007,381 |
United Kingdom - 9.2% |
British American Tobacco PLC (United Kingdom) | 10,700 | | 587,897 |
GlaxoSmithKline PLC | 25,800 | | 595,895 |
Hilton Food Group PLC | 56,200 | | 370,381 |
Indivior PLC (a) | 114,030 | | 347,451 |
ITV PLC | 134,600 | | 522,587 |
Lloyds Banking Group PLC | 376,400 | | 445,762 |
Micro Focus International PLC | 20,839 | | 401,091 |
Reckitt Benckiser Group PLC | 4,730 | | 420,991 |
St. James's Place Capital PLC | 16,100 | | 219,615 |
Standard Chartered PLC (United Kingdom) | 14,416 | | 236,022 |
Tesco PLC | 96,735 | | 326,062 |
Vodafone Group PLC | 186,602 | | 657,438 |
WH Smith PLC | 28,852 | | 633,016 |
William Hill PLC | 40,800 | | 225,425 |
TOTAL UNITED KINGDOM | | 5,989,633 |
United States of America - 41.4% |
American Tower Corp. | 5,760 | | 544,493 |
Amgen, Inc. | 5,920 | | 934,827 |
Apple, Inc. | 10,850 | | 1,357,874 |
Babcock & Wilcox Co. | 12,000 | | 387,840 |
Bank of America Corp. | 48,480 | | 772,286 |
Capital One Financial Corp. | 8,530 | | 689,651 |
Chevron Corp. | 10,265 | | 1,140,031 |
Comcast Corp. Class A | 7,600 | | 438,976 |
Community Trust Bancorp, Inc. | 7,898 | | 253,368 |
CVB Financial Corp. | 22,310 | | 349,152 |
CVS Health Corp. | 10,300 | | 1,022,687 |
Danaher Corp. | 4,100 | | 335,708 |
Darden Restaurants, Inc. | 3,620 | | 230,847 |
Deere & Co. | 3,700 | | 334,924 |
Diamond Hill Investment Group, Inc. | 1,600 | | 291,520 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Dr. Pepper Snapple Group, Inc. | 3,241 | | $ 241,714 |
E.I. du Pont de Nemours & Co. | 6,100 | | 446,520 |
Exxon Mobil Corp. | 13,030 | | 1,138,431 |
FedEx Corp. | 3,281 | | 556,359 |
General Electric Co. | 22,800 | | 617,424 |
H&R Block, Inc. | 8,810 | | 266,414 |
IBM Corp. | 4,970 | | 851,311 |
Interval Leisure Group, Inc. | 12,000 | | 297,480 |
Johnson & Johnson | 11,200 | | 1,111,040 |
JPMorgan Chase & Co. | 20,630 | | 1,305,054 |
Lakeland Financial Corp. | 7,688 | | 300,216 |
Lorillard, Inc. | 3,800 | | 265,468 |
McDonald's Corp. | 5,200 | | 502,060 |
McGraw Hill Financial, Inc. | 5,140 | | 536,102 |
Microsoft Corp. | 18,564 | | 902,953 |
MPLX LP | 3,890 | | 302,448 |
NiSource, Inc. | 14,000 | | 607,880 |
Oracle Corp. | 26,626 | | 1,161,426 |
PepsiCo, Inc. | 5,000 | | 475,600 |
Procter & Gamble Co. | 8,800 | | 699,688 |
SunTrust Banks, Inc. | 9,600 | | 398,400 |
Target Corp. | 9,000 | | 709,470 |
The Coca-Cola Co. | 15,900 | | 644,904 |
Time Warner Cable, Inc. | 1,880 | | 292,378 |
U.S. Bancorp | 15,880 | | 680,776 |
United Technologies Corp. | 4,420 | | 502,775 |
VF Corp. | 5,320 | | 385,328 |
Vista Outdoor, Inc. (a) | 7,800 | | 341,328 |
Wells Fargo & Co. | 18,457 | | 1,016,981 |
Western Digital Corp. | 2,700 | | 263,898 |
TOTAL UNITED STATES OF AMERICA | | 26,906,010 |
TOTAL COMMON STOCKS (Cost $54,015,329) |
61,580,008
|
Nonconvertible Bonds - 0.0% |
| Principal Amount (d) | | |
Canada - 0.0% |
Constellation Software, Inc. 7.5475% 3/31/40 (f)
(Cost $2,060) | CAD | 2,400 | |
2,407
|
Money Market Funds - 6.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.15% (b) | 3,289,739 | | $ 3,289,739 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 883,050 | | 883,050 |
TOTAL MONEY MARKET FUNDS (Cost $4,172,789) |
4,172,789
|
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $58,190,178) | | 65,755,204 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | | (747,275) |
NET ASSETS - 100% | $ 65,007,929 |
Currency Abbreviations |
CAD | - | Canadian dollar |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,523 |
Fidelity Securities Lending Cash Central Fund | 10,034 |
Total | $ 12,557 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 11,005,628 | $ 6,046,240 | $ 4,959,388 | $ - |
Consumer Staples | 6,852,637 | 3,840,171 | 3,012,466 | - |
Energy | 3,443,393 | 3,443,393 | - | - |
Financials | 12,527,742 | 8,752,270 | 3,775,472 | - |
Health Care | 9,315,415 | 4,185,446 | 5,129,969 | - |
Industrials | 4,920,856 | 4,132,814 | 788,042 | - |
Information Technology | 8,874,059 | 6,809,576 | 2,064,483 | - |
Materials | 1,702,229 | 1,530,612 | 171,617 | - |
Telecommunication Services | 2,330,169 | 1,246,809 | 1,083,360 | - |
Utilities | 607,880 | 607,880 | - | - |
Corporate Bonds | 2,407 | - | 2,407 | - |
Money Market Funds | 4,172,789 | 4,172,789 | - | - |
Total Investments in Securities: | $ 65,755,204 | $ 44,768,000 | $ 20,987,204 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 5,305,835 |
Level 2 to Level 1 | $ 1,414,967 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $855,231) - See accompanying schedule: Unaffiliated issuers (cost $54,017,389) | $ 61,582,415 | |
Fidelity Central Funds (cost $4,172,789) | 4,172,789 | |
Total Investments (cost $58,190,178) | | $ 65,755,204 |
Cash | | 27,530 |
Foreign currency held at value (cost $7,074) | | 7,127 |
Receivable for fund shares sold | | 60,901 |
Dividends receivable | | 196,282 |
Interest receivable | | 13 |
Distributions receivable from Fidelity Central Funds | | 2,957 |
Prepaid expenses | | 38 |
Other receivables | | 1,075 |
Total assets | | 66,051,127 |
| | |
Liabilities | | |
Payable for investments purchased | $ 72,148 | |
Payable for fund shares redeemed | 5,029 | |
Accrued management fee | 37,649 | |
Other affiliated payables | 13,032 | |
Other payables and accrued expenses | 32,290 | |
Collateral on securities loaned, at value | 883,050 | |
Total liabilities | | 1,043,198 |
| | |
Net Assets | | $ 65,007,929 |
Net Assets consist of: | | |
Paid in capital | | $ 56,904,584 |
Undistributed net investment income | | 97,716 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 440,732 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 7,564,897 |
Net Assets, for 5,175,799 shares outstanding | | $ 65,007,929 |
Net Asset Value, offering price and redemption price per share ($65,007,929 ÷ 5,175,799 shares) | | $ 12.56 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 772,320 |
Interest | | 87 |
Income from Fidelity Central Funds | | 12,557 |
Income before foreign taxes withheld | | 784,964 |
Less foreign taxes withheld | | (44,730) |
Total income | | 740,234 |
| | |
Expenses | | |
Management fee | $ 206,071 | |
Transfer agent fees | 58,139 | |
Accounting and security lending fees | 15,362 | |
Custodian fees and expenses | 8,486 | |
Independent trustees' compensation | 111 | |
Registration fees | 23,680 | |
Audit | 36,135 | |
Legal | 79 | |
Miscellaneous | 243 | |
Total expenses before reductions | 348,306 | |
Expense reductions | (993) | 347,313 |
Net investment income (loss) | | 392,921 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 503,609 | |
Foreign currency transactions | (17,168) | |
Total net realized gain (loss) | | 486,441 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 2,687,490 | |
Assets and liabilities in foreign currencies | 1,413 | |
Total change in net unrealized appreciation (depreciation) | | 2,688,903 |
Net gain (loss) | | 3,175,344 |
Net increase (decrease) in net assets resulting from operations | | $ 3,568,265 |
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, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 392,921 | $ 1,044,727 |
Net realized gain (loss) | 486,441 | 4,719,176 |
Change in net unrealized appreciation (depreciation) | 2,688,903 | (1,539,214) |
Net increase (decrease) in net assets resulting
from operations | 3,568,265 | 4,224,689 |
Distributions to shareholders from net investment income | (375,142) | (913,090) |
Distributions to shareholders from net realized gain | (3,941,634) | (995,008) |
Total distributions | (4,316,776) | (1,908,098) |
Share transactions
Proceeds from sales of shares | 17,976,160 | 24,314,257 |
Reinvestment of distributions | 4,054,173 | 1,764,689 |
Cost of shares redeemed | (8,312,703) | (18,632,872) |
Net increase (decrease) in net assets resulting from share transactions | 13,717,630 | 7,446,074 |
Redemption fees | 322 | 4,623 |
Total increase (decrease) in net assets | 12,969,441 | 9,767,288 |
| | |
Net Assets | | |
Beginning of period | 52,038,488 | 42,271,200 |
End of period (including undistributed net investment income of $97,716 and undistributed net investment income of $79,937, respectively) | $ 65,007,929 | $ 52,038,488 |
Other Information Shares | | |
Sold | 1,474,659 | 1,926,789 |
Issued in reinvestment of distributions | 334,041 | 143,562 |
Redeemed | (677,812) | (1,491,182) |
Net increase (decrease) | 1,130,888 | 579,169 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.87 | $ 12.20 | $ 10.16 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .08 | .28G | .22 | .08 |
Net realized and unrealized gain (loss) | .64 | .92 | 2.06 | .15 |
Total from investment operations | .72 | 1.20 | 2.28 | .23 |
Distributions from net investment income | (.08) | (.25) | (.21) | (.07) |
Distributions from net realized gain | (.95) | (.28) | (.03) | - |
Total distributions | (1.03) | (.53) | (.24) | (.07) |
Redemption fees added to paid in capital D, J | - | - | - | - |
Net asset value, end of period | $ 12.56 | $ 12.87 | $ 12.20 | $ 10.16 |
Total ReturnB, C | 5.94% | 10.10% | 22.73% | 2.25% |
Ratios to Average Net AssetsE, I | | | | |
Expenses before reductions | 1.18%A | 1.16% | 1.28% | 2.18%A |
Expenses net of fee waivers, if any | 1.18%A | 1.16% | 1.20% | 1.20%A |
Expenses net of all reductions | 1.18%A | 1.16% | 1.19% | 1.17%A |
Net investment income (loss) | 1.33%A | 2.21%G | 1.94% | 1.62%A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 65,008 | $ 52,038 | $ 42,271 | $ 26,838 |
Portfolio turnover rate F | 59%A | 92% | 66% | 33%K |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.56%.
H For the period May 2, 2012 (commencement of operations) to October 31, 2012.
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 reductions from 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.
J Amount represents less than $.01 per share.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Global Equity Income Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. 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 invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 8,698,739 |
Gross unrealized depreciation | (1,199,466) |
Net unrealized appreciation (depreciation) on securities | $ 7,499,273 |
| |
Tax cost | $ 58,255,931 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $25,338,206 and $16,362,949, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 .20% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $53 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $45 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the
Semiannual Report
7. Security Lending - continued
obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $9,448. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $958 for the period. 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 $3.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, during the period in the amount of $32.
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
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Japan) Limited
Fidelity Management & Research
(Hong Kong) Limited
FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
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
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
GED-USAN-0615
1.938165.102
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Markets Discovery
Fund - Institutional Class
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
Emerging Markets
Discovery Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
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, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Shareholder Expense Example - continued
| Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,037.00 | $ 8.59 |
HypotheticalA | | $ 1,000.00 | $ 1,016.36 | $ 8.50 |
Class T | 1.95% | | | |
Actual | | $ 1,000.00 | $ 1,036.30 | $ 9.85 |
HypotheticalA | | $ 1,000.00 | $ 1,015.12 | $ 9.74 |
Class C | 2.45% | | | |
Actual | | $ 1,000.00 | $ 1,033.30 | $ 12.35 |
HypotheticalA | | $ 1,000.00 | $ 1,012.65 | $ 12.23 |
Emerging Markets Discovery | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,038.50 | $ 7.33 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Institutional Class | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,038.40 | $ 7.33 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Emerging Markets Discovery Fund
Investment Changes (Unaudited)
Top Five Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) | 2.1 | 1.9 |
Quinenco SA (Chile, Industrial Conglomerates) | 1.7 | 2.0 |
Qingdao Haier Co. Ltd. (China, Household Durables) | 1.7 | 0.0 |
Fila Korea Ltd. (Korea (South), Textiles, Apparel & Luxury Goods) | 1.5 | 1.4 |
DGB Financial Group Co. Ltd. (Korea (South), Banks) | 1.5 | 1.2 |
| 8.5 | |
Top Five Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 17.2 | 17.4 |
Financials | 17.2 | 18.2 |
Information Technology | 15.9 | 13.4 |
Consumer Discretionary | 15.3 | 16.9 |
Materials | 10.1 | 9.8 |
Top Five Countries as of April 30, 2015 |
(excluding cash equivalents) | % of fund's
net assets | % of fund's net assets
6 months ago |
Korea (South) | 13.7 | 14.1 |
India | 12.7 | 14.9 |
Cayman Islands | 12.0 | 14.1 |
Taiwan | 8.2 | 6.4 |
Mexico | 5.6 | 5.1 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2015 | As of October 31, 2014 |
 | Stocks and
Equity Futures 98.4% | |  | Stocks 94.9% | |
 | Short-Term
Investments and
Net Other Assets (Liabilities) 1.6% | |  | Short-Term
Investments and
Net Other Assets (Liabilities) 5.1% | |
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.9% |
| Shares | | Value |
Argentina - 0.4% |
Banco Macro SA sponsored ADR | 5,600 | | $ 309,400 |
Bailiwick of Jersey - 0.6% |
West China Cement Ltd. | 3,088,000 | | 529,903 |
Bangladesh - 0.3% |
Titas Gas Transmission & Distribution Co. Ltd. (a) | 270,704 | | 228,225 |
Bermuda - 5.3% |
Aquarius Platinum Ltd. (Australia) (a) | 1,441,115 | | 193,872 |
China Resources Gas Group Ltd. | 62,000 | | 215,985 |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. | 23,100 | | 533,610 |
PAX Global Technology Ltd. (a) | 569,000 | | 829,580 |
Shangri-La Asia Ltd. | 580,000 | | 883,034 |
Vtech Holdings Ltd. | 41,200 | | 573,570 |
Yue Yuen Industrial (Holdings) Ltd. | 295,000 | | 1,122,824 |
TOTAL BERMUDA | | 4,352,475 |
Brazil - 2.7% |
Companhia de Saneamento de Minas Gerais | 41,490 | | 249,936 |
Cosan SA Industria e Comercio | 29,720 | | 290,991 |
Direcional Engenharia SA | 134,000 | | 283,748 |
Fibria Celulose SA (a) | 51,300 | | 719,370 |
Minerva SA (a) | 70,700 | | 205,791 |
QGEP Participacoes SA | 206,100 | | 496,618 |
TOTAL BRAZIL | | 2,246,454 |
British Virgin Islands - 0.8% |
Luxoft Holding, Inc. (a) | 13,400 | | 694,522 |
Canada - 1.2% |
Pan American Silver Corp. | 49,300 | | 469,336 |
Torex Gold Resources, Inc. (a) | 528,700 | | 490,795 |
TOTAL CANADA | | 960,131 |
Cayman Islands - 12.0% |
58.com, Inc. ADR (a)(d) | 13,100 | | 999,268 |
China Cord Blood Corp. (a) | 102,400 | | 645,120 |
Cosmo Lady (China) Holdings Co. Ltd. | 774,000 | | 651,113 |
ENN Energy Holdings Ltd. | 120,450 | | 870,287 |
Haitian International Holdings Ltd. | 315,000 | | 785,209 |
Lee's Pharmaceutical Holdings Ltd. | 391,500 | | 726,370 |
Pico Far East Holdings Ltd. | 2,320,000 | | 673,501 |
PW Medtech Group Ltd. (a) | 1,232,000 | | 529,325 |
Semiconductor Manufacturing International Corp. (a) | 5,083,000 | | 560,180 |
Shenzhou International Group Holdings Ltd. | 75,000 | | 353,685 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Silergy Corp. | 46,520 | | $ 461,767 |
SINA Corp. (a) | 6,000 | | 263,970 |
SITC International Holdings Co. Ltd. | 1,642,000 | | 1,218,172 |
SouFun Holdings Ltd. ADR | 45,300 | | 374,631 |
Uni-President China Holdings Ltd. | 1,007,000 | | 814,638 |
TOTAL CAYMAN ISLANDS | | 9,927,236 |
Chile - 3.0% |
Compania Cervecerias Unidas SA sponsored ADR (d) | 6,500 | | 142,155 |
Empresas CMPC SA | 65,434 | | 185,920 |
Inversiones La Construccion SA | 21,155 | | 270,814 |
Quinenco SA | 668,809 | | 1,454,399 |
Vina Concha y Toro SA | 231,088 | | 470,601 |
TOTAL CHILE | | 2,523,889 |
China - 5.5% |
BBMG Corp. (H Shares) | 686,500 | | 852,085 |
China Machinery Engineering Co. (H Shares) | 703,000 | | 936,057 |
Qingdao Haier Co. Ltd. | 321,443 | | 1,404,901 |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 398,000 | | 696,322 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 82,500 | | 705,724 |
TOTAL CHINA | | 4,595,089 |
Colombia - 0.3% |
Organizacion Terpel SA | 35,099 | | 227,805 |
Cyprus - 1.2% |
Global Ports Investment PLC GDR (Reg. S) | 140,600 | | 986,028 |
Egypt - 0.8% |
Citadel Capital Corp. (a) | 1,411,500 | | 429,182 |
Edita Food Industries SAE (a) | 75,768 | | 252,724 |
TOTAL EGYPT | | 681,906 |
Greece - 0.7% |
Titan Cement Co. SA (Reg.) | 22,760 | | 574,037 |
Hong Kong - 4.8% |
China Power International Development Ltd. | 723,100 | | 467,416 |
China Resources Enterprise Ltd. | 226,000 | | 693,989 |
Far East Horizon Ltd. | 976,000 | | 1,035,116 |
Techtronic Industries Co. Ltd. | 497,000 | | 1,766,626 |
TOTAL HONG KONG | | 3,963,147 |
Common Stocks - continued |
| Shares | | Value |
India - 12.7% |
Adani Ports & Special Economic Zone | 137,575 | | $ 687,467 |
CMC Ltd. | 22,977 | | 679,084 |
Edelweiss Financial Services Ltd. | 290,866 | | 283,095 |
Exide Industries Ltd. | 326,672 | | 881,866 |
GAIL India Ltd. (a) | 39,133 | | 221,875 |
Grasim Industries Ltd. | 14,102 | | 878,948 |
IDFC Ltd. (a) | 82,557 | | 229,860 |
Iifl Holdings Ltd. (a) | 239,330 | | 656,063 |
JK Cement Ltd. | 45,122 | | 458,337 |
KPIT Cummins Infosystems Ltd. (a) | 189,802 | | 313,909 |
Lupin Ltd. | 20,100 | | 560,654 |
Mahindra Lifespace Developers Ltd. | 69,028 | | 507,925 |
MindTree Consulting Ltd. | 18,193 | | 349,072 |
Power Grid Corp. of India Ltd. | 110,237 | | 261,181 |
Solar Industries India Ltd. | 7,246 | | 386,218 |
Tech Mahindra Ltd. | 78,692 | | 769,426 |
The Jammu & Kashmir Bank Ltd. | 237,424 | | 358,858 |
Torrent Pharmaceuticals Ltd. | 26,557 | | 502,261 |
VST Industries Ltd. (a) | 16,290 | | 415,557 |
Yes Bank Ltd. | 85,003 | | 1,122,869 |
TOTAL INDIA | | 10,524,525 |
Indonesia - 0.7% |
PT Panin Life Tbk (a) | 22,854,400 | | 576,539 |
Israel - 1.0% |
Bezeq The Israel Telecommunication Corp. Ltd. | 127,360 | | 241,488 |
NICE Systems Ltd. sponsored ADR | 10,500 | | 628,425 |
TOTAL ISRAEL | | 869,913 |
Korea (South) - 13.1% |
AMOREPACIFIC Group, Inc. | 468 | | 708,229 |
BGFretail Co. Ltd. | 3,297 | | 359,664 |
Binggrea Co. Ltd. | 3,820 | | 304,647 |
Daewoo International Corp. | 34,154 | | 995,660 |
DGB Financial Group Co. Ltd. | 108,382 | | 1,222,569 |
E-Mart Co. Ltd. | 2,408 | | 495,188 |
Fila Korea Ltd. | 12,863 | | 1,253,925 |
Hyundai HCN | 61,106 | | 301,811 |
Hyundai Industrial Development & Construction Co. | 19,634 | | 1,044,488 |
Hyundai Wia Corp. | 4,980 | | 705,081 |
Korean Reinsurance Co. | 100,712 | | 1,112,674 |
Leeno Industrial, Inc. | 14,995 | | 640,390 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Medy-Tox, Inc. | 1,735 | | $ 598,570 |
Nice Information & Telecom, Inc. | 9,318 | | 275,532 |
Sansung Life & Science Co. Ltd. (a) | 4,338 | | 333,875 |
Sungshin Cement Manufacturing Co. Ltd. (a) | 43,092 | | 478,084 |
TOTAL KOREA (SOUTH) | | 10,830,387 |
Malaysia - 0.7% |
Top Glove Corp. Bhd | 371,000 | | 583,186 |
Mexico - 5.6% |
Banregio Grupo Financiero S.A.B. de CV | 185,100 | | 1,061,472 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 87,100 | | 620,123 |
Grupo Aeroportuario Norte S.A.B. de CV | 90,200 | | 450,471 |
Grupo Comercial Chedraui S.A.B. de CV | 53,900 | | 161,749 |
Industrias Penoles SA de CV | 32,855 | | 557,242 |
Macquarie Mexican (REIT) | 750,672 | | 1,138,094 |
Megacable Holdings S.A.B. de CV unit | 148,300 | | 617,192 |
TOTAL MEXICO | | 4,606,343 |
Nigeria - 1.0% |
Transnational Corp. of Nigeria PLC | 20,485,680 | | 329,418 |
Zenith Bank PLC | 4,660,187 | | 495,291 |
TOTAL NIGERIA | | 824,709 |
Pakistan - 0.3% |
Habib Bank Ltd. | 125,700 | | 247,976 |
Panama - 0.9% |
Copa Holdings SA Class A | 6,700 | | 742,963 |
Philippines - 2.5% |
Alliance Global Group, Inc. | 1,602,000 | | 912,043 |
Metro Pacific Investments Corp. | 2,574,800 | | 261,433 |
Nickel Asia Corp. | 703,050 | | 358,498 |
Robinsons Land Corp. | 794,400 | | 533,280 |
TOTAL PHILIPPINES | | 2,065,254 |
Puerto Rico - 0.3% |
EVERTEC, Inc. | 11,400 | | 236,322 |
Russia - 0.7% |
E.ON Russia JSC (a) | 4,644,000 | | 283,995 |
Sistema JSFC sponsored GDR | 34,900 | | 262,178 |
TOTAL RUSSIA | | 546,173 |
Common Stocks - continued |
| Shares | | Value |
Singapore - 0.3% |
First Resources Ltd. | 189,600 | | $ 255,054 |
South Africa - 0.8% |
Alexander Forbes Group Holding (a) | 341,805 | | 283,012 |
JSE Ltd. | 29,500 | | 330,008 |
Reunert Ltd. | 9,711 | | 49,509 |
TOTAL SOUTH AFRICA | | 662,529 |
Sri Lanka - 0.6% |
John Keells Holdings Ltd. | 340,102 | | 526,099 |
Taiwan - 8.2% |
Advantech Co. Ltd. | 71,000 | | 587,687 |
ASPEED Tech, Inc. | 5,902 | | 54,345 |
Brogent Technologies, Inc. | 46,000 | | 585,026 |
Chicony Electronics Co. Ltd. | 170,120 | | 491,596 |
Chroma ATE, Inc. | 296,000 | | 715,209 |
Cleanaway Co. Ltd. | 126,000 | | 781,689 |
Cub Elecparts, Inc. | 47,000 | | 598,511 |
EPISTAR Corp. | 178,000 | | 278,979 |
Everlight Electronics Co. Ltd. | 171,000 | | 396,428 |
GeoVision, Inc. | 8,300 | | 28,998 |
Lextar Electronics Corp. | 296,000 | | 268,687 |
MJC Probe, Inc. | 142,000 | | 426,566 |
St.Shine Optical Co. Ltd. | 27,000 | | 478,711 |
Universal Cement Corp. | 392,000 | | 419,186 |
Voltronic Power Technology Corp. | 57,000 | | 710,034 |
TOTAL TAIWAN | | 6,821,652 |
Thailand - 1.4% |
Jasmine Broadband Internet Infrastructure Fund (a) | 1,224,300 | | 351,074 |
Thai Union Frozen Products PCL (For. Reg.) | 819,200 | | 507,106 |
TISCO Financial Group PCL | 194,100 | | 266,516 |
TOTAL THAILAND | | 1,124,696 |
Turkey - 2.4% |
Aksa Akrilik Kimya Sanayii | 234,000 | | 945,596 |
Aselsan A/S | 130,000 | | 678,553 |
Tupras Turkiye Petrol Rafinelleri A/S | 13,576 | | 329,672 |
TOTAL TURKEY | | 1,953,821 |
Uganda - 0.4% |
Umeme Ltd. | 2,130,383 | | 341,658 |
Common Stocks - continued |
| Shares | | Value |
United Arab Emirates - 0.4% |
National Bank of Ras Al-Khaimah PSC (a) | 137,907 | | $ 300,373 |
Vietnam - 0.3% |
FTP Corp. | 104,000 | | 248,078 |
TOTAL COMMON STOCKS (Cost $70,067,903) |
77,688,497
|
Nonconvertible Preferred Stocks - 1.1% |
| | | |
Brazil - 0.5% |
Banco do Estado Rio Grande do Sul SA | 100,300 | | 389,156 |
Korea (South) - 0.6% |
LG Chemical Ltd. | 2,835 | | 484,296 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $898,134) |
873,452
|
Government Obligations - 0.1% |
| Principal Amount | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.02% 5/14/15 to 7/30/15 (e)
(Cost $109,998) | | $ 110,000 | |
110,000
|
Money Market Funds - 5.4% |
| Shares | | |
Fidelity Cash Central Fund, 0.15% (b) | 3,542,451 | | 3,542,451 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 892,300 | | 892,300 |
TOTAL MONEY MARKET FUNDS (Cost $4,434,751) |
4,434,751
|
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $75,510,786) | | 83,106,700 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | | (374,101) |
NET ASSETS - 100% | $ 82,732,599 |
Futures Contracts |
| Expiration
Date | | Underlying
Face Amount
at Value | | Unrealized
Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
54 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2015 | | $ 2,804,490 | | $ 95,708 |
|
The face value of futures purchased as a percentage of net assets is 3.4% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $110,000. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,263 |
Fidelity Securities Lending Cash Central Fund | 4,121 |
Total | $ 6,384 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 12,671,219 | $ 12,671,219 | $ - | $ - |
Consumer Staples | 5,787,092 | 5,078,863 | - | 708,229 |
Energy | 1,345,506 | 1,345,506 | - | - |
Financials | 14,102,067 | 13,872,207 | 229,860 | - |
Health Care | 5,320,519 | 5,320,519 | - | - |
Industrials | 14,284,688 | 13,298,660 | 986,028 | - |
Information Technology | 13,264,857 | 12,704,677 | 560,180 | - |
Materials | 8,370,002 | 6,917,017 | 1,452,985 | - |
Telecommunication Services | 503,666 | 241,488 | 262,178 | - |
Utilities | 2,912,333 | 2,651,152 | 261,181 | - |
Government Obligations | 110,000 | - | 110,000 | - |
Money Market Funds | 4,434,751 | 4,434,751 | - | - |
Total Investments in Securities: | $ 83,106,700 | $ 78,536,059 | $ 3,862,412 | $ 708,229 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 95,708 | $ 95,708 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 31,005,457 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Consumer Staples | |
Beginning Balance | $ - |
Net Realized Gain (Loss) on Investment Securities | 120,396 |
Net Unrealized Gain (Loss) on Investment Securities | 131,349 |
Cost of Purchases | - |
Proceeds of Sales | (490,405) |
Amortization/Accretion | - |
Transfers into Level 3 | 946,889 |
Transfers out of Level 3 | - |
Ending Balance | $ 708,229 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 131,349 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 95,708 | $ - |
Total Value of Derivatives | $ 95,708 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $867,564) - See accompanying schedule: Unaffiliated issuers (cost $71,076,035) | $ 78,671,949 | |
Fidelity Central Funds (cost $4,434,751) | 4,434,751 | |
Total Investments (cost $75,510,786) | | $ 83,106,700 |
Foreign currency held at value (cost $584,022) | | 584,048 |
Receivable for investments sold | | 1,544,236 |
Receivable for fund shares sold | | 115,304 |
Dividends receivable | | 84,312 |
Distributions receivable from Fidelity Central Funds | | 741 |
Prepaid expenses | | 64 |
Receivable from investment adviser for expense reductions | | 1,459 |
Other receivables | | 81,873 |
Total assets | | 85,518,737 |
| | |
Liabilities | | |
Payable to custodian bank | $ 468,793 | |
Payable for investments purchased | 927,793 | |
Payable for fund shares redeemed | 192,152 | |
Accrued management fee | 57,078 | |
Distribution and service plan fees payable | 3,216 | |
Payable for daily variation margin for derivative instruments | 44,820 | |
Other affiliated payables | 17,861 | |
Other payables and accrued expenses | 182,125 | |
Collateral on securities loaned, at value | 892,300 | |
Total liabilities | | 2,786,138 |
| | |
Net Assets | | $ 82,732,599 |
Net Assets consist of: | | |
Paid in capital | | $ 79,691,502 |
Accumulated net investment loss | | (117,503) |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (4,425,137) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 7,583,737 |
Net Assets | | $ 82,732,599 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($5,102,860 ÷ 404,274 shares) | | $ 12.62 |
| | |
Maximum offering price per share (100/94.25 of $12.62) | | $ 13.39 |
Class T:
Net Asset Value and redemption price per share ($2,228,130 ÷ 177,289 shares) | | $ 12.57 |
| | |
Maximum offering price per share (100/96.50 of $12.57) | | $ 13.03 |
Class C:
Net Asset Value and offering price per share ($1,558,358 ÷ 125,676 shares)A | | $ 12.40 |
| | |
Emerging Markets Discovery:
Net Asset Value, offering price and redemption price per share ($72,130,765 ÷ 5,688,442 shares) | | $ 12.68 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,712,486 ÷ 134,656 shares) | | $ 12.72 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 595,584 |
Interest | | 6 |
Income from Fidelity Central Funds | | 6,384 |
Income before foreign taxes withheld | | 601,974 |
Less foreign taxes withheld | | (135,896) |
Total income | | 466,078 |
| | |
Expenses | | |
Management fee | $ 332,869 | |
Transfer agent fees | 88,083 | |
Distribution and service plan fees | 18,397 | |
Accounting and security lending fees | 20,398 | |
Custodian fees and expenses | 104,377 | |
Independent trustees' compensation | 158 | |
Registration fees | 27,284 | |
Audit | 50,428 | |
Legal | 129 | |
Miscellaneous | 422 | |
Total expenses before reductions | 642,545 | |
Expense reductions | (58,790) | 583,755 |
Net investment income (loss) | | (117,677) |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $195,361) | (3,638,688) | |
Foreign currency transactions | (97,066) | |
Futures contracts | (72,847) | |
Total net realized gain (loss) | | (3,808,601) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $166,476) | 6,351,302 | |
Assets and liabilities in foreign currencies | 19,898 | |
Futures contracts | 95,708 | |
Total change in net unrealized appreciation (depreciation) | | 6,466,908 |
Net gain (loss) | | 2,658,307 |
Net increase (decrease) in net assets resulting from operations | | $ 2,540,630 |
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, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ (117,677) | $ 451,642 |
Net realized gain (loss) | (3,808,601) | (250,198) |
Change in net unrealized appreciation (depreciation) | 6,466,908 | (701,823) |
Net increase (decrease) in net assets resulting
from operations | 2,540,630 | (500,379) |
Distributions to shareholders from net investment income | - | (676,480) |
Distributions to shareholders from net realized gain | - | (2,520,609) |
Total distributions | - | (3,197,089) |
Share transactions - net increase (decrease) | (6,823,022) | (16,216,808) |
Redemption fees | 13,955 | 46,780 |
Total increase (decrease) in net assets | (4,268,437) | (19,867,496) |
| | |
Net Assets | | |
Beginning of period | 87,001,036 | 106,868,532 |
End of period (including accumulated net investment loss of $117,503 and undistributed net investment income of $174, respectively) | $ 82,732,599 | $ 87,001,036 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.17 | $ 12.49 | $ 11.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.03) | .04 | .08 | .12 |
Net realized and unrealized gain (loss) | .48 | (.01) | .75 | 1.76 |
Total from investment operations | .45 | .03 | .83 | 1.88 |
Distributions from net investment income | - | (.06) | (.04) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.36) | (.25) K | (.01) |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.62 | $ 12.17 | $ 12.49 | $ 11.89 |
Total ReturnB, C, D | 3.70% | .31% | 7.20% | 19.00% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.90%A | 1.82% | 1.87% | 3.49% |
Expenses net of fee waivers, if any | 1.70%A | 1.70% | 1.70% | 1.70% |
Expenses net of all reductions | 1.69%A | 1.70% | 1.64% | 1.64% |
Net investment income (loss) | (.50)%A | .29% | .62% | 1.16% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 5,103 | $ 4,362 | $ 5,065 | $ 1,671 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
K Total distributions of $.25 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.203 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.13 | $ 12.44 | $ 11.87 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.04) | - J | .05 | .10 |
Net realized and unrealized gain (loss) | .48 | - J | .74 | 1.75 |
Total from investment operations | .44 | - J | .79 | 1.85 |
Distributions from net investment income | - | (.02) | (.03) | - J |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.32) | (.24) K | - J |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.57 | $ 12.13 | $ 12.44 | $ 11.87 |
Total ReturnB, C, D | 3.63% | .05% | 6.87% | 18.75% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.18%A | 2.10% | 2.19% | 3.77% |
Expenses net of fee waivers, if any | 1.95%A | 1.95% | 1.95% | 1.95% |
Expenses net of all reductions | 1.94%A | 1.95% | 1.89% | 1.89% |
Net investment income (loss) | (.75)%A | .04% | .37% | .91% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,228 | $ 2,031 | $ 1,914 | $ 1,700 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
K Total distributions of $.24 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.203 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.00 | $ 12.35 | $ 11.82 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.07) | (.06) | (.02) | .04 |
Net realized and unrealized gain (loss) | .47 | - J | .74 | 1.76 |
Total from investment operations | .40 | (.06) | .72 | 1.80 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.30) | (.21) | - |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.40 | $ 12.00 | $ 12.35 | $ 11.82 |
Total ReturnB, C, D | 3.33% | (.42)% | 6.32% | 18.20% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.66%A | 2.58% | 2.70% | 4.32% |
Expenses net of fee waivers, if any | 2.45%A | 2.45% | 2.45% | 2.45% |
Expenses net of all reductions | 2.44%A | 2.45% | 2.39% | 2.39% |
Net investment income (loss) | (1.25)%A | (.46)% | (.13)% | .41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,558 | $ 1,750 | $ 2,082 | $ 1,474 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets Discovery
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.21 | $ 12.52 | $ 11.92 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | (.02) | .07 | .11 | .15 |
Net realized and unrealized gain (loss) | .49 | - I | .74 | 1.76 |
Total from investment operations | .47 | .07 | .85 | 1.91 |
Distributions from net investment income | - | (.09) | (.07) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.39) | (.27) | (.01) |
Redemption fees added to paid in capital D | - I | .01 | .02 | .02 |
Net asset value, end of period | $ 12.68 | $ 12.21 | $ 12.52 | $ 11.92 |
Total ReturnB, C | 3.85% | .61% | 7.37% | 19.35% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.59%A | 1.48% | 1.57% | 3.02% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.44%A | 1.45% | 1.39% | 1.39% |
Net investment income (loss) | (.25)%A | .54% | .87% | 1.41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 72,131 | $ 78,377 | $ 96,731 | $ 39,135 |
Portfolio turnover rateF | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.25 | $ 12.53 | $ 11.92 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | (.01) | .07 | .11 | .15 |
Net realized and unrealized gain (loss) | .48 | - I | .75 | 1.76 |
Total from investment operations | .47 | .07 | .86 | 1.91 |
Distributions from net investment income | - | (.06) | (.07) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.36) | (.27) | (.01) |
Redemption fees added to paid in capital D | - I | .01 | .02 | .02 |
Net asset value, end of period | $ 12.72 | $ 12.25 | $ 12.53 | $ 11.92 |
Total ReturnB, C | 3.84% | .61% | 7.45% | 19.35% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.48%A | 1.56% | 1.60% | 3.21% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.44%A | 1.45% | 1.39% | 1.39% |
Net investment income (loss) | (.25)%A | .54% | .87% | 1.41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,712 | $ 481 | $ 1,076 | $ 1,825 |
Portfolio turnover rateF | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Emerging Markets Discovery Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Markets Discovery and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs)and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 12,717,276 |
Gross unrealized depreciation | (4,999,126) |
Net unrealized appreciation (depreciation) on securities | $ 7,718,150 |
| |
Tax cost | $ 75,388,550 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $ (322,648) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV of
Semiannual Report
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees - continued
shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $(72,847) and a change in net unrealized appreciation (depreciation) of $95,708 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $35,453,623 and $42,167,542, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .85% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,714 | $ 254 |
Class T | .25% | .25% | 5,039 | 65 |
Class C | .75% | .25% | 7,644 | 2,274 |
| | | $ 18,397 | $ 2,593 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,899 |
Class T | 1,085 |
Class C* | 18 |
| $ 4,002 |
* When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 6,817 | .30 |
Class T | 3,267 | .32 |
Class C | 2,211 | .29 |
Emerging Markets Discovery | 75,324 | .22 |
Institutional Class | 464 | .14 |
| $ 88,083 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $123 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $63 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $4,121. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.70% | $ 4,713 |
Class T | 1.95% | 2,338 |
Class C | 2.45% | 1,591 |
Emerging Markets Discovery | 1.45% | 47,331 |
Institutional Class | 1.45% | 110 |
| | $ 56,083 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Expense Reductions - continued
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,627 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Emerging Markets Discovery expenses during the period in the amount of $80.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ - | $ 23,688 |
Class T | - | 2,475 |
Emerging Markets Discovery | - | 646,254 |
Institutional Class | - | 4,063 |
Total | $ - | $ 676,480 |
From net realized gain | | |
Class A | $ - | $ 122,525 |
Class T | - | 43,668 |
Class C | - | 51,356 |
Emerging Markets Discovery | - | 2,280,897 |
Institutional Class | - | 22,163 |
Total | $ - | $ 2,520,609 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 102,836 | 147,354 | $ 1,215,143 | $ 1,789,001 |
Reinvestment of distributions | - | 10,958 | - | 133,251 |
Shares redeemed | (56,935) | (205,580) | (670,113) | (2,490,439) |
Net increase (decrease) | 45,901 | (47,268) | $ 545,030 | $ (568,187) |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class T | | | | |
Shares sold | 32,730 | 52,146 | $ 383,593 | $ 631,489 |
Reinvestment of distributions | - | 3,566 | - | 43,325 |
Shares redeemed | (22,858) | (42,178) | (270,492) | (507,088) |
Net increase (decrease) | 9,872 | 13,534 | $ 113,101 | $ 167,726 |
Class C | | | | |
Shares sold | 24,800 | 92,257 | $ 288,377 | $ 1,143,008 |
Reinvestment of distributions | - | 4,241 | - | 51,185 |
Shares redeemed | (44,958) | (119,225) | (524,229) | (1,424,170) |
Net increase (decrease) | (20,158) | (22,727) | $ (235,852) | $ (229,977) |
Emerging Markets Discovery | | | | |
Shares sold | 1,264,719 | 2,185,123 | $ 14,974,838 | $ 26,469,903 |
Reinvestment of distributions | - | 205,996 | - | 2,506,974 |
Shares redeemed | (1,994,619) | (3,696,612) | (23,386,754) | (44,026,941) |
Net increase (decrease) | (729,900) | (1,305,493) | $ (8,411,916) | $ (15,050,064) |
Institutional Class | | | | |
Shares sold | 114,462 | 25,831 | $ 1,393,729 | $ 324,477 |
Reinvestment of distributions | - | 824 | - | 10,052 |
Shares redeemed | (19,058) | (73,327) | (227,114) | (870,835) |
Net increase (decrease) | 95,404 | (46,672) | $ 1,166,615 | $ (536,306) |
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, the investment adviser or its affiliates were the owners of record of 11% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
FIL Investment Advisors
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AEMDI-USAN-0615
1.931245.103
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Markets Discovery
Fund - Class A, Class T,
and Class C
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Class A, Class T, and
Class C are classes of
Fidelity® Emerging
Markets Discovery Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
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, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Shareholder Expense Example - continued
| Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,037.00 | $ 8.59 |
HypotheticalA | | $ 1,000.00 | $ 1,016.36 | $ 8.50 |
Class T | 1.95% | | | |
Actual | | $ 1,000.00 | $ 1,036.30 | $ 9.85 |
HypotheticalA | | $ 1,000.00 | $ 1,015.12 | $ 9.74 |
Class C | 2.45% | | | |
Actual | | $ 1,000.00 | $ 1,033.30 | $ 12.35 |
HypotheticalA | | $ 1,000.00 | $ 1,012.65 | $ 12.23 |
Emerging Markets Discovery | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,038.50 | $ 7.33 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Institutional Class | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,038.40 | $ 7.33 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Emerging Markets Discovery Fund
Investment Changes (Unaudited)
Top Five Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) | 2.1 | 1.9 |
Quinenco SA (Chile, Industrial Conglomerates) | 1.7 | 2.0 |
Qingdao Haier Co. Ltd. (China, Household Durables) | 1.7 | 0.0 |
Fila Korea Ltd. (Korea (South), Textiles, Apparel & Luxury Goods) | 1.5 | 1.4 |
DGB Financial Group Co. Ltd. (Korea (South), Banks) | 1.5 | 1.2 |
| 8.5 | |
Top Five Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 17.2 | 17.4 |
Financials | 17.2 | 18.2 |
Information Technology | 15.9 | 13.4 |
Consumer Discretionary | 15.3 | 16.9 |
Materials | 10.1 | 9.8 |
Top Five Countries as of April 30, 2015 |
(excluding cash equivalents) | % of fund's
net assets | % of fund's net assets
6 months ago |
Korea (South) | 13.7 | 14.1 |
India | 12.7 | 14.9 |
Cayman Islands | 12.0 | 14.1 |
Taiwan | 8.2 | 6.4 |
Mexico | 5.6 | 5.1 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2015 | As of October 31, 2014 |
 | Stocks and
Equity Futures 98.4% | |  | Stocks 94.9% | |
 | Short-Term
Investments and
Net Other Assets (Liabilities) 1.6% | |  | Short-Term
Investments and
Net Other Assets (Liabilities) 5.1% | |
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.9% |
| Shares | | Value |
Argentina - 0.4% |
Banco Macro SA sponsored ADR | 5,600 | | $ 309,400 |
Bailiwick of Jersey - 0.6% |
West China Cement Ltd. | 3,088,000 | | 529,903 |
Bangladesh - 0.3% |
Titas Gas Transmission & Distribution Co. Ltd. (a) | 270,704 | | 228,225 |
Bermuda - 5.3% |
Aquarius Platinum Ltd. (Australia) (a) | 1,441,115 | | 193,872 |
China Resources Gas Group Ltd. | 62,000 | | 215,985 |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. | 23,100 | | 533,610 |
PAX Global Technology Ltd. (a) | 569,000 | | 829,580 |
Shangri-La Asia Ltd. | 580,000 | | 883,034 |
Vtech Holdings Ltd. | 41,200 | | 573,570 |
Yue Yuen Industrial (Holdings) Ltd. | 295,000 | | 1,122,824 |
TOTAL BERMUDA | | 4,352,475 |
Brazil - 2.7% |
Companhia de Saneamento de Minas Gerais | 41,490 | | 249,936 |
Cosan SA Industria e Comercio | 29,720 | | 290,991 |
Direcional Engenharia SA | 134,000 | | 283,748 |
Fibria Celulose SA (a) | 51,300 | | 719,370 |
Minerva SA (a) | 70,700 | | 205,791 |
QGEP Participacoes SA | 206,100 | | 496,618 |
TOTAL BRAZIL | | 2,246,454 |
British Virgin Islands - 0.8% |
Luxoft Holding, Inc. (a) | 13,400 | | 694,522 |
Canada - 1.2% |
Pan American Silver Corp. | 49,300 | | 469,336 |
Torex Gold Resources, Inc. (a) | 528,700 | | 490,795 |
TOTAL CANADA | | 960,131 |
Cayman Islands - 12.0% |
58.com, Inc. ADR (a)(d) | 13,100 | | 999,268 |
China Cord Blood Corp. (a) | 102,400 | | 645,120 |
Cosmo Lady (China) Holdings Co. Ltd. | 774,000 | | 651,113 |
ENN Energy Holdings Ltd. | 120,450 | | 870,287 |
Haitian International Holdings Ltd. | 315,000 | | 785,209 |
Lee's Pharmaceutical Holdings Ltd. | 391,500 | | 726,370 |
Pico Far East Holdings Ltd. | 2,320,000 | | 673,501 |
PW Medtech Group Ltd. (a) | 1,232,000 | | 529,325 |
Semiconductor Manufacturing International Corp. (a) | 5,083,000 | | 560,180 |
Shenzhou International Group Holdings Ltd. | 75,000 | | 353,685 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Silergy Corp. | 46,520 | | $ 461,767 |
SINA Corp. (a) | 6,000 | | 263,970 |
SITC International Holdings Co. Ltd. | 1,642,000 | | 1,218,172 |
SouFun Holdings Ltd. ADR | 45,300 | | 374,631 |
Uni-President China Holdings Ltd. | 1,007,000 | | 814,638 |
TOTAL CAYMAN ISLANDS | | 9,927,236 |
Chile - 3.0% |
Compania Cervecerias Unidas SA sponsored ADR (d) | 6,500 | | 142,155 |
Empresas CMPC SA | 65,434 | | 185,920 |
Inversiones La Construccion SA | 21,155 | | 270,814 |
Quinenco SA | 668,809 | | 1,454,399 |
Vina Concha y Toro SA | 231,088 | | 470,601 |
TOTAL CHILE | | 2,523,889 |
China - 5.5% |
BBMG Corp. (H Shares) | 686,500 | | 852,085 |
China Machinery Engineering Co. (H Shares) | 703,000 | | 936,057 |
Qingdao Haier Co. Ltd. | 321,443 | | 1,404,901 |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 398,000 | | 696,322 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 82,500 | | 705,724 |
TOTAL CHINA | | 4,595,089 |
Colombia - 0.3% |
Organizacion Terpel SA | 35,099 | | 227,805 |
Cyprus - 1.2% |
Global Ports Investment PLC GDR (Reg. S) | 140,600 | | 986,028 |
Egypt - 0.8% |
Citadel Capital Corp. (a) | 1,411,500 | | 429,182 |
Edita Food Industries SAE (a) | 75,768 | | 252,724 |
TOTAL EGYPT | | 681,906 |
Greece - 0.7% |
Titan Cement Co. SA (Reg.) | 22,760 | | 574,037 |
Hong Kong - 4.8% |
China Power International Development Ltd. | 723,100 | | 467,416 |
China Resources Enterprise Ltd. | 226,000 | | 693,989 |
Far East Horizon Ltd. | 976,000 | | 1,035,116 |
Techtronic Industries Co. Ltd. | 497,000 | | 1,766,626 |
TOTAL HONG KONG | | 3,963,147 |
Common Stocks - continued |
| Shares | | Value |
India - 12.7% |
Adani Ports & Special Economic Zone | 137,575 | | $ 687,467 |
CMC Ltd. | 22,977 | | 679,084 |
Edelweiss Financial Services Ltd. | 290,866 | | 283,095 |
Exide Industries Ltd. | 326,672 | | 881,866 |
GAIL India Ltd. (a) | 39,133 | | 221,875 |
Grasim Industries Ltd. | 14,102 | | 878,948 |
IDFC Ltd. (a) | 82,557 | | 229,860 |
Iifl Holdings Ltd. (a) | 239,330 | | 656,063 |
JK Cement Ltd. | 45,122 | | 458,337 |
KPIT Cummins Infosystems Ltd. (a) | 189,802 | | 313,909 |
Lupin Ltd. | 20,100 | | 560,654 |
Mahindra Lifespace Developers Ltd. | 69,028 | | 507,925 |
MindTree Consulting Ltd. | 18,193 | | 349,072 |
Power Grid Corp. of India Ltd. | 110,237 | | 261,181 |
Solar Industries India Ltd. | 7,246 | | 386,218 |
Tech Mahindra Ltd. | 78,692 | | 769,426 |
The Jammu & Kashmir Bank Ltd. | 237,424 | | 358,858 |
Torrent Pharmaceuticals Ltd. | 26,557 | | 502,261 |
VST Industries Ltd. (a) | 16,290 | | 415,557 |
Yes Bank Ltd. | 85,003 | | 1,122,869 |
TOTAL INDIA | | 10,524,525 |
Indonesia - 0.7% |
PT Panin Life Tbk (a) | 22,854,400 | | 576,539 |
Israel - 1.0% |
Bezeq The Israel Telecommunication Corp. Ltd. | 127,360 | | 241,488 |
NICE Systems Ltd. sponsored ADR | 10,500 | | 628,425 |
TOTAL ISRAEL | | 869,913 |
Korea (South) - 13.1% |
AMOREPACIFIC Group, Inc. | 468 | | 708,229 |
BGFretail Co. Ltd. | 3,297 | | 359,664 |
Binggrea Co. Ltd. | 3,820 | | 304,647 |
Daewoo International Corp. | 34,154 | | 995,660 |
DGB Financial Group Co. Ltd. | 108,382 | | 1,222,569 |
E-Mart Co. Ltd. | 2,408 | | 495,188 |
Fila Korea Ltd. | 12,863 | | 1,253,925 |
Hyundai HCN | 61,106 | | 301,811 |
Hyundai Industrial Development & Construction Co. | 19,634 | | 1,044,488 |
Hyundai Wia Corp. | 4,980 | | 705,081 |
Korean Reinsurance Co. | 100,712 | | 1,112,674 |
Leeno Industrial, Inc. | 14,995 | | 640,390 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Medy-Tox, Inc. | 1,735 | | $ 598,570 |
Nice Information & Telecom, Inc. | 9,318 | | 275,532 |
Sansung Life & Science Co. Ltd. (a) | 4,338 | | 333,875 |
Sungshin Cement Manufacturing Co. Ltd. (a) | 43,092 | | 478,084 |
TOTAL KOREA (SOUTH) | | 10,830,387 |
Malaysia - 0.7% |
Top Glove Corp. Bhd | 371,000 | | 583,186 |
Mexico - 5.6% |
Banregio Grupo Financiero S.A.B. de CV | 185,100 | | 1,061,472 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 87,100 | | 620,123 |
Grupo Aeroportuario Norte S.A.B. de CV | 90,200 | | 450,471 |
Grupo Comercial Chedraui S.A.B. de CV | 53,900 | | 161,749 |
Industrias Penoles SA de CV | 32,855 | | 557,242 |
Macquarie Mexican (REIT) | 750,672 | | 1,138,094 |
Megacable Holdings S.A.B. de CV unit | 148,300 | | 617,192 |
TOTAL MEXICO | | 4,606,343 |
Nigeria - 1.0% |
Transnational Corp. of Nigeria PLC | 20,485,680 | | 329,418 |
Zenith Bank PLC | 4,660,187 | | 495,291 |
TOTAL NIGERIA | | 824,709 |
Pakistan - 0.3% |
Habib Bank Ltd. | 125,700 | | 247,976 |
Panama - 0.9% |
Copa Holdings SA Class A | 6,700 | | 742,963 |
Philippines - 2.5% |
Alliance Global Group, Inc. | 1,602,000 | | 912,043 |
Metro Pacific Investments Corp. | 2,574,800 | | 261,433 |
Nickel Asia Corp. | 703,050 | | 358,498 |
Robinsons Land Corp. | 794,400 | | 533,280 |
TOTAL PHILIPPINES | | 2,065,254 |
Puerto Rico - 0.3% |
EVERTEC, Inc. | 11,400 | | 236,322 |
Russia - 0.7% |
E.ON Russia JSC (a) | 4,644,000 | | 283,995 |
Sistema JSFC sponsored GDR | 34,900 | | 262,178 |
TOTAL RUSSIA | | 546,173 |
Common Stocks - continued |
| Shares | | Value |
Singapore - 0.3% |
First Resources Ltd. | 189,600 | | $ 255,054 |
South Africa - 0.8% |
Alexander Forbes Group Holding (a) | 341,805 | | 283,012 |
JSE Ltd. | 29,500 | | 330,008 |
Reunert Ltd. | 9,711 | | 49,509 |
TOTAL SOUTH AFRICA | | 662,529 |
Sri Lanka - 0.6% |
John Keells Holdings Ltd. | 340,102 | | 526,099 |
Taiwan - 8.2% |
Advantech Co. Ltd. | 71,000 | | 587,687 |
ASPEED Tech, Inc. | 5,902 | | 54,345 |
Brogent Technologies, Inc. | 46,000 | | 585,026 |
Chicony Electronics Co. Ltd. | 170,120 | | 491,596 |
Chroma ATE, Inc. | 296,000 | | 715,209 |
Cleanaway Co. Ltd. | 126,000 | | 781,689 |
Cub Elecparts, Inc. | 47,000 | | 598,511 |
EPISTAR Corp. | 178,000 | | 278,979 |
Everlight Electronics Co. Ltd. | 171,000 | | 396,428 |
GeoVision, Inc. | 8,300 | | 28,998 |
Lextar Electronics Corp. | 296,000 | | 268,687 |
MJC Probe, Inc. | 142,000 | | 426,566 |
St.Shine Optical Co. Ltd. | 27,000 | | 478,711 |
Universal Cement Corp. | 392,000 | | 419,186 |
Voltronic Power Technology Corp. | 57,000 | | 710,034 |
TOTAL TAIWAN | | 6,821,652 |
Thailand - 1.4% |
Jasmine Broadband Internet Infrastructure Fund (a) | 1,224,300 | | 351,074 |
Thai Union Frozen Products PCL (For. Reg.) | 819,200 | | 507,106 |
TISCO Financial Group PCL | 194,100 | | 266,516 |
TOTAL THAILAND | | 1,124,696 |
Turkey - 2.4% |
Aksa Akrilik Kimya Sanayii | 234,000 | | 945,596 |
Aselsan A/S | 130,000 | | 678,553 |
Tupras Turkiye Petrol Rafinelleri A/S | 13,576 | | 329,672 |
TOTAL TURKEY | | 1,953,821 |
Uganda - 0.4% |
Umeme Ltd. | 2,130,383 | | 341,658 |
Common Stocks - continued |
| Shares | | Value |
United Arab Emirates - 0.4% |
National Bank of Ras Al-Khaimah PSC (a) | 137,907 | | $ 300,373 |
Vietnam - 0.3% |
FTP Corp. | 104,000 | | 248,078 |
TOTAL COMMON STOCKS (Cost $70,067,903) |
77,688,497
|
Nonconvertible Preferred Stocks - 1.1% |
| | | |
Brazil - 0.5% |
Banco do Estado Rio Grande do Sul SA | 100,300 | | 389,156 |
Korea (South) - 0.6% |
LG Chemical Ltd. | 2,835 | | 484,296 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $898,134) |
873,452
|
Government Obligations - 0.1% |
| Principal Amount | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.02% 5/14/15 to 7/30/15 (e)
(Cost $109,998) | | $ 110,000 | |
110,000
|
Money Market Funds - 5.4% |
| Shares | | |
Fidelity Cash Central Fund, 0.15% (b) | 3,542,451 | | 3,542,451 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 892,300 | | 892,300 |
TOTAL MONEY MARKET FUNDS (Cost $4,434,751) |
4,434,751
|
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $75,510,786) | | 83,106,700 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | | (374,101) |
NET ASSETS - 100% | $ 82,732,599 |
Futures Contracts |
| Expiration
Date | | Underlying
Face Amount
at Value | | Unrealized
Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
54 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2015 | | $ 2,804,490 | | $ 95,708 |
|
The face value of futures purchased as a percentage of net assets is 3.4% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $110,000. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,263 |
Fidelity Securities Lending Cash Central Fund | 4,121 |
Total | $ 6,384 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 12,671,219 | $ 12,671,219 | $ - | $ - |
Consumer Staples | 5,787,092 | 5,078,863 | - | 708,229 |
Energy | 1,345,506 | 1,345,506 | - | - |
Financials | 14,102,067 | 13,872,207 | 229,860 | - |
Health Care | 5,320,519 | 5,320,519 | - | - |
Industrials | 14,284,688 | 13,298,660 | 986,028 | - |
Information Technology | 13,264,857 | 12,704,677 | 560,180 | - |
Materials | 8,370,002 | 6,917,017 | 1,452,985 | - |
Telecommunication Services | 503,666 | 241,488 | 262,178 | - |
Utilities | 2,912,333 | 2,651,152 | 261,181 | - |
Government Obligations | 110,000 | - | 110,000 | - |
Money Market Funds | 4,434,751 | 4,434,751 | - | - |
Total Investments in Securities: | $ 83,106,700 | $ 78,536,059 | $ 3,862,412 | $ 708,229 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 95,708 | $ 95,708 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 31,005,457 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Consumer Staples | |
Beginning Balance | $ - |
Net Realized Gain (Loss) on Investment Securities | 120,396 |
Net Unrealized Gain (Loss) on Investment Securities | 131,349 |
Cost of Purchases | - |
Proceeds of Sales | (490,405) |
Amortization/Accretion | - |
Transfers into Level 3 | 946,889 |
Transfers out of Level 3 | - |
Ending Balance | $ 708,229 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 131,349 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 95,708 | $ - |
Total Value of Derivatives | $ 95,708 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $867,564) - See accompanying schedule: Unaffiliated issuers (cost $71,076,035) | $ 78,671,949 | |
Fidelity Central Funds (cost $4,434,751) | 4,434,751 | |
Total Investments (cost $75,510,786) | | $ 83,106,700 |
Foreign currency held at value (cost $584,022) | | 584,048 |
Receivable for investments sold | | 1,544,236 |
Receivable for fund shares sold | | 115,304 |
Dividends receivable | | 84,312 |
Distributions receivable from Fidelity Central Funds | | 741 |
Prepaid expenses | | 64 |
Receivable from investment adviser for expense reductions | | 1,459 |
Other receivables | | 81,873 |
Total assets | | 85,518,737 |
| | |
Liabilities | | |
Payable to custodian bank | $ 468,793 | |
Payable for investments purchased | 927,793 | |
Payable for fund shares redeemed | 192,152 | |
Accrued management fee | 57,078 | |
Distribution and service plan fees payable | 3,216 | |
Payable for daily variation margin for derivative instruments | 44,820 | |
Other affiliated payables | 17,861 | |
Other payables and accrued expenses | 182,125 | |
Collateral on securities loaned, at value | 892,300 | |
Total liabilities | | 2,786,138 |
| | |
Net Assets | | $ 82,732,599 |
Net Assets consist of: | | |
Paid in capital | | $ 79,691,502 |
Accumulated net investment loss | | (117,503) |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (4,425,137) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 7,583,737 |
Net Assets | | $ 82,732,599 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($5,102,860 ÷ 404,274 shares) | | $ 12.62 |
| | |
Maximum offering price per share (100/94.25 of $12.62) | | $ 13.39 |
Class T:
Net Asset Value and redemption price per share ($2,228,130 ÷ 177,289 shares) | | $ 12.57 |
| | |
Maximum offering price per share (100/96.50 of $12.57) | | $ 13.03 |
Class C:
Net Asset Value and offering price per share ($1,558,358 ÷ 125,676 shares)A | | $ 12.40 |
| | |
Emerging Markets Discovery:
Net Asset Value, offering price and redemption price per share ($72,130,765 ÷ 5,688,442 shares) | | $ 12.68 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,712,486 ÷ 134,656 shares) | | $ 12.72 |
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, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 595,584 |
Interest | | 6 |
Income from Fidelity Central Funds | | 6,384 |
Income before foreign taxes withheld | | 601,974 |
Less foreign taxes withheld | | (135,896) |
Total income | | 466,078 |
| | |
Expenses | | |
Management fee | $ 332,869 | |
Transfer agent fees | 88,083 | |
Distribution and service plan fees | 18,397 | |
Accounting and security lending fees | 20,398 | |
Custodian fees and expenses | 104,377 | |
Independent trustees' compensation | 158 | |
Registration fees | 27,284 | |
Audit | 50,428 | |
Legal | 129 | |
Miscellaneous | 422 | |
Total expenses before reductions | 642,545 | |
Expense reductions | (58,790) | 583,755 |
Net investment income (loss) | | (117,677) |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $195,361) | (3,638,688) | |
Foreign currency transactions | (97,066) | |
Futures contracts | (72,847) | |
Total net realized gain (loss) | | (3,808,601) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $166,476) | 6,351,302 | |
Assets and liabilities in foreign currencies | 19,898 | |
Futures contracts | 95,708 | |
Total change in net unrealized appreciation (depreciation) | | 6,466,908 |
Net gain (loss) | | 2,658,307 |
Net increase (decrease) in net assets resulting from operations | | $ 2,540,630 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ (117,677) | $ 451,642 |
Net realized gain (loss) | (3,808,601) | (250,198) |
Change in net unrealized appreciation (depreciation) | 6,466,908 | (701,823) |
Net increase (decrease) in net assets resulting
from operations | 2,540,630 | (500,379) |
Distributions to shareholders from net investment income | - | (676,480) |
Distributions to shareholders from net realized gain | - | (2,520,609) |
Total distributions | - | (3,197,089) |
Share transactions - net increase (decrease) | (6,823,022) | (16,216,808) |
Redemption fees | 13,955 | 46,780 |
Total increase (decrease) in net assets | (4,268,437) | (19,867,496) |
| | |
Net Assets | | |
Beginning of period | 87,001,036 | 106,868,532 |
End of period (including accumulated net investment loss of $117,503 and undistributed net investment income of $174, respectively) | $ 82,732,599 | $ 87,001,036 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.17 | $ 12.49 | $ 11.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.03) | .04 | .08 | .12 |
Net realized and unrealized gain (loss) | .48 | (.01) | .75 | 1.76 |
Total from investment operations | .45 | .03 | .83 | 1.88 |
Distributions from net investment income | - | (.06) | (.04) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.36) | (.25) K | (.01) |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.62 | $ 12.17 | $ 12.49 | $ 11.89 |
Total ReturnB, C, D | 3.70% | .31% | 7.20% | 19.00% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.90%A | 1.82% | 1.87% | 3.49% |
Expenses net of fee waivers, if any | 1.70%A | 1.70% | 1.70% | 1.70% |
Expenses net of all reductions | 1.69%A | 1.70% | 1.64% | 1.64% |
Net investment income (loss) | (.50)%A | .29% | .62% | 1.16% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 5,103 | $ 4,362 | $ 5,065 | $ 1,671 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
K Total distributions of $.25 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.203 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.13 | $ 12.44 | $ 11.87 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.04) | - J | .05 | .10 |
Net realized and unrealized gain (loss) | .48 | - J | .74 | 1.75 |
Total from investment operations | .44 | - J | .79 | 1.85 |
Distributions from net investment income | - | (.02) | (.03) | - J |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.32) | (.24) K | - J |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.57 | $ 12.13 | $ 12.44 | $ 11.87 |
Total ReturnB, C, D | 3.63% | .05% | 6.87% | 18.75% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.18%A | 2.10% | 2.19% | 3.77% |
Expenses net of fee waivers, if any | 1.95%A | 1.95% | 1.95% | 1.95% |
Expenses net of all reductions | 1.94%A | 1.95% | 1.89% | 1.89% |
Net investment income (loss) | (.75)%A | .04% | .37% | .91% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,228 | $ 2,031 | $ 1,914 | $ 1,700 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
K Total distributions of $.24 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.203 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.00 | $ 12.35 | $ 11.82 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.07) | (.06) | (.02) | .04 |
Net realized and unrealized gain (loss) | .47 | - J | .74 | 1.76 |
Total from investment operations | .40 | (.06) | .72 | 1.80 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.30) | (.21) | - |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.40 | $ 12.00 | $ 12.35 | $ 11.82 |
Total ReturnB, C, D | 3.33% | (.42)% | 6.32% | 18.20% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.66%A | 2.58% | 2.70% | 4.32% |
Expenses net of fee waivers, if any | 2.45%A | 2.45% | 2.45% | 2.45% |
Expenses net of all reductions | 2.44%A | 2.45% | 2.39% | 2.39% |
Net investment income (loss) | (1.25)%A | (.46)% | (.13)% | .41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,558 | $ 1,750 | $ 2,082 | $ 1,474 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets Discovery
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.21 | $ 12.52 | $ 11.92 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | (.02) | .07 | .11 | .15 |
Net realized and unrealized gain (loss) | .49 | - I | .74 | 1.76 |
Total from investment operations | .47 | .07 | .85 | 1.91 |
Distributions from net investment income | - | (.09) | (.07) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.39) | (.27) | (.01) |
Redemption fees added to paid in capital D | - I | .01 | .02 | .02 |
Net asset value, end of period | $ 12.68 | $ 12.21 | $ 12.52 | $ 11.92 |
Total ReturnB, C | 3.85% | .61% | 7.37% | 19.35% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.59%A | 1.48% | 1.57% | 3.02% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.44%A | 1.45% | 1.39% | 1.39% |
Net investment income (loss) | (.25)%A | .54% | .87% | 1.41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 72,131 | $ 78,377 | $ 96,731 | $ 39,135 |
Portfolio turnover rateF | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.25 | $ 12.53 | $ 11.92 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | (.01) | .07 | .11 | .15 |
Net realized and unrealized gain (loss) | .48 | - I | .75 | 1.76 |
Total from investment operations | .47 | .07 | .86 | 1.91 |
Distributions from net investment income | - | (.06) | (.07) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.36) | (.27) | (.01) |
Redemption fees added to paid in capital D | - I | .01 | .02 | .02 |
Net asset value, end of period | $ 12.72 | $ 12.25 | $ 12.53 | $ 11.92 |
Total ReturnB, C | 3.84% | .61% | 7.45% | 19.35% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.48%A | 1.56% | 1.60% | 3.21% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.44%A | 1.45% | 1.39% | 1.39% |
Net investment income (loss) | (.25)%A | .54% | .87% | 1.41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,712 | $ 481 | $ 1,076 | $ 1,825 |
Portfolio turnover rateF | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Emerging Markets Discovery Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Markets Discovery and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs)and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 12,717,276 |
Gross unrealized depreciation | (4,999,126) |
Net unrealized appreciation (depreciation) on securities | $ 7,718,150 |
| |
Tax cost | $ 75,388,550 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $ (322,648) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees - continued
shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the
Semiannual Report
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $(72,847) and a change in net unrealized appreciation (depreciation) of $95,708 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $35,453,623 and $42,167,542, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .85% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,714 | $ 254 |
Class T | .25% | .25% | 5,039 | 65 |
Class C | .75% | .25% | 7,644 | 2,274 |
| | | $ 18,397 | $ 2,593 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,899 |
Class T | 1,085 |
Class C* | 18 |
| $ 4,002 |
* When 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 6,817 | .30 |
Class T | 3,267 | .32 |
Class C | 2,211 | .29 |
Emerging Markets Discovery | 75,324 | .22 |
Institutional Class | 464 | .14 |
| $ 88,083 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $123 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $63 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $4,121. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.70% | $ 4,713 |
Class T | 1.95% | 2,338 |
Class C | 2.45% | 1,591 |
Emerging Markets Discovery | 1.45% | 47,331 |
Institutional Class | 1.45% | 110 |
| | $ 56,083 |
Semiannual Report
9. Expense Reductions - continued
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,627 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Emerging Markets Discovery expenses during the period in the amount of $80.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ - | $ 23,688 |
Class T | - | 2,475 |
Emerging Markets Discovery | - | 646,254 |
Institutional Class | - | 4,063 |
Total | $ - | $ 676,480 |
From net realized gain | | |
Class A | $ - | $ 122,525 |
Class T | - | 43,668 |
Class C | - | 51,356 |
Emerging Markets Discovery | - | 2,280,897 |
Institutional Class | - | 22,163 |
Total | $ - | $ 2,520,609 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 102,836 | 147,354 | $ 1,215,143 | $ 1,789,001 |
Reinvestment of distributions | - | 10,958 | - | 133,251 |
Shares redeemed | (56,935) | (205,580) | (670,113) | (2,490,439) |
Net increase (decrease) | 45,901 | (47,268) | $ 545,030 | $ (568,187) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class T | | | | |
Shares sold | 32,730 | 52,146 | $ 383,593 | $ 631,489 |
Reinvestment of distributions | - | 3,566 | - | 43,325 |
Shares redeemed | (22,858) | (42,178) | (270,492) | (507,088) |
Net increase (decrease) | 9,872 | 13,534 | $ 113,101 | $ 167,726 |
Class C | | | | |
Shares sold | 24,800 | 92,257 | $ 288,377 | $ 1,143,008 |
Reinvestment of distributions | - | 4,241 | - | 51,185 |
Shares redeemed | (44,958) | (119,225) | (524,229) | (1,424,170) |
Net increase (decrease) | (20,158) | (22,727) | $ (235,852) | $ (229,977) |
Emerging Markets Discovery | | | | |
Shares sold | 1,264,719 | 2,185,123 | $ 14,974,838 | $ 26,469,903 |
Reinvestment of distributions | - | 205,996 | - | 2,506,974 |
Shares redeemed | (1,994,619) | (3,696,612) | (23,386,754) | (44,026,941) |
Net increase (decrease) | (729,900) | (1,305,493) | $ (8,411,916) | $ (15,050,064) |
Institutional Class | | | | |
Shares sold | 114,462 | 25,831 | $ 1,393,729 | $ 324,477 |
Reinvestment of distributions | - | 824 | - | 10,052 |
Shares redeemed | (19,058) | (73,327) | (227,114) | (870,835) |
Net increase (decrease) | 95,404 | (46,672) | $ 1,166,615 | $ (536,306) |
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, the investment adviser or its affiliates were the owners of record of 11% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
FIL Investment Advisors
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AEMD-USAN-0615
1.931252.103
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial StatementsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
Fidelity®
Emerging Markets Discovery
Fund
and Fidelity®
Total Emerging Markets
Fund
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Fidelity® Emerging Markets Discovery Fund |
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. |
Fidelity Total Emerging Markets Fund |
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the Financial Statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
Semiannual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
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, 2014 to April 30, 2015).
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 RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,037.00 | $ 8.59 |
HypotheticalA | | $ 1,000.00 | $ 1,016.36 | $ 8.50 |
Class T | 1.95% | | | |
Actual | | $ 1,000.00 | $ 1,036.30 | $ 9.85 |
HypotheticalA | | $ 1,000.00 | $ 1,015.12 | $ 9.74 |
Class C | 2.45% | | | |
Actual | | $ 1,000.00 | $ 1,033.30 | $ 12.35 |
HypotheticalA | | $ 1,000.00 | $ 1,012.65 | $ 12.23 |
Emerging Markets Discovery | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,038.50 | $ 7.33 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Institutional Class | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,038.40 | $ 7.33 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Emerging Markets Discovery Fund
Investment Changes (Unaudited)
Top Five Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) | 2.1 | 1.9 |
Quinenco SA (Chile, Industrial Conglomerates) | 1.7 | 2.0 |
Qingdao Haier Co. Ltd. (China, Household Durables) | 1.7 | 0.0 |
Fila Korea Ltd. (Korea (South), Textiles, Apparel & Luxury Goods) | 1.5 | 1.4 |
DGB Financial Group Co. Ltd. (Korea (South), Banks) | 1.5 | 1.2 |
| 8.5 | |
Top Five Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 17.2 | 17.4 |
Financials | 17.2 | 18.2 |
Information Technology | 15.9 | 13.4 |
Consumer Discretionary | 15.3 | 16.9 |
Materials | 10.1 | 9.8 |
Top Five Countries as of April 30, 2015 |
(excluding cash equivalents) | % of fund's
net assets | % of fund's net assets
6 months ago |
Korea (South) | 13.7 | 14.1 |
India | 12.7 | 14.9 |
Cayman Islands | 12.0 | 14.1 |
Taiwan | 8.2 | 6.4 |
Mexico | 5.6 | 5.1 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2015 | As of October 31, 2014 |
 | Stocks and
Equity Futures 98.4% | |  | Stocks 94.9% | |
 | Short-Term
Investments and
Net Other Assets (Liabilities) 1.6% | |  | Short-Term
Investments and
Net Other Assets (Liabilities) 5.1% | |
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.9% |
| Shares | | Value |
Argentina - 0.4% |
Banco Macro SA sponsored ADR | 5,600 | | $ 309,400 |
Bailiwick of Jersey - 0.6% |
West China Cement Ltd. | 3,088,000 | | 529,903 |
Bangladesh - 0.3% |
Titas Gas Transmission & Distribution Co. Ltd. (a) | 270,704 | | 228,225 |
Bermuda - 5.3% |
Aquarius Platinum Ltd. (Australia) (a) | 1,441,115 | | 193,872 |
China Resources Gas Group Ltd. | 62,000 | | 215,985 |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. | 23,100 | | 533,610 |
PAX Global Technology Ltd. (a) | 569,000 | | 829,580 |
Shangri-La Asia Ltd. | 580,000 | | 883,034 |
Vtech Holdings Ltd. | 41,200 | | 573,570 |
Yue Yuen Industrial (Holdings) Ltd. | 295,000 | | 1,122,824 |
TOTAL BERMUDA | | 4,352,475 |
Brazil - 2.7% |
Companhia de Saneamento de Minas Gerais | 41,490 | | 249,936 |
Cosan SA Industria e Comercio | 29,720 | | 290,991 |
Direcional Engenharia SA | 134,000 | | 283,748 |
Fibria Celulose SA (a) | 51,300 | | 719,370 |
Minerva SA (a) | 70,700 | | 205,791 |
QGEP Participacoes SA | 206,100 | | 496,618 |
TOTAL BRAZIL | | 2,246,454 |
British Virgin Islands - 0.8% |
Luxoft Holding, Inc. (a) | 13,400 | | 694,522 |
Canada - 1.2% |
Pan American Silver Corp. | 49,300 | | 469,336 |
Torex Gold Resources, Inc. (a) | 528,700 | | 490,795 |
TOTAL CANADA | | 960,131 |
Cayman Islands - 12.0% |
58.com, Inc. ADR (a)(d) | 13,100 | | 999,268 |
China Cord Blood Corp. (a) | 102,400 | | 645,120 |
Cosmo Lady (China) Holdings Co. Ltd. | 774,000 | | 651,113 |
ENN Energy Holdings Ltd. | 120,450 | | 870,287 |
Haitian International Holdings Ltd. | 315,000 | | 785,209 |
Lee's Pharmaceutical Holdings Ltd. | 391,500 | | 726,370 |
Pico Far East Holdings Ltd. | 2,320,000 | | 673,501 |
PW Medtech Group Ltd. (a) | 1,232,000 | | 529,325 |
Semiconductor Manufacturing International Corp. (a) | 5,083,000 | | 560,180 |
Shenzhou International Group Holdings Ltd. | 75,000 | | 353,685 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Silergy Corp. | 46,520 | | $ 461,767 |
SINA Corp. (a) | 6,000 | | 263,970 |
SITC International Holdings Co. Ltd. | 1,642,000 | | 1,218,172 |
SouFun Holdings Ltd. ADR | 45,300 | | 374,631 |
Uni-President China Holdings Ltd. | 1,007,000 | | 814,638 |
TOTAL CAYMAN ISLANDS | | 9,927,236 |
Chile - 3.0% |
Compania Cervecerias Unidas SA sponsored ADR (d) | 6,500 | | 142,155 |
Empresas CMPC SA | 65,434 | | 185,920 |
Inversiones La Construccion SA | 21,155 | | 270,814 |
Quinenco SA | 668,809 | | 1,454,399 |
Vina Concha y Toro SA | 231,088 | | 470,601 |
TOTAL CHILE | | 2,523,889 |
China - 5.5% |
BBMG Corp. (H Shares) | 686,500 | | 852,085 |
China Machinery Engineering Co. (H Shares) | 703,000 | | 936,057 |
Qingdao Haier Co. Ltd. | 321,443 | | 1,404,901 |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 398,000 | | 696,322 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 82,500 | | 705,724 |
TOTAL CHINA | | 4,595,089 |
Colombia - 0.3% |
Organizacion Terpel SA | 35,099 | | 227,805 |
Cyprus - 1.2% |
Global Ports Investment PLC GDR (Reg. S) | 140,600 | | 986,028 |
Egypt - 0.8% |
Citadel Capital Corp. (a) | 1,411,500 | | 429,182 |
Edita Food Industries SAE (a) | 75,768 | | 252,724 |
TOTAL EGYPT | | 681,906 |
Greece - 0.7% |
Titan Cement Co. SA (Reg.) | 22,760 | | 574,037 |
Hong Kong - 4.8% |
China Power International Development Ltd. | 723,100 | | 467,416 |
China Resources Enterprise Ltd. | 226,000 | | 693,989 |
Far East Horizon Ltd. | 976,000 | | 1,035,116 |
Techtronic Industries Co. Ltd. | 497,000 | | 1,766,626 |
TOTAL HONG KONG | | 3,963,147 |
Common Stocks - continued |
| Shares | | Value |
India - 12.7% |
Adani Ports & Special Economic Zone | 137,575 | | $ 687,467 |
CMC Ltd. | 22,977 | | 679,084 |
Edelweiss Financial Services Ltd. | 290,866 | | 283,095 |
Exide Industries Ltd. | 326,672 | | 881,866 |
GAIL India Ltd. (a) | 39,133 | | 221,875 |
Grasim Industries Ltd. | 14,102 | | 878,948 |
IDFC Ltd. (a) | 82,557 | | 229,860 |
Iifl Holdings Ltd. (a) | 239,330 | | 656,063 |
JK Cement Ltd. | 45,122 | | 458,337 |
KPIT Cummins Infosystems Ltd. (a) | 189,802 | | 313,909 |
Lupin Ltd. | 20,100 | | 560,654 |
Mahindra Lifespace Developers Ltd. | 69,028 | | 507,925 |
MindTree Consulting Ltd. | 18,193 | | 349,072 |
Power Grid Corp. of India Ltd. | 110,237 | | 261,181 |
Solar Industries India Ltd. | 7,246 | | 386,218 |
Tech Mahindra Ltd. | 78,692 | | 769,426 |
The Jammu & Kashmir Bank Ltd. | 237,424 | | 358,858 |
Torrent Pharmaceuticals Ltd. | 26,557 | | 502,261 |
VST Industries Ltd. (a) | 16,290 | | 415,557 |
Yes Bank Ltd. | 85,003 | | 1,122,869 |
TOTAL INDIA | | 10,524,525 |
Indonesia - 0.7% |
PT Panin Life Tbk (a) | 22,854,400 | | 576,539 |
Israel - 1.0% |
Bezeq The Israel Telecommunication Corp. Ltd. | 127,360 | | 241,488 |
NICE Systems Ltd. sponsored ADR | 10,500 | | 628,425 |
TOTAL ISRAEL | | 869,913 |
Korea (South) - 13.1% |
AMOREPACIFIC Group, Inc. | 468 | | 708,229 |
BGFretail Co. Ltd. | 3,297 | | 359,664 |
Binggrea Co. Ltd. | 3,820 | | 304,647 |
Daewoo International Corp. | 34,154 | | 995,660 |
DGB Financial Group Co. Ltd. | 108,382 | | 1,222,569 |
E-Mart Co. Ltd. | 2,408 | | 495,188 |
Fila Korea Ltd. | 12,863 | | 1,253,925 |
Hyundai HCN | 61,106 | | 301,811 |
Hyundai Industrial Development & Construction Co. | 19,634 | | 1,044,488 |
Hyundai Wia Corp. | 4,980 | | 705,081 |
Korean Reinsurance Co. | 100,712 | | 1,112,674 |
Leeno Industrial, Inc. | 14,995 | | 640,390 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Medy-Tox, Inc. | 1,735 | | $ 598,570 |
Nice Information & Telecom, Inc. | 9,318 | | 275,532 |
Sansung Life & Science Co. Ltd. (a) | 4,338 | | 333,875 |
Sungshin Cement Manufacturing Co. Ltd. (a) | 43,092 | | 478,084 |
TOTAL KOREA (SOUTH) | | 10,830,387 |
Malaysia - 0.7% |
Top Glove Corp. Bhd | 371,000 | | 583,186 |
Mexico - 5.6% |
Banregio Grupo Financiero S.A.B. de CV | 185,100 | | 1,061,472 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 87,100 | | 620,123 |
Grupo Aeroportuario Norte S.A.B. de CV | 90,200 | | 450,471 |
Grupo Comercial Chedraui S.A.B. de CV | 53,900 | | 161,749 |
Industrias Penoles SA de CV | 32,855 | | 557,242 |
Macquarie Mexican (REIT) | 750,672 | | 1,138,094 |
Megacable Holdings S.A.B. de CV unit | 148,300 | | 617,192 |
TOTAL MEXICO | | 4,606,343 |
Nigeria - 1.0% |
Transnational Corp. of Nigeria PLC | 20,485,680 | | 329,418 |
Zenith Bank PLC | 4,660,187 | | 495,291 |
TOTAL NIGERIA | | 824,709 |
Pakistan - 0.3% |
Habib Bank Ltd. | 125,700 | | 247,976 |
Panama - 0.9% |
Copa Holdings SA Class A | 6,700 | | 742,963 |
Philippines - 2.5% |
Alliance Global Group, Inc. | 1,602,000 | | 912,043 |
Metro Pacific Investments Corp. | 2,574,800 | | 261,433 |
Nickel Asia Corp. | 703,050 | | 358,498 |
Robinsons Land Corp. | 794,400 | | 533,280 |
TOTAL PHILIPPINES | | 2,065,254 |
Puerto Rico - 0.3% |
EVERTEC, Inc. | 11,400 | | 236,322 |
Russia - 0.7% |
E.ON Russia JSC (a) | 4,644,000 | | 283,995 |
Sistema JSFC sponsored GDR | 34,900 | | 262,178 |
TOTAL RUSSIA | | 546,173 |
Common Stocks - continued |
| Shares | | Value |
Singapore - 0.3% |
First Resources Ltd. | 189,600 | | $ 255,054 |
South Africa - 0.8% |
Alexander Forbes Group Holding (a) | 341,805 | | 283,012 |
JSE Ltd. | 29,500 | | 330,008 |
Reunert Ltd. | 9,711 | | 49,509 |
TOTAL SOUTH AFRICA | | 662,529 |
Sri Lanka - 0.6% |
John Keells Holdings Ltd. | 340,102 | | 526,099 |
Taiwan - 8.2% |
Advantech Co. Ltd. | 71,000 | | 587,687 |
ASPEED Tech, Inc. | 5,902 | | 54,345 |
Brogent Technologies, Inc. | 46,000 | | 585,026 |
Chicony Electronics Co. Ltd. | 170,120 | | 491,596 |
Chroma ATE, Inc. | 296,000 | | 715,209 |
Cleanaway Co. Ltd. | 126,000 | | 781,689 |
Cub Elecparts, Inc. | 47,000 | | 598,511 |
EPISTAR Corp. | 178,000 | | 278,979 |
Everlight Electronics Co. Ltd. | 171,000 | | 396,428 |
GeoVision, Inc. | 8,300 | | 28,998 |
Lextar Electronics Corp. | 296,000 | | 268,687 |
MJC Probe, Inc. | 142,000 | | 426,566 |
St.Shine Optical Co. Ltd. | 27,000 | | 478,711 |
Universal Cement Corp. | 392,000 | | 419,186 |
Voltronic Power Technology Corp. | 57,000 | | 710,034 |
TOTAL TAIWAN | | 6,821,652 |
Thailand - 1.4% |
Jasmine Broadband Internet Infrastructure Fund (a) | 1,224,300 | | 351,074 |
Thai Union Frozen Products PCL (For. Reg.) | 819,200 | | 507,106 |
TISCO Financial Group PCL | 194,100 | | 266,516 |
TOTAL THAILAND | | 1,124,696 |
Turkey - 2.4% |
Aksa Akrilik Kimya Sanayii | 234,000 | | 945,596 |
Aselsan A/S | 130,000 | | 678,553 |
Tupras Turkiye Petrol Rafinelleri A/S | 13,576 | | 329,672 |
TOTAL TURKEY | | 1,953,821 |
Uganda - 0.4% |
Umeme Ltd. | 2,130,383 | | 341,658 |
Common Stocks - continued |
| Shares | | Value |
United Arab Emirates - 0.4% |
National Bank of Ras Al-Khaimah PSC (a) | 137,907 | | $ 300,373 |
Vietnam - 0.3% |
FTP Corp. | 104,000 | | 248,078 |
TOTAL COMMON STOCKS (Cost $70,067,903) |
77,688,497
|
Nonconvertible Preferred Stocks - 1.1% |
| | | |
Brazil - 0.5% |
Banco do Estado Rio Grande do Sul SA | 100,300 | | 389,156 |
Korea (South) - 0.6% |
LG Chemical Ltd. | 2,835 | | 484,296 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $898,134) |
873,452
|
Government Obligations - 0.1% |
| Principal Amount | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.02% 5/14/15 to 7/30/15 (e)
(Cost $109,998) | | $ 110,000 | |
110,000
|
Money Market Funds - 5.4% |
| Shares | | |
Fidelity Cash Central Fund, 0.15% (b) | 3,542,451 | | 3,542,451 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 892,300 | | 892,300 |
TOTAL MONEY MARKET FUNDS (Cost $4,434,751) |
4,434,751
|
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $75,510,786) | | 83,106,700 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | | (374,101) |
NET ASSETS - 100% | $ 82,732,599 |
Futures Contracts |
| Expiration
Date | | Underlying
Face Amount
at Value | | Unrealized
Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
54 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2015 | | $ 2,804,490 | | $ 95,708 |
|
The face value of futures purchased as a percentage of net assets is 3.4% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $110,000. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,263 |
Fidelity Securities Lending Cash Central Fund | 4,121 |
Total | $ 6,384 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 12,671,219 | $ 12,671,219 | $ - | $ - |
Consumer Staples | 5,787,092 | 5,078,863 | - | 708,229 |
Energy | 1,345,506 | 1,345,506 | - | - |
Financials | 14,102,067 | 13,872,207 | 229,860 | - |
Health Care | 5,320,519 | 5,320,519 | - | - |
Industrials | 14,284,688 | 13,298,660 | 986,028 | - |
Information Technology | 13,264,857 | 12,704,677 | 560,180 | - |
Materials | 8,370,002 | 6,917,017 | 1,452,985 | - |
Telecommunication Services | 503,666 | 241,488 | 262,178 | - |
Utilities | 2,912,333 | 2,651,152 | 261,181 | - |
Government Obligations | 110,000 | - | 110,000 | - |
Money Market Funds | 4,434,751 | 4,434,751 | - | - |
Total Investments in Securities: | $ 83,106,700 | $ 78,536,059 | $ 3,862,412 | $ 708,229 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 95,708 | $ 95,708 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 31,005,457 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Consumer Staples | |
Beginning Balance | $ - |
Net Realized Gain (Loss) on Investment Securities | 120,396 |
Net Unrealized Gain (Loss) on Investment Securities | 131,349 |
Cost of Purchases | - |
Proceeds of Sales | (490,405) |
Amortization/Accretion | - |
Transfers into Level 3 | 946,889 |
Transfers out of Level 3 | - |
Ending Balance | $ 708,229 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 131,349 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 95,708 | $ - |
Total Value of Derivatives | $ 95,708 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $867,564) - See accompanying schedule: Unaffiliated issuers (cost $71,076,035) | $ 78,671,949 | |
Fidelity Central Funds (cost $4,434,751) | 4,434,751 | |
Total Investments (cost $75,510,786) | | $ 83,106,700 |
Foreign currency held at value (cost $584,022) | | 584,048 |
Receivable for investments sold | | 1,544,236 |
Receivable for fund shares sold | | 115,304 |
Dividends receivable | | 84,312 |
Distributions receivable from Fidelity Central Funds | | 741 |
Prepaid expenses | | 64 |
Receivable from investment adviser for expense reductions | | 1,459 |
Other receivables | | 81,873 |
Total assets | | 85,518,737 |
| | |
Liabilities | | |
Payable to custodian bank | $ 468,793 | |
Payable for investments purchased | 927,793 | |
Payable for fund shares redeemed | 192,152 | |
Accrued management fee | 57,078 | |
Distribution and service plan fees payable | 3,216 | |
Payable for daily variation margin for derivative instruments | 44,820 | |
Other affiliated payables | 17,861 | |
Other payables and accrued expenses | 182,125 | |
Collateral on securities loaned, at value | 892,300 | |
Total liabilities | | 2,786,138 |
| | |
Net Assets | | $ 82,732,599 |
Net Assets consist of: | | |
Paid in capital | | $ 79,691,502 |
Accumulated net investment loss | | (117,503) |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (4,425,137) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 7,583,737 |
Net Assets | | $ 82,732,599 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($5,102,860 ÷ 404,274 shares) | | $ 12.62 |
| | |
Maximum offering price per share (100/94.25 of $12.62) | | $ 13.39 |
Class T:
Net Asset Value and redemption price per share ($2,228,130 ÷ 177,289 shares) | | $ 12.57 |
| | |
Maximum offering price per share (100/96.50 of $12.57) | | $ 13.03 |
Class C:
Net Asset Value and offering price per share ($1,558,358 ÷ 125,676 shares)A | | $ 12.40 |
| | |
Emerging Markets Discovery:
Net Asset Value, offering price and redemption price per share ($72,130,765 ÷ 5,688,442 shares) | | $ 12.68 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,712,486 ÷ 134,656 shares) | | $ 12.72 |
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, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 595,584 |
Interest | | 6 |
Income from Fidelity Central Funds | | 6,384 |
Income before foreign taxes withheld | | 601,974 |
Less foreign taxes withheld | | (135,896) |
Total income | | 466,078 |
| | |
Expenses | | |
Management fee | $ 332,869 | |
Transfer agent fees | 88,083 | |
Distribution and service plan fees | 18,397 | |
Accounting and security lending fees | 20,398 | |
Custodian fees and expenses | 104,377 | |
Independent trustees' compensation | 158 | |
Registration fees | 27,284 | |
Audit | 50,428 | |
Legal | 129 | |
Miscellaneous | 422 | |
Total expenses before reductions | 642,545 | |
Expense reductions | (58,790) | 583,755 |
Net investment income (loss) | | (117,677) |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $195,361) | (3,638,688) | |
Foreign currency transactions | (97,066) | |
Futures contracts | (72,847) | |
Total net realized gain (loss) | | (3,808,601) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $166,476) | 6,351,302 | |
Assets and liabilities in foreign currencies | 19,898 | |
Futures contracts | 95,708 | |
Total change in net unrealized appreciation (depreciation) | | 6,466,908 |
Net gain (loss) | | 2,658,307 |
Net increase (decrease) in net assets resulting from operations | | $ 2,540,630 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ (117,677) | $ 451,642 |
Net realized gain (loss) | (3,808,601) | (250,198) |
Change in net unrealized appreciation (depreciation) | 6,466,908 | (701,823) |
Net increase (decrease) in net assets resulting
from operations | 2,540,630 | (500,379) |
Distributions to shareholders from net investment income | - | (676,480) |
Distributions to shareholders from net realized gain | - | (2,520,609) |
Total distributions | - | (3,197,089) |
Share transactions - net increase (decrease) | (6,823,022) | (16,216,808) |
Redemption fees | 13,955 | 46,780 |
Total increase (decrease) in net assets | (4,268,437) | (19,867,496) |
| | |
Net Assets | | |
Beginning of period | 87,001,036 | 106,868,532 |
End of period (including accumulated net investment loss of $117,503 and undistributed net investment income of $174, respectively) | $ 82,732,599 | $ 87,001,036 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.17 | $ 12.49 | $ 11.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.03) | .04 | .08 | .12 |
Net realized and unrealized gain (loss) | .48 | (.01) | .75 | 1.76 |
Total from investment operations | .45 | .03 | .83 | 1.88 |
Distributions from net investment income | - | (.06) | (.04) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.36) | (.25) K | (.01) |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.62 | $ 12.17 | $ 12.49 | $ 11.89 |
Total ReturnB, C, D | 3.70% | .31% | 7.20% | 19.00% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.90%A | 1.82% | 1.87% | 3.49% |
Expenses net of fee waivers, if any | 1.70%A | 1.70% | 1.70% | 1.70% |
Expenses net of all reductions | 1.69%A | 1.70% | 1.64% | 1.64% |
Net investment income (loss) | (.50)%A | .29% | .62% | 1.16% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 5,103 | $ 4,362 | $ 5,065 | $ 1,671 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
K Total distributions of $.25 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.203 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.13 | $ 12.44 | $ 11.87 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.04) | - J | .05 | .10 |
Net realized and unrealized gain (loss) | .48 | - J | .74 | 1.75 |
Total from investment operations | .44 | - J | .79 | 1.85 |
Distributions from net investment income | - | (.02) | (.03) | - J |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.32) | (.24) K | - J |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.57 | $ 12.13 | $ 12.44 | $ 11.87 |
Total ReturnB, C, D | 3.63% | .05% | 6.87% | 18.75% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.18%A | 2.10% | 2.19% | 3.77% |
Expenses net of fee waivers, if any | 1.95%A | 1.95% | 1.95% | 1.95% |
Expenses net of all reductions | 1.94%A | 1.95% | 1.89% | 1.89% |
Net investment income (loss) | (.75)%A | .04% | .37% | .91% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,228 | $ 2,031 | $ 1,914 | $ 1,700 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
K Total distributions of $.24 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.203 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.00 | $ 12.35 | $ 11.82 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.07) | (.06) | (.02) | .04 |
Net realized and unrealized gain (loss) | .47 | - J | .74 | 1.76 |
Total from investment operations | .40 | (.06) | .72 | 1.80 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.30) | (.21) | - |
Redemption fees added to paid in capital E | - J | .01 | .02 | .02 |
Net asset value, end of period | $ 12.40 | $ 12.00 | $ 12.35 | $ 11.82 |
Total ReturnB, C, D | 3.33% | (.42)% | 6.32% | 18.20% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.66%A | 2.58% | 2.70% | 4.32% |
Expenses net of fee waivers, if any | 2.45%A | 2.45% | 2.45% | 2.45% |
Expenses net of all reductions | 2.44%A | 2.45% | 2.39% | 2.39% |
Net investment income (loss) | (1.25)%A | (.46)% | (.13)% | .41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,558 | $ 1,750 | $ 2,082 | $ 1,474 |
Portfolio turnover rateG | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets Discovery
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.21 | $ 12.52 | $ 11.92 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | (.02) | .07 | .11 | .15 |
Net realized and unrealized gain (loss) | .49 | - I | .74 | 1.76 |
Total from investment operations | .47 | .07 | .85 | 1.91 |
Distributions from net investment income | - | (.09) | (.07) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.39) | (.27) | (.01) |
Redemption fees added to paid in capital D | - I | .01 | .02 | .02 |
Net asset value, end of period | $ 12.68 | $ 12.21 | $ 12.52 | $ 11.92 |
Total ReturnB, C | 3.85% | .61% | 7.37% | 19.35% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.59%A | 1.48% | 1.57% | 3.02% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.44%A | 1.45% | 1.39% | 1.39% |
Net investment income (loss) | (.25)%A | .54% | .87% | 1.41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 72,131 | $ 78,377 | $ 96,731 | $ 39,135 |
Portfolio turnover rateF | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.25 | $ 12.53 | $ 11.92 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | (.01) | .07 | .11 | .15 |
Net realized and unrealized gain (loss) | .48 | - I | .75 | 1.76 |
Total from investment operations | .47 | .07 | .86 | 1.91 |
Distributions from net investment income | - | (.06) | (.07) | (.01) |
Distributions from net realized gain | - | (.30) | (.20) | - |
Total distributions | - | (.36) | (.27) | (.01) |
Redemption fees added to paid in capital D | - I | .01 | .02 | .02 |
Net asset value, end of period | $ 12.72 | $ 12.25 | $ 12.53 | $ 11.92 |
Total ReturnB, C | 3.84% | .61% | 7.45% | 19.35% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.48%A | 1.56% | 1.60% | 3.21% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.44%A | 1.45% | 1.39% | 1.39% |
Net investment income (loss) | (.25)%A | .54% | .87% | 1.41% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,712 | $ 481 | $ 1,076 | $ 1,825 |
Portfolio turnover rateF | 93% A | 148% | 179% | 83% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Emerging Markets Discovery Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Markets Discovery and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs)and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 12,717,276 |
Gross unrealized depreciation | (4,999,126) |
Net unrealized appreciation (depreciation) on securities | $ 7,718,150 |
| |
Tax cost | $ 75,388,550 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $ (322,648) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees - continued
shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the
Semiannual Report
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $(72,847) and a change in net unrealized appreciation (depreciation) of $95,708 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $35,453,623 and $42,167,542, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .85% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,714 | $ 254 |
Class T | .25% | .25% | 5,039 | 65 |
Class C | .75% | .25% | 7,644 | 2,274 |
| | | $ 18,397 | $ 2,593 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,899 |
Class T | 1,085 |
Class C* | 18 |
| $ 4,002 |
* When 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 6,817 | .30 |
Class T | 3,267 | .32 |
Class C | 2,211 | .29 |
Emerging Markets Discovery | 75,324 | .22 |
Institutional Class | 464 | .14 |
| $ 88,083 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $123 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $63 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $4,121. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.70% | $ 4,713 |
Class T | 1.95% | 2,338 |
Class C | 2.45% | 1,591 |
Emerging Markets Discovery | 1.45% | 47,331 |
Institutional Class | 1.45% | 110 |
| | $ 56,083 |
Semiannual Report
9. Expense Reductions - continued
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,627 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Emerging Markets Discovery expenses during the period in the amount of $80.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ - | $ 23,688 |
Class T | - | 2,475 |
Emerging Markets Discovery | - | 646,254 |
Institutional Class | - | 4,063 |
Total | $ - | $ 676,480 |
From net realized gain | | |
Class A | $ - | $ 122,525 |
Class T | - | 43,668 |
Class C | - | 51,356 |
Emerging Markets Discovery | - | 2,280,897 |
Institutional Class | - | 22,163 |
Total | $ - | $ 2,520,609 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 102,836 | 147,354 | $ 1,215,143 | $ 1,789,001 |
Reinvestment of distributions | - | 10,958 | - | 133,251 |
Shares redeemed | (56,935) | (205,580) | (670,113) | (2,490,439) |
Net increase (decrease) | 45,901 | (47,268) | $ 545,030 | $ (568,187) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class T | | | | |
Shares sold | 32,730 | 52,146 | $ 383,593 | $ 631,489 |
Reinvestment of distributions | - | 3,566 | - | 43,325 |
Shares redeemed | (22,858) | (42,178) | (270,492) | (507,088) |
Net increase (decrease) | 9,872 | 13,534 | $ 113,101 | $ 167,726 |
Class C | | | | |
Shares sold | 24,800 | 92,257 | $ 288,377 | $ 1,143,008 |
Reinvestment of distributions | - | 4,241 | - | 51,185 |
Shares redeemed | (44,958) | (119,225) | (524,229) | (1,424,170) |
Net increase (decrease) | (20,158) | (22,727) | $ (235,852) | $ (229,977) |
Emerging Markets Discovery | | | | |
Shares sold | 1,264,719 | 2,185,123 | $ 14,974,838 | $ 26,469,903 |
Reinvestment of distributions | - | 205,996 | - | 2,506,974 |
Shares redeemed | (1,994,619) | (3,696,612) | (23,386,754) | (44,026,941) |
Net increase (decrease) | (729,900) | (1,305,493) | $ (8,411,916) | $ (15,050,064) |
Institutional Class | | | | |
Shares sold | 114,462 | 25,831 | $ 1,393,729 | $ 324,477 |
Reinvestment of distributions | - | 824 | - | 10,052 |
Shares redeemed | (19,058) | (73,327) | (227,114) | (870,835) |
Net increase (decrease) | 95,404 | (46,672) | $ 1,166,615 | $ (536,306) |
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, the investment adviser or its affiliates were the owners of record of 11% of the total outstanding shares of the Fund.
Semiannual Report
Fidelity Total Emerging Markets Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Fidelity Total Emerging Markets Fund
Shareholder Expense Example - continued
| Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,012.00 | $ 8.23 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,011.00 | $ 9.47 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,008.10 | $ 11.95 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Total Emerging Markets | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,012.90 | $ 6.99 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,013.70 | $ 6.99 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Emerging Markets Fund
Investment Changes (Unaudited)
Top Five Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.4 | 2.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.2 | 2.3 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 1.5 | 1.5 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 1.3 | 1.1 |
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) | 1.2 | 0.0 |
| 8.6 | |
Top Five Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.0 | 22.6 |
Energy | 13.6 | 9.4 |
Information Technology | 12.5 | 13.8 |
Consumer Discretionary | 5.5 | 6.8 |
Consumer Staples | 5.2 | 6.5 |
Top Five Countries as of April 30, 2015 |
(excluding cash equivalents) | % of fund's
net assets | % of fund's net assets
6 months ago |
Korea (South) | 9.6 | 13.5 |
China | 7.1 | 5.9 |
India | 6.3 | 8.5 |
Cayman Islands | 6.0 | 5.5 |
Mexico | 5.8 | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2015 | As of October 31, 2014 |
 | Stocks and
Equity Futures 59.6% | |  | Stocks and
Equity Futures 75.6% | |
 | Bonds 38.7% | |  | Bonds 22.9% | |
 | Other Investments 0.4% | |  | Other Investments 0.0% | |
 | Short-Term
Investments and
Net Other Assets (Liabilities) 1.3% | |  | Short-Term
Investments and
Net Other Assets (Liabilities) 1.5% | |
Semiannual Report
Fidelity Total Emerging Markets Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 56.1% |
| Shares | | Value |
Argentina - 0.4% |
Grupo Financiero Galicia SA sponsored ADR | 4,300 | | $ 94,772 |
Telecom Argentina SA Class B sponsored ADR | 2,861 | | 59,680 |
YPF SA Class D sponsored ADR | 5,600 | | 171,024 |
TOTAL ARGENTINA | | 325,476 |
Bermuda - 1.0% |
Aquarius Platinum Ltd. (Australia) (a) | 312,441 | | 42,033 |
China Resources Gas Group Ltd. | 24,000 | | 83,607 |
Credicorp Ltd. (United States) | 1,272 | | 194,044 |
GP Investments Ltd. Class A (depositary receipt) (a) | 42,422 | | 77,721 |
Shangri-La Asia Ltd. | 98,000 | | 149,202 |
Yue Yuen Industrial (Holdings) Ltd. | 43,000 | | 163,666 |
TOTAL BERMUDA | | 710,273 |
Brazil - 1.5% |
B2W Companhia Global do Varejo (a) | 5,100 | | 46,329 |
BM&F BOVESPA SA | 34,100 | | 140,454 |
Cielo SA | 12,840 | | 178,732 |
Companhia de Saneamento de Minas Gerais | 8,004 | | 48,216 |
Cosan SA Industria e Comercio | 7,017 | | 68,704 |
Direcional Engenharia SA | 28,800 | | 60,985 |
Fibria Celulose SA (a) | 20,800 | | 291,674 |
Minerva SA (a) | 40,100 | | 116,722 |
Smiles SA | 9,400 | | 158,801 |
TOTAL BRAZIL | | 1,110,617 |
British Virgin Islands - 0.0% |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 1,472 | | 35,114 |
Canada - 0.3% |
Goldcorp, Inc. | 2,900 | | 54,587 |
Pan American Silver Corp. | 13,200 | | 125,664 |
Torex Gold Resources, Inc. (a) | 36,200 | | 33,605 |
TOTAL CANADA | | 213,856 |
Cayman Islands - 4.2% |
21Vianet Group, Inc. ADR (a) | 3,418 | | 70,308 |
58.com, Inc. ADR (a) | 2,650 | | 202,142 |
AAC Technology Holdings, Inc. | 22,500 | | 119,459 |
Alibaba Group Holding Ltd. sponsored ADR | 700 | | 56,903 |
China ZhengTong Auto Services Holdings Ltd. | 166,160 | | 113,838 |
ENN Energy Holdings Ltd. | 39,878 | | 288,130 |
Haitian International Holdings Ltd. | 35,000 | | 87,245 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Hengan International Group Co. Ltd. | 16,500 | | $ 203,947 |
Leju Holdings Ltd. ADR | 5,548 | | 58,420 |
Shenzhou International Group Holdings Ltd. | 13,000 | | 61,305 |
SINA Corp. (a) | 2,562 | | 112,715 |
Tencent Holdings Ltd. | 53,200 | | 1,097,988 |
Tingyi (Cayman Islands) Holding Corp. | 78,000 | | 164,845 |
TPK Holding Co. Ltd. | 24,000 | | 149,677 |
Uni-President China Holdings Ltd. | 276,600 | | 223,762 |
Yingde Gases Group Co. Ltd. | 77,000 | | 67,457 |
TOTAL CAYMAN ISLANDS | | 3,078,141 |
Chile - 1.1% |
Compania Cervecerias Unidas SA sponsored ADR (e) | 5,656 | | 123,697 |
Empresa Nacional de Electricidad SA | 34,995 | | 53,838 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 5,995 | | 67,580 |
Empresas CMPC SA | 38,860 | | 110,414 |
Enersis SA | 364,099 | | 126,793 |
Inversiones La Construccion SA | 7,374 | | 94,398 |
Vina Concha y Toro SA | 103,483 | | 210,739 |
TOTAL CHILE | | 787,459 |
China - 6.7% |
Anhui Conch Cement Co. Ltd. (H Shares) | 48,000 | | 195,083 |
Baoshan Iron & Steel Co. Ltd. | 131,700 | | 190,454 |
BBMG Corp. (H Shares) | 236,000 | | 292,924 |
China Life Insurance Co. Ltd. (H Shares) | 127,170 | | 617,192 |
China Machinery Engineering Co. (H Shares) | 76,000 | | 101,195 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 72,230 | | 394,208 |
China Suntien Green Energy Corp. Ltd. (H Shares) | 223,850 | | 60,363 |
China Telecom Corp. Ltd. (H Shares) | 347,117 | | 258,416 |
Daqin Railway Co. Ltd. (A Shares) | 104,100 | | 234,455 |
Industrial & Commercial Bank of China Ltd. (H Shares) | 1,101,900 | | 955,855 |
Kweichow Moutai Co. Ltd. | 8,200 | | 333,444 |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 344,000 | | 134,040 |
PetroChina Co. Ltd. (H Shares) | 148,000 | | 190,885 |
PICC Property & Casualty Co. Ltd. (H Shares) | 94,495 | | 210,191 |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 24,351 | | 350,001 |
Qingdao Haier Co. Ltd. | 60,500 | | 264,422 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 18,000 | | 153,976 |
TOTAL CHINA | | 4,937,104 |
Colombia - 0.4% |
Bancolombia SA sponsored ADR | 6,337 | | 286,876 |
Common Stocks - continued |
| Shares | | Value |
Czech Republic - 0.1% |
Komercni Banka A/S | 432 | | $ 96,339 |
Egypt - 0.1% |
Citadel Capital Corp. (a) | 229,300 | | 69,721 |
Greece - 0.4% |
National Bank of Greece SA (a) | 41,460 | | 58,132 |
National Bank of Greece SA sponsored ADR (a) | 21,710 | | 31,697 |
Public Power Corp. of Greece (a) | 2,422 | | 16,291 |
Titan Cement Co. SA (Reg.) | 7,100 | | 179,071 |
TOTAL GREECE | | 285,191 |
Hong Kong - 3.9% |
China Mobile Ltd. | 14,675 | | 209,607 |
China Mobile Ltd. sponsored ADR | 9,684 | | 691,728 |
China Power International Development Ltd. | 127,270 | | 82,268 |
China Resources Enterprise Ltd. | 70,000 | | 214,952 |
China Resources Power Holdings Co. Ltd. | 78,929 | | 238,807 |
China Unicom Ltd. | 25,690 | | 48,249 |
China Unicom Ltd. sponsored ADR | 5,910 | | 111,049 |
CNOOC Ltd. | 295,000 | | 503,038 |
CNOOC Ltd. sponsored ADR | 70 | | 11,988 |
Far East Horizon Ltd. | 253,400 | | 268,748 |
Lenovo Group Ltd. | 118,000 | | 204,011 |
Sinotruk Hong Kong Ltd. | 151,500 | | 108,290 |
Techtronic Industries Co. Ltd. | 42,500 | | 151,070 |
TOTAL HONG KONG | | 2,843,805 |
India - 6.3% |
Adani Ports & Special Economic Zone | 34,905 | | 174,421 |
Axis Bank Ltd. (a) | 43,670 | | 392,026 |
Bharti Airtel Ltd. (a) | 10,069 | | 60,385 |
Bharti Infratel Ltd. | 50,778 | | 320,660 |
Coal India Ltd. | 47,512 | | 271,213 |
Eicher Motors Ltd. (a) | 683 | | 163,277 |
GAIL India Ltd. (a) | 16,345 | | 92,672 |
Grasim Industries Ltd. | 3,769 | | 234,914 |
HCL Technologies Ltd. | 14,136 | | 195,876 |
Infosys Ltd. | 10,971 | | 334,715 |
ITC Ltd. (a) | 65,019 | | 329,813 |
JK Cement Ltd. | 10,538 | | 107,042 |
Larsen & Toubro Ltd. (a) | 6,771 | | 173,815 |
LIC Housing Finance Ltd. | 11,925 | | 80,701 |
Lupin Ltd. | 8,951 | | 249,672 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Oil & Natural Gas Corp. Ltd. | 37,425 | | $ 179,034 |
Petronet LNG Ltd. (a) | 26,470 | | 72,748 |
Phoenix Mills Ltd. (a) | 23,946 | | 137,256 |
Power Grid Corp. of India Ltd. | 64,780 | | 153,481 |
SREI Infrastructure Finance Ltd. | 174,485 | | 109,006 |
State Bank of India | 84,967 | | 360,672 |
Tata Consultancy Services Ltd. | 5,049 | | 195,746 |
Yes Bank Ltd. | 16,643 | | 219,850 |
TOTAL INDIA | | 4,608,995 |
Indonesia - 1.2% |
PT Astra International Tbk | 460,300 | | 243,244 |
PT Bakrieland Development Tbk (a) | 14,008,300 | | 54,034 |
PT Bank Mandiri (Persero) Tbk | 222,000 | | 182,604 |
PT Bank Rakyat Indonesia Tbk | 248,400 | | 222,770 |
PT Kalbe Farma Tbk | 1,147,400 | | 158,888 |
PT Perusahaan Gas Negara Tbk Series B | 40,350 | | 12,763 |
TOTAL INDONESIA | | 874,303 |
Ireland - 0.1% |
Dragon Oil PLC | 7,300 | | 69,388 |
Israel - 0.2% |
Bezeq The Israel Telecommunication Corp. Ltd. | 82,495 | | 156,419 |
Kenya - 0.1% |
Equity Group Holdings Ltd. | 141,500 | | 73,667 |
Korea (South) - 8.7% |
AMOREPACIFIC Group, Inc. | 223 | | 337,468 |
BGFretail Co. Ltd. | 1,501 | | 163,741 |
Daewoo International Corp. | 14,325 | | 417,604 |
E-Mart Co. Ltd. | 1,388 | | 285,432 |
Fila Korea Ltd. | 1,930 | | 188,142 |
Hyundai HCN | 6,431 | | 31,764 |
Hyundai Industrial Development & Construction Co. | 4,304 | | 228,964 |
Hyundai Mobis | 3,107 | | 682,201 |
KB Financial Group, Inc. | 6,578 | | 249,657 |
Korea Electric Power Corp. | 3,329 | | 144,071 |
Korea Zinc Co. Ltd. | 439 | | 194,616 |
Korean Reinsurance Co. | 22,314 | | 246,527 |
LG Chemical Ltd. | 1,244 | | 315,299 |
NAVER Corp. | 310 | | 187,075 |
Samsung C&T Corp. | 4,104 | | 217,943 |
Samsung Electronics Co. Ltd. | 1,355 | | 1,773,769 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 11,242 | | $ 463,078 |
SK Hynix, Inc. | 2,697 | | 115,556 |
SK Telecom Co. Ltd. sponsored ADR | 3,828 | | 113,500 |
TOTAL KOREA (SOUTH) | | 6,356,407 |
Malaysia - 0.1% |
Malayan Banking Bhd | 35,800 | | 92,552 |
Mexico - 2.6% |
America Movil S.A.B. de CV Series L sponsored ADR | 13,625 | | 284,626 |
Banregio Grupo Financiero S.A.B. de CV | 17,500 | | 100,355 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 20,200 | | 143,817 |
Grupo Aeroportuario Norte S.A.B. de CV | 12,200 | | 60,928 |
Grupo Comercial Chedraui S.A.B. de CV | 32,176 | | 96,557 |
Grupo Financiero Banorte S.A.B. de CV Series O | 75,664 | | 431,436 |
Grupo Televisa SA de CV (CPO) sponsored ADR (a) | 12,400 | | 451,484 |
Macquarie Mexican (REIT) | 204,170 | | 309,542 |
TOTAL MEXICO | | 1,878,745 |
Netherlands - 0.3% |
Cnova NV (a) | 4,710 | | 26,612 |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(f) | 23,900 | | 126,189 |
Yandex NV (a) | 2,274 | | 43,752 |
TOTAL NETHERLANDS | | 196,553 |
Nigeria - 0.6% |
Guaranty Trust Bank PLC GDR (Reg. S) | 19,480 | | 135,352 |
Transnational Corp. of Nigeria PLC | 3,561,455 | | 57,270 |
Zenith Bank PLC | 2,217,656 | | 235,696 |
TOTAL NIGERIA | | 428,318 |
Pakistan - 0.2% |
Habib Bank Ltd. | 64,400 | | 127,046 |
Panama - 0.3% |
Copa Holdings SA Class A | 2,000 | | 221,780 |
Philippines - 1.6% |
Alliance Global Group, Inc. | 633,550 | | 360,690 |
Metro Pacific Investments Corp. | 444,300 | | 45,112 |
Metropolitan Bank & Trust Co. | 157,283 | | 327,857 |
Common Stocks - continued |
| Shares | | Value |
Philippines - continued |
Nickel Asia Corp. | 105,350 | | $ 53,720 |
Robinsons Land Corp. | 578,100 | | 388,078 |
TOTAL PHILIPPINES | | 1,175,457 |
Poland - 0.2% |
Powszechny Zaklad Ubezpieczen SA | 1,409 | | 183,941 |
Puerto Rico - 0.1% |
Popular, Inc. (a) | 1,890 | | 61,293 |
Russia - 2.0% |
Bashneft OJSC (a) | 1,313 | | 54,727 |
Bashneft OJSC rights | 150 | | 0 |
E.ON Russia JSC (a) | 850,700 | | 52,023 |
Gazprom OAO (a) | 71,409 | | 212,300 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 9,000 | | 460,400 |
Mobile TeleSystems OJSC (a) | 23,801 | | 121,872 |
NOVATEK OAO GDR (Reg. S) | 3,500 | | 338,889 |
Sberbank of Russia sponsored ADR | 43,204 | | 256,427 |
TOTAL RUSSIA | | 1,496,638 |
Singapore - 0.3% |
Ezion Holdings Ltd. | 73,940 | | 67,335 |
First Resources Ltd. | 137,000 | | 184,296 |
TOTAL SINGAPORE | | 251,631 |
South Africa - 2.8% |
Alexander Forbes Group Holding (a)(h) | 40,881 | | 33,849 |
Aspen Pharmacare Holdings Ltd. | 9,962 | | 303,141 |
Barclays Africa Group Ltd. | 23,324 | | 373,655 |
Bidvest Group Ltd. | 7,956 | | 215,803 |
Blue Label Telecoms Ltd. (h) | 54,065 | | 36,494 |
JSE Ltd. | 9,690 | | 108,399 |
Life Healthcare Group Holdings Ltd. | 45,600 | | 156,430 |
Naspers Ltd. Class N | 5,100 | | 802,123 |
TOTAL SOUTH AFRICA | | 2,029,894 |
Taiwan - 5.4% |
Advantech Co. Ltd. | 14,000 | | 115,882 |
Catcher Technology Co. Ltd. | 16,000 | | 188,075 |
E.SUN Financial Holdings Co. Ltd. | 320,397 | | 219,694 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 58,624 | | 176,106 |
Inotera Memories, Inc. (a) | 65,000 | | 75,451 |
King's Town Bank | 89,000 | | 91,395 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - continued |
Largan Precision Co. Ltd. | 5,000 | | $ 502,841 |
Pegatron Corp. | 51,000 | | 152,037 |
Taiwan Cement Corp. | 127,000 | | 180,801 |
Taiwan Fertilizer Co. Ltd. | 73,000 | | 134,435 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 308,000 | | 1,482,796 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5,142 | | 125,670 |
Unified-President Enterprises Corp. | 110,243 | | 181,063 |
Universal Cement Corp. | 95,740 | | 102,380 |
Vanguard International Semiconductor Corp. | 42,000 | | 64,866 |
Yuanta Financial Holding Co. Ltd. | 235,200 | | 137,084 |
TOTAL TAIWAN | | 3,930,576 |
Thailand - 1.4% |
Intouch Holdings PCL NVDR | 68,700 | | 160,519 |
Jasmine Broadband Internet Infrastructure Fund (a) | 509,600 | | 146,130 |
Kasikornbank PCL (For. Reg.) | 52,134 | | 332,215 |
PTT Exploration and Production PCL (For. Reg.) | 48,300 | | 171,479 |
Thai Union Frozen Products PCL (For. Reg.) | 290,200 | | 179,641 |
TOTAL THAILAND | | 989,984 |
Turkey - 0.7% |
Aselsan A/S | 15,000 | | 78,295 |
Aygaz A/S | 13,293 | | 48,743 |
Tupras Turkiye Petrol Rafinelleri A/S | 7,000 | | 169,984 |
Turkiye Garanti Bankasi A/S | 66,964 | | 213,063 |
TOTAL TURKEY | | 510,085 |
United Arab Emirates - 0.5% |
DP World Ltd. | 5,182 | | 119,601 |
Emaar Properties PJSC | 56,492 | | 126,736 |
First Gulf Bank PJSC | 26,868 | | 111,555 |
TOTAL UNITED ARAB EMIRATES | | 357,892 |
United Kingdom - 0.1% |
Fresnillo PLC | 5,400 | | 59,892 |
United States of America - 0.2% |
Cognizant Technology Solutions Corp. Class A (a) | 2,020 | | 118,251 |
TOTAL COMMON STOCKS (Cost $32,665,832) |
41,029,679
|
Nonconvertible Preferred Stocks - 2.4% |
| Shares | | Value |
Brazil - 1.5% |
Ambev SA sponsored ADR | 15,900 | | $ 100,647 |
Banco do Estado Rio Grande do Sul SA | 30,920 | | 119,967 |
Companhia Paranaense de Energia-Copel: | | | |
(PN-B) | 515 | | 5,796 |
(PN-B) sponsored | 5,375 | | 58,803 |
Itau Unibanco Holding SA sponsored ADR | 37,178 | | 476,622 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) | 19,306 | | 167,576 |
Vale SA (PN-A) sponsored ADR | 23,800 | | 143,990 |
TOTAL BRAZIL | | 1,073,401 |
Korea (South) - 0.9% |
Hyundai Motor Co. Series 2 | 1,931 | | 218,717 |
Samsung Electronics Co. Ltd. | 283 | | 286,387 |
Samsung Fire & Marine Insurance Co. Ltd. | 880 | | 141,750 |
TOTAL KOREA (SOUTH) | | 646,854 |
Russia - 0.0% |
Surgutneftegas OJSC (a) | 14,250 | | 10,743 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,727,046) |
1,730,998
|
Nonconvertible Bonds - 15.1% |
| Principal Amount | | |
Azerbaijan - 0.7% |
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) | | $ 200,000 | | 192,060 |
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) | | 275,000 | | 297,105 |
TOTAL AZERBAIJAN | | 489,165 |
Bangladesh - 0.3% |
Banglalink Digital Communications Ltd. 8.625% 5/6/19 (f) | | 200,000 | | 208,000 |
Brazil - 0.4% |
Caixa Economica Federal 3.5% 11/7/22 (f) | | 300,000 | | 272,250 |
Canada - 0.1% |
First Quantum Minerals Ltd. 7% 2/15/21 (f) | | 100,000 | | 93,250 |
Cayman Islands - 1.8% |
Alibaba Group Holding Ltd. 3.125% 11/28/21 (f) | | 300,000 | | 299,987 |
Lamar Funding Ltd. 3.958% 5/7/25 (f) | | 200,000 | | 203,500 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Cayman Islands - continued |
Petrobras International Finance Co. Ltd.: | | | | |
5.375% 1/27/21 | | $ 530,000 | | $ 508,694 |
8.375% 12/10/18 | | 300,000 | | 328,770 |
TOTAL CAYMAN ISLANDS | | 1,340,951 |
Georgia - 0.3% |
JSC Georgian Railway 7.75% 7/11/22 (f) | | 200,000 | | 219,780 |
Indonesia - 1.4% |
PT Pertamina Persero: | | | | |
5.25% 5/23/21 (f) | | 200,000 | | 213,250 |
5.625% 5/20/43 (f) | | 200,000 | | 193,260 |
6.5% 5/27/41 (f) | | 550,000 | | 588,500 |
TOTAL INDONESIA | | 995,010 |
Ireland - 0.5% |
Vnesheconombank Via VEB Finance PLC: | | | | |
5.375% 2/13/17 (f) | | 250,000 | | 245,240 |
6.8% 11/22/25 (f) | | 100,000 | | 92,500 |
TOTAL IRELAND | | 337,740 |
Israel - 0.8% |
B Communications Ltd. 7.375% 2/15/21 (f) | | 300,000 | | 320,460 |
Israel Electric Corp. Ltd. 7.25% 1/15/19 (Reg. S) | | 250,000 | | 286,250 |
TOTAL ISRAEL | | 606,710 |
Kazakhstan - 1.6% |
Kazagro National Management Holding JSC 4.625% 5/24/23 (f) | | 400,000 | | 372,648 |
KazMunaiGaz Finance Sub BV 6% 11/7/44 (f) | | 200,000 | | 183,000 |
KazMunaiGaz National Co. 5.75% 4/30/43 (f) | | 300,000 | | 271,920 |
Zhaikmunai International BV 7.125% 11/13/19 (f) | | 350,000 | | 329,875 |
TOTAL KAZAKHSTAN | | 1,157,443 |
Luxembourg - 0.8% |
RSHB Capital SA: | | | | |
5.1% 7/25/18 (f) | | 400,000 | | 374,500 |
6.299% 5/15/17 (Reg. S) | | 200,000 | | 197,246 |
TOTAL LUXEMBOURG | | 571,746 |
Mexico - 2.5% |
Pemex Project Funding Master Trust 6.625% 6/15/35 | | 350,000 | | 394,450 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Mexico - continued |
Petroleos Mexicanos: | | | | |
5.5% 1/21/21 | | $ 400,000 | | $ 439,000 |
6.5% 6/2/41 | | 150,000 | | 165,563 |
6.625% (f)(g) | | 850,000 | | 862,750 |
TOTAL MEXICO | | 1,861,763 |
Netherlands - 0.4% |
Petrobras Global Finance BV 7.25% 3/17/44 | | 300,000 | | 294,675 |
South Africa - 0.4% |
Eskom Holdings Ltd. 6.75% 8/6/23 (f) | | 300,000 | | 310,524 |
Trinidad & Tobago - 0.2% |
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (f) | | 150,000 | | 179,700 |
Tunisia - 0.3% |
Banque Centrale de Tunisie 5.75% 1/30/25 (f) | | 200,000 | | 206,500 |
Turkey - 0.4% |
Arcelik A/S 5% 4/3/23 (f) | | 300,000 | | 286,860 |
Venezuela - 2.2% |
Petroleos de Venezuela SA: | | | | |
5.25% 4/12/17 | | 300,000 | | 175,470 |
5.5% 4/12/37 | | 500,000 | | 202,500 |
6% 11/15/26 (Reg. S) | | 700,000 | | 290,500 |
8.5% 11/2/17 (f) | | 250,000 | | 193,375 |
9% 11/17/21 (Reg. S) | | 550,000 | | 268,070 |
9.75% 5/17/35 (f) | | 300,000 | | 146,370 |
12.75% 2/17/22 (f) | | 600,000 | | 352,500 |
TOTAL VENEZUELA | | 1,628,785 |
TOTAL NONCONVERTIBLE BONDS (Cost $11,082,021) |
11,060,852
|
Government Obligations - 23.7% |
|
Armenia - 0.8% |
Republic of Armenia 6% 9/30/20 (f) | | 625,000 | | 618,750 |
Azerbaijan - 0.4% |
State Oil Co. of Azerbaijan Republic 4.75% 3/13/23 (Reg. S) | | 325,000 | | 315,188 |
Barbados - 0.5% |
Barbados Government 7% 8/4/22 (f) | | 350,000 | | 339,488 |
Government Obligations - continued |
| Principal Amount | | Value |
Belize - 0.3% |
Belize Government 5% 2/20/38 (d)(f) | | $ 332,500 | | $ 247,713 |
Bolivia - 0.3% |
Plurinational State of Bolivia 4.875% 10/29/22 (f) | | 200,000 | | 202,250 |
Brazil - 1.4% |
Brazilian Federative Republic: | | | | |
4.25% 1/7/25 | | 850,000 | | 838,189 |
12.25% 3/6/30 | | 100,000 | | 180,000 |
TOTAL BRAZIL | | 1,018,189 |
Colombia - 0.7% |
Colombian Republic: | | | | |
4% 2/26/24 | | 200,000 | | 205,500 |
7.375% 9/18/37 | | 225,000 | | 299,813 |
TOTAL COLOMBIA | | 505,313 |
Congo - 0.4% |
Congo Republic 3.5% 6/30/29 (d) | | 305,900 | | 276,888 |
Costa Rica - 0.8% |
Costa Rican Republic: | | | | |
4.375% 4/30/25 (f) | | 225,000 | | 209,250 |
7% 4/4/44 (f) | | 400,000 | | 411,000 |
TOTAL COSTA RICA | | 620,250 |
Dominican Republic - 0.7% |
Dominican Republic: | | | | |
5.875% 4/18/24 (f) | | 150,000 | | 159,000 |
6.6% 1/28/24 (f) | | 100,000 | | 109,500 |
7.45% 4/30/44 (f) | | 200,000 | | 225,000 |
TOTAL DOMINICAN REPUBLIC | | 493,500 |
Ecuador - 0.3% |
Ecuador Republic 7.95% 6/20/24 (f) | | 200,000 | | 195,000 |
Egypt - 0.2% |
Arab Republic of Egypt 6.875% 4/30/40 (f) | | 150,000 | | 155,625 |
El Salvador - 0.4% |
El Salvador Republic: | | | | |
7.375% 12/1/19 | | 100,000 | | 109,500 |
7.625% 2/1/41 (f) | | 150,000 | | 156,938 |
TOTAL EL SALVADOR | | 266,438 |
Government Obligations - continued |
| Principal Amount | | Value |
Ethiopia - 0.3% |
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (f) | | $ 200,000 | | $ 200,250 |
Gabon - 0.3% |
Gabonese Republic 6.375% 12/12/24 (f) | | 200,000 | | 201,900 |
Georgia - 0.3% |
Georgia Republic 6.875% 4/12/21 (f) | | 200,000 | | 222,000 |
Ghana - 0.5% |
Ghana Republic: | | | | |
7.875% 8/7/23 (Reg.S) | | 200,000 | | 193,036 |
8.125% 1/18/26 (f) | | 200,000 | | 193,516 |
TOTAL GHANA | | 386,552 |
Hungary - 0.3% |
Hungarian Republic 5.75% 11/22/23 | | 200,000 | | 229,850 |
Iraq - 0.3% |
Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 250,000 | | 215,625 |
Ivory Coast - 0.6% |
Ivory Coast: | | | | |
5.375% 7/23/24 (f) | | 200,000 | | 189,000 |
5.75% 12/31/32 | | 275,000 | | 262,900 |
TOTAL IVORY COAST | | 451,900 |
Jamaica - 0.2% |
Jamaican Government 8% 6/24/19 | | 150,000 | | 166,030 |
Kenya - 0.3% |
Republic of Kenya 6.875% 6/24/24 (f) | | 200,000 | | 211,000 |
Lebanon - 0.9% |
Lebanese Republic: | | | | |
5% 10/12/17 | | 100,000 | | 100,625 |
6.1% 10/4/22 | | 150,000 | | 153,000 |
6.65% 2/26/30(Reg. S) | | 125,000 | | 129,063 |
11.625% 5/11/16 (Reg. S) | | 250,000 | | 269,425 |
TOTAL LEBANON | | 652,113 |
Mexico - 0.7% |
Comision Federal de Electricid 4.875% 1/15/24 (f) | | 200,000 | | 215,400 |
United Mexican States 5.75% 10/12/2110 | | 250,000 | | 266,250 |
TOTAL MEXICO | | 481,650 |
Government Obligations - continued |
| Principal Amount | | Value |
Mongolia - 0.2% |
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) | | $ 200,000 | | $ 178,500 |
Namibia - 0.3% |
Republic of Namibia 5.5% 11/3/21 (f) | | 200,000 | | 220,224 |
Netherlands - 0.3% |
Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S) | | 250,000 | | 257,905 |
Nigeria - 0.3% |
Republic of Nigeria 6.375% 7/12/23 | | 200,000 | | 210,400 |
Pakistan - 0.3% |
Islamic Republic of Pakistan 7.25% 4/15/19 (f) | | 200,000 | | 210,883 |
Philippines - 0.8% |
Philippine Republic 9.5% 2/2/30 | | 350,000 | | 587,563 |
Qatar - 0.4% |
State of Qatar 5.75% 1/20/42 (f) | | 250,000 | | 317,500 |
Russia - 3.0% |
Russian Federation: | | | | |
4.875% 9/16/23 (f) | | 200,000 | | 196,000 |
5% 4/29/20 (f) | | 325,000 | | 330,688 |
5.625% 4/4/42 (f) | | 200,000 | | 192,952 |
5.875% 9/16/43 (f) | | 200,000 | | 196,850 |
7.5% 3/31/30 (Reg. S) | | 515,625 | | 603,142 |
12.75% 6/24/28 (Reg. S) | | 425,000 | | 671,500 |
TOTAL RUSSIA | | 2,191,132 |
Senegal - 0.3% |
Republic of Senegal 8.75% 5/13/21 (f) | | 200,000 | | 224,900 |
Serbia - 0.4% |
Republic of Serbia 7.25% 9/28/21 (f) | | 260,000 | | 299,465 |
South Africa - 0.4% |
South African Republic 5.875% 9/16/25 | | 250,000 | | 284,875 |
Sri Lanka - 0.4% |
Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (f) | | 300,000 | | 310,500 |
Tanzania - 0.3% |
United Republic of Tanzania 6.3971% 3/9/20 (j) | | 200,000 | | 205,000 |
Turkey - 1.6% |
Turkish Republic: | | | | |
6.25% 9/26/22 | | 200,000 | | 226,000 |
7% 6/5/20 | | 250,000 | | 287,975 |
Government Obligations - continued |
| Principal Amount | | Value |
Turkey - continued |
Turkish Republic: - continued | | | | |
7.375% 2/5/25 | | $ 300,000 | | $ 368,625 |
11.875% 1/15/30 | | 165,000 | | 287,249 |
TOTAL TURKEY | | 1,169,849 |
Ukraine - 0.6% |
Ukraine Government: | | | | |
6.58% 11/21/16 (f) | | 250,000 | | 115,625 |
6.75% 11/14/17 (f) | | 200,000 | | 93,000 |
7.5% 4/17/23 (Reg. S) | | 250,000 | | 118,350 |
9.25% 7/24/17 (f) | | 200,000 | | 92,000 |
TOTAL UKRAINE | | 418,975 |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.03% 6/25/15 (i) | | 50,000 | | 50,000 |
Venezuela - 1.6% |
Venezuelan Republic: | | | | |
7% 3/31/38 | | 650,000 | | 264,875 |
8.25% 10/13/24 | | 300,000 | | 131,250 |
9% 5/7/23 (Reg. S) | | 300,000 | | 136,500 |
9.25% 9/15/27 | | 650,000 | | 318,500 |
9.25% 5/7/28 (Reg. S) | | 250,000 | | 110,625 |
12.75% 8/23/22 | | 325,000 | | 177,938 |
TOTAL VENEZUELA | | 1,139,688 |
Vietnam - 0.3% |
Vietnamese Socialist Republic 6.75% 1/29/20 (f) | | 200,000 | | 225,750 |
Zambia - 0.2% |
Republic of Zambia 5.375% 9/20/22 (f) | | 200,000 | | 184,866 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $17,508,373) |
17,361,437
|
Preferred Securities - 0.4% |
|
China - 0.4% |
Sinochem Group 5% (f)(g)(j)
(Cost $312,642) | | 300,000 | |
318,709
|
Money Market Funds - 2.1% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.15% (b) | 1,464,565 | | $ 1,464,565 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 35,600 | | 35,600 |
TOTAL MONEY MARKET FUNDS (Cost $1,500,165) |
1,500,165
|
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $64,796,079) | | 73,001,840 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | | 173,296 |
NET ASSETS - 100% | $ 73,175,136 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
15 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2015 | | $ 779,025 | | $ 55,661 |
|
The face value of futures purchased as a percentage of net assets is 1.1% |
Security Type Abbreviations |
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,139,180 or 20.7% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) A portion of the security sold on a delayed delivery basis. |
(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $50,000. |
(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 | $ 1,109 |
Fidelity Securities Lending Cash Central Fund | 209 |
Total | $ 1,318 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 3,813,905 | $ 3,813,905 | $ - | $ - |
Consumer Staples | 3,450,766 | 3,113,298 | - | 337,468 |
Energy | 3,251,818 | 1,466,175 | 1,785,643 | - |
Financials | 12,242,457 | 8,592,882 | 3,649,575 | - |
Health Care | 868,131 | 868,131 | - | - |
Industrials | 3,298,593 | 3,298,593 | - | - |
Information Technology | 8,420,320 | 5,469,707 | 2,950,613 | - |
Materials | 3,244,095 | 2,770,218 | 473,877 | - |
Telecommunication Services | 2,664,290 | 2,284,562 | 379,728 | - |
Utilities | 1,506,302 | 1,192,459 | 313,843 | - |
Corporate Bonds | 11,060,852 | - | 11,060,852 | - |
Government Obligations | 17,361,437 | - | 17,361,437 | - |
Preferred Securities | 318,709 | - | 318,709 | - |
Money Market Funds | 1,500,165 | 1,500,165 | - | - |
Total Investments in Securities: | $ 73,001,840 | $ 34,370,095 | $ 38,294,277 | $ 337,468 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 55,661 | $ 55,661 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 2,029,616 |
Level 2 to Level 1 | $ 16,419,336 |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 55,661 | $ - |
Total Value of Derivatives | $ 55,661 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
Other Information |
The composition of credit quality ratings as a percentage of net assets is as follows (Unaudited): |
AAA,AA,A | 3.7% |
BBB | 9.4% |
BB | 11.9% |
B | 7.1% |
CCC,CC,C | 4.7% |
Not Rated | 2.3% |
Equities | 58.5% |
Short-Term Investments and Net
Other Assets | 2.4% |
| 100.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $34,992) - See accompanying schedule: Unaffiliated issuers (cost $63,295,914) | $ 71,501,675 | |
Fidelity Central Funds (cost $1,500,165) | 1,500,165 | |
Total Investments (cost $64,796,079) | | $ 73,001,840 |
Foreign currency held at value (cost $17,938) | | 17,893 |
Receivable for investments sold
Regular delivery | | 612,260 |
Delayed delivery | | 988 |
Receivable for fund shares sold | | 54,721 |
Dividends receivable | | 56,893 |
Interest receivable | | 542,494 |
Distributions receivable from Fidelity Central Funds | | 262 |
Prepaid expenses | | 56 |
Receivable from investment adviser for expense reductions | | 37,189 |
Other receivables | | 23,322 |
Total assets | | 74,347,918 |
| | |
Liabilities | | |
Payable to custodian bank | $ 195,287 | |
Payable for investments purchased | 657,668 | |
Payable for fund shares redeemed | 23,035 | |
Accrued management fee | 48,267 | |
Distribution and service plan fees payable | 13,186 | |
Payable for daily variation margin for derivative instruments | 12,450 | |
Other affiliated payables | 17,023 | |
Other payables and accrued expenses | 170,266 | |
Collateral on securities loaned, at value | 35,600 | |
Total liabilities | | 1,172,782 |
| | |
Net Assets | | $ 73,175,136 |
Net Assets consist of: | | |
Paid in capital | | $ 66,074,873 |
Undistributed net investment income | | 593,477 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,700,081) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 8,206,867 |
Net Assets | | $ 73,175,136 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($13,212,602 ÷ 1,149,094 shares) | | $ 11.50 |
| | |
Maximum offering price per share (100/94.25 of $11.50) | | $ 12.20 |
Class T:
Net Asset Value and redemption price per share ($4,606,974 ÷ 400,764 shares) | | $ 11.50 |
| | |
Maximum offering price per share (100/96.50 of $11.50) | | $ 11.92 |
Class C:
Net Asset Value and offering price per share ($10,186,056 ÷ 890,349 shares)A | | $ 11.44 |
| | |
Total Emerging Markets:
Net Asset Value, offering price and redemption price per share ($37,551,081 ÷ 3,258,770 shares) | | $ 11.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,618,423 ÷ 661,524 shares) | | $ 11.52 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 400,578 |
Interest | | 878,819 |
Income from Fidelity Central Funds | | 1,318 |
Income before foreign taxes withheld | | 1,280,715 |
Less foreign taxes withheld | | (45,081) |
Total income | | 1,235,634 |
| | |
Expenses | | |
Management fee | $ 295,109 | |
Transfer agent fees | 92,767 | |
Distribution and service plan fees | 79,377 | |
Accounting and security lending fees | 19,134 | |
Custodian fees and expenses | 177,673 | |
Independent trustees' compensation | 148 | |
Registration fees | 27,754 | |
Audit | 55,136 | |
Legal | 103 | |
Miscellaneous | 189 | |
Total expenses before reductions | 747,390 | |
Expense reductions | (153,258) | 594,132 |
Net investment income (loss) | | 641,502 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $25,696) | (1,240,684) | |
Foreign currency transactions | (14,334) | |
Futures contracts | 53,205 | |
Total net realized gain (loss) | | (1,201,813) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $44,547) | 1,073,140 | |
Assets and liabilities in foreign currencies | 2,840 | |
Futures contracts | 55,527 | |
Total change in net unrealized appreciation (depreciation) | | 1,131,507 |
Net gain (loss) | | (70,306) |
Net increase (decrease) in net assets resulting from operations | | $ 571,196 |
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, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 641,502 | $ 1,316,375 |
Net realized gain (loss) | (1,201,813) | 3,140,986 |
Change in net unrealized appreciation (depreciation) | 1,131,507 | (2,656,389) |
Net increase (decrease) in net assets resulting
from operations | 571,196 | 1,800,972 |
Distributions to shareholders from net investment income | (1,198,750) | (1,381,318) |
Distributions to shareholders from net realized gain | (136,019) | - |
Total distributions | (1,334,769) | (1,381,318) |
Share transactions - net increase (decrease) | (5,616,512) | (8,457,450) |
Redemption fees | 11,538 | 27,840 |
Total increase (decrease) in net assets | (6,368,547) | (8,009,956) |
| | |
Net Assets | | |
Beginning of period | 79,543,683 | 87,553,639 |
End of period (including undistributed net investment income of $593,477 and undistributed net investment income of $1,150,725, respectively) | $ 73,175,136 | $ 79,543,683 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.56 | $ 11.37 | $ 10.86 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .18 | .18 | .20 |
Net realized and unrealized gain (loss) | .04 H | .19 | .48 | .68 |
Total from investment operations | .13 | .37 | .66 | .88 |
Distributions from net investment income | (.17) | (.18) | (.15) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.19) | (.18) | (.16) | (.02) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.50 | $ 11.56 | $ 11.37 | $ 10.86 |
Total ReturnB, C, D | 1.20% | 3.30% | 6.23% | 8.80% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.03%A | 1.98% | 1.89% | 1.87% |
Expenses net of fee waivers, if any | 1.65%A | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.65%A | 1.65% | 1.62% | 1.62% |
Net investment income (loss) | 1.70%A | 1.61% | 1.61% | 1.92% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,213 | $ 13,627 | $ 18,837 | $ 7,675 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.54 | $ 11.34 | $ 10.84 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .08 | .15 | .15 | .17 |
Net realized and unrealized gain (loss) | .04 H | .19 | .48 | .68 |
Total from investment operations | .12 | .34 | .63 | .85 |
Distributions from net investment income | (.14) | (.14) | (.12) | (.01) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.16) | (.14) | (.14) L | (.01) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.50 | $ 11.54 | $ 11.34 | $ 10.84 |
Total ReturnB, C, D | 1.10% | 3.04% | 5.93% | 8.56% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.37%A | 2.32% | 2.13% | 2.10% |
Expenses net of fee waivers, if any | 1.90%A | 1.90% | 1.90% | 1.90% |
Expenses net of all reductions | 1.90%A | 1.90% | 1.88% | 1.87% |
Net investment income (loss) | 1.45%A | 1.36% | 1.36% | 1.67% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,607 | $ 5,277 | $ 5,967 | $ 5,823 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
L Total distributions of $.14 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.47 | $ 11.29 | $ 10.80 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .10 | .09 | .12 |
Net realized and unrealized gain (loss) | .04 H | .19 | .47 | .69 |
Total from investment operations | .09 | .29 | .56 | .81 |
Distributions from net investment income | (.10) | (.11) | (.07) | (.01) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.12) | (.11) | (.08) | (.01) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.44 | $ 11.47 | $ 11.29 | $ 10.80 |
Total ReturnB, C, D | .81% | 2.56% | 5.31% | 8.07% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.77%A | 2.72% | 2.65% | 2.63% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.40% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.37% | 2.37% |
Net investment income (loss) | .95%A | .86% | .86% | 1.17% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 10,186 | $ 10,104 | $ 7,436 | $ 5,824 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total Emerging Markets
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.60 | $ 11.40 | $ 10.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .11 | .21 | .21 | .22 |
Net realized and unrealized gain (loss) | .03 G | .19 | .47 | .69 |
Total from investment operations | .14 | .40 | .68 | .91 |
Distributions from net investment income | (.20) | (.20) | (.17) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.22) | (.20) | (.18) | (.02) |
Redemption fees added to paid in capital D | - J | - J | .01 | - J |
Net asset value, end of period | $ 11.52 | $ 11.60 | $ 11.40 | $ 10.89 |
Total ReturnB, C | 1.29% | 3.56% | 6.44% | 9.15% |
Ratios to Average Net Assets E, I | | | | |
Expenses before reductions | 1.84%A | 1.73% | 1.56% | 1.60% |
Expenses net of fee waivers, if any | 1.40%A | 1.40% | 1.40% | 1.40% |
Expenses net of all reductions | 1.40%A | 1.40% | 1.38% | 1.38% |
Net investment income (loss) | 1.95%A | 1.86% | 1.85% | 2.16% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 37,551 | $ 45,763 | $ 49,959 | $ 81,416 |
Portfolio turnover rateF | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.59 | $ 11.40 | $ 10.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .11 | .21 | .20 | .22 |
Net realized and unrealized gain (loss) | .04 J | .18 | .48 | .69 |
Total from investment operations | .15 | .39 | .68 | .91 |
Distributions from net investment income | (.20) | (.20) | (.17) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.22) | (.20) | (.18) | (.02) |
Redemption fees added to paid in capital D | - I | - I | .01 | - I |
Net asset value, end of period | $ 11.52 | $ 11.59 | $ 11.40 | $ 10.89 |
Total ReturnB, C | 1.37% | 3.51% | 6.44% | 9.15% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.69%A | 1.71% | 1.63% | 1.62% |
Expenses net of fee waivers, if any | 1.40%A | 1.40% | 1.40% | 1.40% |
Expenses net of all reductions | 1.39%A | 1.40% | 1.37% | 1.37% |
Net investment income (loss) | 1.96%A | 1.86% | 1.86% | 2.17% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 7,618 | $ 4,773 | $ 5,354 | $ 2,287 |
Portfolio turnover rateF | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Total Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Total Emerging Markets and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
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3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are
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Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 10,754,607 |
Gross unrealized depreciation | (2,763,555) |
Net unrealized appreciation (depreciation) on securities | $ 7,991,052 |
Tax cost | $ 65,010,788 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as
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3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $53,205 and a change in net unrealized appreciation (depreciation) of $55,527 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $37,917,944 and $44,706,843, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 16,936 | $ 4,933 |
Class T | .25% | .25% | 12,218 | 4,753 |
Class C | .75% | .25% | 50,223 | 29,561 |
| | | $ 79,377 | $ 39,247 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 | $ 2,381 |
Class T | 546 |
Class C* | 86 |
| $ 3,013 |
* When 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 14,871 | .22 |
Class T | 7,541 | .31 |
Class C | 11,005 | .22 |
Total Emerging Markets | 54,733 | .28 |
Institutional Class | 4,617 | .16 |
| $ 92,767 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions - continued
(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $252 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $59 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $209. During the period, there were no securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.65% | $ 25,540 |
Class T | 1.90% | 11,417 |
Class C | 2.40% | 18,762 |
Total Emerging Markets | 1.40% | 87,005 |
Institutional Class | 1.40% | 8,757 |
| | $ 151,481 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,748 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 $16.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Total Emerging Markets expenses during the period in the amount of $13.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ 211,944 | $ 298,475 |
Class T | 63,689 | 72,882 |
Class C | 88,937 | 71,691 |
Total Emerging Markets | 751,293 | 837,446 |
Institutional Class | 82,887 | 100,824 |
Total | $ 1,198,750 | $ 1,381,318 |
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10. Distributions to Shareholders - continued
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net realized gain | | |
Class A | $ 24,934 | $ - |
Class T | 9,098 | - |
Class C | 18,150 | - |
Total Emerging Markets | 75,507 | - |
Institutional Class | 8,330 | - |
Total | $ 136,019 | $ - |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 164,669 | 374,099 | $ 1,836,302 | $ 4,265,512 |
Reinvestment of distributions | 21,174 | 24,147 | 232,918 | 267,553 |
Shares redeemed | (215,972) | (876,261) | (2,368,559) | (9,758,391) |
Net increase (decrease) | (30,129) | (478,015) | $ (299,339) | $ (5,225,326) |
Class T | | | | |
Shares sold | 22,487 | 73,071 | $ 246,990 | $ 838,229 |
Reinvestment of distributions | 6,566 | 6,487 | 72,226 | 71,875 |
Shares redeemed | (85,669) | (148,531) | (939,146) | (1,659,489) |
Net increase (decrease) | (56,616) | (68,973) | $ (619,930) | $ (749,385) |
Class C | | | | |
Shares sold | 104,570 | 312,027 | $ 1,139,403 | $ 3,545,260 |
Reinvestment of distributions | 9,691 | 6,236 | 106,316 | 69,031 |
Shares redeemed | (105,050) | (95,617) | (1,144,340) | (1,079,948) |
Net increase (decrease) | 9,211 | 222,646 | $ 101,379 | $ 2,534,343 |
Total Emerging Markets | | | | |
Shares sold | 527,529 | 1,227,986 | $ 5,793,785 | $ 14,240,572 |
Reinvestment of distributions | 70,595 | 69,851 | 777,256 | 774,644 |
Shares redeemed | (1,285,793) | (1,734,596) | (14,095,631) | (19,517,156) |
Net increase (decrease) | (687,669) | (436,759) | $ (7,524,590) | $ (4,501,940) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Institutional Class | | | | |
Shares sold | 344,868 | 216,506 | $ 3,760,456 | $ 2,508,322 |
Reinvestment of distributions | 8,237 | 8,910 | 90,609 | 98,814 |
Shares redeemed | (103,405) | (283,392) | (1,125,097) | (3,122,278) |
Net increase (decrease) | 249,700 | (57,976) | $ 2,725,968 | $ (515,142) |
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, the investment adviser or its affiliates were the owners of record of 24% of the total outstanding shares of the Fund.
Semiannual Report
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ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total Emerging Markets
Fund - Institutional Class
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Institutional Class is a
class of Fidelity® Total
Emerging Markets Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Total Emerging Markets Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Fidelity Total Emerging Markets Fund
Shareholder Expense Example - continued
| Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,012.00 | $ 8.23 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,011.00 | $ 9.47 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,008.10 | $ 11.95 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Total Emerging Markets | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,012.90 | $ 6.99 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,013.70 | $ 6.99 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Emerging Markets Fund
Investment Changes (Unaudited)
Top Five Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.4 | 2.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.2 | 2.3 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 1.5 | 1.5 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 1.3 | 1.1 |
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) | 1.2 | 0.0 |
| 8.6 | |
Top Five Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.0 | 22.6 |
Energy | 13.6 | 9.4 |
Information Technology | 12.5 | 13.8 |
Consumer Discretionary | 5.5 | 6.8 |
Consumer Staples | 5.2 | 6.5 |
Top Five Countries as of April 30, 2015 |
(excluding cash equivalents) | % of fund's
net assets | % of fund's net assets
6 months ago |
Korea (South) | 9.6 | 13.5 |
China | 7.1 | 5.9 |
India | 6.3 | 8.5 |
Cayman Islands | 6.0 | 5.5 |
Mexico | 5.8 | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2015 | As of October 31, 2014 |
 | Stocks and
Equity Futures 59.6% | |  | Stocks and
Equity Futures 75.6% | |
 | Bonds 38.7% | |  | Bonds 22.9% | |
 | Other Investments 0.4% | |  | Other Investments 0.0% | |
 | Short-Term
Investments and
Net Other Assets (Liabilities) 1.3% | |  | Short-Term
Investments and
Net Other Assets (Liabilities) 1.5% | |
Semiannual Report
Fidelity Total Emerging Markets Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 56.1% |
| Shares | | Value |
Argentina - 0.4% |
Grupo Financiero Galicia SA sponsored ADR | 4,300 | | $ 94,772 |
Telecom Argentina SA Class B sponsored ADR | 2,861 | | 59,680 |
YPF SA Class D sponsored ADR | 5,600 | | 171,024 |
TOTAL ARGENTINA | | 325,476 |
Bermuda - 1.0% |
Aquarius Platinum Ltd. (Australia) (a) | 312,441 | | 42,033 |
China Resources Gas Group Ltd. | 24,000 | | 83,607 |
Credicorp Ltd. (United States) | 1,272 | | 194,044 |
GP Investments Ltd. Class A (depositary receipt) (a) | 42,422 | | 77,721 |
Shangri-La Asia Ltd. | 98,000 | | 149,202 |
Yue Yuen Industrial (Holdings) Ltd. | 43,000 | | 163,666 |
TOTAL BERMUDA | | 710,273 |
Brazil - 1.5% |
B2W Companhia Global do Varejo (a) | 5,100 | | 46,329 |
BM&F BOVESPA SA | 34,100 | | 140,454 |
Cielo SA | 12,840 | | 178,732 |
Companhia de Saneamento de Minas Gerais | 8,004 | | 48,216 |
Cosan SA Industria e Comercio | 7,017 | | 68,704 |
Direcional Engenharia SA | 28,800 | | 60,985 |
Fibria Celulose SA (a) | 20,800 | | 291,674 |
Minerva SA (a) | 40,100 | | 116,722 |
Smiles SA | 9,400 | | 158,801 |
TOTAL BRAZIL | | 1,110,617 |
British Virgin Islands - 0.0% |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 1,472 | | 35,114 |
Canada - 0.3% |
Goldcorp, Inc. | 2,900 | | 54,587 |
Pan American Silver Corp. | 13,200 | | 125,664 |
Torex Gold Resources, Inc. (a) | 36,200 | | 33,605 |
TOTAL CANADA | | 213,856 |
Cayman Islands - 4.2% |
21Vianet Group, Inc. ADR (a) | 3,418 | | 70,308 |
58.com, Inc. ADR (a) | 2,650 | | 202,142 |
AAC Technology Holdings, Inc. | 22,500 | | 119,459 |
Alibaba Group Holding Ltd. sponsored ADR | 700 | | 56,903 |
China ZhengTong Auto Services Holdings Ltd. | 166,160 | | 113,838 |
ENN Energy Holdings Ltd. | 39,878 | | 288,130 |
Haitian International Holdings Ltd. | 35,000 | | 87,245 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Hengan International Group Co. Ltd. | 16,500 | | $ 203,947 |
Leju Holdings Ltd. ADR | 5,548 | | 58,420 |
Shenzhou International Group Holdings Ltd. | 13,000 | | 61,305 |
SINA Corp. (a) | 2,562 | | 112,715 |
Tencent Holdings Ltd. | 53,200 | | 1,097,988 |
Tingyi (Cayman Islands) Holding Corp. | 78,000 | | 164,845 |
TPK Holding Co. Ltd. | 24,000 | | 149,677 |
Uni-President China Holdings Ltd. | 276,600 | | 223,762 |
Yingde Gases Group Co. Ltd. | 77,000 | | 67,457 |
TOTAL CAYMAN ISLANDS | | 3,078,141 |
Chile - 1.1% |
Compania Cervecerias Unidas SA sponsored ADR (e) | 5,656 | | 123,697 |
Empresa Nacional de Electricidad SA | 34,995 | | 53,838 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 5,995 | | 67,580 |
Empresas CMPC SA | 38,860 | | 110,414 |
Enersis SA | 364,099 | | 126,793 |
Inversiones La Construccion SA | 7,374 | | 94,398 |
Vina Concha y Toro SA | 103,483 | | 210,739 |
TOTAL CHILE | | 787,459 |
China - 6.7% |
Anhui Conch Cement Co. Ltd. (H Shares) | 48,000 | | 195,083 |
Baoshan Iron & Steel Co. Ltd. | 131,700 | | 190,454 |
BBMG Corp. (H Shares) | 236,000 | | 292,924 |
China Life Insurance Co. Ltd. (H Shares) | 127,170 | | 617,192 |
China Machinery Engineering Co. (H Shares) | 76,000 | | 101,195 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 72,230 | | 394,208 |
China Suntien Green Energy Corp. Ltd. (H Shares) | 223,850 | | 60,363 |
China Telecom Corp. Ltd. (H Shares) | 347,117 | | 258,416 |
Daqin Railway Co. Ltd. (A Shares) | 104,100 | | 234,455 |
Industrial & Commercial Bank of China Ltd. (H Shares) | 1,101,900 | | 955,855 |
Kweichow Moutai Co. Ltd. | 8,200 | | 333,444 |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 344,000 | | 134,040 |
PetroChina Co. Ltd. (H Shares) | 148,000 | | 190,885 |
PICC Property & Casualty Co. Ltd. (H Shares) | 94,495 | | 210,191 |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 24,351 | | 350,001 |
Qingdao Haier Co. Ltd. | 60,500 | | 264,422 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 18,000 | | 153,976 |
TOTAL CHINA | | 4,937,104 |
Colombia - 0.4% |
Bancolombia SA sponsored ADR | 6,337 | | 286,876 |
Common Stocks - continued |
| Shares | | Value |
Czech Republic - 0.1% |
Komercni Banka A/S | 432 | | $ 96,339 |
Egypt - 0.1% |
Citadel Capital Corp. (a) | 229,300 | | 69,721 |
Greece - 0.4% |
National Bank of Greece SA (a) | 41,460 | | 58,132 |
National Bank of Greece SA sponsored ADR (a) | 21,710 | | 31,697 |
Public Power Corp. of Greece (a) | 2,422 | | 16,291 |
Titan Cement Co. SA (Reg.) | 7,100 | | 179,071 |
TOTAL GREECE | | 285,191 |
Hong Kong - 3.9% |
China Mobile Ltd. | 14,675 | | 209,607 |
China Mobile Ltd. sponsored ADR | 9,684 | | 691,728 |
China Power International Development Ltd. | 127,270 | | 82,268 |
China Resources Enterprise Ltd. | 70,000 | | 214,952 |
China Resources Power Holdings Co. Ltd. | 78,929 | | 238,807 |
China Unicom Ltd. | 25,690 | | 48,249 |
China Unicom Ltd. sponsored ADR | 5,910 | | 111,049 |
CNOOC Ltd. | 295,000 | | 503,038 |
CNOOC Ltd. sponsored ADR | 70 | | 11,988 |
Far East Horizon Ltd. | 253,400 | | 268,748 |
Lenovo Group Ltd. | 118,000 | | 204,011 |
Sinotruk Hong Kong Ltd. | 151,500 | | 108,290 |
Techtronic Industries Co. Ltd. | 42,500 | | 151,070 |
TOTAL HONG KONG | | 2,843,805 |
India - 6.3% |
Adani Ports & Special Economic Zone | 34,905 | | 174,421 |
Axis Bank Ltd. (a) | 43,670 | | 392,026 |
Bharti Airtel Ltd. (a) | 10,069 | | 60,385 |
Bharti Infratel Ltd. | 50,778 | | 320,660 |
Coal India Ltd. | 47,512 | | 271,213 |
Eicher Motors Ltd. (a) | 683 | | 163,277 |
GAIL India Ltd. (a) | 16,345 | | 92,672 |
Grasim Industries Ltd. | 3,769 | | 234,914 |
HCL Technologies Ltd. | 14,136 | | 195,876 |
Infosys Ltd. | 10,971 | | 334,715 |
ITC Ltd. (a) | 65,019 | | 329,813 |
JK Cement Ltd. | 10,538 | | 107,042 |
Larsen & Toubro Ltd. (a) | 6,771 | | 173,815 |
LIC Housing Finance Ltd. | 11,925 | | 80,701 |
Lupin Ltd. | 8,951 | | 249,672 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Oil & Natural Gas Corp. Ltd. | 37,425 | | $ 179,034 |
Petronet LNG Ltd. (a) | 26,470 | | 72,748 |
Phoenix Mills Ltd. (a) | 23,946 | | 137,256 |
Power Grid Corp. of India Ltd. | 64,780 | | 153,481 |
SREI Infrastructure Finance Ltd. | 174,485 | | 109,006 |
State Bank of India | 84,967 | | 360,672 |
Tata Consultancy Services Ltd. | 5,049 | | 195,746 |
Yes Bank Ltd. | 16,643 | | 219,850 |
TOTAL INDIA | | 4,608,995 |
Indonesia - 1.2% |
PT Astra International Tbk | 460,300 | | 243,244 |
PT Bakrieland Development Tbk (a) | 14,008,300 | | 54,034 |
PT Bank Mandiri (Persero) Tbk | 222,000 | | 182,604 |
PT Bank Rakyat Indonesia Tbk | 248,400 | | 222,770 |
PT Kalbe Farma Tbk | 1,147,400 | | 158,888 |
PT Perusahaan Gas Negara Tbk Series B | 40,350 | | 12,763 |
TOTAL INDONESIA | | 874,303 |
Ireland - 0.1% |
Dragon Oil PLC | 7,300 | | 69,388 |
Israel - 0.2% |
Bezeq The Israel Telecommunication Corp. Ltd. | 82,495 | | 156,419 |
Kenya - 0.1% |
Equity Group Holdings Ltd. | 141,500 | | 73,667 |
Korea (South) - 8.7% |
AMOREPACIFIC Group, Inc. | 223 | | 337,468 |
BGFretail Co. Ltd. | 1,501 | | 163,741 |
Daewoo International Corp. | 14,325 | | 417,604 |
E-Mart Co. Ltd. | 1,388 | | 285,432 |
Fila Korea Ltd. | 1,930 | | 188,142 |
Hyundai HCN | 6,431 | | 31,764 |
Hyundai Industrial Development & Construction Co. | 4,304 | | 228,964 |
Hyundai Mobis | 3,107 | | 682,201 |
KB Financial Group, Inc. | 6,578 | | 249,657 |
Korea Electric Power Corp. | 3,329 | | 144,071 |
Korea Zinc Co. Ltd. | 439 | | 194,616 |
Korean Reinsurance Co. | 22,314 | | 246,527 |
LG Chemical Ltd. | 1,244 | | 315,299 |
NAVER Corp. | 310 | | 187,075 |
Samsung C&T Corp. | 4,104 | | 217,943 |
Samsung Electronics Co. Ltd. | 1,355 | | 1,773,769 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 11,242 | | $ 463,078 |
SK Hynix, Inc. | 2,697 | | 115,556 |
SK Telecom Co. Ltd. sponsored ADR | 3,828 | | 113,500 |
TOTAL KOREA (SOUTH) | | 6,356,407 |
Malaysia - 0.1% |
Malayan Banking Bhd | 35,800 | | 92,552 |
Mexico - 2.6% |
America Movil S.A.B. de CV Series L sponsored ADR | 13,625 | | 284,626 |
Banregio Grupo Financiero S.A.B. de CV | 17,500 | | 100,355 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 20,200 | | 143,817 |
Grupo Aeroportuario Norte S.A.B. de CV | 12,200 | | 60,928 |
Grupo Comercial Chedraui S.A.B. de CV | 32,176 | | 96,557 |
Grupo Financiero Banorte S.A.B. de CV Series O | 75,664 | | 431,436 |
Grupo Televisa SA de CV (CPO) sponsored ADR (a) | 12,400 | | 451,484 |
Macquarie Mexican (REIT) | 204,170 | | 309,542 |
TOTAL MEXICO | | 1,878,745 |
Netherlands - 0.3% |
Cnova NV (a) | 4,710 | | 26,612 |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(f) | 23,900 | | 126,189 |
Yandex NV (a) | 2,274 | | 43,752 |
TOTAL NETHERLANDS | | 196,553 |
Nigeria - 0.6% |
Guaranty Trust Bank PLC GDR (Reg. S) | 19,480 | | 135,352 |
Transnational Corp. of Nigeria PLC | 3,561,455 | | 57,270 |
Zenith Bank PLC | 2,217,656 | | 235,696 |
TOTAL NIGERIA | | 428,318 |
Pakistan - 0.2% |
Habib Bank Ltd. | 64,400 | | 127,046 |
Panama - 0.3% |
Copa Holdings SA Class A | 2,000 | | 221,780 |
Philippines - 1.6% |
Alliance Global Group, Inc. | 633,550 | | 360,690 |
Metro Pacific Investments Corp. | 444,300 | | 45,112 |
Metropolitan Bank & Trust Co. | 157,283 | | 327,857 |
Common Stocks - continued |
| Shares | | Value |
Philippines - continued |
Nickel Asia Corp. | 105,350 | | $ 53,720 |
Robinsons Land Corp. | 578,100 | | 388,078 |
TOTAL PHILIPPINES | | 1,175,457 |
Poland - 0.2% |
Powszechny Zaklad Ubezpieczen SA | 1,409 | | 183,941 |
Puerto Rico - 0.1% |
Popular, Inc. (a) | 1,890 | | 61,293 |
Russia - 2.0% |
Bashneft OJSC (a) | 1,313 | | 54,727 |
Bashneft OJSC rights | 150 | | 0 |
E.ON Russia JSC (a) | 850,700 | | 52,023 |
Gazprom OAO (a) | 71,409 | | 212,300 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 9,000 | | 460,400 |
Mobile TeleSystems OJSC (a) | 23,801 | | 121,872 |
NOVATEK OAO GDR (Reg. S) | 3,500 | | 338,889 |
Sberbank of Russia sponsored ADR | 43,204 | | 256,427 |
TOTAL RUSSIA | | 1,496,638 |
Singapore - 0.3% |
Ezion Holdings Ltd. | 73,940 | | 67,335 |
First Resources Ltd. | 137,000 | | 184,296 |
TOTAL SINGAPORE | | 251,631 |
South Africa - 2.8% |
Alexander Forbes Group Holding (a)(h) | 40,881 | | 33,849 |
Aspen Pharmacare Holdings Ltd. | 9,962 | | 303,141 |
Barclays Africa Group Ltd. | 23,324 | | 373,655 |
Bidvest Group Ltd. | 7,956 | | 215,803 |
Blue Label Telecoms Ltd. (h) | 54,065 | | 36,494 |
JSE Ltd. | 9,690 | | 108,399 |
Life Healthcare Group Holdings Ltd. | 45,600 | | 156,430 |
Naspers Ltd. Class N | 5,100 | | 802,123 |
TOTAL SOUTH AFRICA | | 2,029,894 |
Taiwan - 5.4% |
Advantech Co. Ltd. | 14,000 | | 115,882 |
Catcher Technology Co. Ltd. | 16,000 | | 188,075 |
E.SUN Financial Holdings Co. Ltd. | 320,397 | | 219,694 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 58,624 | | 176,106 |
Inotera Memories, Inc. (a) | 65,000 | | 75,451 |
King's Town Bank | 89,000 | | 91,395 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - continued |
Largan Precision Co. Ltd. | 5,000 | | $ 502,841 |
Pegatron Corp. | 51,000 | | 152,037 |
Taiwan Cement Corp. | 127,000 | | 180,801 |
Taiwan Fertilizer Co. Ltd. | 73,000 | | 134,435 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 308,000 | | 1,482,796 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5,142 | | 125,670 |
Unified-President Enterprises Corp. | 110,243 | | 181,063 |
Universal Cement Corp. | 95,740 | | 102,380 |
Vanguard International Semiconductor Corp. | 42,000 | | 64,866 |
Yuanta Financial Holding Co. Ltd. | 235,200 | | 137,084 |
TOTAL TAIWAN | | 3,930,576 |
Thailand - 1.4% |
Intouch Holdings PCL NVDR | 68,700 | | 160,519 |
Jasmine Broadband Internet Infrastructure Fund (a) | 509,600 | | 146,130 |
Kasikornbank PCL (For. Reg.) | 52,134 | | 332,215 |
PTT Exploration and Production PCL (For. Reg.) | 48,300 | | 171,479 |
Thai Union Frozen Products PCL (For. Reg.) | 290,200 | | 179,641 |
TOTAL THAILAND | | 989,984 |
Turkey - 0.7% |
Aselsan A/S | 15,000 | | 78,295 |
Aygaz A/S | 13,293 | | 48,743 |
Tupras Turkiye Petrol Rafinelleri A/S | 7,000 | | 169,984 |
Turkiye Garanti Bankasi A/S | 66,964 | | 213,063 |
TOTAL TURKEY | | 510,085 |
United Arab Emirates - 0.5% |
DP World Ltd. | 5,182 | | 119,601 |
Emaar Properties PJSC | 56,492 | | 126,736 |
First Gulf Bank PJSC | 26,868 | | 111,555 |
TOTAL UNITED ARAB EMIRATES | | 357,892 |
United Kingdom - 0.1% |
Fresnillo PLC | 5,400 | | 59,892 |
United States of America - 0.2% |
Cognizant Technology Solutions Corp. Class A (a) | 2,020 | | 118,251 |
TOTAL COMMON STOCKS (Cost $32,665,832) |
41,029,679
|
Nonconvertible Preferred Stocks - 2.4% |
| Shares | | Value |
Brazil - 1.5% |
Ambev SA sponsored ADR | 15,900 | | $ 100,647 |
Banco do Estado Rio Grande do Sul SA | 30,920 | | 119,967 |
Companhia Paranaense de Energia-Copel: | | | |
(PN-B) | 515 | | 5,796 |
(PN-B) sponsored | 5,375 | | 58,803 |
Itau Unibanco Holding SA sponsored ADR | 37,178 | | 476,622 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) | 19,306 | | 167,576 |
Vale SA (PN-A) sponsored ADR | 23,800 | | 143,990 |
TOTAL BRAZIL | | 1,073,401 |
Korea (South) - 0.9% |
Hyundai Motor Co. Series 2 | 1,931 | | 218,717 |
Samsung Electronics Co. Ltd. | 283 | | 286,387 |
Samsung Fire & Marine Insurance Co. Ltd. | 880 | | 141,750 |
TOTAL KOREA (SOUTH) | | 646,854 |
Russia - 0.0% |
Surgutneftegas OJSC (a) | 14,250 | | 10,743 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,727,046) |
1,730,998
|
Nonconvertible Bonds - 15.1% |
| Principal Amount | | |
Azerbaijan - 0.7% |
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) | | $ 200,000 | | 192,060 |
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) | | 275,000 | | 297,105 |
TOTAL AZERBAIJAN | | 489,165 |
Bangladesh - 0.3% |
Banglalink Digital Communications Ltd. 8.625% 5/6/19 (f) | | 200,000 | | 208,000 |
Brazil - 0.4% |
Caixa Economica Federal 3.5% 11/7/22 (f) | | 300,000 | | 272,250 |
Canada - 0.1% |
First Quantum Minerals Ltd. 7% 2/15/21 (f) | | 100,000 | | 93,250 |
Cayman Islands - 1.8% |
Alibaba Group Holding Ltd. 3.125% 11/28/21 (f) | | 300,000 | | 299,987 |
Lamar Funding Ltd. 3.958% 5/7/25 (f) | | 200,000 | | 203,500 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Cayman Islands - continued |
Petrobras International Finance Co. Ltd.: | | | | |
5.375% 1/27/21 | | $ 530,000 | | $ 508,694 |
8.375% 12/10/18 | | 300,000 | | 328,770 |
TOTAL CAYMAN ISLANDS | | 1,340,951 |
Georgia - 0.3% |
JSC Georgian Railway 7.75% 7/11/22 (f) | | 200,000 | | 219,780 |
Indonesia - 1.4% |
PT Pertamina Persero: | | | | |
5.25% 5/23/21 (f) | | 200,000 | | 213,250 |
5.625% 5/20/43 (f) | | 200,000 | | 193,260 |
6.5% 5/27/41 (f) | | 550,000 | | 588,500 |
TOTAL INDONESIA | | 995,010 |
Ireland - 0.5% |
Vnesheconombank Via VEB Finance PLC: | | | | |
5.375% 2/13/17 (f) | | 250,000 | | 245,240 |
6.8% 11/22/25 (f) | | 100,000 | | 92,500 |
TOTAL IRELAND | | 337,740 |
Israel - 0.8% |
B Communications Ltd. 7.375% 2/15/21 (f) | | 300,000 | | 320,460 |
Israel Electric Corp. Ltd. 7.25% 1/15/19 (Reg. S) | | 250,000 | | 286,250 |
TOTAL ISRAEL | | 606,710 |
Kazakhstan - 1.6% |
Kazagro National Management Holding JSC 4.625% 5/24/23 (f) | | 400,000 | | 372,648 |
KazMunaiGaz Finance Sub BV 6% 11/7/44 (f) | | 200,000 | | 183,000 |
KazMunaiGaz National Co. 5.75% 4/30/43 (f) | | 300,000 | | 271,920 |
Zhaikmunai International BV 7.125% 11/13/19 (f) | | 350,000 | | 329,875 |
TOTAL KAZAKHSTAN | | 1,157,443 |
Luxembourg - 0.8% |
RSHB Capital SA: | | | | |
5.1% 7/25/18 (f) | | 400,000 | | 374,500 |
6.299% 5/15/17 (Reg. S) | | 200,000 | | 197,246 |
TOTAL LUXEMBOURG | | 571,746 |
Mexico - 2.5% |
Pemex Project Funding Master Trust 6.625% 6/15/35 | | 350,000 | | 394,450 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Mexico - continued |
Petroleos Mexicanos: | | | | |
5.5% 1/21/21 | | $ 400,000 | | $ 439,000 |
6.5% 6/2/41 | | 150,000 | | 165,563 |
6.625% (f)(g) | | 850,000 | | 862,750 |
TOTAL MEXICO | | 1,861,763 |
Netherlands - 0.4% |
Petrobras Global Finance BV 7.25% 3/17/44 | | 300,000 | | 294,675 |
South Africa - 0.4% |
Eskom Holdings Ltd. 6.75% 8/6/23 (f) | | 300,000 | | 310,524 |
Trinidad & Tobago - 0.2% |
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (f) | | 150,000 | | 179,700 |
Tunisia - 0.3% |
Banque Centrale de Tunisie 5.75% 1/30/25 (f) | | 200,000 | | 206,500 |
Turkey - 0.4% |
Arcelik A/S 5% 4/3/23 (f) | | 300,000 | | 286,860 |
Venezuela - 2.2% |
Petroleos de Venezuela SA: | | | | |
5.25% 4/12/17 | | 300,000 | | 175,470 |
5.5% 4/12/37 | | 500,000 | | 202,500 |
6% 11/15/26 (Reg. S) | | 700,000 | | 290,500 |
8.5% 11/2/17 (f) | | 250,000 | | 193,375 |
9% 11/17/21 (Reg. S) | | 550,000 | | 268,070 |
9.75% 5/17/35 (f) | | 300,000 | | 146,370 |
12.75% 2/17/22 (f) | | 600,000 | | 352,500 |
TOTAL VENEZUELA | | 1,628,785 |
TOTAL NONCONVERTIBLE BONDS (Cost $11,082,021) |
11,060,852
|
Government Obligations - 23.7% |
|
Armenia - 0.8% |
Republic of Armenia 6% 9/30/20 (f) | | 625,000 | | 618,750 |
Azerbaijan - 0.4% |
State Oil Co. of Azerbaijan Republic 4.75% 3/13/23 (Reg. S) | | 325,000 | | 315,188 |
Barbados - 0.5% |
Barbados Government 7% 8/4/22 (f) | | 350,000 | | 339,488 |
Government Obligations - continued |
| Principal Amount | | Value |
Belize - 0.3% |
Belize Government 5% 2/20/38 (d)(f) | | $ 332,500 | | $ 247,713 |
Bolivia - 0.3% |
Plurinational State of Bolivia 4.875% 10/29/22 (f) | | 200,000 | | 202,250 |
Brazil - 1.4% |
Brazilian Federative Republic: | | | | |
4.25% 1/7/25 | | 850,000 | | 838,189 |
12.25% 3/6/30 | | 100,000 | | 180,000 |
TOTAL BRAZIL | | 1,018,189 |
Colombia - 0.7% |
Colombian Republic: | | | | |
4% 2/26/24 | | 200,000 | | 205,500 |
7.375% 9/18/37 | | 225,000 | | 299,813 |
TOTAL COLOMBIA | | 505,313 |
Congo - 0.4% |
Congo Republic 3.5% 6/30/29 (d) | | 305,900 | | 276,888 |
Costa Rica - 0.8% |
Costa Rican Republic: | | | | |
4.375% 4/30/25 (f) | | 225,000 | | 209,250 |
7% 4/4/44 (f) | | 400,000 | | 411,000 |
TOTAL COSTA RICA | | 620,250 |
Dominican Republic - 0.7% |
Dominican Republic: | | | | |
5.875% 4/18/24 (f) | | 150,000 | | 159,000 |
6.6% 1/28/24 (f) | | 100,000 | | 109,500 |
7.45% 4/30/44 (f) | | 200,000 | | 225,000 |
TOTAL DOMINICAN REPUBLIC | | 493,500 |
Ecuador - 0.3% |
Ecuador Republic 7.95% 6/20/24 (f) | | 200,000 | | 195,000 |
Egypt - 0.2% |
Arab Republic of Egypt 6.875% 4/30/40 (f) | | 150,000 | | 155,625 |
El Salvador - 0.4% |
El Salvador Republic: | | | | |
7.375% 12/1/19 | | 100,000 | | 109,500 |
7.625% 2/1/41 (f) | | 150,000 | | 156,938 |
TOTAL EL SALVADOR | | 266,438 |
Government Obligations - continued |
| Principal Amount | | Value |
Ethiopia - 0.3% |
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (f) | | $ 200,000 | | $ 200,250 |
Gabon - 0.3% |
Gabonese Republic 6.375% 12/12/24 (f) | | 200,000 | | 201,900 |
Georgia - 0.3% |
Georgia Republic 6.875% 4/12/21 (f) | | 200,000 | | 222,000 |
Ghana - 0.5% |
Ghana Republic: | | | | |
7.875% 8/7/23 (Reg.S) | | 200,000 | | 193,036 |
8.125% 1/18/26 (f) | | 200,000 | | 193,516 |
TOTAL GHANA | | 386,552 |
Hungary - 0.3% |
Hungarian Republic 5.75% 11/22/23 | | 200,000 | | 229,850 |
Iraq - 0.3% |
Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 250,000 | | 215,625 |
Ivory Coast - 0.6% |
Ivory Coast: | | | | |
5.375% 7/23/24 (f) | | 200,000 | | 189,000 |
5.75% 12/31/32 | | 275,000 | | 262,900 |
TOTAL IVORY COAST | | 451,900 |
Jamaica - 0.2% |
Jamaican Government 8% 6/24/19 | | 150,000 | | 166,030 |
Kenya - 0.3% |
Republic of Kenya 6.875% 6/24/24 (f) | | 200,000 | | 211,000 |
Lebanon - 0.9% |
Lebanese Republic: | | | | |
5% 10/12/17 | | 100,000 | | 100,625 |
6.1% 10/4/22 | | 150,000 | | 153,000 |
6.65% 2/26/30(Reg. S) | | 125,000 | | 129,063 |
11.625% 5/11/16 (Reg. S) | | 250,000 | | 269,425 |
TOTAL LEBANON | | 652,113 |
Mexico - 0.7% |
Comision Federal de Electricid 4.875% 1/15/24 (f) | | 200,000 | | 215,400 |
United Mexican States 5.75% 10/12/2110 | | 250,000 | | 266,250 |
TOTAL MEXICO | | 481,650 |
Government Obligations - continued |
| Principal Amount | | Value |
Mongolia - 0.2% |
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) | | $ 200,000 | | $ 178,500 |
Namibia - 0.3% |
Republic of Namibia 5.5% 11/3/21 (f) | | 200,000 | | 220,224 |
Netherlands - 0.3% |
Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S) | | 250,000 | | 257,905 |
Nigeria - 0.3% |
Republic of Nigeria 6.375% 7/12/23 | | 200,000 | | 210,400 |
Pakistan - 0.3% |
Islamic Republic of Pakistan 7.25% 4/15/19 (f) | | 200,000 | | 210,883 |
Philippines - 0.8% |
Philippine Republic 9.5% 2/2/30 | | 350,000 | | 587,563 |
Qatar - 0.4% |
State of Qatar 5.75% 1/20/42 (f) | | 250,000 | | 317,500 |
Russia - 3.0% |
Russian Federation: | | | | |
4.875% 9/16/23 (f) | | 200,000 | | 196,000 |
5% 4/29/20 (f) | | 325,000 | | 330,688 |
5.625% 4/4/42 (f) | | 200,000 | | 192,952 |
5.875% 9/16/43 (f) | | 200,000 | | 196,850 |
7.5% 3/31/30 (Reg. S) | | 515,625 | | 603,142 |
12.75% 6/24/28 (Reg. S) | | 425,000 | | 671,500 |
TOTAL RUSSIA | | 2,191,132 |
Senegal - 0.3% |
Republic of Senegal 8.75% 5/13/21 (f) | | 200,000 | | 224,900 |
Serbia - 0.4% |
Republic of Serbia 7.25% 9/28/21 (f) | | 260,000 | | 299,465 |
South Africa - 0.4% |
South African Republic 5.875% 9/16/25 | | 250,000 | | 284,875 |
Sri Lanka - 0.4% |
Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (f) | | 300,000 | | 310,500 |
Tanzania - 0.3% |
United Republic of Tanzania 6.3971% 3/9/20 (j) | | 200,000 | | 205,000 |
Turkey - 1.6% |
Turkish Republic: | | | | |
6.25% 9/26/22 | | 200,000 | | 226,000 |
7% 6/5/20 | | 250,000 | | 287,975 |
Government Obligations - continued |
| Principal Amount | | Value |
Turkey - continued |
Turkish Republic: - continued | | | | |
7.375% 2/5/25 | | $ 300,000 | | $ 368,625 |
11.875% 1/15/30 | | 165,000 | | 287,249 |
TOTAL TURKEY | | 1,169,849 |
Ukraine - 0.6% |
Ukraine Government: | | | | |
6.58% 11/21/16 (f) | | 250,000 | | 115,625 |
6.75% 11/14/17 (f) | | 200,000 | | 93,000 |
7.5% 4/17/23 (Reg. S) | | 250,000 | | 118,350 |
9.25% 7/24/17 (f) | | 200,000 | | 92,000 |
TOTAL UKRAINE | | 418,975 |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.03% 6/25/15 (i) | | 50,000 | | 50,000 |
Venezuela - 1.6% |
Venezuelan Republic: | | | | |
7% 3/31/38 | | 650,000 | | 264,875 |
8.25% 10/13/24 | | 300,000 | | 131,250 |
9% 5/7/23 (Reg. S) | | 300,000 | | 136,500 |
9.25% 9/15/27 | | 650,000 | | 318,500 |
9.25% 5/7/28 (Reg. S) | | 250,000 | | 110,625 |
12.75% 8/23/22 | | 325,000 | | 177,938 |
TOTAL VENEZUELA | | 1,139,688 |
Vietnam - 0.3% |
Vietnamese Socialist Republic 6.75% 1/29/20 (f) | | 200,000 | | 225,750 |
Zambia - 0.2% |
Republic of Zambia 5.375% 9/20/22 (f) | | 200,000 | | 184,866 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $17,508,373) |
17,361,437
|
Preferred Securities - 0.4% |
|
China - 0.4% |
Sinochem Group 5% (f)(g)(j)
(Cost $312,642) | | 300,000 | |
318,709
|
Money Market Funds - 2.1% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.15% (b) | 1,464,565 | | $ 1,464,565 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 35,600 | | 35,600 |
TOTAL MONEY MARKET FUNDS (Cost $1,500,165) |
1,500,165
|
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $64,796,079) | | 73,001,840 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | | 173,296 |
NET ASSETS - 100% | $ 73,175,136 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
15 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2015 | | $ 779,025 | | $ 55,661 |
|
The face value of futures purchased as a percentage of net assets is 1.1% |
Security Type Abbreviations |
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,139,180 or 20.7% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) A portion of the security sold on a delayed delivery basis. |
(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $50,000. |
(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 | $ 1,109 |
Fidelity Securities Lending Cash Central Fund | 209 |
Total | $ 1,318 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 3,813,905 | $ 3,813,905 | $ - | $ - |
Consumer Staples | 3,450,766 | 3,113,298 | - | 337,468 |
Energy | 3,251,818 | 1,466,175 | 1,785,643 | - |
Financials | 12,242,457 | 8,592,882 | 3,649,575 | - |
Health Care | 868,131 | 868,131 | - | - |
Industrials | 3,298,593 | 3,298,593 | - | - |
Information Technology | 8,420,320 | 5,469,707 | 2,950,613 | - |
Materials | 3,244,095 | 2,770,218 | 473,877 | - |
Telecommunication Services | 2,664,290 | 2,284,562 | 379,728 | - |
Utilities | 1,506,302 | 1,192,459 | 313,843 | - |
Corporate Bonds | 11,060,852 | - | 11,060,852 | - |
Government Obligations | 17,361,437 | - | 17,361,437 | - |
Preferred Securities | 318,709 | - | 318,709 | - |
Money Market Funds | 1,500,165 | 1,500,165 | - | - |
Total Investments in Securities: | $ 73,001,840 | $ 34,370,095 | $ 38,294,277 | $ 337,468 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 55,661 | $ 55,661 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 2,029,616 |
Level 2 to Level 1 | $ 16,419,336 |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 55,661 | $ - |
Total Value of Derivatives | $ 55,661 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
Other Information |
The composition of credit quality ratings as a percentage of net assets is as follows (Unaudited): |
AAA,AA,A | 3.7% |
BBB | 9.4% |
BB | 11.9% |
B | 7.1% |
CCC,CC,C | 4.7% |
Not Rated | 2.3% |
Equities | 58.5% |
Short-Term Investments and Net
Other Assets | 2.4% |
| 100.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $34,992) - See accompanying schedule: Unaffiliated issuers (cost $63,295,914) | $ 71,501,675 | |
Fidelity Central Funds (cost $1,500,165) | 1,500,165 | |
Total Investments (cost $64,796,079) | | $ 73,001,840 |
Foreign currency held at value (cost $17,938) | | 17,893 |
Receivable for investments sold
Regular delivery | | 612,260 |
Delayed delivery | | 988 |
Receivable for fund shares sold | | 54,721 |
Dividends receivable | | 56,893 |
Interest receivable | | 542,494 |
Distributions receivable from Fidelity Central Funds | | 262 |
Prepaid expenses | | 56 |
Receivable from investment adviser for expense reductions | | 37,189 |
Other receivables | | 23,322 |
Total assets | | 74,347,918 |
| | |
Liabilities | | |
Payable to custodian bank | $ 195,287 | |
Payable for investments purchased | 657,668 | |
Payable for fund shares redeemed | 23,035 | |
Accrued management fee | 48,267 | |
Distribution and service plan fees payable | 13,186 | |
Payable for daily variation margin for derivative instruments | 12,450 | |
Other affiliated payables | 17,023 | |
Other payables and accrued expenses | 170,266 | |
Collateral on securities loaned, at value | 35,600 | |
Total liabilities | | 1,172,782 |
| | |
Net Assets | | $ 73,175,136 |
Net Assets consist of: | | |
Paid in capital | | $ 66,074,873 |
Undistributed net investment income | | 593,477 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,700,081) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 8,206,867 |
Net Assets | | $ 73,175,136 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($13,212,602 ÷ 1,149,094 shares) | | $ 11.50 |
| | |
Maximum offering price per share (100/94.25 of $11.50) | | $ 12.20 |
Class T:
Net Asset Value and redemption price per share ($4,606,974 ÷ 400,764 shares) | | $ 11.50 |
| | |
Maximum offering price per share (100/96.50 of $11.50) | | $ 11.92 |
Class C:
Net Asset Value and offering price per share ($10,186,056 ÷ 890,349 shares)A | | $ 11.44 |
| | |
Total Emerging Markets:
Net Asset Value, offering price and redemption price per share ($37,551,081 ÷ 3,258,770 shares) | | $ 11.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,618,423 ÷ 661,524 shares) | | $ 11.52 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 400,578 |
Interest | | 878,819 |
Income from Fidelity Central Funds | | 1,318 |
Income before foreign taxes withheld | | 1,280,715 |
Less foreign taxes withheld | | (45,081) |
Total income | | 1,235,634 |
| | |
Expenses | | |
Management fee | $ 295,109 | |
Transfer agent fees | 92,767 | |
Distribution and service plan fees | 79,377 | |
Accounting and security lending fees | 19,134 | |
Custodian fees and expenses | 177,673 | |
Independent trustees' compensation | 148 | |
Registration fees | 27,754 | |
Audit | 55,136 | |
Legal | 103 | |
Miscellaneous | 189 | |
Total expenses before reductions | 747,390 | |
Expense reductions | (153,258) | 594,132 |
Net investment income (loss) | | 641,502 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $25,696) | (1,240,684) | |
Foreign currency transactions | (14,334) | |
Futures contracts | 53,205 | |
Total net realized gain (loss) | | (1,201,813) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $44,547) | 1,073,140 | |
Assets and liabilities in foreign currencies | 2,840 | |
Futures contracts | 55,527 | |
Total change in net unrealized appreciation (depreciation) | | 1,131,507 |
Net gain (loss) | | (70,306) |
Net increase (decrease) in net assets resulting from operations | | $ 571,196 |
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, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 641,502 | $ 1,316,375 |
Net realized gain (loss) | (1,201,813) | 3,140,986 |
Change in net unrealized appreciation (depreciation) | 1,131,507 | (2,656,389) |
Net increase (decrease) in net assets resulting
from operations | 571,196 | 1,800,972 |
Distributions to shareholders from net investment income | (1,198,750) | (1,381,318) |
Distributions to shareholders from net realized gain | (136,019) | - |
Total distributions | (1,334,769) | (1,381,318) |
Share transactions - net increase (decrease) | (5,616,512) | (8,457,450) |
Redemption fees | 11,538 | 27,840 |
Total increase (decrease) in net assets | (6,368,547) | (8,009,956) |
| | |
Net Assets | | |
Beginning of period | 79,543,683 | 87,553,639 |
End of period (including undistributed net investment income of $593,477 and undistributed net investment income of $1,150,725, respectively) | $ 73,175,136 | $ 79,543,683 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.56 | $ 11.37 | $ 10.86 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .18 | .18 | .20 |
Net realized and unrealized gain (loss) | .04 H | .19 | .48 | .68 |
Total from investment operations | .13 | .37 | .66 | .88 |
Distributions from net investment income | (.17) | (.18) | (.15) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.19) | (.18) | (.16) | (.02) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.50 | $ 11.56 | $ 11.37 | $ 10.86 |
Total ReturnB, C, D | 1.20% | 3.30% | 6.23% | 8.80% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.03%A | 1.98% | 1.89% | 1.87% |
Expenses net of fee waivers, if any | 1.65%A | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.65%A | 1.65% | 1.62% | 1.62% |
Net investment income (loss) | 1.70%A | 1.61% | 1.61% | 1.92% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,213 | $ 13,627 | $ 18,837 | $ 7,675 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.54 | $ 11.34 | $ 10.84 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .08 | .15 | .15 | .17 |
Net realized and unrealized gain (loss) | .04 H | .19 | .48 | .68 |
Total from investment operations | .12 | .34 | .63 | .85 |
Distributions from net investment income | (.14) | (.14) | (.12) | (.01) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.16) | (.14) | (.14) L | (.01) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.50 | $ 11.54 | $ 11.34 | $ 10.84 |
Total ReturnB, C, D | 1.10% | 3.04% | 5.93% | 8.56% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.37%A | 2.32% | 2.13% | 2.10% |
Expenses net of fee waivers, if any | 1.90%A | 1.90% | 1.90% | 1.90% |
Expenses net of all reductions | 1.90%A | 1.90% | 1.88% | 1.87% |
Net investment income (loss) | 1.45%A | 1.36% | 1.36% | 1.67% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,607 | $ 5,277 | $ 5,967 | $ 5,823 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
L Total distributions of $.14 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.47 | $ 11.29 | $ 10.80 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .10 | .09 | .12 |
Net realized and unrealized gain (loss) | .04 H | .19 | .47 | .69 |
Total from investment operations | .09 | .29 | .56 | .81 |
Distributions from net investment income | (.10) | (.11) | (.07) | (.01) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.12) | (.11) | (.08) | (.01) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.44 | $ 11.47 | $ 11.29 | $ 10.80 |
Total ReturnB, C, D | .81% | 2.56% | 5.31% | 8.07% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.77%A | 2.72% | 2.65% | 2.63% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.40% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.37% | 2.37% |
Net investment income (loss) | .95%A | .86% | .86% | 1.17% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 10,186 | $ 10,104 | $ 7,436 | $ 5,824 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total Emerging Markets
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.60 | $ 11.40 | $ 10.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .11 | .21 | .21 | .22 |
Net realized and unrealized gain (loss) | .03 G | .19 | .47 | .69 |
Total from investment operations | .14 | .40 | .68 | .91 |
Distributions from net investment income | (.20) | (.20) | (.17) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.22) | (.20) | (.18) | (.02) |
Redemption fees added to paid in capital D | - J | - J | .01 | - J |
Net asset value, end of period | $ 11.52 | $ 11.60 | $ 11.40 | $ 10.89 |
Total ReturnB, C | 1.29% | 3.56% | 6.44% | 9.15% |
Ratios to Average Net Assets E, I | | | | |
Expenses before reductions | 1.84%A | 1.73% | 1.56% | 1.60% |
Expenses net of fee waivers, if any | 1.40%A | 1.40% | 1.40% | 1.40% |
Expenses net of all reductions | 1.40%A | 1.40% | 1.38% | 1.38% |
Net investment income (loss) | 1.95%A | 1.86% | 1.85% | 2.16% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 37,551 | $ 45,763 | $ 49,959 | $ 81,416 |
Portfolio turnover rateF | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.59 | $ 11.40 | $ 10.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .11 | .21 | .20 | .22 |
Net realized and unrealized gain (loss) | .04 J | .18 | .48 | .69 |
Total from investment operations | .15 | .39 | .68 | .91 |
Distributions from net investment income | (.20) | (.20) | (.17) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.22) | (.20) | (.18) | (.02) |
Redemption fees added to paid in capital D | - I | - I | .01 | - I |
Net asset value, end of period | $ 11.52 | $ 11.59 | $ 11.40 | $ 10.89 |
Total ReturnB, C | 1.37% | 3.51% | 6.44% | 9.15% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.69%A | 1.71% | 1.63% | 1.62% |
Expenses net of fee waivers, if any | 1.40%A | 1.40% | 1.40% | 1.40% |
Expenses net of all reductions | 1.39%A | 1.40% | 1.37% | 1.37% |
Net investment income (loss) | 1.96%A | 1.86% | 1.86% | 2.17% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 7,618 | $ 4,773 | $ 5,354 | $ 2,287 |
Portfolio turnover rateF | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Total Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Total Emerging Markets and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 10,754,607 |
Gross unrealized depreciation | (2,763,555) |
Net unrealized appreciation (depreciation) on securities | $ 7,991,052 |
Tax cost | $ 65,010,788 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as
Semiannual Report
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $53,205 and a change in net unrealized appreciation (depreciation) of $55,527 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $37,917,944 and $44,706,843, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 16,936 | $ 4,933 |
Class T | .25% | .25% | 12,218 | 4,753 |
Class C | .75% | .25% | 50,223 | 29,561 |
| | | $ 79,377 | $ 39,247 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 | $ 2,381 |
Class T | 546 |
Class C* | 86 |
| $ 3,013 |
* When 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 14,871 | .22 |
Class T | 7,541 | .31 |
Class C | 11,005 | .22 |
Total Emerging Markets | 54,733 | .28 |
Institutional Class | 4,617 | .16 |
| $ 92,767 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions - continued
(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $252 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $59 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $209. During the period, there were no securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.65% | $ 25,540 |
Class T | 1.90% | 11,417 |
Class C | 2.40% | 18,762 |
Total Emerging Markets | 1.40% | 87,005 |
Institutional Class | 1.40% | 8,757 |
| | $ 151,481 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,748 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 $16.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Total Emerging Markets expenses during the period in the amount of $13.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ 211,944 | $ 298,475 |
Class T | 63,689 | 72,882 |
Class C | 88,937 | 71,691 |
Total Emerging Markets | 751,293 | 837,446 |
Institutional Class | 82,887 | 100,824 |
Total | $ 1,198,750 | $ 1,381,318 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net realized gain | | |
Class A | $ 24,934 | $ - |
Class T | 9,098 | - |
Class C | 18,150 | - |
Total Emerging Markets | 75,507 | - |
Institutional Class | 8,330 | - |
Total | $ 136,019 | $ - |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 164,669 | 374,099 | $ 1,836,302 | $ 4,265,512 |
Reinvestment of distributions | 21,174 | 24,147 | 232,918 | 267,553 |
Shares redeemed | (215,972) | (876,261) | (2,368,559) | (9,758,391) |
Net increase (decrease) | (30,129) | (478,015) | $ (299,339) | $ (5,225,326) |
Class T | | | | |
Shares sold | 22,487 | 73,071 | $ 246,990 | $ 838,229 |
Reinvestment of distributions | 6,566 | 6,487 | 72,226 | 71,875 |
Shares redeemed | (85,669) | (148,531) | (939,146) | (1,659,489) |
Net increase (decrease) | (56,616) | (68,973) | $ (619,930) | $ (749,385) |
Class C | | | | |
Shares sold | 104,570 | 312,027 | $ 1,139,403 | $ 3,545,260 |
Reinvestment of distributions | 9,691 | 6,236 | 106,316 | 69,031 |
Shares redeemed | (105,050) | (95,617) | (1,144,340) | (1,079,948) |
Net increase (decrease) | 9,211 | 222,646 | $ 101,379 | $ 2,534,343 |
Total Emerging Markets | | | | |
Shares sold | 527,529 | 1,227,986 | $ 5,793,785 | $ 14,240,572 |
Reinvestment of distributions | 70,595 | 69,851 | 777,256 | 774,644 |
Shares redeemed | (1,285,793) | (1,734,596) | (14,095,631) | (19,517,156) |
Net increase (decrease) | (687,669) | (436,759) | $ (7,524,590) | $ (4,501,940) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Institutional Class | | | | |
Shares sold | 344,868 | 216,506 | $ 3,760,456 | $ 2,508,322 |
Reinvestment of distributions | 8,237 | 8,910 | 90,609 | 98,814 |
Shares redeemed | (103,405) | (283,392) | (1,125,097) | (3,122,278) |
Net increase (decrease) | 249,700 | (57,976) | $ 2,725,968 | $ (515,142) |
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, the investment adviser or its affiliates were the owners of record of 24% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
ATEKI-USAN-0615
1.931263.103
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total Emerging Markets
Fund - Class A, Class T,
and Class C
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Class A, Class T, and
Class C are classes of
Fidelity® Total Emerging
Markets Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Total Emerging Markets Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Fidelity Total Emerging Markets Fund
Shareholder Expense Example - continued
| Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,012.00 | $ 8.23 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,011.00 | $ 9.47 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,008.10 | $ 11.95 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Total Emerging Markets | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,012.90 | $ 6.99 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,013.70 | $ 6.99 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Emerging Markets Fund
Investment Changes (Unaudited)
Top Five Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.4 | 2.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.2 | 2.3 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 1.5 | 1.5 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 1.3 | 1.1 |
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) | 1.2 | 0.0 |
| 8.6 | |
Top Five Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.0 | 22.6 |
Energy | 13.6 | 9.4 |
Information Technology | 12.5 | 13.8 |
Consumer Discretionary | 5.5 | 6.8 |
Consumer Staples | 5.2 | 6.5 |
Top Five Countries as of April 30, 2015 |
(excluding cash equivalents) | % of fund's
net assets | % of fund's net assets
6 months ago |
Korea (South) | 9.6 | 13.5 |
China | 7.1 | 5.9 |
India | 6.3 | 8.5 |
Cayman Islands | 6.0 | 5.5 |
Mexico | 5.8 | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2015 | As of October 31, 2014 |
 | Stocks and
Equity Futures 59.6% | |  | Stocks and
Equity Futures 75.6% | |
 | Bonds 38.7% | |  | Bonds 22.9% | |
 | Other Investments 0.4% | |  | Other Investments 0.0% | |
 | Short-Term
Investments and
Net Other Assets (Liabilities) 1.3% | |  | Short-Term
Investments and
Net Other Assets (Liabilities) 1.5% | |
Semiannual Report
Fidelity Total Emerging Markets Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 56.1% |
| Shares | | Value |
Argentina - 0.4% |
Grupo Financiero Galicia SA sponsored ADR | 4,300 | | $ 94,772 |
Telecom Argentina SA Class B sponsored ADR | 2,861 | | 59,680 |
YPF SA Class D sponsored ADR | 5,600 | | 171,024 |
TOTAL ARGENTINA | | 325,476 |
Bermuda - 1.0% |
Aquarius Platinum Ltd. (Australia) (a) | 312,441 | | 42,033 |
China Resources Gas Group Ltd. | 24,000 | | 83,607 |
Credicorp Ltd. (United States) | 1,272 | | 194,044 |
GP Investments Ltd. Class A (depositary receipt) (a) | 42,422 | | 77,721 |
Shangri-La Asia Ltd. | 98,000 | | 149,202 |
Yue Yuen Industrial (Holdings) Ltd. | 43,000 | | 163,666 |
TOTAL BERMUDA | | 710,273 |
Brazil - 1.5% |
B2W Companhia Global do Varejo (a) | 5,100 | | 46,329 |
BM&F BOVESPA SA | 34,100 | | 140,454 |
Cielo SA | 12,840 | | 178,732 |
Companhia de Saneamento de Minas Gerais | 8,004 | | 48,216 |
Cosan SA Industria e Comercio | 7,017 | | 68,704 |
Direcional Engenharia SA | 28,800 | | 60,985 |
Fibria Celulose SA (a) | 20,800 | | 291,674 |
Minerva SA (a) | 40,100 | | 116,722 |
Smiles SA | 9,400 | | 158,801 |
TOTAL BRAZIL | | 1,110,617 |
British Virgin Islands - 0.0% |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 1,472 | | 35,114 |
Canada - 0.3% |
Goldcorp, Inc. | 2,900 | | 54,587 |
Pan American Silver Corp. | 13,200 | | 125,664 |
Torex Gold Resources, Inc. (a) | 36,200 | | 33,605 |
TOTAL CANADA | | 213,856 |
Cayman Islands - 4.2% |
21Vianet Group, Inc. ADR (a) | 3,418 | | 70,308 |
58.com, Inc. ADR (a) | 2,650 | | 202,142 |
AAC Technology Holdings, Inc. | 22,500 | | 119,459 |
Alibaba Group Holding Ltd. sponsored ADR | 700 | | 56,903 |
China ZhengTong Auto Services Holdings Ltd. | 166,160 | | 113,838 |
ENN Energy Holdings Ltd. | 39,878 | | 288,130 |
Haitian International Holdings Ltd. | 35,000 | | 87,245 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Hengan International Group Co. Ltd. | 16,500 | | $ 203,947 |
Leju Holdings Ltd. ADR | 5,548 | | 58,420 |
Shenzhou International Group Holdings Ltd. | 13,000 | | 61,305 |
SINA Corp. (a) | 2,562 | | 112,715 |
Tencent Holdings Ltd. | 53,200 | | 1,097,988 |
Tingyi (Cayman Islands) Holding Corp. | 78,000 | | 164,845 |
TPK Holding Co. Ltd. | 24,000 | | 149,677 |
Uni-President China Holdings Ltd. | 276,600 | | 223,762 |
Yingde Gases Group Co. Ltd. | 77,000 | | 67,457 |
TOTAL CAYMAN ISLANDS | | 3,078,141 |
Chile - 1.1% |
Compania Cervecerias Unidas SA sponsored ADR (e) | 5,656 | | 123,697 |
Empresa Nacional de Electricidad SA | 34,995 | | 53,838 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 5,995 | | 67,580 |
Empresas CMPC SA | 38,860 | | 110,414 |
Enersis SA | 364,099 | | 126,793 |
Inversiones La Construccion SA | 7,374 | | 94,398 |
Vina Concha y Toro SA | 103,483 | | 210,739 |
TOTAL CHILE | | 787,459 |
China - 6.7% |
Anhui Conch Cement Co. Ltd. (H Shares) | 48,000 | | 195,083 |
Baoshan Iron & Steel Co. Ltd. | 131,700 | | 190,454 |
BBMG Corp. (H Shares) | 236,000 | | 292,924 |
China Life Insurance Co. Ltd. (H Shares) | 127,170 | | 617,192 |
China Machinery Engineering Co. (H Shares) | 76,000 | | 101,195 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 72,230 | | 394,208 |
China Suntien Green Energy Corp. Ltd. (H Shares) | 223,850 | | 60,363 |
China Telecom Corp. Ltd. (H Shares) | 347,117 | | 258,416 |
Daqin Railway Co. Ltd. (A Shares) | 104,100 | | 234,455 |
Industrial & Commercial Bank of China Ltd. (H Shares) | 1,101,900 | | 955,855 |
Kweichow Moutai Co. Ltd. | 8,200 | | 333,444 |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 344,000 | | 134,040 |
PetroChina Co. Ltd. (H Shares) | 148,000 | | 190,885 |
PICC Property & Casualty Co. Ltd. (H Shares) | 94,495 | | 210,191 |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 24,351 | | 350,001 |
Qingdao Haier Co. Ltd. | 60,500 | | 264,422 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 18,000 | | 153,976 |
TOTAL CHINA | | 4,937,104 |
Colombia - 0.4% |
Bancolombia SA sponsored ADR | 6,337 | | 286,876 |
Common Stocks - continued |
| Shares | | Value |
Czech Republic - 0.1% |
Komercni Banka A/S | 432 | | $ 96,339 |
Egypt - 0.1% |
Citadel Capital Corp. (a) | 229,300 | | 69,721 |
Greece - 0.4% |
National Bank of Greece SA (a) | 41,460 | | 58,132 |
National Bank of Greece SA sponsored ADR (a) | 21,710 | | 31,697 |
Public Power Corp. of Greece (a) | 2,422 | | 16,291 |
Titan Cement Co. SA (Reg.) | 7,100 | | 179,071 |
TOTAL GREECE | | 285,191 |
Hong Kong - 3.9% |
China Mobile Ltd. | 14,675 | | 209,607 |
China Mobile Ltd. sponsored ADR | 9,684 | | 691,728 |
China Power International Development Ltd. | 127,270 | | 82,268 |
China Resources Enterprise Ltd. | 70,000 | | 214,952 |
China Resources Power Holdings Co. Ltd. | 78,929 | | 238,807 |
China Unicom Ltd. | 25,690 | | 48,249 |
China Unicom Ltd. sponsored ADR | 5,910 | | 111,049 |
CNOOC Ltd. | 295,000 | | 503,038 |
CNOOC Ltd. sponsored ADR | 70 | | 11,988 |
Far East Horizon Ltd. | 253,400 | | 268,748 |
Lenovo Group Ltd. | 118,000 | | 204,011 |
Sinotruk Hong Kong Ltd. | 151,500 | | 108,290 |
Techtronic Industries Co. Ltd. | 42,500 | | 151,070 |
TOTAL HONG KONG | | 2,843,805 |
India - 6.3% |
Adani Ports & Special Economic Zone | 34,905 | | 174,421 |
Axis Bank Ltd. (a) | 43,670 | | 392,026 |
Bharti Airtel Ltd. (a) | 10,069 | | 60,385 |
Bharti Infratel Ltd. | 50,778 | | 320,660 |
Coal India Ltd. | 47,512 | | 271,213 |
Eicher Motors Ltd. (a) | 683 | | 163,277 |
GAIL India Ltd. (a) | 16,345 | | 92,672 |
Grasim Industries Ltd. | 3,769 | | 234,914 |
HCL Technologies Ltd. | 14,136 | | 195,876 |
Infosys Ltd. | 10,971 | | 334,715 |
ITC Ltd. (a) | 65,019 | | 329,813 |
JK Cement Ltd. | 10,538 | | 107,042 |
Larsen & Toubro Ltd. (a) | 6,771 | | 173,815 |
LIC Housing Finance Ltd. | 11,925 | | 80,701 |
Lupin Ltd. | 8,951 | | 249,672 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Oil & Natural Gas Corp. Ltd. | 37,425 | | $ 179,034 |
Petronet LNG Ltd. (a) | 26,470 | | 72,748 |
Phoenix Mills Ltd. (a) | 23,946 | | 137,256 |
Power Grid Corp. of India Ltd. | 64,780 | | 153,481 |
SREI Infrastructure Finance Ltd. | 174,485 | | 109,006 |
State Bank of India | 84,967 | | 360,672 |
Tata Consultancy Services Ltd. | 5,049 | | 195,746 |
Yes Bank Ltd. | 16,643 | | 219,850 |
TOTAL INDIA | | 4,608,995 |
Indonesia - 1.2% |
PT Astra International Tbk | 460,300 | | 243,244 |
PT Bakrieland Development Tbk (a) | 14,008,300 | | 54,034 |
PT Bank Mandiri (Persero) Tbk | 222,000 | | 182,604 |
PT Bank Rakyat Indonesia Tbk | 248,400 | | 222,770 |
PT Kalbe Farma Tbk | 1,147,400 | | 158,888 |
PT Perusahaan Gas Negara Tbk Series B | 40,350 | | 12,763 |
TOTAL INDONESIA | | 874,303 |
Ireland - 0.1% |
Dragon Oil PLC | 7,300 | | 69,388 |
Israel - 0.2% |
Bezeq The Israel Telecommunication Corp. Ltd. | 82,495 | | 156,419 |
Kenya - 0.1% |
Equity Group Holdings Ltd. | 141,500 | | 73,667 |
Korea (South) - 8.7% |
AMOREPACIFIC Group, Inc. | 223 | | 337,468 |
BGFretail Co. Ltd. | 1,501 | | 163,741 |
Daewoo International Corp. | 14,325 | | 417,604 |
E-Mart Co. Ltd. | 1,388 | | 285,432 |
Fila Korea Ltd. | 1,930 | | 188,142 |
Hyundai HCN | 6,431 | | 31,764 |
Hyundai Industrial Development & Construction Co. | 4,304 | | 228,964 |
Hyundai Mobis | 3,107 | | 682,201 |
KB Financial Group, Inc. | 6,578 | | 249,657 |
Korea Electric Power Corp. | 3,329 | | 144,071 |
Korea Zinc Co. Ltd. | 439 | | 194,616 |
Korean Reinsurance Co. | 22,314 | | 246,527 |
LG Chemical Ltd. | 1,244 | | 315,299 |
NAVER Corp. | 310 | | 187,075 |
Samsung C&T Corp. | 4,104 | | 217,943 |
Samsung Electronics Co. Ltd. | 1,355 | | 1,773,769 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 11,242 | | $ 463,078 |
SK Hynix, Inc. | 2,697 | | 115,556 |
SK Telecom Co. Ltd. sponsored ADR | 3,828 | | 113,500 |
TOTAL KOREA (SOUTH) | | 6,356,407 |
Malaysia - 0.1% |
Malayan Banking Bhd | 35,800 | | 92,552 |
Mexico - 2.6% |
America Movil S.A.B. de CV Series L sponsored ADR | 13,625 | | 284,626 |
Banregio Grupo Financiero S.A.B. de CV | 17,500 | | 100,355 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 20,200 | | 143,817 |
Grupo Aeroportuario Norte S.A.B. de CV | 12,200 | | 60,928 |
Grupo Comercial Chedraui S.A.B. de CV | 32,176 | | 96,557 |
Grupo Financiero Banorte S.A.B. de CV Series O | 75,664 | | 431,436 |
Grupo Televisa SA de CV (CPO) sponsored ADR (a) | 12,400 | | 451,484 |
Macquarie Mexican (REIT) | 204,170 | | 309,542 |
TOTAL MEXICO | | 1,878,745 |
Netherlands - 0.3% |
Cnova NV (a) | 4,710 | | 26,612 |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(f) | 23,900 | | 126,189 |
Yandex NV (a) | 2,274 | | 43,752 |
TOTAL NETHERLANDS | | 196,553 |
Nigeria - 0.6% |
Guaranty Trust Bank PLC GDR (Reg. S) | 19,480 | | 135,352 |
Transnational Corp. of Nigeria PLC | 3,561,455 | | 57,270 |
Zenith Bank PLC | 2,217,656 | | 235,696 |
TOTAL NIGERIA | | 428,318 |
Pakistan - 0.2% |
Habib Bank Ltd. | 64,400 | | 127,046 |
Panama - 0.3% |
Copa Holdings SA Class A | 2,000 | | 221,780 |
Philippines - 1.6% |
Alliance Global Group, Inc. | 633,550 | | 360,690 |
Metro Pacific Investments Corp. | 444,300 | | 45,112 |
Metropolitan Bank & Trust Co. | 157,283 | | 327,857 |
Common Stocks - continued |
| Shares | | Value |
Philippines - continued |
Nickel Asia Corp. | 105,350 | | $ 53,720 |
Robinsons Land Corp. | 578,100 | | 388,078 |
TOTAL PHILIPPINES | | 1,175,457 |
Poland - 0.2% |
Powszechny Zaklad Ubezpieczen SA | 1,409 | | 183,941 |
Puerto Rico - 0.1% |
Popular, Inc. (a) | 1,890 | | 61,293 |
Russia - 2.0% |
Bashneft OJSC (a) | 1,313 | | 54,727 |
Bashneft OJSC rights | 150 | | 0 |
E.ON Russia JSC (a) | 850,700 | | 52,023 |
Gazprom OAO (a) | 71,409 | | 212,300 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 9,000 | | 460,400 |
Mobile TeleSystems OJSC (a) | 23,801 | | 121,872 |
NOVATEK OAO GDR (Reg. S) | 3,500 | | 338,889 |
Sberbank of Russia sponsored ADR | 43,204 | | 256,427 |
TOTAL RUSSIA | | 1,496,638 |
Singapore - 0.3% |
Ezion Holdings Ltd. | 73,940 | | 67,335 |
First Resources Ltd. | 137,000 | | 184,296 |
TOTAL SINGAPORE | | 251,631 |
South Africa - 2.8% |
Alexander Forbes Group Holding (a)(h) | 40,881 | | 33,849 |
Aspen Pharmacare Holdings Ltd. | 9,962 | | 303,141 |
Barclays Africa Group Ltd. | 23,324 | | 373,655 |
Bidvest Group Ltd. | 7,956 | | 215,803 |
Blue Label Telecoms Ltd. (h) | 54,065 | | 36,494 |
JSE Ltd. | 9,690 | | 108,399 |
Life Healthcare Group Holdings Ltd. | 45,600 | | 156,430 |
Naspers Ltd. Class N | 5,100 | | 802,123 |
TOTAL SOUTH AFRICA | | 2,029,894 |
Taiwan - 5.4% |
Advantech Co. Ltd. | 14,000 | | 115,882 |
Catcher Technology Co. Ltd. | 16,000 | | 188,075 |
E.SUN Financial Holdings Co. Ltd. | 320,397 | | 219,694 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 58,624 | | 176,106 |
Inotera Memories, Inc. (a) | 65,000 | | 75,451 |
King's Town Bank | 89,000 | | 91,395 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - continued |
Largan Precision Co. Ltd. | 5,000 | | $ 502,841 |
Pegatron Corp. | 51,000 | | 152,037 |
Taiwan Cement Corp. | 127,000 | | 180,801 |
Taiwan Fertilizer Co. Ltd. | 73,000 | | 134,435 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 308,000 | | 1,482,796 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5,142 | | 125,670 |
Unified-President Enterprises Corp. | 110,243 | | 181,063 |
Universal Cement Corp. | 95,740 | | 102,380 |
Vanguard International Semiconductor Corp. | 42,000 | | 64,866 |
Yuanta Financial Holding Co. Ltd. | 235,200 | | 137,084 |
TOTAL TAIWAN | | 3,930,576 |
Thailand - 1.4% |
Intouch Holdings PCL NVDR | 68,700 | | 160,519 |
Jasmine Broadband Internet Infrastructure Fund (a) | 509,600 | | 146,130 |
Kasikornbank PCL (For. Reg.) | 52,134 | | 332,215 |
PTT Exploration and Production PCL (For. Reg.) | 48,300 | | 171,479 |
Thai Union Frozen Products PCL (For. Reg.) | 290,200 | | 179,641 |
TOTAL THAILAND | | 989,984 |
Turkey - 0.7% |
Aselsan A/S | 15,000 | | 78,295 |
Aygaz A/S | 13,293 | | 48,743 |
Tupras Turkiye Petrol Rafinelleri A/S | 7,000 | | 169,984 |
Turkiye Garanti Bankasi A/S | 66,964 | | 213,063 |
TOTAL TURKEY | | 510,085 |
United Arab Emirates - 0.5% |
DP World Ltd. | 5,182 | | 119,601 |
Emaar Properties PJSC | 56,492 | | 126,736 |
First Gulf Bank PJSC | 26,868 | | 111,555 |
TOTAL UNITED ARAB EMIRATES | | 357,892 |
United Kingdom - 0.1% |
Fresnillo PLC | 5,400 | | 59,892 |
United States of America - 0.2% |
Cognizant Technology Solutions Corp. Class A (a) | 2,020 | | 118,251 |
TOTAL COMMON STOCKS (Cost $32,665,832) |
41,029,679
|
Nonconvertible Preferred Stocks - 2.4% |
| Shares | | Value |
Brazil - 1.5% |
Ambev SA sponsored ADR | 15,900 | | $ 100,647 |
Banco do Estado Rio Grande do Sul SA | 30,920 | | 119,967 |
Companhia Paranaense de Energia-Copel: | | | |
(PN-B) | 515 | | 5,796 |
(PN-B) sponsored | 5,375 | | 58,803 |
Itau Unibanco Holding SA sponsored ADR | 37,178 | | 476,622 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) | 19,306 | | 167,576 |
Vale SA (PN-A) sponsored ADR | 23,800 | | 143,990 |
TOTAL BRAZIL | | 1,073,401 |
Korea (South) - 0.9% |
Hyundai Motor Co. Series 2 | 1,931 | | 218,717 |
Samsung Electronics Co. Ltd. | 283 | | 286,387 |
Samsung Fire & Marine Insurance Co. Ltd. | 880 | | 141,750 |
TOTAL KOREA (SOUTH) | | 646,854 |
Russia - 0.0% |
Surgutneftegas OJSC (a) | 14,250 | | 10,743 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,727,046) |
1,730,998
|
Nonconvertible Bonds - 15.1% |
| Principal Amount | | |
Azerbaijan - 0.7% |
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) | | $ 200,000 | | 192,060 |
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) | | 275,000 | | 297,105 |
TOTAL AZERBAIJAN | | 489,165 |
Bangladesh - 0.3% |
Banglalink Digital Communications Ltd. 8.625% 5/6/19 (f) | | 200,000 | | 208,000 |
Brazil - 0.4% |
Caixa Economica Federal 3.5% 11/7/22 (f) | | 300,000 | | 272,250 |
Canada - 0.1% |
First Quantum Minerals Ltd. 7% 2/15/21 (f) | | 100,000 | | 93,250 |
Cayman Islands - 1.8% |
Alibaba Group Holding Ltd. 3.125% 11/28/21 (f) | | 300,000 | | 299,987 |
Lamar Funding Ltd. 3.958% 5/7/25 (f) | | 200,000 | | 203,500 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Cayman Islands - continued |
Petrobras International Finance Co. Ltd.: | | | | |
5.375% 1/27/21 | | $ 530,000 | | $ 508,694 |
8.375% 12/10/18 | | 300,000 | | 328,770 |
TOTAL CAYMAN ISLANDS | | 1,340,951 |
Georgia - 0.3% |
JSC Georgian Railway 7.75% 7/11/22 (f) | | 200,000 | | 219,780 |
Indonesia - 1.4% |
PT Pertamina Persero: | | | | |
5.25% 5/23/21 (f) | | 200,000 | | 213,250 |
5.625% 5/20/43 (f) | | 200,000 | | 193,260 |
6.5% 5/27/41 (f) | | 550,000 | | 588,500 |
TOTAL INDONESIA | | 995,010 |
Ireland - 0.5% |
Vnesheconombank Via VEB Finance PLC: | | | | |
5.375% 2/13/17 (f) | | 250,000 | | 245,240 |
6.8% 11/22/25 (f) | | 100,000 | | 92,500 |
TOTAL IRELAND | | 337,740 |
Israel - 0.8% |
B Communications Ltd. 7.375% 2/15/21 (f) | | 300,000 | | 320,460 |
Israel Electric Corp. Ltd. 7.25% 1/15/19 (Reg. S) | | 250,000 | | 286,250 |
TOTAL ISRAEL | | 606,710 |
Kazakhstan - 1.6% |
Kazagro National Management Holding JSC 4.625% 5/24/23 (f) | | 400,000 | | 372,648 |
KazMunaiGaz Finance Sub BV 6% 11/7/44 (f) | | 200,000 | | 183,000 |
KazMunaiGaz National Co. 5.75% 4/30/43 (f) | | 300,000 | | 271,920 |
Zhaikmunai International BV 7.125% 11/13/19 (f) | | 350,000 | | 329,875 |
TOTAL KAZAKHSTAN | | 1,157,443 |
Luxembourg - 0.8% |
RSHB Capital SA: | | | | |
5.1% 7/25/18 (f) | | 400,000 | | 374,500 |
6.299% 5/15/17 (Reg. S) | | 200,000 | | 197,246 |
TOTAL LUXEMBOURG | | 571,746 |
Mexico - 2.5% |
Pemex Project Funding Master Trust 6.625% 6/15/35 | | 350,000 | | 394,450 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Mexico - continued |
Petroleos Mexicanos: | | | | |
5.5% 1/21/21 | | $ 400,000 | | $ 439,000 |
6.5% 6/2/41 | | 150,000 | | 165,563 |
6.625% (f)(g) | | 850,000 | | 862,750 |
TOTAL MEXICO | | 1,861,763 |
Netherlands - 0.4% |
Petrobras Global Finance BV 7.25% 3/17/44 | | 300,000 | | 294,675 |
South Africa - 0.4% |
Eskom Holdings Ltd. 6.75% 8/6/23 (f) | | 300,000 | | 310,524 |
Trinidad & Tobago - 0.2% |
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (f) | | 150,000 | | 179,700 |
Tunisia - 0.3% |
Banque Centrale de Tunisie 5.75% 1/30/25 (f) | | 200,000 | | 206,500 |
Turkey - 0.4% |
Arcelik A/S 5% 4/3/23 (f) | | 300,000 | | 286,860 |
Venezuela - 2.2% |
Petroleos de Venezuela SA: | | | | |
5.25% 4/12/17 | | 300,000 | | 175,470 |
5.5% 4/12/37 | | 500,000 | | 202,500 |
6% 11/15/26 (Reg. S) | | 700,000 | | 290,500 |
8.5% 11/2/17 (f) | | 250,000 | | 193,375 |
9% 11/17/21 (Reg. S) | | 550,000 | | 268,070 |
9.75% 5/17/35 (f) | | 300,000 | | 146,370 |
12.75% 2/17/22 (f) | | 600,000 | | 352,500 |
TOTAL VENEZUELA | | 1,628,785 |
TOTAL NONCONVERTIBLE BONDS (Cost $11,082,021) |
11,060,852
|
Government Obligations - 23.7% |
|
Armenia - 0.8% |
Republic of Armenia 6% 9/30/20 (f) | | 625,000 | | 618,750 |
Azerbaijan - 0.4% |
State Oil Co. of Azerbaijan Republic 4.75% 3/13/23 (Reg. S) | | 325,000 | | 315,188 |
Barbados - 0.5% |
Barbados Government 7% 8/4/22 (f) | | 350,000 | | 339,488 |
Government Obligations - continued |
| Principal Amount | | Value |
Belize - 0.3% |
Belize Government 5% 2/20/38 (d)(f) | | $ 332,500 | | $ 247,713 |
Bolivia - 0.3% |
Plurinational State of Bolivia 4.875% 10/29/22 (f) | | 200,000 | | 202,250 |
Brazil - 1.4% |
Brazilian Federative Republic: | | | | |
4.25% 1/7/25 | | 850,000 | | 838,189 |
12.25% 3/6/30 | | 100,000 | | 180,000 |
TOTAL BRAZIL | | 1,018,189 |
Colombia - 0.7% |
Colombian Republic: | | | | |
4% 2/26/24 | | 200,000 | | 205,500 |
7.375% 9/18/37 | | 225,000 | | 299,813 |
TOTAL COLOMBIA | | 505,313 |
Congo - 0.4% |
Congo Republic 3.5% 6/30/29 (d) | | 305,900 | | 276,888 |
Costa Rica - 0.8% |
Costa Rican Republic: | | | | |
4.375% 4/30/25 (f) | | 225,000 | | 209,250 |
7% 4/4/44 (f) | | 400,000 | | 411,000 |
TOTAL COSTA RICA | | 620,250 |
Dominican Republic - 0.7% |
Dominican Republic: | | | | |
5.875% 4/18/24 (f) | | 150,000 | | 159,000 |
6.6% 1/28/24 (f) | | 100,000 | | 109,500 |
7.45% 4/30/44 (f) | | 200,000 | | 225,000 |
TOTAL DOMINICAN REPUBLIC | | 493,500 |
Ecuador - 0.3% |
Ecuador Republic 7.95% 6/20/24 (f) | | 200,000 | | 195,000 |
Egypt - 0.2% |
Arab Republic of Egypt 6.875% 4/30/40 (f) | | 150,000 | | 155,625 |
El Salvador - 0.4% |
El Salvador Republic: | | | | |
7.375% 12/1/19 | | 100,000 | | 109,500 |
7.625% 2/1/41 (f) | | 150,000 | | 156,938 |
TOTAL EL SALVADOR | | 266,438 |
Government Obligations - continued |
| Principal Amount | | Value |
Ethiopia - 0.3% |
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (f) | | $ 200,000 | | $ 200,250 |
Gabon - 0.3% |
Gabonese Republic 6.375% 12/12/24 (f) | | 200,000 | | 201,900 |
Georgia - 0.3% |
Georgia Republic 6.875% 4/12/21 (f) | | 200,000 | | 222,000 |
Ghana - 0.5% |
Ghana Republic: | | | | |
7.875% 8/7/23 (Reg.S) | | 200,000 | | 193,036 |
8.125% 1/18/26 (f) | | 200,000 | | 193,516 |
TOTAL GHANA | | 386,552 |
Hungary - 0.3% |
Hungarian Republic 5.75% 11/22/23 | | 200,000 | | 229,850 |
Iraq - 0.3% |
Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 250,000 | | 215,625 |
Ivory Coast - 0.6% |
Ivory Coast: | | | | |
5.375% 7/23/24 (f) | | 200,000 | | 189,000 |
5.75% 12/31/32 | | 275,000 | | 262,900 |
TOTAL IVORY COAST | | 451,900 |
Jamaica - 0.2% |
Jamaican Government 8% 6/24/19 | | 150,000 | | 166,030 |
Kenya - 0.3% |
Republic of Kenya 6.875% 6/24/24 (f) | | 200,000 | | 211,000 |
Lebanon - 0.9% |
Lebanese Republic: | | | | |
5% 10/12/17 | | 100,000 | | 100,625 |
6.1% 10/4/22 | | 150,000 | | 153,000 |
6.65% 2/26/30(Reg. S) | | 125,000 | | 129,063 |
11.625% 5/11/16 (Reg. S) | | 250,000 | | 269,425 |
TOTAL LEBANON | | 652,113 |
Mexico - 0.7% |
Comision Federal de Electricid 4.875% 1/15/24 (f) | | 200,000 | | 215,400 |
United Mexican States 5.75% 10/12/2110 | | 250,000 | | 266,250 |
TOTAL MEXICO | | 481,650 |
Government Obligations - continued |
| Principal Amount | | Value |
Mongolia - 0.2% |
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) | | $ 200,000 | | $ 178,500 |
Namibia - 0.3% |
Republic of Namibia 5.5% 11/3/21 (f) | | 200,000 | | 220,224 |
Netherlands - 0.3% |
Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S) | | 250,000 | | 257,905 |
Nigeria - 0.3% |
Republic of Nigeria 6.375% 7/12/23 | | 200,000 | | 210,400 |
Pakistan - 0.3% |
Islamic Republic of Pakistan 7.25% 4/15/19 (f) | | 200,000 | | 210,883 |
Philippines - 0.8% |
Philippine Republic 9.5% 2/2/30 | | 350,000 | | 587,563 |
Qatar - 0.4% |
State of Qatar 5.75% 1/20/42 (f) | | 250,000 | | 317,500 |
Russia - 3.0% |
Russian Federation: | | | | |
4.875% 9/16/23 (f) | | 200,000 | | 196,000 |
5% 4/29/20 (f) | | 325,000 | | 330,688 |
5.625% 4/4/42 (f) | | 200,000 | | 192,952 |
5.875% 9/16/43 (f) | | 200,000 | | 196,850 |
7.5% 3/31/30 (Reg. S) | | 515,625 | | 603,142 |
12.75% 6/24/28 (Reg. S) | | 425,000 | | 671,500 |
TOTAL RUSSIA | | 2,191,132 |
Senegal - 0.3% |
Republic of Senegal 8.75% 5/13/21 (f) | | 200,000 | | 224,900 |
Serbia - 0.4% |
Republic of Serbia 7.25% 9/28/21 (f) | | 260,000 | | 299,465 |
South Africa - 0.4% |
South African Republic 5.875% 9/16/25 | | 250,000 | | 284,875 |
Sri Lanka - 0.4% |
Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (f) | | 300,000 | | 310,500 |
Tanzania - 0.3% |
United Republic of Tanzania 6.3971% 3/9/20 (j) | | 200,000 | | 205,000 |
Turkey - 1.6% |
Turkish Republic: | | | | |
6.25% 9/26/22 | | 200,000 | | 226,000 |
7% 6/5/20 | | 250,000 | | 287,975 |
Government Obligations - continued |
| Principal Amount | | Value |
Turkey - continued |
Turkish Republic: - continued | | | | |
7.375% 2/5/25 | | $ 300,000 | | $ 368,625 |
11.875% 1/15/30 | | 165,000 | | 287,249 |
TOTAL TURKEY | | 1,169,849 |
Ukraine - 0.6% |
Ukraine Government: | | | | |
6.58% 11/21/16 (f) | | 250,000 | | 115,625 |
6.75% 11/14/17 (f) | | 200,000 | | 93,000 |
7.5% 4/17/23 (Reg. S) | | 250,000 | | 118,350 |
9.25% 7/24/17 (f) | | 200,000 | | 92,000 |
TOTAL UKRAINE | | 418,975 |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.03% 6/25/15 (i) | | 50,000 | | 50,000 |
Venezuela - 1.6% |
Venezuelan Republic: | | | | |
7% 3/31/38 | | 650,000 | | 264,875 |
8.25% 10/13/24 | | 300,000 | | 131,250 |
9% 5/7/23 (Reg. S) | | 300,000 | | 136,500 |
9.25% 9/15/27 | | 650,000 | | 318,500 |
9.25% 5/7/28 (Reg. S) | | 250,000 | | 110,625 |
12.75% 8/23/22 | | 325,000 | | 177,938 |
TOTAL VENEZUELA | | 1,139,688 |
Vietnam - 0.3% |
Vietnamese Socialist Republic 6.75% 1/29/20 (f) | | 200,000 | | 225,750 |
Zambia - 0.2% |
Republic of Zambia 5.375% 9/20/22 (f) | | 200,000 | | 184,866 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $17,508,373) |
17,361,437
|
Preferred Securities - 0.4% |
|
China - 0.4% |
Sinochem Group 5% (f)(g)(j)
(Cost $312,642) | | 300,000 | |
318,709
|
Money Market Funds - 2.1% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.15% (b) | 1,464,565 | | $ 1,464,565 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 35,600 | | 35,600 |
TOTAL MONEY MARKET FUNDS (Cost $1,500,165) |
1,500,165
|
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $64,796,079) | | 73,001,840 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | | 173,296 |
NET ASSETS - 100% | $ 73,175,136 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
15 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2015 | | $ 779,025 | | $ 55,661 |
|
The face value of futures purchased as a percentage of net assets is 1.1% |
Security Type Abbreviations |
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,139,180 or 20.7% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) A portion of the security sold on a delayed delivery basis. |
(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $50,000. |
(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 | $ 1,109 |
Fidelity Securities Lending Cash Central Fund | 209 |
Total | $ 1,318 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 3,813,905 | $ 3,813,905 | $ - | $ - |
Consumer Staples | 3,450,766 | 3,113,298 | - | 337,468 |
Energy | 3,251,818 | 1,466,175 | 1,785,643 | - |
Financials | 12,242,457 | 8,592,882 | 3,649,575 | - |
Health Care | 868,131 | 868,131 | - | - |
Industrials | 3,298,593 | 3,298,593 | - | - |
Information Technology | 8,420,320 | 5,469,707 | 2,950,613 | - |
Materials | 3,244,095 | 2,770,218 | 473,877 | - |
Telecommunication Services | 2,664,290 | 2,284,562 | 379,728 | - |
Utilities | 1,506,302 | 1,192,459 | 313,843 | - |
Corporate Bonds | 11,060,852 | - | 11,060,852 | - |
Government Obligations | 17,361,437 | - | 17,361,437 | - |
Preferred Securities | 318,709 | - | 318,709 | - |
Money Market Funds | 1,500,165 | 1,500,165 | - | - |
Total Investments in Securities: | $ 73,001,840 | $ 34,370,095 | $ 38,294,277 | $ 337,468 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 55,661 | $ 55,661 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 2,029,616 |
Level 2 to Level 1 | $ 16,419,336 |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 55,661 | $ - |
Total Value of Derivatives | $ 55,661 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
Other Information |
The composition of credit quality ratings as a percentage of net assets is as follows (Unaudited): |
AAA,AA,A | 3.7% |
BBB | 9.4% |
BB | 11.9% |
B | 7.1% |
CCC,CC,C | 4.7% |
Not Rated | 2.3% |
Equities | 58.5% |
Short-Term Investments and Net
Other Assets | 2.4% |
| 100.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $34,992) - See accompanying schedule: Unaffiliated issuers (cost $63,295,914) | $ 71,501,675 | |
Fidelity Central Funds (cost $1,500,165) | 1,500,165 | |
Total Investments (cost $64,796,079) | | $ 73,001,840 |
Foreign currency held at value (cost $17,938) | | 17,893 |
Receivable for investments sold
Regular delivery | | 612,260 |
Delayed delivery | | 988 |
Receivable for fund shares sold | | 54,721 |
Dividends receivable | | 56,893 |
Interest receivable | | 542,494 |
Distributions receivable from Fidelity Central Funds | | 262 |
Prepaid expenses | | 56 |
Receivable from investment adviser for expense reductions | | 37,189 |
Other receivables | | 23,322 |
Total assets | | 74,347,918 |
| | |
Liabilities | | |
Payable to custodian bank | $ 195,287 | |
Payable for investments purchased | 657,668 | |
Payable for fund shares redeemed | 23,035 | |
Accrued management fee | 48,267 | |
Distribution and service plan fees payable | 13,186 | |
Payable for daily variation margin for derivative instruments | 12,450 | |
Other affiliated payables | 17,023 | |
Other payables and accrued expenses | 170,266 | |
Collateral on securities loaned, at value | 35,600 | |
Total liabilities | | 1,172,782 |
| | |
Net Assets | | $ 73,175,136 |
Net Assets consist of: | | |
Paid in capital | | $ 66,074,873 |
Undistributed net investment income | | 593,477 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,700,081) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 8,206,867 |
Net Assets | | $ 73,175,136 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($13,212,602 ÷ 1,149,094 shares) | | $ 11.50 |
| | |
Maximum offering price per share (100/94.25 of $11.50) | | $ 12.20 |
Class T:
Net Asset Value and redemption price per share ($4,606,974 ÷ 400,764 shares) | | $ 11.50 |
| | |
Maximum offering price per share (100/96.50 of $11.50) | | $ 11.92 |
Class C:
Net Asset Value and offering price per share ($10,186,056 ÷ 890,349 shares)A | | $ 11.44 |
| | |
Total Emerging Markets:
Net Asset Value, offering price and redemption price per share ($37,551,081 ÷ 3,258,770 shares) | | $ 11.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,618,423 ÷ 661,524 shares) | | $ 11.52 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 400,578 |
Interest | | 878,819 |
Income from Fidelity Central Funds | | 1,318 |
Income before foreign taxes withheld | | 1,280,715 |
Less foreign taxes withheld | | (45,081) |
Total income | | 1,235,634 |
| | |
Expenses | | |
Management fee | $ 295,109 | |
Transfer agent fees | 92,767 | |
Distribution and service plan fees | 79,377 | |
Accounting and security lending fees | 19,134 | |
Custodian fees and expenses | 177,673 | |
Independent trustees' compensation | 148 | |
Registration fees | 27,754 | |
Audit | 55,136 | |
Legal | 103 | |
Miscellaneous | 189 | |
Total expenses before reductions | 747,390 | |
Expense reductions | (153,258) | 594,132 |
Net investment income (loss) | | 641,502 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $25,696) | (1,240,684) | |
Foreign currency transactions | (14,334) | |
Futures contracts | 53,205 | |
Total net realized gain (loss) | | (1,201,813) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $44,547) | 1,073,140 | |
Assets and liabilities in foreign currencies | 2,840 | |
Futures contracts | 55,527 | |
Total change in net unrealized appreciation (depreciation) | | 1,131,507 |
Net gain (loss) | | (70,306) |
Net increase (decrease) in net assets resulting from operations | | $ 571,196 |
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, 2015
(Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 641,502 | $ 1,316,375 |
Net realized gain (loss) | (1,201,813) | 3,140,986 |
Change in net unrealized appreciation (depreciation) | 1,131,507 | (2,656,389) |
Net increase (decrease) in net assets resulting
from operations | 571,196 | 1,800,972 |
Distributions to shareholders from net investment income | (1,198,750) | (1,381,318) |
Distributions to shareholders from net realized gain | (136,019) | - |
Total distributions | (1,334,769) | (1,381,318) |
Share transactions - net increase (decrease) | (5,616,512) | (8,457,450) |
Redemption fees | 11,538 | 27,840 |
Total increase (decrease) in net assets | (6,368,547) | (8,009,956) |
| | |
Net Assets | | |
Beginning of period | 79,543,683 | 87,553,639 |
End of period (including undistributed net investment income of $593,477 and undistributed net investment income of $1,150,725, respectively) | $ 73,175,136 | $ 79,543,683 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.56 | $ 11.37 | $ 10.86 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .18 | .18 | .20 |
Net realized and unrealized gain (loss) | .04 H | .19 | .48 | .68 |
Total from investment operations | .13 | .37 | .66 | .88 |
Distributions from net investment income | (.17) | (.18) | (.15) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.19) | (.18) | (.16) | (.02) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.50 | $ 11.56 | $ 11.37 | $ 10.86 |
Total ReturnB, C, D | 1.20% | 3.30% | 6.23% | 8.80% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.03%A | 1.98% | 1.89% | 1.87% |
Expenses net of fee waivers, if any | 1.65%A | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.65%A | 1.65% | 1.62% | 1.62% |
Net investment income (loss) | 1.70%A | 1.61% | 1.61% | 1.92% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,213 | $ 13,627 | $ 18,837 | $ 7,675 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.54 | $ 11.34 | $ 10.84 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .08 | .15 | .15 | .17 |
Net realized and unrealized gain (loss) | .04 H | .19 | .48 | .68 |
Total from investment operations | .12 | .34 | .63 | .85 |
Distributions from net investment income | (.14) | (.14) | (.12) | (.01) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.16) | (.14) | (.14) L | (.01) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.50 | $ 11.54 | $ 11.34 | $ 10.84 |
Total ReturnB, C, D | 1.10% | 3.04% | 5.93% | 8.56% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.37%A | 2.32% | 2.13% | 2.10% |
Expenses net of fee waivers, if any | 1.90%A | 1.90% | 1.90% | 1.90% |
Expenses net of all reductions | 1.90%A | 1.90% | 1.88% | 1.87% |
Net investment income (loss) | 1.45%A | 1.36% | 1.36% | 1.67% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,607 | $ 5,277 | $ 5,967 | $ 5,823 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
L Total distributions of $.14 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.47 | $ 11.29 | $ 10.80 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .10 | .09 | .12 |
Net realized and unrealized gain (loss) | .04 H | .19 | .47 | .69 |
Total from investment operations | .09 | .29 | .56 | .81 |
Distributions from net investment income | (.10) | (.11) | (.07) | (.01) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.12) | (.11) | (.08) | (.01) |
Redemption fees added to paid in capital E | - K | - K | .01 | - K |
Net asset value, end of period | $ 11.44 | $ 11.47 | $ 11.29 | $ 10.80 |
Total ReturnB, C, D | .81% | 2.56% | 5.31% | 8.07% |
Ratios to Average Net Assets F, J | | | | |
Expenses before reductions | 2.77%A | 2.72% | 2.65% | 2.63% |
Expenses net of fee waivers, if any | 2.40%A | 2.40% | 2.40% | 2.40% |
Expenses net of all reductions | 2.40%A | 2.40% | 2.37% | 2.37% |
Net investment income (loss) | .95%A | .86% | .86% | 1.17% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 10,186 | $ 10,104 | $ 7,436 | $ 5,824 |
Portfolio turnover rateG | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
I For the period November 1, 2011 (commencement of operations) to October 31, 2012.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total Emerging Markets
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.60 | $ 11.40 | $ 10.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .11 | .21 | .21 | .22 |
Net realized and unrealized gain (loss) | .03 G | .19 | .47 | .69 |
Total from investment operations | .14 | .40 | .68 | .91 |
Distributions from net investment income | (.20) | (.20) | (.17) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.22) | (.20) | (.18) | (.02) |
Redemption fees added to paid in capital D | - J | - J | .01 | - J |
Net asset value, end of period | $ 11.52 | $ 11.60 | $ 11.40 | $ 10.89 |
Total ReturnB, C | 1.29% | 3.56% | 6.44% | 9.15% |
Ratios to Average Net Assets E, I | | | | |
Expenses before reductions | 1.84%A | 1.73% | 1.56% | 1.60% |
Expenses net of fee waivers, if any | 1.40%A | 1.40% | 1.40% | 1.40% |
Expenses net of all reductions | 1.40%A | 1.40% | 1.38% | 1.38% |
Net investment income (loss) | 1.95%A | 1.86% | 1.85% | 2.16% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 37,551 | $ 45,763 | $ 49,959 | $ 81,416 |
Portfolio turnover rateF | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
H For the period November 1, 2011 (commencement of operations) to October 31, 2012.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.59 | $ 11.40 | $ 10.89 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .11 | .21 | .20 | .22 |
Net realized and unrealized gain (loss) | .04 J | .18 | .48 | .69 |
Total from investment operations | .15 | .39 | .68 | .91 |
Distributions from net investment income | (.20) | (.20) | (.17) | (.02) |
Distributions from net realized gain | (.02) | - | (.01) | - |
Total distributions | (.22) | (.20) | (.18) | (.02) |
Redemption fees added to paid in capital D | - I | - I | .01 | - I |
Net asset value, end of period | $ 11.52 | $ 11.59 | $ 11.40 | $ 10.89 |
Total ReturnB, C | 1.37% | 3.51% | 6.44% | 9.15% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.69%A | 1.71% | 1.63% | 1.62% |
Expenses net of fee waivers, if any | 1.40%A | 1.40% | 1.40% | 1.40% |
Expenses net of all reductions | 1.39%A | 1.40% | 1.37% | 1.37% |
Net investment income (loss) | 1.96%A | 1.86% | 1.86% | 2.17% |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 7,618 | $ 4,773 | $ 5,354 | $ 2,287 |
Portfolio turnover rateF | 105% A | 102% | 120% | 70% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period November 1, 2011 (commencement of operations) to October 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Total Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Total Emerging Markets and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 10,754,607 |
Gross unrealized depreciation | (2,763,555) |
Net unrealized appreciation (depreciation) on securities | $ 7,991,052 |
Tax cost | $ 65,010,788 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as
Semiannual Report
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $53,205 and a change in net unrealized appreciation (depreciation) of $55,527 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $37,917,944 and $44,706,843, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 16,936 | $ 4,933 |
Class T | .25% | .25% | 12,218 | 4,753 |
Class C | .75% | .25% | 50,223 | 29,561 |
| | | $ 79,377 | $ 39,247 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 | $ 2,381 |
Class T | 546 |
Class C* | 86 |
| $ 3,013 |
* When 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 14,871 | .22 |
Class T | 7,541 | .31 |
Class C | 11,005 | .22 |
Total Emerging Markets | 54,733 | .28 |
Institutional Class | 4,617 | .16 |
| $ 92,767 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions - continued
(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $252 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $59 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $209. During the period, there were no securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.65% | $ 25,540 |
Class T | 1.90% | 11,417 |
Class C | 2.40% | 18,762 |
Total Emerging Markets | 1.40% | 87,005 |
Institutional Class | 1.40% | 8,757 |
| | $ 151,481 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,748 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 $16.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Total Emerging Markets expenses during the period in the amount of $13.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net investment income | | |
Class A | $ 211,944 | $ 298,475 |
Class T | 63,689 | 72,882 |
Class C | 88,937 | 71,691 |
Total Emerging Markets | 751,293 | 837,446 |
Institutional Class | 82,887 | 100,824 |
Total | $ 1,198,750 | $ 1,381,318 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
From net realized gain | | |
Class A | $ 24,934 | $ - |
Class T | 9,098 | - |
Class C | 18,150 | - |
Total Emerging Markets | 75,507 | - |
Institutional Class | 8,330 | - |
Total | $ 136,019 | $ - |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Class A | | | | |
Shares sold | 164,669 | 374,099 | $ 1,836,302 | $ 4,265,512 |
Reinvestment of distributions | 21,174 | 24,147 | 232,918 | 267,553 |
Shares redeemed | (215,972) | (876,261) | (2,368,559) | (9,758,391) |
Net increase (decrease) | (30,129) | (478,015) | $ (299,339) | $ (5,225,326) |
Class T | | | | |
Shares sold | 22,487 | 73,071 | $ 246,990 | $ 838,229 |
Reinvestment of distributions | 6,566 | 6,487 | 72,226 | 71,875 |
Shares redeemed | (85,669) | (148,531) | (939,146) | (1,659,489) |
Net increase (decrease) | (56,616) | (68,973) | $ (619,930) | $ (749,385) |
Class C | | | | |
Shares sold | 104,570 | 312,027 | $ 1,139,403 | $ 3,545,260 |
Reinvestment of distributions | 9,691 | 6,236 | 106,316 | 69,031 |
Shares redeemed | (105,050) | (95,617) | (1,144,340) | (1,079,948) |
Net increase (decrease) | 9,211 | 222,646 | $ 101,379 | $ 2,534,343 |
Total Emerging Markets | | | | |
Shares sold | 527,529 | 1,227,986 | $ 5,793,785 | $ 14,240,572 |
Reinvestment of distributions | 70,595 | 69,851 | 777,256 | 774,644 |
Shares redeemed | (1,285,793) | (1,734,596) | (14,095,631) | (19,517,156) |
Net increase (decrease) | (687,669) | (436,759) | $ (7,524,590) | $ (4,501,940) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2015 | Year ended
October 31, 2014 | Six months ended
April 30, 2015 | Year ended
October 31, 2014 |
Institutional Class | | | | |
Shares sold | 344,868 | 216,506 | $ 3,760,456 | $ 2,508,322 |
Reinvestment of distributions | 8,237 | 8,910 | 90,609 | 98,814 |
Shares redeemed | (103,405) | (283,392) | (1,125,097) | (3,122,278) |
Net increase (decrease) | 249,700 | (57,976) | $ 2,725,968 | $ (515,142) |
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, the investment adviser or its affiliates were the owners of record of 24% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
ATEK-USAN-0615
1.931270.103
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
Fidelity®
Overseas
Fund -
Class K
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Overseas Fund
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, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Overseas | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,107.10 | $ 5.49 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Class K | .92% | | | |
Actual | | $ 1,000.00 | $ 1,107.70 | $ 4.81 |
HypotheticalA | | $ 1,000.00 | $ 1,020.23 | $ 4.61 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Overseas Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United Kingdom | 27.2% | |
 | Japan | 18.3% | |
 | Switzerland | 7.2% | |
 | Germany | 7.1% | |
 | France | 6.6% | |
 | United States of America* | 6.0% | |
 | Bailiwick of Jersey | 3.7% | |
 | Sweden | 3.6% | |
 | Australia | 2.9% | |
 | Other | 17.4% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | United Kingdom | 23.0% | |
 | Japan | 18.6% | |
 | Switzerland | 8.6% | |
 | Germany | 8.3% | |
 | United States of America* | 8.2% | |
 | France | 6.0% | |
 | Sweden | 4.7% | |
 | Australia | 4.0% | |
 | Bailiwick of Jersey | 3.2% | |
 | Other | 15.4% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.9 | 95.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1 | 4.4 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.3 | 2.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.1 | 2.4 |
Sanofi SA (France, Pharmaceuticals) | 1.6 | 1.4 |
Bayer AG (Germany, Pharmaceuticals) | 1.5 | 1.8 |
Prudential PLC (United Kingdom, Insurance) | 1.3 | 1.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 1.4 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.3 | 1.4 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 1.2 | 1.2 |
UBS Group AG (Switzerland, Capital Markets) | 1.2 | 1.1 |
BT Group PLC (United Kingdom, Diversified Telecommunication Services) | 1.2 | 0.9 |
| 15.0 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.5 | 20.1 |
Health Care | 16.2 | 15.3 |
Consumer Discretionary | 15.0 | 14.7 |
Industrials | 12.9 | 11.1 |
Information Technology | 10.3 | 9.9 |
Consumer Staples | 10.3 | 13.1 |
Materials | 4.7 | 5.9 |
Telecommunication Services | 3.9 | 3.2 |
Energy | 2.1 | 2.3 |
Semiannual Report
Fidelity Overseas Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.2% |
| Shares | | Value |
Australia - 2.9% |
Ansell Ltd. | 516,634 | | $ 10,666,592 |
Austbrokers Holdings Ltd. | 2,312,435 | | 15,627,734 |
Australia & New Zealand Banking Group Ltd. | 1,343,842 | | 36,146,644 |
Flight Centre Travel Group Ltd. (d) | 611,208 | | 21,006,199 |
Life Healthcare Group Ltd. | 1,346,638 | | 3,474,058 |
Spotless Group Holdings Ltd. | 12,630,070 | | 22,788,157 |
TOTAL AUSTRALIA | | 109,709,384 |
Austria - 0.4% |
Andritz AG | 285,300 | | 16,703,391 |
Bailiwick of Jersey - 3.7% |
Delphi Automotive PLC | 228,100 | | 18,932,300 |
Experian PLC | 441,894 | | 7,892,350 |
Regus PLC | 5,248,370 | | 20,045,203 |
Shire PLC | 362,200 | | 29,433,683 |
Wolseley PLC | 425,906 | | 25,189,958 |
WPP PLC | 1,703,633 | | 39,731,273 |
TOTAL BAILIWICK OF JERSEY | | 141,224,767 |
Belgium - 2.4% |
Anheuser-Busch InBev SA NV | 412,412 | | 50,210,480 |
KBC Groep NV | 658,382 | | 43,317,116 |
TOTAL BELGIUM | | 93,527,596 |
Canada - 1.0% |
Constellation Software, Inc. | 63,600 | | 24,933,941 |
Constellation Software, Inc. rights 9/15/15 (a) | 6,360 | | 1,898 |
Open Text Corp. | 278,500 | | 14,071,579 |
TOTAL CANADA | | 39,007,418 |
Cayman Islands - 0.8% |
Lifestyle International Holdings Ltd. | 5,203,500 | | 9,734,890 |
Shenzhou International Group Holdings Ltd. | 4,292,000 | | 20,240,189 |
TOTAL CAYMAN ISLANDS | | 29,975,079 |
China - 0.3% |
Zhengzhou Yutong Bus Co. Ltd. | 2,607,134 | | 12,870,066 |
Denmark - 0.3% |
NNIT A/S | 432,547 | | 10,097,219 |
France - 6.6% |
ALTEN | 270,300 | | 13,194,072 |
AXA SA (d) | 1,145,100 | | 28,954,829 |
Christian Dior SA | 118,597 | | 23,185,840 |
Ipsen SA | 358,100 | | 20,564,981 |
Kering SA (d) | 89,600 | | 16,570,337 |
Sanofi SA | 608,432 | | 61,932,604 |
Sodexo SA (a) | 208,500 | | 21,098,157 |
|
| Shares | | Value |
Total SA | 883,900 | | $ 47,863,152 |
Zodiac Aerospace | 528,100 | | 19,393,559 |
TOTAL FRANCE | | 252,757,531 |
Germany - 5.4% |
adidas AG (d) | 321,700 | | 26,358,789 |
Bayer AG | 404,397 | | 58,205,915 |
CompuGroup Medical AG | 462,500 | | 13,220,005 |
Continental AG (d) | 99,100 | | 23,224,563 |
Deutsche Post AG | 1,032,481 | | 33,997,796 |
Fresenius SE & Co. KGaA | 624,500 | | 37,153,340 |
Gerry Weber International AG (Bearer) (d) | 510,500 | | 16,686,040 |
TOTAL GERMANY | | 208,846,448 |
Ireland - 2.8% |
Accenture PLC Class A | 195,400 | | 18,103,810 |
Actavis PLC (a) | 79,600 | | 22,515,656 |
DCC PLC (United Kingdom) | 307,600 | | 19,567,544 |
Kerry Group PLC Class A | 401,964 | | 29,565,417 |
United Drug PLC (United Kingdom) | 2,088,200 | | 16,983,342 |
TOTAL IRELAND | | 106,735,769 |
Israel - 1.4% |
Frutarom Industries Ltd. | 446,972 | | 19,040,526 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 549,800 | | 33,218,916 |
TOTAL ISRAEL | | 52,259,442 |
Italy - 1.0% |
Mediaset SpA | 3,792,800 | | 19,493,529 |
Recordati SpA | 970,400 | | 19,336,049 |
TOTAL ITALY | | 38,829,578 |
Japan - 18.3% |
ACOM Co. Ltd. (a)(d) | 2,790,000 | | 9,263,773 |
Ai Holdings Corp. | 587,800 | | 10,689,342 |
Arc Land Sakamoto Co. Ltd. | 472,300 | | 11,392,333 |
Astellas Pharma, Inc. | 2,349,900 | | 36,589,586 |
Broadleaf Co. Ltd. | 550,400 | | 8,581,133 |
Daikin Industries Ltd. | 296,000 | | 19,941,238 |
Daito Trust Construction Co. Ltd. | 165,100 | | 19,225,995 |
Dentsu, Inc. | 488,700 | | 22,780,605 |
Fukuda Denshi Co. Ltd. | 144,100 | | 8,251,081 |
GMO Internet, Inc. | 1,428,700 | | 17,960,432 |
Hoya Corp. | 867,900 | | 33,449,644 |
Isuzu Motors Ltd. | 1,429,600 | | 18,947,654 |
Japan Tobacco, Inc. | 1,064,900 | | 37,187,228 |
KDDI Corp. | 1,331,700 | | 31,511,141 |
Keyence Corp. | 46,290 | | 24,711,876 |
Leopalace21 Corp. (a) | 1,623,500 | | 9,363,469 |
Makita Corp. | 371,600 | | 18,544,429 |
Meitec Corp. | 416,500 | | 13,412,522 |
Miraca Holdings, Inc. | 392,700 | | 19,756,522 |
Misumi Group, Inc. | 462,900 | | 17,371,772 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Nakanishi, Inc. | 378,700 | | $ 14,032,620 |
NGK Spark Plug Co. Ltd. | 989,500 | | 27,709,307 |
Nitori Holdings Co. Ltd. | 246,500 | | 18,958,086 |
OBIC Co. Ltd. | 397,100 | | 16,610,936 |
Olympus Corp. (a) | 719,300 | | 25,901,994 |
OMRON Corp. | 576,300 | | 26,462,581 |
ORIX Corp. | 2,212,200 | | 34,020,098 |
Roland DG Corp. | 289,400 | | 7,746,622 |
Seven Bank Ltd. | 4,318,200 | | 23,265,906 |
Shinsei Bank Ltd. | 8,485,000 | | 17,362,963 |
Ship Healthcare Holdings, Inc. | 700,600 | | 17,122,782 |
SoftBank Corp. | 406,100 | | 25,385,454 |
Software Service, Inc. | 108,400 | | 4,299,570 |
Sundrug Co. Ltd. | 370,000 | | 18,567,580 |
Tsuruha Holdings, Inc. | 310,000 | | 22,483,909 |
VT Holdings Co. Ltd. | 2,992,200 | | 15,013,658 |
TOTAL JAPAN | | 703,875,841 |
Luxembourg - 1.3% |
Altice SA (a) | 174,529 | | 18,455,408 |
Eurofins Scientific SA | 52,159 | | 14,692,396 |
Grand City Properties SA (a) | 818,700 | | 15,518,085 |
TOTAL LUXEMBOURG | | 48,665,889 |
Netherlands - 2.2% |
Arcadis NV | 508,100 | | 16,083,408 |
IMCD Group BV | 788,100 | | 29,368,860 |
ING Groep NV (Certificaten Van Aandelen) | 2,479,100 | | 38,033,249 |
TOTAL NETHERLANDS | | 83,485,517 |
New Zealand - 0.4% |
EBOS Group Ltd. | 1,913,519 | | 13,918,502 |
Norway - 0.5% |
Telenor ASA | 878,200 | | 19,834,312 |
South Africa - 0.2% |
EOH Holdings Ltd. | 715,781 | | 9,717,233 |
Spain - 1.3% |
Amadeus IT Holding SA Class A | 783,200 | | 35,699,789 |
CaixaBank SA | 2,504,942 | | 12,563,671 |
TOTAL SPAIN | | 48,263,460 |
Sweden - 3.6% |
Alfa Laval AB (d) | 762,900 | | 14,240,220 |
HEXPOL AB (B Shares) | 199,500 | | 21,378,698 |
Nordea Bank AB | 2,983,000 | | 37,899,462 |
Svenska Cellulosa AB (SCA) (B Shares) | 993,800 | | 25,138,142 |
Svenska Handelsbanken AB (A Shares) | 451,800 | | 20,854,622 |
Swedbank AB (A Shares) | 801,900 | | 18,646,331 |
TOTAL SWEDEN | | 138,157,475 |
Switzerland - 7.2% |
EFG International | 960,000 | | 14,090,872 |
|
| Shares | | Value |
Nestle SA | 1,125,370 | | $ 87,310,954 |
Roche Holding AG (participation certificate) | 284,880 | | 81,519,863 |
Sika AG (Bearer) | 6,030 | | 20,697,051 |
Syngenta AG (Switzerland) | 83,269 | | 27,864,290 |
UBS Group AG | 2,277,516 | | 45,498,698 |
TOTAL SWITZERLAND | | 276,981,728 |
Taiwan - 1.1% |
King's Town Bank | 11,305,899 | | 11,610,087 |
St.Shine Optical Co. Ltd. | 918,000 | | 16,276,171 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,354,000 | | 16,147,070 |
TOTAL TAIWAN | | 44,033,328 |
United Kingdom - 27.2% |
Aberdeen Asset Management PLC | 2,945,300 | | 21,387,220 |
Aldermore Group PLC | 3,979,000 | | 14,281,481 |
Ashmore Group PLC (d) | 3,572,300 | | 16,887,329 |
Barclays PLC | 7,794,341 | | 30,494,991 |
British American Tobacco PLC (United Kingdom) | 733,500 | | 40,301,160 |
BT Group PLC | 6,472,700 | | 45,144,427 |
Capita Group PLC | 1,259,400 | | 22,043,535 |
Cineworld Group PLC | 2,778,900 | | 20,755,551 |
Close Brothers Group PLC | 770,600 | | 18,013,123 |
Dechra Pharmaceuticals PLC | 455,395 | | 7,115,335 |
Diageo PLC | 1,486,588 | | 41,271,216 |
Diploma PLC | 1,681,725 | | 20,628,290 |
Elementis PLC | 3,645,800 | | 16,965,934 |
Essentra PLC | 1,429,700 | | 20,987,018 |
Exova Group Ltd. PLC | 5,083,535 | | 14,751,999 |
Hikma Pharmaceuticals PLC | 548,609 | | 17,156,202 |
Hilton Food Group PLC | 1,120,800 | | 7,386,529 |
Howden Joinery Group PLC | 3,415,000 | | 24,310,767 |
HSBC Holdings PLC (United Kingdom) | 3,697,200 | | 36,933,198 |
IMI PLC | 1,006,899 | | 19,294,787 |
Indivior PLC (a) | 442,700 | | 1,348,913 |
Intertek Group PLC | 508,500 | | 20,322,476 |
ITV PLC | 6,807,000 | | 26,428,298 |
Johnson Matthey PLC | 443,200 | | 22,660,300 |
Lloyds Banking Group PLC | 39,229,000 | | 46,458,055 |
London Stock Exchange Group PLC | 887,045 | | 34,528,598 |
Melrose PLC | 4,050,285 | | 16,436,019 |
Micro Focus International PLC | 961,900 | | 18,513,825 |
Next PLC | 244,900 | | 27,534,223 |
Provident Financial PLC | 476,700 | | 21,988,462 |
Prudential PLC | 2,038,123 | | 50,744,260 |
Reckitt Benckiser Group PLC | 442,700 | | 39,402,268 |
Rio Tinto PLC | 797,700 | | 35,697,959 |
Rolls-Royce Group PLC | 1,365,066 | | 21,763,123 |
Royal Dutch Shell PLC Class A (United Kingdom) | 958,400 | | 30,218,608 |
Schroders PLC | 540,400 | | 26,802,947 |
Senior Engineering Group PLC | 3,626,200 | | 17,412,416 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Shawbrook Group Ltd. | 2,289,800 | | $ 10,806,561 |
Sinclair Pharma PLC (a) | 9,532,300 | | 6,062,771 |
Spectris PLC | 511,400 | | 16,807,489 |
Spirax-Sarco Engineering PLC | 341,807 | | 17,692,979 |
St. James's Place Capital PLC | 2,544,705 | | 34,711,581 |
The Restaurant Group PLC | 1,733,200 | | 18,012,232 |
Vodafone Group PLC | 7,172,232 | | 25,269,270 |
TOTAL UNITED KINGDOM | | 1,043,733,725 |
United States of America - 3.9% |
Cognizant Technology Solutions Corp. Class A (a) | 345,700 | | 20,237,278 |
Fidelity National Information Services, Inc. | 369,500 | | 23,090,055 |
Google, Inc. Class C (a) | 34,193 | | 18,373,267 |
Huron Consulting Group, Inc. (a) | 249,500 | | 15,124,690 |
McGraw Hill Financial, Inc. | 287,100 | | 29,944,530 |
MSCI, Inc. Class A | 309,700 | | 18,950,543 |
Total System Services, Inc. | 607,900 | | 24,048,524 |
TOTAL UNITED STATES OF AMERICA | | 149,768,887 |
TOTAL COMMON STOCKS (Cost $3,098,702,576) |
3,692,979,585
|
Nonconvertible Preferred Stocks - 1.7% |
| | | |
Germany - 1.7% |
Henkel AG & Co. KGaA | 289,100 | | 33,581,123 |
Volkswagen AG (d) | 115,368 | | 29,701,003 |
TOTAL GERMANY | | 63,282,126 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC | 192,474,306 | | $ 295,448 |
Rolls-Royce Group PLC (C Shares) (a) | 277,614,784 | | 426,139 |
TOTAL UNITED KINGDOM | | 721,587 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $51,000,307) |
64,003,713
|
Money Market Funds - 5.5% |
| | | |
Fidelity Cash Central Fund, 0.15% (b) | 60,064,747 | | 60,064,747 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 151,483,514 | | 151,483,514 |
TOTAL MONEY MARKET FUNDS (Cost $211,548,261) |
211,548,261
|
TOTAL INVESTMENT
PORTFOLIO - 103.4% (Cost $3,361,251,144) | 3,968,531,559 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | | (130,812,469) |
NET ASSETS - 100% | $ 3,837,719,090 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 61,108 |
Fidelity Securities Lending Cash Central Fund | 739,349 |
Total | $ 800,457 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 573,448,459 | $ 69,913,578 | $ 503,534,881 | $ - |
Consumer Staples | 395,218,778 | - | 395,218,778 | - |
Energy | 78,081,760 | - | 78,081,760 | - |
Financials | 864,196,483 | 112,279,538 | 751,916,945 | - |
Health Care | 620,846,668 | 100,069,895 | 520,776,773 | - |
Industrials | 493,602,374 | 51,504,500 | 442,097,874 | - |
Information Technology | 399,152,396 | 152,577,585 | 246,574,811 | - |
Materials | 185,291,776 | 19,040,526 | 166,251,250 | - |
Telecommunication Services | 147,144,604 | - | 147,144,604 | - |
Money Market Funds | 211,548,261 | 211,548,261 | - | - |
Total Investments in Securities: | $ 3,968,531,559 | $ 716,933,883 | $ 3,251,597,676 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 1,183,296,102 |
Level 2 to Level 1 | $ 111,247,600 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $144,416,930) - See accompanying schedule: Unaffiliated issuers (cost $3,149,702,883) | $ 3,756,983,298 | |
Fidelity Central Funds (cost $211,548,261) | 211,548,261 | |
Total Investments (cost $3,361,251,144) | | $ 3,968,531,559 |
Foreign currency held at value (cost $646,194) | | 654,635 |
Receivable for investments sold | | 5,750,309 |
Receivable for fund shares sold | | 4,256,968 |
Dividends receivable | | 17,921,893 |
Distributions receivable from Fidelity Central Funds | | 167,877 |
Prepaid expenses | | 2,653 |
Other receivables | | 294,052 |
Total assets | | 3,997,579,946 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,550,402 | |
Payable for fund shares redeemed | 1,293,513 | |
Accrued management fee | 2,564,138 | |
Other affiliated payables | 595,011 | |
Other payables and accrued expenses | 374,278 | |
Collateral on securities loaned, at value | 151,483,514 | |
Total liabilities | | 159,860,856 |
| | |
Net Assets | | $ 3,837,719,090 |
Net Assets consist of: | | |
Paid in capital | | $ 4,506,989,490 |
Undistributed net investment income | | 19,989,091 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,296,606,805) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 607,347,314 |
Net Assets | | $ 3,837,719,090 |
| | |
Overseas:
Net Asset Value, offering price and redemption price per share ($3,124,424,399 ÷ 73,565,836 shares) | | $ 42.47 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($713,294,691 ÷ 16,833,379 shares) | | $ 42.37 |
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 43,552,361 |
Interest | | 17 |
Income from Fidelity Central Funds | | 800,457 |
Income before foreign taxes withheld | | 44,352,835 |
Less foreign taxes withheld | | (3,121,517) |
Total income | | 41,231,318 |
| | |
Expenses | | |
Management fee
Basic fee | $ 11,814,736 | |
Performance adjustment | 2,492,425 | |
Transfer agent fees | 2,650,190 | |
Accounting and security lending fees | 744,090 | |
Custodian fees and expenses | 153,162 | |
Independent trustees' compensation | 6,925 | |
Appreciation in deferred trustee compensation account | 138 | |
Registration fees | 51,507 | |
Audit | 51,904 | |
Legal | 9,739 | |
Miscellaneous | 14,816 | |
Total expenses before reductions | 17,989,632 | |
Expense reductions | (91,074) | 17,898,558 |
Net investment income (loss) | | 23,332,760 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 70,557,972 | |
Foreign currency transactions | (482,155) | |
Total net realized gain (loss) | | 70,075,817 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 269,262,986 | |
Assets and liabilities in foreign currencies | 340,269 | |
Total change in net unrealized appreciation (depreciation) | | 269,603,255 |
Net gain (loss) | | 339,679,072 |
Net increase (decrease) in net assets resulting from operations | | $ 363,011,832 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 23,332,760 | $ 61,848,023 |
Net realized gain (loss) | 70,075,817 | 127,905,467 |
Change in net unrealized appreciation (depreciation) | 269,603,255 | (174,623,095) |
Net increase (decrease) in net assets resulting from operations | 363,011,832 | 15,130,395 |
Distributions to shareholders from net investment income | (58,590,247) | (32,103,977) |
Distributions to shareholders from net realized gain | - | (10,805,389) |
Total distributions | (58,590,247) | (42,909,366) |
Share transactions - net increase (decrease) | 167,792,260 | 955,824,325 |
Redemption fees | 21,533 | 26,526 |
Total increase (decrease) in net assets | 472,235,378 | 928,071,880 |
| | |
Net Assets | | |
Beginning of period | 3,365,483,712 | 2,437,411,832 |
End of period (including undistributed net investment income of $19,989,091 and undistributed net investment income of $55,246,578, respectively) | $ 3,837,719,090 | $ 3,365,483,712 |
Financial Highlights - Overseas
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.02 | $ 39.22 | $ 31.35 | $ 29.28 | $ 31.56 | $ 30.13 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .26 | .77G | .54 | .73 | .47 | .42 |
Net realized and unrealized gain (loss) | 3.86 | (.28) | 8.10 | 2.19 | (2.27) | 1.49 |
Total from investment operations | 4.12 | .49 | 8.64 | 2.92 | (1.80) | 1.91 |
Distributions from net investment income | (.67) | (.51) | (.77) | (.83) | (.48) | (.47) |
Distributions from net realized gain | - | (.18) | - | (.02) | - | (.01) |
Total distributions | (.67) | (.69) | (.77) | (.85) | (.48) | (.48) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 42.47 | $ 39.02 | $ 39.22 | $ 31.35 | $ 29.28 | $ 31.56 |
Total ReturnB, C | 10.71% | 1.27% | 28.17% | 10.37% | (5.83)% | 6.33% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.05%A | 1.04% | 1.09% | .69% | .73% | .89% |
Expenses net of fee waivers, if any | 1.05%A | 1.04% | 1.09% | .69% | .73% | .89% |
Expenses net of all reductions | 1.04%A | 1.04% | 1.06% | .67% | .67% | .85% |
Net investment income (loss) | 1.30%A | 1.93%G | 1.54% | 2.52% | 1.44% | 1.41% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $3,124,424 | $ 2,738,667 | $ 1,874,922 | $ 1,639,725 | $ 2,215,717 | $ 5,548,689 |
Portfolio turnover rateF | 38% A | 41% | 42% | 90% | 77% | 111% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.24 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.34%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 38.96 | $ 39.17 | $ 31.32 | $ 29.29 | $ 31.59 | $ 30.16 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .28 | .82G | .60 | .79 | .52 | .47 |
Net realized and unrealized gain (loss) | 3.85 | (.28) | 8.08 | 2.18 | (2.27) | 1.50 |
Total from investment operations | 4.13 | .54 | 8.68 | 2.97 | (1.75) | 1.97 |
Distributions from net investment income | (.72) | (.58) | (.83) | (.92) | (.55) | (.53) |
Distributions from net realized gain | - | (.18) | - | (.02) | - | (.01) |
Total distributions | (.72) | (.75) J | (.83) | (.94) | (.55) | (.54) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 42.37 | $ 38.96 | $ 39.17 | $ 31.32 | $ 29.29 | $ 31.59 |
Total ReturnB, C | 10.77% | 1.41% | 28.37% | 10.59% | (5.67)% | 6.55% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | .92%A | .90% | .93% | .51% | .56% | .69% |
Expenses net of fee waivers, if any | .92%A | .90% | .92% | .51% | .55% | .69% |
Expenses net of all reductions | .91%A | .90% | .90% | .48% | .50% | .66% |
Net investment income (loss) | 1.43%A | 2.06%G | 1.71% | 2.70% | 1.61% | 1.60% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 713,295 | $ 626,817 | $ 562,490 | $ 265,484 | $ 291,323 | $ 368,004 |
Portfolio turnover rateF | 38% A | 41% | 42% | 90% | 77% | 111% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.24 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.47%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.75 per share is comprised of distributions from net investment income of $.575 and distributions from net realized gain of $.177 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (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.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 681,373,309 |
Gross unrealized depreciation | (74,519,891) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 606,853,418 |
| |
Tax cost | $ 3,361,678,141 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2016 | $ (416,712,808) |
2017 | (939,719,765) |
Total capital loss carryforward | $ (1,356,432,573) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $840,336,584 and $642,864,527, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Overseas as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Overseas | $ 2,494,049 | .18 |
Class K | 156,141 | .05 |
| $ 2,650,190 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $201 for the period.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $34,709.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,694 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $739,349.During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $89,724 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Overseas expenses during the period in the amount of $1,350.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Overseas | $ 46,955,858 | $ 24,366,946 |
Class K | 11,634,389 | 7,737,031 |
Total | $ 58,590,247 | $ 32,103,977 |
From net realized gain | | |
Overseas | $ - | $ 8,423,730 |
Class K | - | 2,381,659 |
Total | $ - | $ 10,805,389 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Overseas | | | | |
Shares sold | 9,174,029 | 31,652,887 | $ 375,803,453 | $ 1,257,674,661 |
Reinvestment of distributions | 1,181,068 | 829,932 | 46,087,250 | 32,043,709 |
Shares redeemed | (6,973,025) | (10,108,288) | (281,542,382) | (404,187,270) |
Net increase (decrease) | 3,382,072 | 22,374,531 | $ 140,348,321 | $ 885,531,100 |
Class K | | | | |
Shares sold | 2,421,846 | 5,550,150 | $ 95,635,234 | $ 222,847,172 |
Reinvestment of distributions | 298,984 | 262,825 | 11,634,389 | 10,118,690 |
Shares redeemed | (1,976,332) | (4,085,651) | (79,825,684) | (162,672,637) |
Net increase (decrease) | 744,498 | 1,727,324 | $ 27,443,939 | $ 70,293,225 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 10% of the total outstanding shares of the Fund. In addition, at the end of the period Strategic Advisers International Fund was the owner of record of approximately 17% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 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.
FMR Investment Management (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
OVE-K-USAN-0615
1.863321.106
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total International Equity
Fund - Institutional Class
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
Total International Equity Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,052.10 | $ 7.38 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,050.60 | $ 8.64 |
HypotheticalA | | $ 1,000.00 | $ 1,016.36 | $ 8.50 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,047.80 | $ 11.17 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,047.20 | $ 11.17 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Total International Equity | 1.08% | | | |
Actual | | $ 1,000.00 | $ 1,054.70 | $ 5.50 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
Institutional Class | 1.19% | | | |
Actual | | $ 1,000.00 | $ 1,053.60 | $ 6.06 |
HypotheticalA | | $ 1,000.00 | $ 1,018.89 | $ 5.96 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
 | United Kingdom 15.2% | |
 | Japan 14.2% | |
 | United States of America* 10.3% | |
 | Switzerland 8.0% | |
 | France 6.2% | |
 | Germany 4.1% | |
 | Australia 3.1% | |
 | South Africa 3.0% | |
 | Sweden 2.6% | |
 | Other 33.3% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
As of October 31, 2014 |
 | United Kingdom 15.9% | |
 | Japan 13.5% | |
 | United States of America* 9.4% | |
 | Switzerland 7.8% | |
 | France 6.4% | |
 | Germany 4.9% | |
 | Australia 3.8% | |
 | Sweden 3.2% | |
 | India 2.8% | |
 | Other 32.3% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.1 | 98.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.9 | 1.3 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novartis AG (Switzerland, Pharmaceuticals) | 2.1 | 1.7 |
Nestle SA (Switzerland, Food Products) | 2.0 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.6 | 1.9 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 1.3 |
Bayer AG (Germany, Pharmaceuticals) | 1.2 | 1.2 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.1 | 1.0 |
Prudential PLC (United Kingdom, Insurance) | 1.1 | 1.5 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 0.0 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.0 | 1.2 |
UBS Group AG (Switzerland, Capital Markets) | 1.0 | 0.9 |
| 13.4 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.5 | 21.0 |
Consumer Discretionary | 15.3 | 14.5 |
Health Care | 13.6 | 13.2 |
Industrials | 11.8 | 12.7 |
Information Technology | 11.2 | 10.6 |
Consumer Staples | 9.9 | 10.9 |
Materials | 5.7 | 6.0 |
Energy | 3.4 | 4.1 |
Telecommunication Services | 3.4 | 4.1 |
Utilities | 1.3 | 1.6 |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% |
| Shares | | Value |
Argentina - 0.3% |
Banco Macro SA sponsored ADR | 5,700 | | $ 314,925 |
Grupo Financiero Galicia SA sponsored ADR (d) | 14,100 | | 310,764 |
YPF SA Class D sponsored ADR | 11,300 | | 345,102 |
TOTAL ARGENTINA | | 970,791 |
Australia - 3.1% |
Ansell Ltd. | 36,338 | | 750,246 |
Australia & New Zealand Banking Group Ltd. | 56,495 | | 1,519,602 |
CSL Ltd. | 39,674 | | 2,856,410 |
DuluxGroup Ltd. | 15,738 | | 78,836 |
Imdex Ltd. (a) | 42,463 | | 11,425 |
RCG Corp. Ltd. | 97,518 | | 77,943 |
SEEK Ltd. | 23,855 | | 306,762 |
Sydney Airport unit | 254,875 | | 1,087,138 |
Telstra Corp. Ltd. | 102,081 | | 503,271 |
TFS Corp. Ltd. | 43,497 | | 57,139 |
Transurban Group unit | 225,495 | | 1,770,179 |
Westpac Banking Corp. | 84,035 | | 2,414,382 |
TOTAL AUSTRALIA | | 11,433,333 |
Austria - 0.5% |
Andritz AG | 27,961 | | 1,637,026 |
Zumtobel AG | 2,800 | | 76,589 |
TOTAL AUSTRIA | | 1,713,615 |
Bailiwick of Jersey - 1.3% |
Shire PLC | 40,180 | | 3,265,172 |
United Co. RUSAL Ltd. (a) | 337,000 | | 203,490 |
Wolseley PLC | 18,561 | | 1,097,779 |
WPP PLC | 14,000 | | 326,501 |
TOTAL BAILIWICK OF JERSEY | | 4,892,942 |
Belgium - 2.0% |
Anheuser-Busch InBev SA NV | 38,971 | | 4,744,655 |
Gimv NV | 1,319 | | 61,229 |
KBC Ancora (a) | 4,281 | | 160,599 |
KBC Groep NV | 35,317 | | 2,323,622 |
TOTAL BELGIUM | | 7,290,105 |
Bermuda - 0.8% |
Brilliance China Automotive Holdings Ltd. | 186,000 | | 350,375 |
China Gas Holdings Ltd. | 244,000 | | 432,558 |
China Resources Gas Group Ltd. | 136,000 | | 473,773 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Credicorp Ltd. (United States) | 3,700 | | $ 564,435 |
Lazard Ltd. Class A | 12,400 | | 657,572 |
Petra Diamonds Ltd. (a) | 28,400 | | 68,114 |
Travelport Worldwide Ltd. | 20,100 | | 318,183 |
Vostok Nafta Investment Ltd. SDR (a) | 7,560 | | 49,954 |
TOTAL BERMUDA | | 2,914,964 |
Brazil - 1.2% |
BB Seguridade Participacoes SA | 47,800 | | 559,236 |
Brasil Foods SA | 29,000 | | 619,858 |
CCR SA | 62,100 | | 342,143 |
Cielo SA | 47,080 | | 655,349 |
Kroton Educacional SA | 117,300 | | 428,251 |
Linx SA | 17,600 | | 259,360 |
Qualicorp SA (a) | 52,500 | | 432,135 |
Smiles SA | 20,700 | | 349,700 |
Ultrapar Participacoes SA | 22,500 | | 517,815 |
Weg SA | 82,400 | | 438,945 |
TOTAL BRAZIL | | 4,602,792 |
British Virgin Islands - 0.1% |
Gem Diamonds Ltd. | 17,773 | | 38,001 |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 13,200 | | 314,879 |
TOTAL BRITISH VIRGIN ISLANDS | | 352,880 |
Canada - 0.9% |
Canadian Pacific Railway Ltd. | 4,066 | | 775,219 |
Cara Operations Ltd. (a) | 2,400 | | 62,661 |
Imperial Oil Ltd. | 19,500 | | 859,519 |
McCoy Global, Inc. | 12,000 | | 41,078 |
New Look Eyewear, Inc. | 2,000 | | 47,410 |
Pason Systems, Inc. | 24,000 | | 432,060 |
Potash Corp. of Saskatchewan, Inc. | 20,100 | | 656,395 |
ShawCor Ltd. Class A | 12,300 | | 416,457 |
TOTAL CANADA | | 3,290,799 |
Cayman Islands - 1.8% |
58.com, Inc. ADR (a) | 13,000 | | 991,640 |
Alibaba Group Holding Ltd. sponsored ADR | 10,100 | | 821,029 |
Autohome, Inc. ADR Class A (a) | 7,700 | | 393,008 |
Baidu.com, Inc. sponsored ADR (a) | 1,900 | | 380,532 |
Bitauto Holdings Ltd. ADR (a) | 5,600 | | 333,088 |
ENN Energy Holdings Ltd. | 60,000 | | 433,518 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Sino Biopharmaceutical Ltd. | 364,000 | | $ 417,044 |
SouFun Holdings Ltd. ADR | 53,000 | | 438,310 |
Tencent Holdings Ltd. | 117,800 | | 2,431,260 |
TOTAL CAYMAN ISLANDS | | 6,639,429 |
Chile - 0.1% |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 15,900 | | 347,256 |
China - 1.5% |
China International Travel Service Corp. Ltd. (A Shares) | 44,400 | | 367,638 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 125,400 | | 684,393 |
Daqin Railway Co. Ltd. (A Shares) | 178,700 | | 402,470 |
Fuyao Glass Industries Group Co. Ltd. (a) | 142,400 | | 357,169 |
Inner Mongoli Yili Industries Co. Ltd. | 67,000 | | 393,825 |
Jiangsu Hengrui Medicine Co. Ltd. | 35,400 | | 325,362 |
Kweichow Moutai Co. Ltd. | 9,900 | | 402,573 |
PICC Property & Casualty Co. Ltd. (H Shares) | 248,340 | | 552,397 |
Qingdao Haier Co. Ltd. | 87,900 | | 384,176 |
SAIC Motor Corp. Ltd. | 85,900 | | 373,912 |
Shanghai International Airport Co. Ltd. | 74,500 | | 331,856 |
Weifu High-Technology Co. Ltd. (B Shares) | 78,200 | | 365,849 |
Zhengzhou Yutong Bus Co. Ltd. | 57,500 | | 283,848 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 44,500 | | 380,663 |
TOTAL CHINA | | 5,606,131 |
Denmark - 1.4% |
Jyske Bank A/S (Reg.) (a) | 19,054 | | 933,053 |
Novo Nordisk A/S Series B sponsored ADR | 61,000 | | 3,432,470 |
Pandora A/S | 3,100 | | 320,421 |
Spar Nord Bank A/S | 13,331 | | 144,050 |
Topdanmark A/S (a) | 16,500 | | 494,875 |
TOTAL DENMARK | | 5,324,869 |
Egypt - 0.1% |
Commercial International Bank SAE sponsored GDR | 57,900 | | 399,639 |
Finland - 0.5% |
Kone Oyj (B Shares) (d) | 60 | | 2,581 |
Sampo Oyj (A Shares) | 29,653 | | 1,436,815 |
Tikkurila Oyj | 18,780 | | 386,797 |
TOTAL FINLAND | | 1,826,193 |
Common Stocks - continued |
| Shares | | Value |
France - 6.2% |
Atos Origin SA | 15,453 | | $ 1,207,825 |
AXA SA | 73,806 | | 1,866,248 |
Cap Gemini SA | 17,302 | | 1,541,531 |
Coface SA | 4,400 | | 54,843 |
Havas SA | 83,986 | | 700,506 |
Ingenico SA | 2,970 | | 372,654 |
Laurent-Perrier Group SA | 759 | | 71,230 |
LVMH Moet Hennessy - Louis Vuitton SA | 1,923 | | 336,268 |
Orange SA | 75,600 | | 1,245,233 |
Renault SA (d) | 7,711 | | 811,334 |
Safran SA | 25,614 | | 1,871,547 |
Sanofi SA | 31,630 | | 3,219,634 |
Societe Generale Series A | 24,400 | | 1,219,871 |
Total SA | 69,515 | | 3,764,235 |
Unibail-Rodamco | 4,800 | | 1,325,331 |
Vetoquinol SA | 1,500 | | 59,555 |
VINCI SA | 21,900 | | 1,343,231 |
Virbac SA | 540 | | 140,541 |
Vivendi SA | 62,852 | | 1,575,618 |
TOTAL FRANCE | | 22,727,235 |
Germany - 3.5% |
alstria office REIT-AG | 2,900 | | 41,092 |
BASF AG (d) | 24,561 | | 2,440,087 |
Bayer AG | 30,112 | | 4,334,099 |
CompuGroup Medical AG | 6,146 | | 175,676 |
Continental AG | 3,983 | | 933,435 |
CTS Eventim AG | 8,266 | | 281,692 |
Fielmann AG | 2,158 | | 146,585 |
Fresenius SE & Co. KGaA | 19,700 | | 1,172,011 |
GEA Group AG | 20,079 | | 964,313 |
Linde AG | 11,749 | | 2,295,869 |
TOTAL GERMANY | | 12,784,859 |
Greece - 0.0% |
Titan Cement Co. SA (Reg.) | 2,444 | | 61,641 |
Hong Kong - 0.9% |
AIA Group Ltd. | 368,600 | | 2,463,500 |
CSPC Pharmaceutical Group Ltd. | 406,000 | | 422,210 |
Techtronic Industries Co. Ltd. | 88,000 | | 312,804 |
TOTAL HONG KONG | | 3,198,514 |
Common Stocks - continued |
| Shares | | Value |
India - 2.4% |
Adani Ports & Special Economic Zone | 70,042 | | $ 350,002 |
Asian Paints India Ltd. (f) | 30,823 | | 369,817 |
Axis Bank Ltd. (a) | 39,590 | | 355,400 |
Bank of Baroda (a) | 103,764 | | 276,532 |
Exide Industries Ltd. | 116,435 | | 314,322 |
Grasim Industries Ltd. | 5,019 | | 312,824 |
HCL Technologies Ltd. | 36,704 | | 508,590 |
HDFC Bank Ltd. | 19,970 | | 356,731 |
Housing Development Finance Corp. Ltd. | 89,233 | | 1,642,901 |
ICICI Bank Ltd. (a) | 96,261 | | 502,642 |
ITC Ltd. (a) | 98,121 | | 497,725 |
Jyothy Laboratories Ltd. (a) | 16,584 | | 64,851 |
LIC Housing Finance Ltd. | 54,131 | | 366,324 |
Lupin Ltd. | 11,861 | | 330,841 |
State Bank of India | 88,022 | | 373,640 |
Sun Pharmaceutical Industries Ltd. (a) | 37,481 | | 553,742 |
Sun TV Ltd. | 52,202 | | 285,129 |
Tata Consultancy Services Ltd. | 17,245 | | 668,577 |
Tata Motors Ltd. (a) | 56,541 | | 453,037 |
Titan Co. Ltd. (a) | 54,191 | | 330,681 |
TOTAL INDIA | | 8,914,308 |
Indonesia - 1.2% |
PT ACE Hardware Indonesia Tbk | 8,749,200 | | 435,351 |
PT Astra International Tbk | 290,400 | | 153,461 |
PT Bank Central Asia Tbk | 583,400 | | 606,466 |
PT Bank Rakyat Indonesia Tbk | 605,400 | | 542,933 |
PT Global Mediacom Tbk | 3,317,500 | | 396,692 |
PT Indocement Tunggal Prakarsa Tbk | 188,300 | | 305,057 |
PT Jasa Marga Tbk | 672,000 | | 321,419 |
PT Kalbe Farma Tbk | 2,156,200 | | 298,583 |
PT Matahari Department Store Tbk | 281,300 | | 379,769 |
PT Media Nusantara Citra Tbk | 1,641,000 | | 279,144 |
PT Surya Citra Media Tbk | 1,269,700 | | 284,060 |
PT Tower Bersama Infrastructure Tbk | 547,500 | | 357,960 |
TOTAL INDONESIA | | 4,360,895 |
Ireland - 1.3% |
Actavis PLC (a) | 5,500 | | 1,555,730 |
CRH PLC sponsored ADR | 52,529 | | 1,468,186 |
FBD Holdings PLC | 5,372 | | 57,767 |
Common Stocks - continued |
| Shares | | Value |
Ireland - continued |
James Hardie Industries PLC: | | | |
CDI | 15,656 | | $ 181,009 |
sponsored ADR | 28,355 | | 1,637,501 |
TOTAL IRELAND | | 4,900,193 |
Israel - 0.6% |
Azrieli Group | 11,296 | | 487,340 |
Ituran Location & Control Ltd. | 1,761 | | 40,204 |
Sarine Technologies Ltd. | 27,100 | | 41,985 |
Strauss Group Ltd. (a) | 4,759 | | 84,715 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 28,909 | | 1,746,682 |
TOTAL ISRAEL | | 2,400,926 |
Italy - 1.2% |
Azimut Holding SpA | 26,614 | | 781,193 |
Banco di Desio e della Brianza SpA | 13,000 | | 45,894 |
Beni Stabili SpA SIIQ | 222,926 | | 183,819 |
Interpump Group SpA | 51,891 | | 872,637 |
Intesa Sanpaolo SpA | 317,200 | | 1,065,634 |
Mediaset SpA | 151,700 | | 779,679 |
Telecom Italia SpA (a) | 673,800 | | 795,265 |
TOTAL ITALY | | 4,524,121 |
Japan - 14.2% |
Aozora Bank Ltd. | 171,000 | | 639,615 |
Artnature, Inc. | 8,000 | | 74,417 |
Asahi Co. Ltd. | 6,200 | | 54,766 |
Astellas Pharma, Inc. | 210,900 | | 3,283,860 |
Autobacs Seven Co. Ltd. | 4,400 | | 68,532 |
Azbil Corp. | 4,800 | | 126,442 |
Broadleaf Co. Ltd. | 3,200 | | 49,890 |
Coca-Cola Central Japan Co. Ltd. | 32,000 | | 597,987 |
Cosmos Pharmaceutical Corp. | 300 | | 40,390 |
Daiichikosho Co. Ltd. | 2,000 | | 64,503 |
Daikokutenbussan Co. Ltd. | 5,000 | | 209,891 |
DENSO Corp. | 68,500 | | 3,400,735 |
Dentsu, Inc. | 22,700 | | 1,058,154 |
East Japan Railway Co. | 23,300 | | 2,059,418 |
Fanuc Corp. | 6,300 | | 1,385,765 |
Fast Retailing Co. Ltd. | 3,700 | | 1,457,355 |
Fujitsu Ltd. | 120,000 | | 795,403 |
GCA Savvian Group Corp. | 3,500 | | 37,383 |
Glory Ltd. | 2,700 | | 74,729 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Goldcrest Co. Ltd. | 6,960 | | $ 136,793 |
Harmonic Drive Systems, Inc. | 3,400 | | 71,807 |
Hitachi Ltd. | 132,000 | | 900,623 |
Hoya Corp. | 54,900 | | 2,115,895 |
Itochu Corp. | 75,000 | | 923,480 |
Iwatsuka Confectionary Co. Ltd. | 1,400 | | 83,955 |
Japan Digital Laboratory Co. | 3,000 | | 45,688 |
Japan Tobacco, Inc. | 71,500 | | 2,496,842 |
KDDI Corp. | 61,500 | | 1,455,234 |
Keyence Corp. | 5,321 | | 2,840,611 |
Kobayashi Pharmaceutical Co. Ltd. | 1,500 | | 105,103 |
Koshidaka Holdings Co. Ltd. | 4,000 | | 82,801 |
Lasertec Corp. | 3,900 | | 54,449 |
Makita Corp. | 12,700 | | 633,784 |
Medikit Co. Ltd. | 1,700 | | 52,993 |
Meiko Network Japan Co. Ltd. | 2,700 | | 33,379 |
Miraial Co. Ltd. | 2,400 | | 29,094 |
Mitsubishi UFJ Financial Group, Inc. | 512,900 | | 3,643,821 |
Mitsui Fudosan Co. Ltd. | 54,000 | | 1,600,792 |
Nabtesco Corp. | 3,800 | | 104,515 |
Nagaileben Co. Ltd. | 6,600 | | 119,002 |
ND Software Co. Ltd. | 6,000 | | 70,285 |
Nihon M&A Center, Inc. | 1,400 | | 48,719 |
Nihon Parkerizing Co. Ltd. | 14,800 | | 168,258 |
Nintendo Co. Ltd. | 2,900 | | 486,910 |
Nippon Prologis REIT, Inc. | 253 | | 548,189 |
Nippon Seiki Co. Ltd. | 3,000 | | 60,317 |
Nippon Telegraph & Telephone Corp. | 21,500 | | 1,451,788 |
NS Tool Co. Ltd. | 3,800 | | 60,592 |
OBIC Co. Ltd. | 4,000 | | 167,322 |
OMRON Corp. | 18,900 | | 867,851 |
ORIX Corp. | 79,600 | | 1,224,121 |
OSG Corp. | 36,600 | | 760,983 |
Paramount Bed Holdings Co. Ltd. | 1,600 | | 43,352 |
San-Ai Oil Co. Ltd. | 8,000 | | 53,136 |
Seven & i Holdings Co. Ltd. | 35,100 | | 1,508,750 |
Seven Bank Ltd. | 417,300 | | 2,248,359 |
SHO-BOND Holdings Co. Ltd. | 22,900 | | 1,009,562 |
Shoei Co. Ltd. | 3,900 | | 62,898 |
SK Kaken Co. Ltd. | 1,000 | | 87,162 |
Software Service, Inc. | 1,600 | | 63,462 |
Sony Financial Holdings, Inc. | 47,800 | | 858,131 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumitomo Mitsui Trust Holdings, Inc. | 305,920 | | $ 1,346,641 |
Techno Medica Co. Ltd. | 1,800 | | 36,840 |
TFP Consulting Group Co. Ltd. | 2,000 | | 59,666 |
The Monogatari Corp. | 1,500 | | 50,198 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 10,000 | | 69,985 |
TKC Corp. | 3,800 | | 90,758 |
Tocalo Co. Ltd. | 2,800 | | 54,977 |
Toyota Motor Corp. | 51,700 | | 3,598,792 |
Tsutsumi Jewelry Co. Ltd. | 2,000 | | 47,526 |
USS Co. Ltd. | 99,500 | | 1,751,977 |
Workman Co. Ltd. | 2,000 | | 105,060 |
Yamato Kogyo Co. Ltd. | 18,600 | | 437,619 |
TOTAL JAPAN | | 52,510,082 |
Kenya - 0.5% |
East African Breweries Ltd. | 89,900 | | 305,052 |
Kenya Commercial Bank Ltd. | 473,800 | | 313,029 |
Safaricom Ltd. | 6,070,800 | | 1,116,616 |
TOTAL KENYA | | 1,734,697 |
Korea (South) - 1.8% |
BGFretail Co. Ltd. | 7,776 | | 848,270 |
Coway Co. Ltd. | 2,397 | | 200,954 |
KEPCO Plant Service & Engineering Co. Ltd. | 3,882 | | 350,678 |
Leeno Industrial, Inc. | 1,964 | | 83,876 |
NAVER Corp. | 2,057 | | 1,241,331 |
Samsung Electronics Co. Ltd. | 3,126 | | 4,092,117 |
TOTAL KOREA (SOUTH) | | 6,817,226 |
Luxembourg - 0.2% |
RTL Group SA | 7,327 | | 693,499 |
Malaysia - 0.3% |
Astro Malaysia Holdings Bhd | 332,200 | | 292,802 |
Public Bank Bhd | 107,300 | | 586,724 |
Tune Insurance Holdings Bhd | 184,300 | | 94,155 |
TOTAL MALAYSIA | | 973,681 |
Mexico - 1.7% |
Banregio Grupo Financiero S.A.B. de CV | 56,900 | | 326,298 |
Compartamos S.A.B. de CV | 164,200 | | 280,302 |
Consorcio ARA S.A.B. de CV (a) | 234,855 | | 99,961 |
Embotelladoras Arca S.A.B. de CV | 54,900 | | 337,265 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Fomento Economico Mexicano S.A.B. de CV: | | | |
unit | 73,500 | | $ 666,300 |
sponsored ADR (a) | 6,333 | | 573,073 |
Gruma S.A.B. de CV Series B | 26,200 | | 315,913 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 57,300 | | 407,957 |
Grupo Aeroportuario del Sureste SA de CV Series B | 32,150 | | 455,050 |
Grupo Aeroportuario Norte S.A.B. de CV | 66,700 | | 333,109 |
Grupo Financiero Banorte S.A.B. de CV Series O | 111,600 | | 636,343 |
Grupo Televisa SA de CV | 104,400 | | 759,829 |
Infraestructura Energetica Nova S.A.B. de CV | 52,000 | | 302,605 |
Megacable Holdings S.A.B. de CV unit | 94,900 | | 394,953 |
Promotora y Operadora de Infraestructura S.A.B. de CV (a) | 31,800 | | 365,611 |
TOTAL MEXICO | | 6,254,569 |
Netherlands - 1.9% |
Aalberts Industries NV | 7,600 | | 235,621 |
ASM International NV (depositary receipt) | 1,050 | | 50,726 |
Gree Electric Applicances, Inc. ELS (BNP Paribas Arbitrage Warrant Program) warrants 12/10/15 (a)(e) | 39,600 | | 363,924 |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(e) | 58,600 | | 309,401 |
Heijmans NV (Certificaten Van Aandelen) | 4,881 | | 65,245 |
ING Groep NV (Certificaten Van Aandelen) | 214,523 | | 3,291,116 |
Midea Group ELS (BNP Paribas Arbitrage Warrant Program) warrants 1/6/16 (a)(e) | 54,200 | | 323,043 |
Mylan N.V. (a) | 8,800 | | 635,888 |
Reed Elsevier NV | 69,610 | | 1,678,814 |
VastNed Retail NV | 3,438 | | 167,883 |
TOTAL NETHERLANDS | | 7,121,661 |
Norway - 0.0% |
Kongsberg Gruppen ASA | 2,000 | | 42,976 |
Panama - 0.1% |
Copa Holdings SA Class A | 2,800 | | 310,492 |
Philippines - 1.0% |
Alliance Global Group, Inc. | 425,200 | | 242,073 |
Ayala Corp. | 18,240 | | 318,888 |
GT Capital Holdings, Inc. | 13,145 | | 370,058 |
International Container Terminal Services, Inc. | 138,470 | | 341,403 |
Jollibee Food Corp. | 17,900 | | 79,841 |
Metropolitan Bank & Trust Co. | 185,512 | | 386,700 |
Robinsons Land Corp. | 509,400 | | 341,960 |
Common Stocks - continued |
| Shares | | Value |
Philippines - continued |
Robinsons Retail Holdings, Inc. | 169,140 | | $ 329,826 |
SM Investments Corp. | 21,870 | | 441,420 |
SM Prime Holdings, Inc. | 1,022,900 | | 427,823 |
Vista Land & Lifescapes, Inc. | 1,655,100 | | 278,230 |
TOTAL PHILIPPINES | | 3,558,222 |
Russia - 0.1% |
MMC Norilsk Nickel OJSC ADR | 24,000 | | 452,101 |
Singapore - 0.5% |
Singapore Telecommunications Ltd. | 383,500 | | 1,283,937 |
UOL Group Ltd. | 104,600 | | 630,825 |
TOTAL SINGAPORE | | 1,914,762 |
South Africa - 3.0% |
Alexander Forbes Group Holding (a)(f) | 433,766 | | 359,155 |
Aspen Pharmacare Holdings Ltd. | 17,900 | | 544,693 |
Bidvest Group Ltd. (f) | 19,632 | | 532,508 |
Clicks Group Ltd. | 106,095 | | 814,157 |
Coronation Fund Managers Ltd. (f) | 35,800 | | 273,851 |
Discovery Ltd. | 39,767 | | 441,519 |
FirstRand Ltd. (f) | 129,800 | | 620,072 |
Life Healthcare Group Holdings Ltd. (f) | 118,600 | | 406,856 |
Mr Price Group Ltd. (f) | 20,800 | | 444,701 |
MTN Group Ltd. (f) | 86,400 | | 1,735,808 |
Nampak Ltd. (f) | 120,930 | | 433,554 |
Naspers Ltd. Class N | 20,300 | | 3,192,763 |
Remgro Ltd. (f) | 21,100 | | 469,490 |
Sanlam Ltd. (f) | 87,500 | | 566,134 |
Woolworths Holdings Ltd. (f) | 54,800 | | 412,373 |
TOTAL SOUTH AFRICA | | 11,247,634 |
Spain - 1.9% |
Amadeus IT Holding SA Class A | 19,600 | | 893,406 |
Hispania Activos Inmobiliarios SA (a) | 38,400 | | 547,209 |
Iberdrola SA | 257,220 | | 1,721,648 |
Inditex SA | 83,664 | | 2,684,701 |
Mediaset Espana Comunicacion, S.A. | 56,500 | | 765,838 |
Prosegur Compania de Seguridad SA (Reg.) | 84,576 | | 487,543 |
TOTAL SPAIN | | 7,100,345 |
Sweden - 2.6% |
ASSA ABLOY AB (B Shares) | 37,500 | | 2,175,518 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Atlas Copco AB (A Shares) | 44,059 | | $ 1,375,213 |
Fagerhult AB | 49,655 | | 890,928 |
H&M Hennes & Mauritz AB (B Shares) (d) | 32,638 | | 1,297,581 |
Intrum Justitia AB | 19,463 | | 612,933 |
Nordea Bank AB | 133,867 | | 1,700,800 |
Svenska Handelsbanken AB (A Shares) | 31,915 | | 1,473,163 |
TOTAL SWEDEN | | 9,526,136 |
Switzerland - 8.0% |
Compagnie Financiere Richemont SA Series A | 4,113 | | 366,604 |
Nestle SA | 94,535 | | 7,334,424 |
Novartis AG | 77,136 | | 7,873,436 |
Roche Holding AG (participation certificate) | 20,544 | | 5,878,770 |
Schindler Holding AG: | | | |
(participation certificate) | 6,011 | | 1,016,868 |
(Reg.) | 2,251 | | 374,985 |
Sika AG (Bearer) | 80 | | 274,588 |
Syngenta AG (Switzerland) | 2,018 | | 675,283 |
Tecan Group AG | 400 | | 53,160 |
UBS Group AG | 184,597 | | 3,704,862 |
Zurich Insurance Group AG | 5,944 | | 1,834,636 |
TOTAL SWITZERLAND | | 29,387,616 |
Taiwan - 1.7% |
Addcn Technology Co. Ltd. | 5,000 | | 66,855 |
Advantech Co. Ltd. | 36,000 | | 297,982 |
Catcher Technology Co. Ltd. | 44,000 | | 517,208 |
Delta Electronics, Inc. | 94,000 | | 567,818 |
Giant Manufacturing Co. Ltd. | 39,000 | | 336,822 |
Largan Precision Co. Ltd. | 6,000 | | 603,409 |
Merida Industry Co. Ltd. | 46,500 | | 349,213 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 748,035 | | 3,601,244 |
TOTAL TAIWAN | | 6,340,551 |
Thailand - 0.6% |
Airports of Thailand PCL (For. Reg.) | 42,000 | | 369,595 |
Bangkok Dusit Medical Services PCL (For. Reg.) | 492,700 | | 302,004 |
Bumrungrad Hospital PCL (For. Reg.) | 63,000 | | 306,827 |
Central Pattana PCL (For. Reg.) | 141,500 | | 180,337 |
Kasikornbank PCL (For. Reg.) | 86,000 | | 548,020 |
Thai Beverage PCL | 621,000 | | 335,562 |
TOTAL THAILAND | | 2,042,345 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 0.5% |
Albaraka Turk Katilim Bankasi A/S | 95,907 | | $ 62,082 |
Coca-Cola Icecek Sanayi A/S | 38,189 | | 648,010 |
Enka Insaat ve Sanayi A/S | 161,000 | | 346,386 |
TAV Havalimanlari Holding A/S | 49,000 | | 430,854 |
Tupras Turkiye Petrol Rafinelleri A/S | 9,000 | | 218,551 |
TOTAL TURKEY | | 1,705,883 |
United Arab Emirates - 0.2% |
DP World Ltd. | 18,582 | | 428,873 |
First Gulf Bank PJSC | 102,525 | | 425,681 |
TOTAL UNITED ARAB EMIRATES | | 854,554 |
United Kingdom - 15.2% |
AA PLC | 9,383 | | 59,972 |
Al Noor Hospitals Group PLC | 30,500 | | 420,088 |
Associated British Foods PLC | 14,500 | | 633,045 |
AstraZeneca PLC (United Kingdom) | 33,341 | | 2,288,080 |
Aviva PLC | 175,000 | | 1,407,956 |
Babcock International Group PLC | 52,723 | | 813,301 |
BAE Systems PLC | 310,821 | | 2,407,996 |
Barclays PLC | 484,681 | | 1,896,292 |
Bellway PLC | 6,728 | | 204,546 |
Berendsen PLC | 49,755 | | 790,983 |
BG Group PLC | 44,600 | | 807,864 |
BP PLC sponsored ADR | 88,320 | | 3,811,891 |
Britvic PLC | 11,317 | | 125,682 |
Bunzl PLC | 44,032 | | 1,238,060 |
Compass Group PLC | 79,207 | | 1,400,200 |
Dechra Pharmaceuticals PLC | 9,000 | | 140,621 |
Derwent London PLC | 2,000 | | 105,271 |
Elementis PLC | 33,108 | | 154,070 |
Great Portland Estates PLC | 12,772 | | 155,909 |
H&T Group PLC | 10,000 | | 29,325 |
Hilton Food Group PLC | 5,400 | | 35,588 |
Howden Joinery Group PLC | 13,900 | | 98,952 |
HSBC Holdings PLC sponsored ADR | 58,966 | | 2,926,483 |
Imperial Tobacco Group PLC | 32,826 | | 1,602,911 |
Informa PLC | 208,072 | | 1,772,059 |
InterContinental Hotel Group PLC | 6,900 | | 295,082 |
InterContinental Hotel Group PLC ADR | 59,096 | | 2,518,081 |
ITE Group PLC | 25,500 | | 73,220 |
ITV PLC | 393,519 | | 1,527,845 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Johnson Matthey PLC | 46,439 | | $ 2,374,372 |
JUST EAT Ltd. (a) | 6,900 | | 48,386 |
Liberty Global PLC Class A (a) | 17,000 | | 886,380 |
Lloyds Banking Group PLC | 1,994,700 | | 2,362,280 |
Meggitt PLC | 76,339 | | 616,924 |
Micro Focus International PLC | 15,800 | | 304,105 |
National Grid PLC | 112,480 | | 1,513,233 |
NMC Health PLC | 24,000 | | 279,317 |
Prudential PLC | 161,229 | | 4,014,206 |
Reckitt Benckiser Group PLC | 33,751 | | 3,003,989 |
Rightmove PLC | 1,500 | | 72,614 |
Rio Tinto PLC | 47,200 | | 2,112,252 |
Rolls-Royce Group PLC | 40,352 | | 643,328 |
Rotork PLC | 2,000 | | 72,171 |
SABMiller PLC | 45,863 | | 2,427,661 |
Shaftesbury PLC | 41,137 | | 529,025 |
Spectris PLC | 5,870 | | 192,921 |
Spirax-Sarco Engineering PLC | 5,107 | | 264,354 |
Standard Chartered PLC (United Kingdom) | 23,349 | | 382,275 |
Taylor Wimpey PLC | 43,700 | | 110,962 |
Ted Baker PLC | 2,775 | | 121,202 |
Tesco PLC | 152,300 | | 513,353 |
Ultra Electronics Holdings PLC | 4,501 | | 119,695 |
Unite Group PLC | 67,677 | | 619,155 |
Vodafone Group PLC sponsored ADR | 74,526 | | 2,623,315 |
TOTAL UNITED KINGDOM | | 55,948,848 |
United States of America - 8.4% |
A.O. Smith Corp. | 5,100 | | 325,890 |
Affiliated Managers Group, Inc. (a) | 1,500 | | 339,195 |
Altria Group, Inc. | 13,000 | | 650,650 |
American Tower Corp. | 3,100 | | 293,043 |
ANSYS, Inc. (a) | 400 | | 34,336 |
Autoliv, Inc. | 15,954 | | 1,894,059 |
Ball Corp. | 4,700 | | 345,027 |
Berkshire Hathaway, Inc. Class B (a) | 6,416 | | 906,003 |
BorgWarner, Inc. | 23,394 | | 1,384,925 |
Broadridge Financial Solutions, Inc. | 1,140 | | 61,469 |
China Biologic Products, Inc. (a) | 3,700 | | 353,868 |
Colgate-Palmolive Co. | 4,100 | | 275,848 |
Constellation Brands, Inc. Class A (sub. vtg.) (a) | 9,400 | | 1,089,836 |
Cummins, Inc. | 4,291 | | 593,274 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Dril-Quip, Inc. (a) | 4,970 | | $ 396,208 |
Ecolab, Inc. | 3,000 | | 335,940 |
Energizer Holdings, Inc. | 4,800 | | 655,776 |
Evercore Partners, Inc. Class A | 1,160 | | 55,958 |
FMC Technologies, Inc. (a) | 8,503 | | 374,982 |
Google, Inc.: | | | |
Class A (a) | 3,080 | | 1,690,212 |
Class C (a) | 664 | | 356,794 |
International Flavors & Fragrances, Inc. | 2,600 | | 298,350 |
Kennedy-Wilson Holdings, Inc. | 5,483 | | 135,869 |
Las Vegas Sands Corp. | 5,700 | | 301,416 |
Martin Marietta Materials, Inc. | 5,380 | | 767,457 |
MasterCard, Inc. Class A | 27,390 | | 2,470,852 |
McGraw Hill Financial, Inc. | 18,800 | | 1,960,840 |
Mead Johnson Nutrition Co. Class A | 8,800 | | 844,096 |
Mohawk Industries, Inc. (a) | 8,135 | | 1,411,423 |
Moody's Corp. | 8,700 | | 935,424 |
National Oilwell Varco, Inc. | 5,646 | | 307,199 |
Oceaneering International, Inc. | 10,438 | | 575,238 |
Philip Morris International, Inc. | 13,800 | | 1,151,886 |
PPG Industries, Inc. | 1,400 | | 310,184 |
PriceSmart, Inc. | 8,285 | | 666,611 |
ResMed, Inc. | 10,320 | | 659,861 |
ResMed, Inc. CDI | 137,396 | | 877,438 |
Solera Holdings, Inc. | 6,885 | | 334,060 |
SS&C Technologies Holdings, Inc. | 21,954 | | 1,320,972 |
Union Pacific Corp. | 5,000 | | 531,150 |
Valspar Corp. | 3,800 | | 308,180 |
Visa, Inc. Class A | 37,724 | | 2,491,670 |
TOTAL UNITED STATES OF AMERICA | | 31,073,469 |
TOTAL COMMON STOCKS (Cost $290,087,020) |
359,089,779
|
Nonconvertible Preferred Stocks - 0.8% |
| | | |
Brazil - 0.2% |
Ambev SA sponsored ADR | 137,700 | | 871,641 |
Germany - 0.6% |
Henkel AG & Co. KGaA | 2,700 | | 313,625 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
Germany - continued |
Sartorius AG (non-vtg.) | 1,100 | | $ 182,371 |
Volkswagen AG | 5,790 | | 1,490,611 |
TOTAL GERMANY | | 1,986,607 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC | 5,689,632 | | 8,734 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,468,407) |
2,866,982
|
Money Market Funds - 3.1% |
| | | |
Fidelity Cash Central Fund, 0.15% (b) | 6,506,713 | | 6,506,713 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 4,949,170 | | 4,949,170 |
TOTAL MONEY MARKET FUNDS (Cost $11,455,883) |
11,455,883
|
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $304,011,310) | | 373,412,644 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | | (4,502,789) |
NET ASSETS - 100% | $ 368,909,855 |
Security Type Abbreviations |
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $996,368 or 0.3% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,877 |
Fidelity Securities Lending Cash Central Fund | 38,922 |
Total | $ 41,799 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 57,328,417 | $ 20,916,857 | $ 36,043,922 | $ 367,638 |
Consumer Staples | 36,869,975 | 13,443,319 | 23,426,656 | - |
Energy | 12,921,335 | 8,296,100 | 4,625,235 | - |
Financials | 82,189,710 | 31,841,781 | 50,347,929 | - |
Health Care | 50,361,215 | 17,208,890 | 33,152,325 | - |
Industrials | 43,066,000 | 13,647,686 | 29,418,314 | - |
Information Technology | 41,250,521 | 21,771,374 | 19,479,147 | - |
Materials | 20,523,826 | 8,114,803 | 12,409,023 | - |
Telecommunication Services | 12,568,427 | 7,620,907 | 4,947,520 | - |
Utilities | 4,877,335 | 1,642,454 | 3,234,881 | - |
Money Market Funds | 11,455,883 | 11,455,883 | - | - |
Total Investments in Securities: | $ 373,412,644 | $ 155,960,054 | $ 217,084,952 | $ 367,638 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 75,509,684 |
Level 2 to Level 1 | $ 30,488,313 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $4,698,626) - See accompanying schedule: Unaffiliated issuers (cost $292,555,427) | $ 361,956,761 | |
Fidelity Central Funds (cost $11,455,883) | 11,455,883 | |
Total Investments (cost $304,011,310) | | $ 373,412,644 |
Cash | | 79,432 |
Foreign currency held at value (cost $246,735) | | 246,933 |
Receivable for investments sold | | 2,702,303 |
Receivable for fund shares sold | | 106,626 |
Dividends receivable | | 1,492,287 |
Distributions receivable from Fidelity Central Funds | | 18,124 |
Prepaid expenses | | 264 |
Other receivables | | 10,717 |
Total assets | | 378,069,330 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 3,356,959 | |
Delayed delivery | 267,139 | |
Payable for fund shares redeemed | 59,103 | |
Accrued management fee | 233,042 | |
Distribution and service plan fees payable | 10,957 | |
Other affiliated payables | 52,558 | |
Other payables and accrued expenses | 230,547 | |
Collateral on securities loaned, at value | 4,949,170 | |
Total liabilities | | 9,159,475 |
| | |
Net Assets | | $ 368,909,855 |
Net Assets consist of: | | |
Paid in capital | | $ 326,012,750 |
Undistributed net investment income | | 1,879,300 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (28,252,504) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 69,270,309 |
Net Assets | | $ 368,909,855 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,077,862 ÷ 1,097,636 shares) | | $ 8.27 |
| | |
Maximum offering price per share (100/94.25 of $8.27) | | $ 8.77 |
Class T:
Net Asset Value and redemption price per share ($13,364,265 ÷ 1,608,422 shares) | | $ 8.31 |
| | |
Maximum offering price per share (100/96.50 of $8.31) | | $ 8.61 |
Class B:
Net Asset Value and offering price per share ($165,129 ÷ 19,770 shares)A | | $ 8.35 |
| | |
Class C:
Net Asset Value and offering price per share ($4,329,621 ÷ 522,887 shares)A | | $ 8.28 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($339,551,353 ÷ 40,975,525 shares) | | $ 8.29 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,421,625 ÷ 293,486 shares) | | $ 8.25 |
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
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,401,271 |
Income from Fidelity Central Funds | | 41,799 |
Income before foreign taxes withheld | | 4,443,070 |
Less foreign taxes withheld | | (359,709) |
Total income | | 4,083,361 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,222,961 | |
Performance adjustment | 195,382 | |
Transfer agent fees | 218,195 | |
Distribution and service plan fees | 60,082 | |
Accounting and security lending fees | 90,829 | |
Custodian fees and expenses | 106,420 | |
Independent trustees' compensation | 685 | |
Registration fees | 31,916 | |
Audit | 42,079 | |
Legal | 534 | |
Miscellaneous | 1,372 | |
Total expenses before reductions | 1,970,455 | |
Expense reductions | (10,015) | 1,960,440 |
Net investment income (loss) | | 2,122,921 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $115,755) | (3,934,555) | |
Foreign currency transactions | (127,550) | |
Total net realized gain (loss) | | (4,062,105) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $82,195) | 20,346,178 | |
Assets and liabilities in foreign currencies | 34,596 | |
Total change in net unrealized appreciation (depreciation) | | 20,380,774 |
Net gain (loss) | | 16,318,669 |
Net increase (decrease) in net assets resulting from operations | | $ 18,441,590 |
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, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,122,921 | $ 7,173,996 |
Net realized gain (loss) | (4,062,105) | 5,639,847 |
Change in net unrealized appreciation (depreciation) | 20,380,774 | (11,137,910) |
Net increase (decrease) in net assets resulting from operations | 18,441,590 | 1,675,933 |
Distributions to shareholders from net investment income | (5,482,469) | (5,090,375) |
Distributions to shareholders from net realized gain | (1,726,810) | (7,679,276) |
Total distributions | (7,209,279) | (12,769,651) |
Share transactions - net increase (decrease) | 7,355,747 | 13,925,925 |
Redemption fees | 909 | 3,247 |
Total increase (decrease) in net assets | 18,588,967 | 2,835,454 |
| | |
Net Assets | | |
Beginning of period | 350,320,888 | 347,485,434 |
End of period (including undistributed net investment income of $1,879,300 and undistributed net investment income of $5,238,848, respectively) | $ 368,909,855 | $ 350,320,888 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.00 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .13 | .11 | .08 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.69) | .95 |
Total from investment operations | .41 | .01 | 1.33 | .72 | (.58) | 1.03 |
Distributions from net investment income | (.10) | (.10) | (.13) | (.08) | (.09) | (.04) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.14) | (.28) | (.37) J | (.08) | (.11) | (.07) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.27 | $ 8.00 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 |
Total ReturnB, C, D | 5.21% | .19% | 19.00% | 10.88% | (8.03)% | 16.17% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.48%A | 1.44% | 1.50% | 1.57% | 1.73% | 2.02% |
Expenses net of fee waivers, if any | 1.45%A | 1.44% | 1.45% | 1.45% | 1.45% | 1.50% |
Expenses net of all reductions | 1.45%A | 1.44% | 1.43% | 1.42% | 1.42% | 1.47% |
Net investment income (loss) | .89%A | 1.63% | 1.21% | 1.88% | 1.44% | 1.15% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,078 | $ 9,164 | $ 9,034 | $ 5,767 | $ 4,307 | $ 5,029 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.37 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.04 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .11 | .07 | .11 | .09 | .06 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.25 | .59 | (.68) | .95 |
Total from investment operations | .40 | (.01) | 1.32 | .70 | (.59) | 1.01 |
Distributions from net investment income | (.09) | (.09) | (.13) | (.06) | (.07) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.13) | (.27) | (.37) J | (.06) | (.09) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.31 | $ 8.04 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 |
Total ReturnB, C, D | 5.06% | (.06)% | 18.73% | 10.52% | (8.08)% | 15.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.72%A | 1.68% | 1.75% | 1.84% | 2.02% | 2.31% |
Expenses net of fee waivers, if any | 1.70%A | 1.68% | 1.70% | 1.70% | 1.70% | 1.75% |
Expenses net of all reductions | 1.70%A | 1.68% | 1.67% | 1.67% | 1.67% | 1.72% |
Net investment income (loss) | .64%A | 1.38% | .96% | 1.63% | 1.19% | .90% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 13,364 | $ 10,282 | $ 7,909 | $ 2,348 | $ 997 | $ 1,004 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.37 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.05 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 | .04 | .08 | .05 | .03 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.68) | .95 |
Total from investment operations | .38 | (.05) | 1.28 | .67 | (.63) | .98 |
Distributions from net investment income | (.04) | (.03) | (.05) | (.02) | (.04) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.08) | (.21) | (.30) | (.02) | (.06) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.35 | $ 8.05 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 |
Total ReturnB, C, D | 4.78% | (.56)% | 18.05% | 10.05% | (8.66)% | 15.34% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.26%A | 2.22% | 2.26% | 2.34% | 2.51% | 2.81% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.20% | 2.20% | 2.20% | 2.25% |
Expenses net of all reductions | 2.20%A | 2.20% | 2.18% | 2.17% | 2.17% | 2.22% |
Net investment income (loss) | .14%A | .87% | .46% | 1.13% | .69% | .40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 165 | $ 168 | $ 192 | $ 220 | $ 254 | $ 327 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.00 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 | .04 | .08 | .05 | .03 |
Net realized and unrealized gain (loss) | .36 | (.12) | 1.25 | .58 | (.69) | .94 |
Total from investment operations | .37 | (.05) | 1.29 | .66 | (.64) | .97 |
Distributions from net investment income | (.05) | (.05) | (.08) | (.02) | (.03) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.09) | (.23) | (.32) J | (.02) | (.05) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.28 | $ 8.00 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 |
Total ReturnB, C, D | 4.72% | (.57)% | 18.30% | 9.98% | (8.72)% | 15.18% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.27%A | 2.22% | 2.26% | 2.31% | 2.51% | 2.80% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.20% | 2.20% | 2.20% | 2.25% |
Expenses net of all reductions | 2.20%A | 2.20% | 2.18% | 2.17% | 2.17% | 2.22% |
Net investment income (loss) | .14%A | .87% | .46% | 1.13% | .69% | .40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,330 | $ 4,028 | $ 3,584 | $ 2,737 | $ 1,396 | $ 1,423 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.32 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.03 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .16 | .12 | .15 | .12 | .09 |
Net realized and unrealized gain (loss) | .38 | (.12) | 1.24 | .58 | (.68) | .96 |
Total from investment operations | .43 | .04 | 1.36 | .73 | (.56) | 1.05 |
Distributions from net investment income | (.13) | (.12) | (.15) | (.10) | (.10) | (.06) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.17) | (.30) | (.39) I | (.10) | (.12) | (.09) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.29 | $ 8.03 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 |
Total ReturnB, C | 5.47% | .55% | 19.48% | 11.03% | (7.70)% | 16.45% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.08%A | 1.04% | 1.09% | 1.16% | 1.42% | 1.79% |
Expenses net of fee waivers, if any | 1.08%A | 1.04% | 1.09% | 1.16% | 1.20% | 1.25% |
Expenses net of all reductions | 1.08%A | 1.04% | 1.07% | 1.13% | 1.17% | 1.22% |
Net investment income (loss) | 1.26%A | 2.03% | 1.57% | 2.16% | 1.69% | 1.40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 339,551 | $ 324,438 | $ 324,395 | $ 281,979 | $ 131,338 | $ 60,826 |
Portfolio turnover rateF | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
I Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.99 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .15 | .11 | .14 | .12 | .10 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.68) | .95 |
Total from investment operations | .42 | .03 | 1.35 | .73 | (.56) | 1.05 |
Distributions from net investment income | (.12) | (.12) | (.15) | (.10) | (.10) | (.08) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.16) | (.30) | (.39) I | (.10) | (.12) | (.11) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.25 | $ 7.99 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 |
Total ReturnB, C | 5.36% | .37% | 19.40% | 11.06% | (7.72)% | 16.48% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.19%A | 1.15% | 1.21% | 1.27% | 1.48% | 1.82% |
Expenses net of fee waivers, if any | 1.19%A | 1.15% | 1.20% | 1.20% | 1.20% | 1.25% |
Expenses net of all reductions | 1.19%A | 1.15% | 1.18% | 1.17% | 1.17% | 1.23% |
Net investment income (loss) | 1.14%A | 1.91% | 1.46% | 2.13% | 1.69% | 1.40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,422 | $ 2,240 | $ 2,372 | $ 1,514 | $ 197 | $ 28 |
Portfolio turnover rateF | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
I Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Total International Equity and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs)and certain indexes as well as quoted
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 75,402,954 |
Gross unrealized depreciation | (6,698,222) |
Net unrealized appreciation (depreciation) on securities | $ 68,704,732 |
| |
Tax cost | $ 304,707,912 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2017 | $ (13,607,298) |
2019 | (8,855,997) |
Total capital loss carryforward | $ (22,463,295) |
Due to large subscriptions in a prior period, $22,463,295 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $4,535,766 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $97,487,422 and $98,773,594, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | - % | .25% | $ 10,720 | $ 495 |
Class T | .25% | .25% | 28,250 | 259 |
Class B | .75% | .25% | 803 | 606 |
Class C | .75% | .25% | 20,309 | 2,707 |
| | | $ 60,082 | $ 4,067 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,039 |
Class T | 750 |
Class C* | 214 |
| $ 5,003 |
* When 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 11,440 | .27 |
Class T | 14,142 | .25 |
Class B | 238 | .30 |
Class C | 6,064 | .30 |
Total International Equity | 183,770 | .11 |
Institutional Class | 2,541 | .23 |
| $ 218,195 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions - continued
(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $293 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $274 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $22,040. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central. Total security lending income during the period amounted to $38,922, including $23 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.45% | $ 1,435 |
Class T | 1.70% | 937 |
Class B | 2.20% | 51 |
Class C | 2.20% | 1,351 |
| | $ 3,774 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $6,161 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Total International Equity expenses during the period in the amount of $80.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ 113,499 | $ 114,661 |
Class T | 118,041 | 92,140 |
Class B | 852 | 757 |
Class C | 26,493 | 24,034 |
Total International Equity | 5,189,901 | 4,825,256 |
Institutional Class | 33,683 | 33,527 |
Total | $ 5,482,469 | $ 5,090,375 |
Semiannual Report
9. Distributions to Shareholders - continued
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net realized gain | | |
Class A | $ 45,400 | $ 201,491 |
Class T | 52,463 | 179,326 |
Class B | 832 | 4,154 |
Class C | 19,994 | 83,657 |
Total International Equity | 1,596,893 | 7,158,781 |
Institutional Class | 11,228 | 51,867 |
Total | $ 1,726,810 | $ 7,679,276 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 149,908 | 232,039 | $ 1,206,395 | $ 1,877,334 |
Reinvestment of distributions | 20,115 | 38,586 | 158,306 | 306,762 |
Shares redeemed | (217,421) | (217,382) | (1,686,292) | (1,752,622) |
Net increase (decrease) | (47,398) | 53,243 | $ (321,591) | $ 431,474 |
Class T | | | | |
Shares sold | 448,286 | 525,401 | $ 3,593,468 | $ 4,252,382 |
Reinvestment of distributions | 21,537 | 33,829 | 170,355 | 270,968 |
Shares redeemed | (140,317) | (230,852) | (1,117,291) | (1,883,437) |
Net increase (decrease) | 329,506 | 328,378 | $ 2,646,532 | $ 2,639,913 |
Class B | | | | |
Shares sold | 1,281 | 2,568 | $ 10,796 | $ 21,032 |
Reinvestment of distributions | 210 | 604 | 1,675 | 4,866 |
Shares redeemed | (2,580) | (5,357) | (20,670) | (43,506) |
Net increase (decrease) | (1,089) | (2,185) | $ (8,199) | $ (17,608) |
Class C | | | | |
Shares sold | 82,970 | 174,035 | $ 665,314 | $ 1,421,548 |
Reinvestment of distributions | 4,767 | 10,201 | 37,661 | 81,608 |
Shares redeemed | (68,699) | (113,485) | (548,413) | (922,884) |
Net increase (decrease) | 19,038 | 70,751 | $ 154,562 | $ 580,272 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Total International Equity | | | | |
Shares sold | 4,718,598 | 7,329,051 | $ 37,593,183 | $ 59,640,689 |
Reinvestment of distributions | 851,193 | 1,486,031 | 6,698,889 | 11,828,806 |
Shares redeemed | (4,976,745) | (7,554,096) | (39,517,699) | (61,144,473) |
Net increase (decrease) | 593,046 | 1,260,986 | $ 4,774,373 | $ 10,325,022 |
Institutional Class | | | | |
Shares sold | 42,224 | 127,536 | $ 337,362 | $ 1,054,194 |
Reinvestment of distributions | 5,728 | 10,120 | 44,911 | 80,252 |
Shares redeemed | (34,670) | (144,685) | (272,203) | (1,167,594) |
Net increase (decrease) | 13,282 | (7,029) | $ 110,070 | $ (33,148) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, a shareholder of record owned approximately 72% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ATIEI-USAN-0615
1.853359.107
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total International Equity
Fund - Class A, Class T, Class B,
and Class C
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Class A, Class T,
Class B, and Class C are
classes of Fidelity® Total
International Equity Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,052.10 | $ 7.38 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,050.60 | $ 8.64 |
HypotheticalA | | $ 1,000.00 | $ 1,016.36 | $ 8.50 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,047.80 | $ 11.17 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,047.20 | $ 11.17 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Total International Equity | 1.08% | | | |
Actual | | $ 1,000.00 | $ 1,054.70 | $ 5.50 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
Institutional Class | 1.19% | | | |
Actual | | $ 1,000.00 | $ 1,053.60 | $ 6.06 |
HypotheticalA | | $ 1,000.00 | $ 1,018.89 | $ 5.96 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
 | United Kingdom 15.2% | |
 | Japan 14.2% | |
 | United States of America* 10.3% | |
 | Switzerland 8.0% | |
 | France 6.2% | |
 | Germany 4.1% | |
 | Australia 3.1% | |
 | South Africa 3.0% | |
 | Sweden 2.6% | |
 | Other 33.3% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
As of October 31, 2014 |
 | United Kingdom 15.9% | |
 | Japan 13.5% | |
 | United States of America* 9.4% | |
 | Switzerland 7.8% | |
 | France 6.4% | |
 | Germany 4.9% | |
 | Australia 3.8% | |
 | Sweden 3.2% | |
 | India 2.8% | |
 | Other 32.3% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.1 | 98.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.9 | 1.3 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novartis AG (Switzerland, Pharmaceuticals) | 2.1 | 1.7 |
Nestle SA (Switzerland, Food Products) | 2.0 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.6 | 1.9 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 1.3 |
Bayer AG (Germany, Pharmaceuticals) | 1.2 | 1.2 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.1 | 1.0 |
Prudential PLC (United Kingdom, Insurance) | 1.1 | 1.5 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 0.0 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.0 | 1.2 |
UBS Group AG (Switzerland, Capital Markets) | 1.0 | 0.9 |
| 13.4 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.5 | 21.0 |
Consumer Discretionary | 15.3 | 14.5 |
Health Care | 13.6 | 13.2 |
Industrials | 11.8 | 12.7 |
Information Technology | 11.2 | 10.6 |
Consumer Staples | 9.9 | 10.9 |
Materials | 5.7 | 6.0 |
Energy | 3.4 | 4.1 |
Telecommunication Services | 3.4 | 4.1 |
Utilities | 1.3 | 1.6 |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% |
| Shares | | Value |
Argentina - 0.3% |
Banco Macro SA sponsored ADR | 5,700 | | $ 314,925 |
Grupo Financiero Galicia SA sponsored ADR (d) | 14,100 | | 310,764 |
YPF SA Class D sponsored ADR | 11,300 | | 345,102 |
TOTAL ARGENTINA | | 970,791 |
Australia - 3.1% |
Ansell Ltd. | 36,338 | | 750,246 |
Australia & New Zealand Banking Group Ltd. | 56,495 | | 1,519,602 |
CSL Ltd. | 39,674 | | 2,856,410 |
DuluxGroup Ltd. | 15,738 | | 78,836 |
Imdex Ltd. (a) | 42,463 | | 11,425 |
RCG Corp. Ltd. | 97,518 | | 77,943 |
SEEK Ltd. | 23,855 | | 306,762 |
Sydney Airport unit | 254,875 | | 1,087,138 |
Telstra Corp. Ltd. | 102,081 | | 503,271 |
TFS Corp. Ltd. | 43,497 | | 57,139 |
Transurban Group unit | 225,495 | | 1,770,179 |
Westpac Banking Corp. | 84,035 | | 2,414,382 |
TOTAL AUSTRALIA | | 11,433,333 |
Austria - 0.5% |
Andritz AG | 27,961 | | 1,637,026 |
Zumtobel AG | 2,800 | | 76,589 |
TOTAL AUSTRIA | | 1,713,615 |
Bailiwick of Jersey - 1.3% |
Shire PLC | 40,180 | | 3,265,172 |
United Co. RUSAL Ltd. (a) | 337,000 | | 203,490 |
Wolseley PLC | 18,561 | | 1,097,779 |
WPP PLC | 14,000 | | 326,501 |
TOTAL BAILIWICK OF JERSEY | | 4,892,942 |
Belgium - 2.0% |
Anheuser-Busch InBev SA NV | 38,971 | | 4,744,655 |
Gimv NV | 1,319 | | 61,229 |
KBC Ancora (a) | 4,281 | | 160,599 |
KBC Groep NV | 35,317 | | 2,323,622 |
TOTAL BELGIUM | | 7,290,105 |
Bermuda - 0.8% |
Brilliance China Automotive Holdings Ltd. | 186,000 | | 350,375 |
China Gas Holdings Ltd. | 244,000 | | 432,558 |
China Resources Gas Group Ltd. | 136,000 | | 473,773 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Credicorp Ltd. (United States) | 3,700 | | $ 564,435 |
Lazard Ltd. Class A | 12,400 | | 657,572 |
Petra Diamonds Ltd. (a) | 28,400 | | 68,114 |
Travelport Worldwide Ltd. | 20,100 | | 318,183 |
Vostok Nafta Investment Ltd. SDR (a) | 7,560 | | 49,954 |
TOTAL BERMUDA | | 2,914,964 |
Brazil - 1.2% |
BB Seguridade Participacoes SA | 47,800 | | 559,236 |
Brasil Foods SA | 29,000 | | 619,858 |
CCR SA | 62,100 | | 342,143 |
Cielo SA | 47,080 | | 655,349 |
Kroton Educacional SA | 117,300 | | 428,251 |
Linx SA | 17,600 | | 259,360 |
Qualicorp SA (a) | 52,500 | | 432,135 |
Smiles SA | 20,700 | | 349,700 |
Ultrapar Participacoes SA | 22,500 | | 517,815 |
Weg SA | 82,400 | | 438,945 |
TOTAL BRAZIL | | 4,602,792 |
British Virgin Islands - 0.1% |
Gem Diamonds Ltd. | 17,773 | | 38,001 |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 13,200 | | 314,879 |
TOTAL BRITISH VIRGIN ISLANDS | | 352,880 |
Canada - 0.9% |
Canadian Pacific Railway Ltd. | 4,066 | | 775,219 |
Cara Operations Ltd. (a) | 2,400 | | 62,661 |
Imperial Oil Ltd. | 19,500 | | 859,519 |
McCoy Global, Inc. | 12,000 | | 41,078 |
New Look Eyewear, Inc. | 2,000 | | 47,410 |
Pason Systems, Inc. | 24,000 | | 432,060 |
Potash Corp. of Saskatchewan, Inc. | 20,100 | | 656,395 |
ShawCor Ltd. Class A | 12,300 | | 416,457 |
TOTAL CANADA | | 3,290,799 |
Cayman Islands - 1.8% |
58.com, Inc. ADR (a) | 13,000 | | 991,640 |
Alibaba Group Holding Ltd. sponsored ADR | 10,100 | | 821,029 |
Autohome, Inc. ADR Class A (a) | 7,700 | | 393,008 |
Baidu.com, Inc. sponsored ADR (a) | 1,900 | | 380,532 |
Bitauto Holdings Ltd. ADR (a) | 5,600 | | 333,088 |
ENN Energy Holdings Ltd. | 60,000 | | 433,518 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Sino Biopharmaceutical Ltd. | 364,000 | | $ 417,044 |
SouFun Holdings Ltd. ADR | 53,000 | | 438,310 |
Tencent Holdings Ltd. | 117,800 | | 2,431,260 |
TOTAL CAYMAN ISLANDS | | 6,639,429 |
Chile - 0.1% |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 15,900 | | 347,256 |
China - 1.5% |
China International Travel Service Corp. Ltd. (A Shares) | 44,400 | | 367,638 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 125,400 | | 684,393 |
Daqin Railway Co. Ltd. (A Shares) | 178,700 | | 402,470 |
Fuyao Glass Industries Group Co. Ltd. (a) | 142,400 | | 357,169 |
Inner Mongoli Yili Industries Co. Ltd. | 67,000 | | 393,825 |
Jiangsu Hengrui Medicine Co. Ltd. | 35,400 | | 325,362 |
Kweichow Moutai Co. Ltd. | 9,900 | | 402,573 |
PICC Property & Casualty Co. Ltd. (H Shares) | 248,340 | | 552,397 |
Qingdao Haier Co. Ltd. | 87,900 | | 384,176 |
SAIC Motor Corp. Ltd. | 85,900 | | 373,912 |
Shanghai International Airport Co. Ltd. | 74,500 | | 331,856 |
Weifu High-Technology Co. Ltd. (B Shares) | 78,200 | | 365,849 |
Zhengzhou Yutong Bus Co. Ltd. | 57,500 | | 283,848 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 44,500 | | 380,663 |
TOTAL CHINA | | 5,606,131 |
Denmark - 1.4% |
Jyske Bank A/S (Reg.) (a) | 19,054 | | 933,053 |
Novo Nordisk A/S Series B sponsored ADR | 61,000 | | 3,432,470 |
Pandora A/S | 3,100 | | 320,421 |
Spar Nord Bank A/S | 13,331 | | 144,050 |
Topdanmark A/S (a) | 16,500 | | 494,875 |
TOTAL DENMARK | | 5,324,869 |
Egypt - 0.1% |
Commercial International Bank SAE sponsored GDR | 57,900 | | 399,639 |
Finland - 0.5% |
Kone Oyj (B Shares) (d) | 60 | | 2,581 |
Sampo Oyj (A Shares) | 29,653 | | 1,436,815 |
Tikkurila Oyj | 18,780 | | 386,797 |
TOTAL FINLAND | | 1,826,193 |
Common Stocks - continued |
| Shares | | Value |
France - 6.2% |
Atos Origin SA | 15,453 | | $ 1,207,825 |
AXA SA | 73,806 | | 1,866,248 |
Cap Gemini SA | 17,302 | | 1,541,531 |
Coface SA | 4,400 | | 54,843 |
Havas SA | 83,986 | | 700,506 |
Ingenico SA | 2,970 | | 372,654 |
Laurent-Perrier Group SA | 759 | | 71,230 |
LVMH Moet Hennessy - Louis Vuitton SA | 1,923 | | 336,268 |
Orange SA | 75,600 | | 1,245,233 |
Renault SA (d) | 7,711 | | 811,334 |
Safran SA | 25,614 | | 1,871,547 |
Sanofi SA | 31,630 | | 3,219,634 |
Societe Generale Series A | 24,400 | | 1,219,871 |
Total SA | 69,515 | | 3,764,235 |
Unibail-Rodamco | 4,800 | | 1,325,331 |
Vetoquinol SA | 1,500 | | 59,555 |
VINCI SA | 21,900 | | 1,343,231 |
Virbac SA | 540 | | 140,541 |
Vivendi SA | 62,852 | | 1,575,618 |
TOTAL FRANCE | | 22,727,235 |
Germany - 3.5% |
alstria office REIT-AG | 2,900 | | 41,092 |
BASF AG (d) | 24,561 | | 2,440,087 |
Bayer AG | 30,112 | | 4,334,099 |
CompuGroup Medical AG | 6,146 | | 175,676 |
Continental AG | 3,983 | | 933,435 |
CTS Eventim AG | 8,266 | | 281,692 |
Fielmann AG | 2,158 | | 146,585 |
Fresenius SE & Co. KGaA | 19,700 | | 1,172,011 |
GEA Group AG | 20,079 | | 964,313 |
Linde AG | 11,749 | | 2,295,869 |
TOTAL GERMANY | | 12,784,859 |
Greece - 0.0% |
Titan Cement Co. SA (Reg.) | 2,444 | | 61,641 |
Hong Kong - 0.9% |
AIA Group Ltd. | 368,600 | | 2,463,500 |
CSPC Pharmaceutical Group Ltd. | 406,000 | | 422,210 |
Techtronic Industries Co. Ltd. | 88,000 | | 312,804 |
TOTAL HONG KONG | | 3,198,514 |
Common Stocks - continued |
| Shares | | Value |
India - 2.4% |
Adani Ports & Special Economic Zone | 70,042 | | $ 350,002 |
Asian Paints India Ltd. (f) | 30,823 | | 369,817 |
Axis Bank Ltd. (a) | 39,590 | | 355,400 |
Bank of Baroda (a) | 103,764 | | 276,532 |
Exide Industries Ltd. | 116,435 | | 314,322 |
Grasim Industries Ltd. | 5,019 | | 312,824 |
HCL Technologies Ltd. | 36,704 | | 508,590 |
HDFC Bank Ltd. | 19,970 | | 356,731 |
Housing Development Finance Corp. Ltd. | 89,233 | | 1,642,901 |
ICICI Bank Ltd. (a) | 96,261 | | 502,642 |
ITC Ltd. (a) | 98,121 | | 497,725 |
Jyothy Laboratories Ltd. (a) | 16,584 | | 64,851 |
LIC Housing Finance Ltd. | 54,131 | | 366,324 |
Lupin Ltd. | 11,861 | | 330,841 |
State Bank of India | 88,022 | | 373,640 |
Sun Pharmaceutical Industries Ltd. (a) | 37,481 | | 553,742 |
Sun TV Ltd. | 52,202 | | 285,129 |
Tata Consultancy Services Ltd. | 17,245 | | 668,577 |
Tata Motors Ltd. (a) | 56,541 | | 453,037 |
Titan Co. Ltd. (a) | 54,191 | | 330,681 |
TOTAL INDIA | | 8,914,308 |
Indonesia - 1.2% |
PT ACE Hardware Indonesia Tbk | 8,749,200 | | 435,351 |
PT Astra International Tbk | 290,400 | | 153,461 |
PT Bank Central Asia Tbk | 583,400 | | 606,466 |
PT Bank Rakyat Indonesia Tbk | 605,400 | | 542,933 |
PT Global Mediacom Tbk | 3,317,500 | | 396,692 |
PT Indocement Tunggal Prakarsa Tbk | 188,300 | | 305,057 |
PT Jasa Marga Tbk | 672,000 | | 321,419 |
PT Kalbe Farma Tbk | 2,156,200 | | 298,583 |
PT Matahari Department Store Tbk | 281,300 | | 379,769 |
PT Media Nusantara Citra Tbk | 1,641,000 | | 279,144 |
PT Surya Citra Media Tbk | 1,269,700 | | 284,060 |
PT Tower Bersama Infrastructure Tbk | 547,500 | | 357,960 |
TOTAL INDONESIA | | 4,360,895 |
Ireland - 1.3% |
Actavis PLC (a) | 5,500 | | 1,555,730 |
CRH PLC sponsored ADR | 52,529 | | 1,468,186 |
FBD Holdings PLC | 5,372 | | 57,767 |
Common Stocks - continued |
| Shares | | Value |
Ireland - continued |
James Hardie Industries PLC: | | | |
CDI | 15,656 | | $ 181,009 |
sponsored ADR | 28,355 | | 1,637,501 |
TOTAL IRELAND | | 4,900,193 |
Israel - 0.6% |
Azrieli Group | 11,296 | | 487,340 |
Ituran Location & Control Ltd. | 1,761 | | 40,204 |
Sarine Technologies Ltd. | 27,100 | | 41,985 |
Strauss Group Ltd. (a) | 4,759 | | 84,715 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 28,909 | | 1,746,682 |
TOTAL ISRAEL | | 2,400,926 |
Italy - 1.2% |
Azimut Holding SpA | 26,614 | | 781,193 |
Banco di Desio e della Brianza SpA | 13,000 | | 45,894 |
Beni Stabili SpA SIIQ | 222,926 | | 183,819 |
Interpump Group SpA | 51,891 | | 872,637 |
Intesa Sanpaolo SpA | 317,200 | | 1,065,634 |
Mediaset SpA | 151,700 | | 779,679 |
Telecom Italia SpA (a) | 673,800 | | 795,265 |
TOTAL ITALY | | 4,524,121 |
Japan - 14.2% |
Aozora Bank Ltd. | 171,000 | | 639,615 |
Artnature, Inc. | 8,000 | | 74,417 |
Asahi Co. Ltd. | 6,200 | | 54,766 |
Astellas Pharma, Inc. | 210,900 | | 3,283,860 |
Autobacs Seven Co. Ltd. | 4,400 | | 68,532 |
Azbil Corp. | 4,800 | | 126,442 |
Broadleaf Co. Ltd. | 3,200 | | 49,890 |
Coca-Cola Central Japan Co. Ltd. | 32,000 | | 597,987 |
Cosmos Pharmaceutical Corp. | 300 | | 40,390 |
Daiichikosho Co. Ltd. | 2,000 | | 64,503 |
Daikokutenbussan Co. Ltd. | 5,000 | | 209,891 |
DENSO Corp. | 68,500 | | 3,400,735 |
Dentsu, Inc. | 22,700 | | 1,058,154 |
East Japan Railway Co. | 23,300 | | 2,059,418 |
Fanuc Corp. | 6,300 | | 1,385,765 |
Fast Retailing Co. Ltd. | 3,700 | | 1,457,355 |
Fujitsu Ltd. | 120,000 | | 795,403 |
GCA Savvian Group Corp. | 3,500 | | 37,383 |
Glory Ltd. | 2,700 | | 74,729 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Goldcrest Co. Ltd. | 6,960 | | $ 136,793 |
Harmonic Drive Systems, Inc. | 3,400 | | 71,807 |
Hitachi Ltd. | 132,000 | | 900,623 |
Hoya Corp. | 54,900 | | 2,115,895 |
Itochu Corp. | 75,000 | | 923,480 |
Iwatsuka Confectionary Co. Ltd. | 1,400 | | 83,955 |
Japan Digital Laboratory Co. | 3,000 | | 45,688 |
Japan Tobacco, Inc. | 71,500 | | 2,496,842 |
KDDI Corp. | 61,500 | | 1,455,234 |
Keyence Corp. | 5,321 | | 2,840,611 |
Kobayashi Pharmaceutical Co. Ltd. | 1,500 | | 105,103 |
Koshidaka Holdings Co. Ltd. | 4,000 | | 82,801 |
Lasertec Corp. | 3,900 | | 54,449 |
Makita Corp. | 12,700 | | 633,784 |
Medikit Co. Ltd. | 1,700 | | 52,993 |
Meiko Network Japan Co. Ltd. | 2,700 | | 33,379 |
Miraial Co. Ltd. | 2,400 | | 29,094 |
Mitsubishi UFJ Financial Group, Inc. | 512,900 | | 3,643,821 |
Mitsui Fudosan Co. Ltd. | 54,000 | | 1,600,792 |
Nabtesco Corp. | 3,800 | | 104,515 |
Nagaileben Co. Ltd. | 6,600 | | 119,002 |
ND Software Co. Ltd. | 6,000 | | 70,285 |
Nihon M&A Center, Inc. | 1,400 | | 48,719 |
Nihon Parkerizing Co. Ltd. | 14,800 | | 168,258 |
Nintendo Co. Ltd. | 2,900 | | 486,910 |
Nippon Prologis REIT, Inc. | 253 | | 548,189 |
Nippon Seiki Co. Ltd. | 3,000 | | 60,317 |
Nippon Telegraph & Telephone Corp. | 21,500 | | 1,451,788 |
NS Tool Co. Ltd. | 3,800 | | 60,592 |
OBIC Co. Ltd. | 4,000 | | 167,322 |
OMRON Corp. | 18,900 | | 867,851 |
ORIX Corp. | 79,600 | | 1,224,121 |
OSG Corp. | 36,600 | | 760,983 |
Paramount Bed Holdings Co. Ltd. | 1,600 | | 43,352 |
San-Ai Oil Co. Ltd. | 8,000 | | 53,136 |
Seven & i Holdings Co. Ltd. | 35,100 | | 1,508,750 |
Seven Bank Ltd. | 417,300 | | 2,248,359 |
SHO-BOND Holdings Co. Ltd. | 22,900 | | 1,009,562 |
Shoei Co. Ltd. | 3,900 | | 62,898 |
SK Kaken Co. Ltd. | 1,000 | | 87,162 |
Software Service, Inc. | 1,600 | | 63,462 |
Sony Financial Holdings, Inc. | 47,800 | | 858,131 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumitomo Mitsui Trust Holdings, Inc. | 305,920 | | $ 1,346,641 |
Techno Medica Co. Ltd. | 1,800 | | 36,840 |
TFP Consulting Group Co. Ltd. | 2,000 | | 59,666 |
The Monogatari Corp. | 1,500 | | 50,198 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 10,000 | | 69,985 |
TKC Corp. | 3,800 | | 90,758 |
Tocalo Co. Ltd. | 2,800 | | 54,977 |
Toyota Motor Corp. | 51,700 | | 3,598,792 |
Tsutsumi Jewelry Co. Ltd. | 2,000 | | 47,526 |
USS Co. Ltd. | 99,500 | | 1,751,977 |
Workman Co. Ltd. | 2,000 | | 105,060 |
Yamato Kogyo Co. Ltd. | 18,600 | | 437,619 |
TOTAL JAPAN | | 52,510,082 |
Kenya - 0.5% |
East African Breweries Ltd. | 89,900 | | 305,052 |
Kenya Commercial Bank Ltd. | 473,800 | | 313,029 |
Safaricom Ltd. | 6,070,800 | | 1,116,616 |
TOTAL KENYA | | 1,734,697 |
Korea (South) - 1.8% |
BGFretail Co. Ltd. | 7,776 | | 848,270 |
Coway Co. Ltd. | 2,397 | | 200,954 |
KEPCO Plant Service & Engineering Co. Ltd. | 3,882 | | 350,678 |
Leeno Industrial, Inc. | 1,964 | | 83,876 |
NAVER Corp. | 2,057 | | 1,241,331 |
Samsung Electronics Co. Ltd. | 3,126 | | 4,092,117 |
TOTAL KOREA (SOUTH) | | 6,817,226 |
Luxembourg - 0.2% |
RTL Group SA | 7,327 | | 693,499 |
Malaysia - 0.3% |
Astro Malaysia Holdings Bhd | 332,200 | | 292,802 |
Public Bank Bhd | 107,300 | | 586,724 |
Tune Insurance Holdings Bhd | 184,300 | | 94,155 |
TOTAL MALAYSIA | | 973,681 |
Mexico - 1.7% |
Banregio Grupo Financiero S.A.B. de CV | 56,900 | | 326,298 |
Compartamos S.A.B. de CV | 164,200 | | 280,302 |
Consorcio ARA S.A.B. de CV (a) | 234,855 | | 99,961 |
Embotelladoras Arca S.A.B. de CV | 54,900 | | 337,265 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Fomento Economico Mexicano S.A.B. de CV: | | | |
unit | 73,500 | | $ 666,300 |
sponsored ADR (a) | 6,333 | | 573,073 |
Gruma S.A.B. de CV Series B | 26,200 | | 315,913 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 57,300 | | 407,957 |
Grupo Aeroportuario del Sureste SA de CV Series B | 32,150 | | 455,050 |
Grupo Aeroportuario Norte S.A.B. de CV | 66,700 | | 333,109 |
Grupo Financiero Banorte S.A.B. de CV Series O | 111,600 | | 636,343 |
Grupo Televisa SA de CV | 104,400 | | 759,829 |
Infraestructura Energetica Nova S.A.B. de CV | 52,000 | | 302,605 |
Megacable Holdings S.A.B. de CV unit | 94,900 | | 394,953 |
Promotora y Operadora de Infraestructura S.A.B. de CV (a) | 31,800 | | 365,611 |
TOTAL MEXICO | | 6,254,569 |
Netherlands - 1.9% |
Aalberts Industries NV | 7,600 | | 235,621 |
ASM International NV (depositary receipt) | 1,050 | | 50,726 |
Gree Electric Applicances, Inc. ELS (BNP Paribas Arbitrage Warrant Program) warrants 12/10/15 (a)(e) | 39,600 | | 363,924 |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(e) | 58,600 | | 309,401 |
Heijmans NV (Certificaten Van Aandelen) | 4,881 | | 65,245 |
ING Groep NV (Certificaten Van Aandelen) | 214,523 | | 3,291,116 |
Midea Group ELS (BNP Paribas Arbitrage Warrant Program) warrants 1/6/16 (a)(e) | 54,200 | | 323,043 |
Mylan N.V. (a) | 8,800 | | 635,888 |
Reed Elsevier NV | 69,610 | | 1,678,814 |
VastNed Retail NV | 3,438 | | 167,883 |
TOTAL NETHERLANDS | | 7,121,661 |
Norway - 0.0% |
Kongsberg Gruppen ASA | 2,000 | | 42,976 |
Panama - 0.1% |
Copa Holdings SA Class A | 2,800 | | 310,492 |
Philippines - 1.0% |
Alliance Global Group, Inc. | 425,200 | | 242,073 |
Ayala Corp. | 18,240 | | 318,888 |
GT Capital Holdings, Inc. | 13,145 | | 370,058 |
International Container Terminal Services, Inc. | 138,470 | | 341,403 |
Jollibee Food Corp. | 17,900 | | 79,841 |
Metropolitan Bank & Trust Co. | 185,512 | | 386,700 |
Robinsons Land Corp. | 509,400 | | 341,960 |
Common Stocks - continued |
| Shares | | Value |
Philippines - continued |
Robinsons Retail Holdings, Inc. | 169,140 | | $ 329,826 |
SM Investments Corp. | 21,870 | | 441,420 |
SM Prime Holdings, Inc. | 1,022,900 | | 427,823 |
Vista Land & Lifescapes, Inc. | 1,655,100 | | 278,230 |
TOTAL PHILIPPINES | | 3,558,222 |
Russia - 0.1% |
MMC Norilsk Nickel OJSC ADR | 24,000 | | 452,101 |
Singapore - 0.5% |
Singapore Telecommunications Ltd. | 383,500 | | 1,283,937 |
UOL Group Ltd. | 104,600 | | 630,825 |
TOTAL SINGAPORE | | 1,914,762 |
South Africa - 3.0% |
Alexander Forbes Group Holding (a)(f) | 433,766 | | 359,155 |
Aspen Pharmacare Holdings Ltd. | 17,900 | | 544,693 |
Bidvest Group Ltd. (f) | 19,632 | | 532,508 |
Clicks Group Ltd. | 106,095 | | 814,157 |
Coronation Fund Managers Ltd. (f) | 35,800 | | 273,851 |
Discovery Ltd. | 39,767 | | 441,519 |
FirstRand Ltd. (f) | 129,800 | | 620,072 |
Life Healthcare Group Holdings Ltd. (f) | 118,600 | | 406,856 |
Mr Price Group Ltd. (f) | 20,800 | | 444,701 |
MTN Group Ltd. (f) | 86,400 | | 1,735,808 |
Nampak Ltd. (f) | 120,930 | | 433,554 |
Naspers Ltd. Class N | 20,300 | | 3,192,763 |
Remgro Ltd. (f) | 21,100 | | 469,490 |
Sanlam Ltd. (f) | 87,500 | | 566,134 |
Woolworths Holdings Ltd. (f) | 54,800 | | 412,373 |
TOTAL SOUTH AFRICA | | 11,247,634 |
Spain - 1.9% |
Amadeus IT Holding SA Class A | 19,600 | | 893,406 |
Hispania Activos Inmobiliarios SA (a) | 38,400 | | 547,209 |
Iberdrola SA | 257,220 | | 1,721,648 |
Inditex SA | 83,664 | | 2,684,701 |
Mediaset Espana Comunicacion, S.A. | 56,500 | | 765,838 |
Prosegur Compania de Seguridad SA (Reg.) | 84,576 | | 487,543 |
TOTAL SPAIN | | 7,100,345 |
Sweden - 2.6% |
ASSA ABLOY AB (B Shares) | 37,500 | | 2,175,518 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Atlas Copco AB (A Shares) | 44,059 | | $ 1,375,213 |
Fagerhult AB | 49,655 | | 890,928 |
H&M Hennes & Mauritz AB (B Shares) (d) | 32,638 | | 1,297,581 |
Intrum Justitia AB | 19,463 | | 612,933 |
Nordea Bank AB | 133,867 | | 1,700,800 |
Svenska Handelsbanken AB (A Shares) | 31,915 | | 1,473,163 |
TOTAL SWEDEN | | 9,526,136 |
Switzerland - 8.0% |
Compagnie Financiere Richemont SA Series A | 4,113 | | 366,604 |
Nestle SA | 94,535 | | 7,334,424 |
Novartis AG | 77,136 | | 7,873,436 |
Roche Holding AG (participation certificate) | 20,544 | | 5,878,770 |
Schindler Holding AG: | | | |
(participation certificate) | 6,011 | | 1,016,868 |
(Reg.) | 2,251 | | 374,985 |
Sika AG (Bearer) | 80 | | 274,588 |
Syngenta AG (Switzerland) | 2,018 | | 675,283 |
Tecan Group AG | 400 | | 53,160 |
UBS Group AG | 184,597 | | 3,704,862 |
Zurich Insurance Group AG | 5,944 | | 1,834,636 |
TOTAL SWITZERLAND | | 29,387,616 |
Taiwan - 1.7% |
Addcn Technology Co. Ltd. | 5,000 | | 66,855 |
Advantech Co. Ltd. | 36,000 | | 297,982 |
Catcher Technology Co. Ltd. | 44,000 | | 517,208 |
Delta Electronics, Inc. | 94,000 | | 567,818 |
Giant Manufacturing Co. Ltd. | 39,000 | | 336,822 |
Largan Precision Co. Ltd. | 6,000 | | 603,409 |
Merida Industry Co. Ltd. | 46,500 | | 349,213 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 748,035 | | 3,601,244 |
TOTAL TAIWAN | | 6,340,551 |
Thailand - 0.6% |
Airports of Thailand PCL (For. Reg.) | 42,000 | | 369,595 |
Bangkok Dusit Medical Services PCL (For. Reg.) | 492,700 | | 302,004 |
Bumrungrad Hospital PCL (For. Reg.) | 63,000 | | 306,827 |
Central Pattana PCL (For. Reg.) | 141,500 | | 180,337 |
Kasikornbank PCL (For. Reg.) | 86,000 | | 548,020 |
Thai Beverage PCL | 621,000 | | 335,562 |
TOTAL THAILAND | | 2,042,345 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 0.5% |
Albaraka Turk Katilim Bankasi A/S | 95,907 | | $ 62,082 |
Coca-Cola Icecek Sanayi A/S | 38,189 | | 648,010 |
Enka Insaat ve Sanayi A/S | 161,000 | | 346,386 |
TAV Havalimanlari Holding A/S | 49,000 | | 430,854 |
Tupras Turkiye Petrol Rafinelleri A/S | 9,000 | | 218,551 |
TOTAL TURKEY | | 1,705,883 |
United Arab Emirates - 0.2% |
DP World Ltd. | 18,582 | | 428,873 |
First Gulf Bank PJSC | 102,525 | | 425,681 |
TOTAL UNITED ARAB EMIRATES | | 854,554 |
United Kingdom - 15.2% |
AA PLC | 9,383 | | 59,972 |
Al Noor Hospitals Group PLC | 30,500 | | 420,088 |
Associated British Foods PLC | 14,500 | | 633,045 |
AstraZeneca PLC (United Kingdom) | 33,341 | | 2,288,080 |
Aviva PLC | 175,000 | | 1,407,956 |
Babcock International Group PLC | 52,723 | | 813,301 |
BAE Systems PLC | 310,821 | | 2,407,996 |
Barclays PLC | 484,681 | | 1,896,292 |
Bellway PLC | 6,728 | | 204,546 |
Berendsen PLC | 49,755 | | 790,983 |
BG Group PLC | 44,600 | | 807,864 |
BP PLC sponsored ADR | 88,320 | | 3,811,891 |
Britvic PLC | 11,317 | | 125,682 |
Bunzl PLC | 44,032 | | 1,238,060 |
Compass Group PLC | 79,207 | | 1,400,200 |
Dechra Pharmaceuticals PLC | 9,000 | | 140,621 |
Derwent London PLC | 2,000 | | 105,271 |
Elementis PLC | 33,108 | | 154,070 |
Great Portland Estates PLC | 12,772 | | 155,909 |
H&T Group PLC | 10,000 | | 29,325 |
Hilton Food Group PLC | 5,400 | | 35,588 |
Howden Joinery Group PLC | 13,900 | | 98,952 |
HSBC Holdings PLC sponsored ADR | 58,966 | | 2,926,483 |
Imperial Tobacco Group PLC | 32,826 | | 1,602,911 |
Informa PLC | 208,072 | | 1,772,059 |
InterContinental Hotel Group PLC | 6,900 | | 295,082 |
InterContinental Hotel Group PLC ADR | 59,096 | | 2,518,081 |
ITE Group PLC | 25,500 | | 73,220 |
ITV PLC | 393,519 | | 1,527,845 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Johnson Matthey PLC | 46,439 | | $ 2,374,372 |
JUST EAT Ltd. (a) | 6,900 | | 48,386 |
Liberty Global PLC Class A (a) | 17,000 | | 886,380 |
Lloyds Banking Group PLC | 1,994,700 | | 2,362,280 |
Meggitt PLC | 76,339 | | 616,924 |
Micro Focus International PLC | 15,800 | | 304,105 |
National Grid PLC | 112,480 | | 1,513,233 |
NMC Health PLC | 24,000 | | 279,317 |
Prudential PLC | 161,229 | | 4,014,206 |
Reckitt Benckiser Group PLC | 33,751 | | 3,003,989 |
Rightmove PLC | 1,500 | | 72,614 |
Rio Tinto PLC | 47,200 | | 2,112,252 |
Rolls-Royce Group PLC | 40,352 | | 643,328 |
Rotork PLC | 2,000 | | 72,171 |
SABMiller PLC | 45,863 | | 2,427,661 |
Shaftesbury PLC | 41,137 | | 529,025 |
Spectris PLC | 5,870 | | 192,921 |
Spirax-Sarco Engineering PLC | 5,107 | | 264,354 |
Standard Chartered PLC (United Kingdom) | 23,349 | | 382,275 |
Taylor Wimpey PLC | 43,700 | | 110,962 |
Ted Baker PLC | 2,775 | | 121,202 |
Tesco PLC | 152,300 | | 513,353 |
Ultra Electronics Holdings PLC | 4,501 | | 119,695 |
Unite Group PLC | 67,677 | | 619,155 |
Vodafone Group PLC sponsored ADR | 74,526 | | 2,623,315 |
TOTAL UNITED KINGDOM | | 55,948,848 |
United States of America - 8.4% |
A.O. Smith Corp. | 5,100 | | 325,890 |
Affiliated Managers Group, Inc. (a) | 1,500 | | 339,195 |
Altria Group, Inc. | 13,000 | | 650,650 |
American Tower Corp. | 3,100 | | 293,043 |
ANSYS, Inc. (a) | 400 | | 34,336 |
Autoliv, Inc. | 15,954 | | 1,894,059 |
Ball Corp. | 4,700 | | 345,027 |
Berkshire Hathaway, Inc. Class B (a) | 6,416 | | 906,003 |
BorgWarner, Inc. | 23,394 | | 1,384,925 |
Broadridge Financial Solutions, Inc. | 1,140 | | 61,469 |
China Biologic Products, Inc. (a) | 3,700 | | 353,868 |
Colgate-Palmolive Co. | 4,100 | | 275,848 |
Constellation Brands, Inc. Class A (sub. vtg.) (a) | 9,400 | | 1,089,836 |
Cummins, Inc. | 4,291 | | 593,274 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Dril-Quip, Inc. (a) | 4,970 | | $ 396,208 |
Ecolab, Inc. | 3,000 | | 335,940 |
Energizer Holdings, Inc. | 4,800 | | 655,776 |
Evercore Partners, Inc. Class A | 1,160 | | 55,958 |
FMC Technologies, Inc. (a) | 8,503 | | 374,982 |
Google, Inc.: | | | |
Class A (a) | 3,080 | | 1,690,212 |
Class C (a) | 664 | | 356,794 |
International Flavors & Fragrances, Inc. | 2,600 | | 298,350 |
Kennedy-Wilson Holdings, Inc. | 5,483 | | 135,869 |
Las Vegas Sands Corp. | 5,700 | | 301,416 |
Martin Marietta Materials, Inc. | 5,380 | | 767,457 |
MasterCard, Inc. Class A | 27,390 | | 2,470,852 |
McGraw Hill Financial, Inc. | 18,800 | | 1,960,840 |
Mead Johnson Nutrition Co. Class A | 8,800 | | 844,096 |
Mohawk Industries, Inc. (a) | 8,135 | | 1,411,423 |
Moody's Corp. | 8,700 | | 935,424 |
National Oilwell Varco, Inc. | 5,646 | | 307,199 |
Oceaneering International, Inc. | 10,438 | | 575,238 |
Philip Morris International, Inc. | 13,800 | | 1,151,886 |
PPG Industries, Inc. | 1,400 | | 310,184 |
PriceSmart, Inc. | 8,285 | | 666,611 |
ResMed, Inc. | 10,320 | | 659,861 |
ResMed, Inc. CDI | 137,396 | | 877,438 |
Solera Holdings, Inc. | 6,885 | | 334,060 |
SS&C Technologies Holdings, Inc. | 21,954 | | 1,320,972 |
Union Pacific Corp. | 5,000 | | 531,150 |
Valspar Corp. | 3,800 | | 308,180 |
Visa, Inc. Class A | 37,724 | | 2,491,670 |
TOTAL UNITED STATES OF AMERICA | | 31,073,469 |
TOTAL COMMON STOCKS (Cost $290,087,020) |
359,089,779
|
Nonconvertible Preferred Stocks - 0.8% |
| | | |
Brazil - 0.2% |
Ambev SA sponsored ADR | 137,700 | | 871,641 |
Germany - 0.6% |
Henkel AG & Co. KGaA | 2,700 | | 313,625 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
Germany - continued |
Sartorius AG (non-vtg.) | 1,100 | | $ 182,371 |
Volkswagen AG | 5,790 | | 1,490,611 |
TOTAL GERMANY | | 1,986,607 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC | 5,689,632 | | 8,734 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,468,407) |
2,866,982
|
Money Market Funds - 3.1% |
| | | |
Fidelity Cash Central Fund, 0.15% (b) | 6,506,713 | | 6,506,713 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 4,949,170 | | 4,949,170 |
TOTAL MONEY MARKET FUNDS (Cost $11,455,883) |
11,455,883
|
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $304,011,310) | | 373,412,644 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | | (4,502,789) |
NET ASSETS - 100% | $ 368,909,855 |
Security Type Abbreviations |
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $996,368 or 0.3% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,877 |
Fidelity Securities Lending Cash Central Fund | 38,922 |
Total | $ 41,799 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 57,328,417 | $ 20,916,857 | $ 36,043,922 | $ 367,638 |
Consumer Staples | 36,869,975 | 13,443,319 | 23,426,656 | - |
Energy | 12,921,335 | 8,296,100 | 4,625,235 | - |
Financials | 82,189,710 | 31,841,781 | 50,347,929 | - |
Health Care | 50,361,215 | 17,208,890 | 33,152,325 | - |
Industrials | 43,066,000 | 13,647,686 | 29,418,314 | - |
Information Technology | 41,250,521 | 21,771,374 | 19,479,147 | - |
Materials | 20,523,826 | 8,114,803 | 12,409,023 | - |
Telecommunication Services | 12,568,427 | 7,620,907 | 4,947,520 | - |
Utilities | 4,877,335 | 1,642,454 | 3,234,881 | - |
Money Market Funds | 11,455,883 | 11,455,883 | - | - |
Total Investments in Securities: | $ 373,412,644 | $ 155,960,054 | $ 217,084,952 | $ 367,638 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 75,509,684 |
Level 2 to Level 1 | $ 30,488,313 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $4,698,626) - See accompanying schedule: Unaffiliated issuers (cost $292,555,427) | $ 361,956,761 | |
Fidelity Central Funds (cost $11,455,883) | 11,455,883 | |
Total Investments (cost $304,011,310) | | $ 373,412,644 |
Cash | | 79,432 |
Foreign currency held at value (cost $246,735) | | 246,933 |
Receivable for investments sold | | 2,702,303 |
Receivable for fund shares sold | | 106,626 |
Dividends receivable | | 1,492,287 |
Distributions receivable from Fidelity Central Funds | | 18,124 |
Prepaid expenses | | 264 |
Other receivables | | 10,717 |
Total assets | | 378,069,330 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 3,356,959 | |
Delayed delivery | 267,139 | |
Payable for fund shares redeemed | 59,103 | |
Accrued management fee | 233,042 | |
Distribution and service plan fees payable | 10,957 | |
Other affiliated payables | 52,558 | |
Other payables and accrued expenses | 230,547 | |
Collateral on securities loaned, at value | 4,949,170 | |
Total liabilities | | 9,159,475 |
| | |
Net Assets | | $ 368,909,855 |
Net Assets consist of: | | |
Paid in capital | | $ 326,012,750 |
Undistributed net investment income | | 1,879,300 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (28,252,504) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 69,270,309 |
Net Assets | | $ 368,909,855 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,077,862 ÷ 1,097,636 shares) | | $ 8.27 |
| | |
Maximum offering price per share (100/94.25 of $8.27) | | $ 8.77 |
Class T:
Net Asset Value and redemption price per share ($13,364,265 ÷ 1,608,422 shares) | | $ 8.31 |
| | |
Maximum offering price per share (100/96.50 of $8.31) | | $ 8.61 |
Class B:
Net Asset Value and offering price per share ($165,129 ÷ 19,770 shares)A | | $ 8.35 |
| | |
Class C:
Net Asset Value and offering price per share ($4,329,621 ÷ 522,887 shares)A | | $ 8.28 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($339,551,353 ÷ 40,975,525 shares) | | $ 8.29 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,421,625 ÷ 293,486 shares) | | $ 8.25 |
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
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,401,271 |
Income from Fidelity Central Funds | | 41,799 |
Income before foreign taxes withheld | | 4,443,070 |
Less foreign taxes withheld | | (359,709) |
Total income | | 4,083,361 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,222,961 | |
Performance adjustment | 195,382 | |
Transfer agent fees | 218,195 | |
Distribution and service plan fees | 60,082 | |
Accounting and security lending fees | 90,829 | |
Custodian fees and expenses | 106,420 | |
Independent trustees' compensation | 685 | |
Registration fees | 31,916 | |
Audit | 42,079 | |
Legal | 534 | |
Miscellaneous | 1,372 | |
Total expenses before reductions | 1,970,455 | |
Expense reductions | (10,015) | 1,960,440 |
Net investment income (loss) | | 2,122,921 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $115,755) | (3,934,555) | |
Foreign currency transactions | (127,550) | |
Total net realized gain (loss) | | (4,062,105) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $82,195) | 20,346,178 | |
Assets and liabilities in foreign currencies | 34,596 | |
Total change in net unrealized appreciation (depreciation) | | 20,380,774 |
Net gain (loss) | | 16,318,669 |
Net increase (decrease) in net assets resulting from operations | | $ 18,441,590 |
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, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,122,921 | $ 7,173,996 |
Net realized gain (loss) | (4,062,105) | 5,639,847 |
Change in net unrealized appreciation (depreciation) | 20,380,774 | (11,137,910) |
Net increase (decrease) in net assets resulting from operations | 18,441,590 | 1,675,933 |
Distributions to shareholders from net investment income | (5,482,469) | (5,090,375) |
Distributions to shareholders from net realized gain | (1,726,810) | (7,679,276) |
Total distributions | (7,209,279) | (12,769,651) |
Share transactions - net increase (decrease) | 7,355,747 | 13,925,925 |
Redemption fees | 909 | 3,247 |
Total increase (decrease) in net assets | 18,588,967 | 2,835,454 |
| | |
Net Assets | | |
Beginning of period | 350,320,888 | 347,485,434 |
End of period (including undistributed net investment income of $1,879,300 and undistributed net investment income of $5,238,848, respectively) | $ 368,909,855 | $ 350,320,888 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.00 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .13 | .11 | .08 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.69) | .95 |
Total from investment operations | .41 | .01 | 1.33 | .72 | (.58) | 1.03 |
Distributions from net investment income | (.10) | (.10) | (.13) | (.08) | (.09) | (.04) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.14) | (.28) | (.37) J | (.08) | (.11) | (.07) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.27 | $ 8.00 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 |
Total ReturnB, C, D | 5.21% | .19% | 19.00% | 10.88% | (8.03)% | 16.17% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.48%A | 1.44% | 1.50% | 1.57% | 1.73% | 2.02% |
Expenses net of fee waivers, if any | 1.45%A | 1.44% | 1.45% | 1.45% | 1.45% | 1.50% |
Expenses net of all reductions | 1.45%A | 1.44% | 1.43% | 1.42% | 1.42% | 1.47% |
Net investment income (loss) | .89%A | 1.63% | 1.21% | 1.88% | 1.44% | 1.15% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,078 | $ 9,164 | $ 9,034 | $ 5,767 | $ 4,307 | $ 5,029 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.37 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.04 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .11 | .07 | .11 | .09 | .06 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.25 | .59 | (.68) | .95 |
Total from investment operations | .40 | (.01) | 1.32 | .70 | (.59) | 1.01 |
Distributions from net investment income | (.09) | (.09) | (.13) | (.06) | (.07) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.13) | (.27) | (.37) J | (.06) | (.09) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.31 | $ 8.04 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 |
Total ReturnB, C, D | 5.06% | (.06)% | 18.73% | 10.52% | (8.08)% | 15.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.72%A | 1.68% | 1.75% | 1.84% | 2.02% | 2.31% |
Expenses net of fee waivers, if any | 1.70%A | 1.68% | 1.70% | 1.70% | 1.70% | 1.75% |
Expenses net of all reductions | 1.70%A | 1.68% | 1.67% | 1.67% | 1.67% | 1.72% |
Net investment income (loss) | .64%A | 1.38% | .96% | 1.63% | 1.19% | .90% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 13,364 | $ 10,282 | $ 7,909 | $ 2,348 | $ 997 | $ 1,004 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.37 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.05 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 | .04 | .08 | .05 | .03 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.68) | .95 |
Total from investment operations | .38 | (.05) | 1.28 | .67 | (.63) | .98 |
Distributions from net investment income | (.04) | (.03) | (.05) | (.02) | (.04) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.08) | (.21) | (.30) | (.02) | (.06) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.35 | $ 8.05 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 |
Total ReturnB, C, D | 4.78% | (.56)% | 18.05% | 10.05% | (8.66)% | 15.34% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.26%A | 2.22% | 2.26% | 2.34% | 2.51% | 2.81% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.20% | 2.20% | 2.20% | 2.25% |
Expenses net of all reductions | 2.20%A | 2.20% | 2.18% | 2.17% | 2.17% | 2.22% |
Net investment income (loss) | .14%A | .87% | .46% | 1.13% | .69% | .40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 165 | $ 168 | $ 192 | $ 220 | $ 254 | $ 327 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.00 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 | .04 | .08 | .05 | .03 |
Net realized and unrealized gain (loss) | .36 | (.12) | 1.25 | .58 | (.69) | .94 |
Total from investment operations | .37 | (.05) | 1.29 | .66 | (.64) | .97 |
Distributions from net investment income | (.05) | (.05) | (.08) | (.02) | (.03) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.09) | (.23) | (.32) J | (.02) | (.05) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.28 | $ 8.00 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 |
Total ReturnB, C, D | 4.72% | (.57)% | 18.30% | 9.98% | (8.72)% | 15.18% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.27%A | 2.22% | 2.26% | 2.31% | 2.51% | 2.80% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.20% | 2.20% | 2.20% | 2.25% |
Expenses net of all reductions | 2.20%A | 2.20% | 2.18% | 2.17% | 2.17% | 2.22% |
Net investment income (loss) | .14%A | .87% | .46% | 1.13% | .69% | .40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,330 | $ 4,028 | $ 3,584 | $ 2,737 | $ 1,396 | $ 1,423 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.32 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.03 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .16 | .12 | .15 | .12 | .09 |
Net realized and unrealized gain (loss) | .38 | (.12) | 1.24 | .58 | (.68) | .96 |
Total from investment operations | .43 | .04 | 1.36 | .73 | (.56) | 1.05 |
Distributions from net investment income | (.13) | (.12) | (.15) | (.10) | (.10) | (.06) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.17) | (.30) | (.39) I | (.10) | (.12) | (.09) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.29 | $ 8.03 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 |
Total ReturnB, C | 5.47% | .55% | 19.48% | 11.03% | (7.70)% | 16.45% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.08%A | 1.04% | 1.09% | 1.16% | 1.42% | 1.79% |
Expenses net of fee waivers, if any | 1.08%A | 1.04% | 1.09% | 1.16% | 1.20% | 1.25% |
Expenses net of all reductions | 1.08%A | 1.04% | 1.07% | 1.13% | 1.17% | 1.22% |
Net investment income (loss) | 1.26%A | 2.03% | 1.57% | 2.16% | 1.69% | 1.40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 339,551 | $ 324,438 | $ 324,395 | $ 281,979 | $ 131,338 | $ 60,826 |
Portfolio turnover rateF | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
I Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.99 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .15 | .11 | .14 | .12 | .10 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.68) | .95 |
Total from investment operations | .42 | .03 | 1.35 | .73 | (.56) | 1.05 |
Distributions from net investment income | (.12) | (.12) | (.15) | (.10) | (.10) | (.08) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.16) | (.30) | (.39) I | (.10) | (.12) | (.11) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.25 | $ 7.99 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 |
Total ReturnB, C | 5.36% | .37% | 19.40% | 11.06% | (7.72)% | 16.48% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.19%A | 1.15% | 1.21% | 1.27% | 1.48% | 1.82% |
Expenses net of fee waivers, if any | 1.19%A | 1.15% | 1.20% | 1.20% | 1.20% | 1.25% |
Expenses net of all reductions | 1.19%A | 1.15% | 1.18% | 1.17% | 1.17% | 1.23% |
Net investment income (loss) | 1.14%A | 1.91% | 1.46% | 2.13% | 1.69% | 1.40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,422 | $ 2,240 | $ 2,372 | $ 1,514 | $ 197 | $ 28 |
Portfolio turnover rateF | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
I Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Total International Equity and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs)and certain indexes as well as quoted
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 75,402,954 |
Gross unrealized depreciation | (6,698,222) |
Net unrealized appreciation (depreciation) on securities | $ 68,704,732 |
| |
Tax cost | $ 304,707,912 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2017 | $ (13,607,298) |
2019 | (8,855,997) |
Total capital loss carryforward | $ (22,463,295) |
Due to large subscriptions in a prior period, $22,463,295 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $4,535,766 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $97,487,422 and $98,773,594, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | - % | .25% | $ 10,720 | $ 495 |
Class T | .25% | .25% | 28,250 | 259 |
Class B | .75% | .25% | 803 | 606 |
Class C | .75% | .25% | 20,309 | 2,707 |
| | | $ 60,082 | $ 4,067 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,039 |
Class T | 750 |
Class C* | 214 |
| $ 5,003 |
* When 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 11,440 | .27 |
Class T | 14,142 | .25 |
Class B | 238 | .30 |
Class C | 6,064 | .30 |
Total International Equity | 183,770 | .11 |
Institutional Class | 2,541 | .23 |
| $ 218,195 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions - continued
(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $293 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $274 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $22,040. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central. Total security lending income during the period amounted to $38,922, including $23 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.45% | $ 1,435 |
Class T | 1.70% | 937 |
Class B | 2.20% | 51 |
Class C | 2.20% | 1,351 |
| | $ 3,774 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $6,161 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Total International Equity expenses during the period in the amount of $80.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ 113,499 | $ 114,661 |
Class T | 118,041 | 92,140 |
Class B | 852 | 757 |
Class C | 26,493 | 24,034 |
Total International Equity | 5,189,901 | 4,825,256 |
Institutional Class | 33,683 | 33,527 |
Total | $ 5,482,469 | $ 5,090,375 |
Semiannual Report
9. Distributions to Shareholders - continued
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net realized gain | | |
Class A | $ 45,400 | $ 201,491 |
Class T | 52,463 | 179,326 |
Class B | 832 | 4,154 |
Class C | 19,994 | 83,657 |
Total International Equity | 1,596,893 | 7,158,781 |
Institutional Class | 11,228 | 51,867 |
Total | $ 1,726,810 | $ 7,679,276 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 149,908 | 232,039 | $ 1,206,395 | $ 1,877,334 |
Reinvestment of distributions | 20,115 | 38,586 | 158,306 | 306,762 |
Shares redeemed | (217,421) | (217,382) | (1,686,292) | (1,752,622) |
Net increase (decrease) | (47,398) | 53,243 | $ (321,591) | $ 431,474 |
Class T | | | | |
Shares sold | 448,286 | 525,401 | $ 3,593,468 | $ 4,252,382 |
Reinvestment of distributions | 21,537 | 33,829 | 170,355 | 270,968 |
Shares redeemed | (140,317) | (230,852) | (1,117,291) | (1,883,437) |
Net increase (decrease) | 329,506 | 328,378 | $ 2,646,532 | $ 2,639,913 |
Class B | | | | |
Shares sold | 1,281 | 2,568 | $ 10,796 | $ 21,032 |
Reinvestment of distributions | 210 | 604 | 1,675 | 4,866 |
Shares redeemed | (2,580) | (5,357) | (20,670) | (43,506) |
Net increase (decrease) | (1,089) | (2,185) | $ (8,199) | $ (17,608) |
Class C | | | | |
Shares sold | 82,970 | 174,035 | $ 665,314 | $ 1,421,548 |
Reinvestment of distributions | 4,767 | 10,201 | 37,661 | 81,608 |
Shares redeemed | (68,699) | (113,485) | (548,413) | (922,884) |
Net increase (decrease) | 19,038 | 70,751 | $ 154,562 | $ 580,272 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Total International Equity | | | | |
Shares sold | 4,718,598 | 7,329,051 | $ 37,593,183 | $ 59,640,689 |
Reinvestment of distributions | 851,193 | 1,486,031 | 6,698,889 | 11,828,806 |
Shares redeemed | (4,976,745) | (7,554,096) | (39,517,699) | (61,144,473) |
Net increase (decrease) | 593,046 | 1,260,986 | $ 4,774,373 | $ 10,325,022 |
Institutional Class | | | | |
Shares sold | 42,224 | 127,536 | $ 337,362 | $ 1,054,194 |
Reinvestment of distributions | 5,728 | 10,120 | 44,911 | 80,252 |
Shares redeemed | (34,670) | (144,685) | (272,203) | (1,167,594) |
Net increase (decrease) | 13,282 | (7,029) | $ 110,070 | $ (33,148) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, a shareholder of record owned approximately 72% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ATIE-USAN-0615
1.853366.107
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
Fidelity®
Total International Equity
Fund
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,052.10 | $ 7.38 |
HypotheticalA | | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,050.60 | $ 8.64 |
HypotheticalA | | $ 1,000.00 | $ 1,016.36 | $ 8.50 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,047.80 | $ 11.17 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,047.20 | $ 11.17 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Total International Equity | 1.08% | | | |
Actual | | $ 1,000.00 | $ 1,054.70 | $ 5.50 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
Institutional Class | 1.19% | | | |
Actual | | $ 1,000.00 | $ 1,053.60 | $ 6.06 |
HypotheticalA | | $ 1,000.00 | $ 1,018.89 | $ 5.96 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
 | United Kingdom 15.2% | |
 | Japan 14.2% | |
 | United States of America* 10.3% | |
 | Switzerland 8.0% | |
 | France 6.2% | |
 | Germany 4.1% | |
 | Australia 3.1% | |
 | South Africa 3.0% | |
 | Sweden 2.6% | |
 | Other 33.3% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
As of October 31, 2014 |
 | United Kingdom 15.9% | |
 | Japan 13.5% | |
 | United States of America* 9.4% | |
 | Switzerland 7.8% | |
 | France 6.4% | |
 | Germany 4.9% | |
 | Australia 3.8% | |
 | Sweden 3.2% | |
 | India 2.8% | |
 | Other 32.3% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.1 | 98.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.9 | 1.3 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novartis AG (Switzerland, Pharmaceuticals) | 2.1 | 1.7 |
Nestle SA (Switzerland, Food Products) | 2.0 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.6 | 1.9 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 1.3 |
Bayer AG (Germany, Pharmaceuticals) | 1.2 | 1.2 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.1 | 1.0 |
Prudential PLC (United Kingdom, Insurance) | 1.1 | 1.5 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 0.0 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.0 | 1.2 |
UBS Group AG (Switzerland, Capital Markets) | 1.0 | 0.9 |
| 13.4 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.5 | 21.0 |
Consumer Discretionary | 15.3 | 14.5 |
Health Care | 13.6 | 13.2 |
Industrials | 11.8 | 12.7 |
Information Technology | 11.2 | 10.6 |
Consumer Staples | 9.9 | 10.9 |
Materials | 5.7 | 6.0 |
Energy | 3.4 | 4.1 |
Telecommunication Services | 3.4 | 4.1 |
Utilities | 1.3 | 1.6 |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% |
| Shares | | Value |
Argentina - 0.3% |
Banco Macro SA sponsored ADR | 5,700 | | $ 314,925 |
Grupo Financiero Galicia SA sponsored ADR (d) | 14,100 | | 310,764 |
YPF SA Class D sponsored ADR | 11,300 | | 345,102 |
TOTAL ARGENTINA | | 970,791 |
Australia - 3.1% |
Ansell Ltd. | 36,338 | | 750,246 |
Australia & New Zealand Banking Group Ltd. | 56,495 | | 1,519,602 |
CSL Ltd. | 39,674 | | 2,856,410 |
DuluxGroup Ltd. | 15,738 | | 78,836 |
Imdex Ltd. (a) | 42,463 | | 11,425 |
RCG Corp. Ltd. | 97,518 | | 77,943 |
SEEK Ltd. | 23,855 | | 306,762 |
Sydney Airport unit | 254,875 | | 1,087,138 |
Telstra Corp. Ltd. | 102,081 | | 503,271 |
TFS Corp. Ltd. | 43,497 | | 57,139 |
Transurban Group unit | 225,495 | | 1,770,179 |
Westpac Banking Corp. | 84,035 | | 2,414,382 |
TOTAL AUSTRALIA | | 11,433,333 |
Austria - 0.5% |
Andritz AG | 27,961 | | 1,637,026 |
Zumtobel AG | 2,800 | | 76,589 |
TOTAL AUSTRIA | | 1,713,615 |
Bailiwick of Jersey - 1.3% |
Shire PLC | 40,180 | | 3,265,172 |
United Co. RUSAL Ltd. (a) | 337,000 | | 203,490 |
Wolseley PLC | 18,561 | | 1,097,779 |
WPP PLC | 14,000 | | 326,501 |
TOTAL BAILIWICK OF JERSEY | | 4,892,942 |
Belgium - 2.0% |
Anheuser-Busch InBev SA NV | 38,971 | | 4,744,655 |
Gimv NV | 1,319 | | 61,229 |
KBC Ancora (a) | 4,281 | | 160,599 |
KBC Groep NV | 35,317 | | 2,323,622 |
TOTAL BELGIUM | | 7,290,105 |
Bermuda - 0.8% |
Brilliance China Automotive Holdings Ltd. | 186,000 | | 350,375 |
China Gas Holdings Ltd. | 244,000 | | 432,558 |
China Resources Gas Group Ltd. | 136,000 | | 473,773 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Credicorp Ltd. (United States) | 3,700 | | $ 564,435 |
Lazard Ltd. Class A | 12,400 | | 657,572 |
Petra Diamonds Ltd. (a) | 28,400 | | 68,114 |
Travelport Worldwide Ltd. | 20,100 | | 318,183 |
Vostok Nafta Investment Ltd. SDR (a) | 7,560 | | 49,954 |
TOTAL BERMUDA | | 2,914,964 |
Brazil - 1.2% |
BB Seguridade Participacoes SA | 47,800 | | 559,236 |
Brasil Foods SA | 29,000 | | 619,858 |
CCR SA | 62,100 | | 342,143 |
Cielo SA | 47,080 | | 655,349 |
Kroton Educacional SA | 117,300 | | 428,251 |
Linx SA | 17,600 | | 259,360 |
Qualicorp SA (a) | 52,500 | | 432,135 |
Smiles SA | 20,700 | | 349,700 |
Ultrapar Participacoes SA | 22,500 | | 517,815 |
Weg SA | 82,400 | | 438,945 |
TOTAL BRAZIL | | 4,602,792 |
British Virgin Islands - 0.1% |
Gem Diamonds Ltd. | 17,773 | | 38,001 |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 13,200 | | 314,879 |
TOTAL BRITISH VIRGIN ISLANDS | | 352,880 |
Canada - 0.9% |
Canadian Pacific Railway Ltd. | 4,066 | | 775,219 |
Cara Operations Ltd. (a) | 2,400 | | 62,661 |
Imperial Oil Ltd. | 19,500 | | 859,519 |
McCoy Global, Inc. | 12,000 | | 41,078 |
New Look Eyewear, Inc. | 2,000 | | 47,410 |
Pason Systems, Inc. | 24,000 | | 432,060 |
Potash Corp. of Saskatchewan, Inc. | 20,100 | | 656,395 |
ShawCor Ltd. Class A | 12,300 | | 416,457 |
TOTAL CANADA | | 3,290,799 |
Cayman Islands - 1.8% |
58.com, Inc. ADR (a) | 13,000 | | 991,640 |
Alibaba Group Holding Ltd. sponsored ADR | 10,100 | | 821,029 |
Autohome, Inc. ADR Class A (a) | 7,700 | | 393,008 |
Baidu.com, Inc. sponsored ADR (a) | 1,900 | | 380,532 |
Bitauto Holdings Ltd. ADR (a) | 5,600 | | 333,088 |
ENN Energy Holdings Ltd. | 60,000 | | 433,518 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Sino Biopharmaceutical Ltd. | 364,000 | | $ 417,044 |
SouFun Holdings Ltd. ADR | 53,000 | | 438,310 |
Tencent Holdings Ltd. | 117,800 | | 2,431,260 |
TOTAL CAYMAN ISLANDS | | 6,639,429 |
Chile - 0.1% |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 15,900 | | 347,256 |
China - 1.5% |
China International Travel Service Corp. Ltd. (A Shares) | 44,400 | | 367,638 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 125,400 | | 684,393 |
Daqin Railway Co. Ltd. (A Shares) | 178,700 | | 402,470 |
Fuyao Glass Industries Group Co. Ltd. (a) | 142,400 | | 357,169 |
Inner Mongoli Yili Industries Co. Ltd. | 67,000 | | 393,825 |
Jiangsu Hengrui Medicine Co. Ltd. | 35,400 | | 325,362 |
Kweichow Moutai Co. Ltd. | 9,900 | | 402,573 |
PICC Property & Casualty Co. Ltd. (H Shares) | 248,340 | | 552,397 |
Qingdao Haier Co. Ltd. | 87,900 | | 384,176 |
SAIC Motor Corp. Ltd. | 85,900 | | 373,912 |
Shanghai International Airport Co. Ltd. | 74,500 | | 331,856 |
Weifu High-Technology Co. Ltd. (B Shares) | 78,200 | | 365,849 |
Zhengzhou Yutong Bus Co. Ltd. | 57,500 | | 283,848 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 44,500 | | 380,663 |
TOTAL CHINA | | 5,606,131 |
Denmark - 1.4% |
Jyske Bank A/S (Reg.) (a) | 19,054 | | 933,053 |
Novo Nordisk A/S Series B sponsored ADR | 61,000 | | 3,432,470 |
Pandora A/S | 3,100 | | 320,421 |
Spar Nord Bank A/S | 13,331 | | 144,050 |
Topdanmark A/S (a) | 16,500 | | 494,875 |
TOTAL DENMARK | | 5,324,869 |
Egypt - 0.1% |
Commercial International Bank SAE sponsored GDR | 57,900 | | 399,639 |
Finland - 0.5% |
Kone Oyj (B Shares) (d) | 60 | | 2,581 |
Sampo Oyj (A Shares) | 29,653 | | 1,436,815 |
Tikkurila Oyj | 18,780 | | 386,797 |
TOTAL FINLAND | | 1,826,193 |
Common Stocks - continued |
| Shares | | Value |
France - 6.2% |
Atos Origin SA | 15,453 | | $ 1,207,825 |
AXA SA | 73,806 | | 1,866,248 |
Cap Gemini SA | 17,302 | | 1,541,531 |
Coface SA | 4,400 | | 54,843 |
Havas SA | 83,986 | | 700,506 |
Ingenico SA | 2,970 | | 372,654 |
Laurent-Perrier Group SA | 759 | | 71,230 |
LVMH Moet Hennessy - Louis Vuitton SA | 1,923 | | 336,268 |
Orange SA | 75,600 | | 1,245,233 |
Renault SA (d) | 7,711 | | 811,334 |
Safran SA | 25,614 | | 1,871,547 |
Sanofi SA | 31,630 | | 3,219,634 |
Societe Generale Series A | 24,400 | | 1,219,871 |
Total SA | 69,515 | | 3,764,235 |
Unibail-Rodamco | 4,800 | | 1,325,331 |
Vetoquinol SA | 1,500 | | 59,555 |
VINCI SA | 21,900 | | 1,343,231 |
Virbac SA | 540 | | 140,541 |
Vivendi SA | 62,852 | | 1,575,618 |
TOTAL FRANCE | | 22,727,235 |
Germany - 3.5% |
alstria office REIT-AG | 2,900 | | 41,092 |
BASF AG (d) | 24,561 | | 2,440,087 |
Bayer AG | 30,112 | | 4,334,099 |
CompuGroup Medical AG | 6,146 | | 175,676 |
Continental AG | 3,983 | | 933,435 |
CTS Eventim AG | 8,266 | | 281,692 |
Fielmann AG | 2,158 | | 146,585 |
Fresenius SE & Co. KGaA | 19,700 | | 1,172,011 |
GEA Group AG | 20,079 | | 964,313 |
Linde AG | 11,749 | | 2,295,869 |
TOTAL GERMANY | | 12,784,859 |
Greece - 0.0% |
Titan Cement Co. SA (Reg.) | 2,444 | | 61,641 |
Hong Kong - 0.9% |
AIA Group Ltd. | 368,600 | | 2,463,500 |
CSPC Pharmaceutical Group Ltd. | 406,000 | | 422,210 |
Techtronic Industries Co. Ltd. | 88,000 | | 312,804 |
TOTAL HONG KONG | | 3,198,514 |
Common Stocks - continued |
| Shares | | Value |
India - 2.4% |
Adani Ports & Special Economic Zone | 70,042 | | $ 350,002 |
Asian Paints India Ltd. (f) | 30,823 | | 369,817 |
Axis Bank Ltd. (a) | 39,590 | | 355,400 |
Bank of Baroda (a) | 103,764 | | 276,532 |
Exide Industries Ltd. | 116,435 | | 314,322 |
Grasim Industries Ltd. | 5,019 | | 312,824 |
HCL Technologies Ltd. | 36,704 | | 508,590 |
HDFC Bank Ltd. | 19,970 | | 356,731 |
Housing Development Finance Corp. Ltd. | 89,233 | | 1,642,901 |
ICICI Bank Ltd. (a) | 96,261 | | 502,642 |
ITC Ltd. (a) | 98,121 | | 497,725 |
Jyothy Laboratories Ltd. (a) | 16,584 | | 64,851 |
LIC Housing Finance Ltd. | 54,131 | | 366,324 |
Lupin Ltd. | 11,861 | | 330,841 |
State Bank of India | 88,022 | | 373,640 |
Sun Pharmaceutical Industries Ltd. (a) | 37,481 | | 553,742 |
Sun TV Ltd. | 52,202 | | 285,129 |
Tata Consultancy Services Ltd. | 17,245 | | 668,577 |
Tata Motors Ltd. (a) | 56,541 | | 453,037 |
Titan Co. Ltd. (a) | 54,191 | | 330,681 |
TOTAL INDIA | | 8,914,308 |
Indonesia - 1.2% |
PT ACE Hardware Indonesia Tbk | 8,749,200 | | 435,351 |
PT Astra International Tbk | 290,400 | | 153,461 |
PT Bank Central Asia Tbk | 583,400 | | 606,466 |
PT Bank Rakyat Indonesia Tbk | 605,400 | | 542,933 |
PT Global Mediacom Tbk | 3,317,500 | | 396,692 |
PT Indocement Tunggal Prakarsa Tbk | 188,300 | | 305,057 |
PT Jasa Marga Tbk | 672,000 | | 321,419 |
PT Kalbe Farma Tbk | 2,156,200 | | 298,583 |
PT Matahari Department Store Tbk | 281,300 | | 379,769 |
PT Media Nusantara Citra Tbk | 1,641,000 | | 279,144 |
PT Surya Citra Media Tbk | 1,269,700 | | 284,060 |
PT Tower Bersama Infrastructure Tbk | 547,500 | | 357,960 |
TOTAL INDONESIA | | 4,360,895 |
Ireland - 1.3% |
Actavis PLC (a) | 5,500 | | 1,555,730 |
CRH PLC sponsored ADR | 52,529 | | 1,468,186 |
FBD Holdings PLC | 5,372 | | 57,767 |
Common Stocks - continued |
| Shares | | Value |
Ireland - continued |
James Hardie Industries PLC: | | | |
CDI | 15,656 | | $ 181,009 |
sponsored ADR | 28,355 | | 1,637,501 |
TOTAL IRELAND | | 4,900,193 |
Israel - 0.6% |
Azrieli Group | 11,296 | | 487,340 |
Ituran Location & Control Ltd. | 1,761 | | 40,204 |
Sarine Technologies Ltd. | 27,100 | | 41,985 |
Strauss Group Ltd. (a) | 4,759 | | 84,715 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 28,909 | | 1,746,682 |
TOTAL ISRAEL | | 2,400,926 |
Italy - 1.2% |
Azimut Holding SpA | 26,614 | | 781,193 |
Banco di Desio e della Brianza SpA | 13,000 | | 45,894 |
Beni Stabili SpA SIIQ | 222,926 | | 183,819 |
Interpump Group SpA | 51,891 | | 872,637 |
Intesa Sanpaolo SpA | 317,200 | | 1,065,634 |
Mediaset SpA | 151,700 | | 779,679 |
Telecom Italia SpA (a) | 673,800 | | 795,265 |
TOTAL ITALY | | 4,524,121 |
Japan - 14.2% |
Aozora Bank Ltd. | 171,000 | | 639,615 |
Artnature, Inc. | 8,000 | | 74,417 |
Asahi Co. Ltd. | 6,200 | | 54,766 |
Astellas Pharma, Inc. | 210,900 | | 3,283,860 |
Autobacs Seven Co. Ltd. | 4,400 | | 68,532 |
Azbil Corp. | 4,800 | | 126,442 |
Broadleaf Co. Ltd. | 3,200 | | 49,890 |
Coca-Cola Central Japan Co. Ltd. | 32,000 | | 597,987 |
Cosmos Pharmaceutical Corp. | 300 | | 40,390 |
Daiichikosho Co. Ltd. | 2,000 | | 64,503 |
Daikokutenbussan Co. Ltd. | 5,000 | | 209,891 |
DENSO Corp. | 68,500 | | 3,400,735 |
Dentsu, Inc. | 22,700 | | 1,058,154 |
East Japan Railway Co. | 23,300 | | 2,059,418 |
Fanuc Corp. | 6,300 | | 1,385,765 |
Fast Retailing Co. Ltd. | 3,700 | | 1,457,355 |
Fujitsu Ltd. | 120,000 | | 795,403 |
GCA Savvian Group Corp. | 3,500 | | 37,383 |
Glory Ltd. | 2,700 | | 74,729 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Goldcrest Co. Ltd. | 6,960 | | $ 136,793 |
Harmonic Drive Systems, Inc. | 3,400 | | 71,807 |
Hitachi Ltd. | 132,000 | | 900,623 |
Hoya Corp. | 54,900 | | 2,115,895 |
Itochu Corp. | 75,000 | | 923,480 |
Iwatsuka Confectionary Co. Ltd. | 1,400 | | 83,955 |
Japan Digital Laboratory Co. | 3,000 | | 45,688 |
Japan Tobacco, Inc. | 71,500 | | 2,496,842 |
KDDI Corp. | 61,500 | | 1,455,234 |
Keyence Corp. | 5,321 | | 2,840,611 |
Kobayashi Pharmaceutical Co. Ltd. | 1,500 | | 105,103 |
Koshidaka Holdings Co. Ltd. | 4,000 | | 82,801 |
Lasertec Corp. | 3,900 | | 54,449 |
Makita Corp. | 12,700 | | 633,784 |
Medikit Co. Ltd. | 1,700 | | 52,993 |
Meiko Network Japan Co. Ltd. | 2,700 | | 33,379 |
Miraial Co. Ltd. | 2,400 | | 29,094 |
Mitsubishi UFJ Financial Group, Inc. | 512,900 | | 3,643,821 |
Mitsui Fudosan Co. Ltd. | 54,000 | | 1,600,792 |
Nabtesco Corp. | 3,800 | | 104,515 |
Nagaileben Co. Ltd. | 6,600 | | 119,002 |
ND Software Co. Ltd. | 6,000 | | 70,285 |
Nihon M&A Center, Inc. | 1,400 | | 48,719 |
Nihon Parkerizing Co. Ltd. | 14,800 | | 168,258 |
Nintendo Co. Ltd. | 2,900 | | 486,910 |
Nippon Prologis REIT, Inc. | 253 | | 548,189 |
Nippon Seiki Co. Ltd. | 3,000 | | 60,317 |
Nippon Telegraph & Telephone Corp. | 21,500 | | 1,451,788 |
NS Tool Co. Ltd. | 3,800 | | 60,592 |
OBIC Co. Ltd. | 4,000 | | 167,322 |
OMRON Corp. | 18,900 | | 867,851 |
ORIX Corp. | 79,600 | | 1,224,121 |
OSG Corp. | 36,600 | | 760,983 |
Paramount Bed Holdings Co. Ltd. | 1,600 | | 43,352 |
San-Ai Oil Co. Ltd. | 8,000 | | 53,136 |
Seven & i Holdings Co. Ltd. | 35,100 | | 1,508,750 |
Seven Bank Ltd. | 417,300 | | 2,248,359 |
SHO-BOND Holdings Co. Ltd. | 22,900 | | 1,009,562 |
Shoei Co. Ltd. | 3,900 | | 62,898 |
SK Kaken Co. Ltd. | 1,000 | | 87,162 |
Software Service, Inc. | 1,600 | | 63,462 |
Sony Financial Holdings, Inc. | 47,800 | | 858,131 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumitomo Mitsui Trust Holdings, Inc. | 305,920 | | $ 1,346,641 |
Techno Medica Co. Ltd. | 1,800 | | 36,840 |
TFP Consulting Group Co. Ltd. | 2,000 | | 59,666 |
The Monogatari Corp. | 1,500 | | 50,198 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 10,000 | | 69,985 |
TKC Corp. | 3,800 | | 90,758 |
Tocalo Co. Ltd. | 2,800 | | 54,977 |
Toyota Motor Corp. | 51,700 | | 3,598,792 |
Tsutsumi Jewelry Co. Ltd. | 2,000 | | 47,526 |
USS Co. Ltd. | 99,500 | | 1,751,977 |
Workman Co. Ltd. | 2,000 | | 105,060 |
Yamato Kogyo Co. Ltd. | 18,600 | | 437,619 |
TOTAL JAPAN | | 52,510,082 |
Kenya - 0.5% |
East African Breweries Ltd. | 89,900 | | 305,052 |
Kenya Commercial Bank Ltd. | 473,800 | | 313,029 |
Safaricom Ltd. | 6,070,800 | | 1,116,616 |
TOTAL KENYA | | 1,734,697 |
Korea (South) - 1.8% |
BGFretail Co. Ltd. | 7,776 | | 848,270 |
Coway Co. Ltd. | 2,397 | | 200,954 |
KEPCO Plant Service & Engineering Co. Ltd. | 3,882 | | 350,678 |
Leeno Industrial, Inc. | 1,964 | | 83,876 |
NAVER Corp. | 2,057 | | 1,241,331 |
Samsung Electronics Co. Ltd. | 3,126 | | 4,092,117 |
TOTAL KOREA (SOUTH) | | 6,817,226 |
Luxembourg - 0.2% |
RTL Group SA | 7,327 | | 693,499 |
Malaysia - 0.3% |
Astro Malaysia Holdings Bhd | 332,200 | | 292,802 |
Public Bank Bhd | 107,300 | | 586,724 |
Tune Insurance Holdings Bhd | 184,300 | | 94,155 |
TOTAL MALAYSIA | | 973,681 |
Mexico - 1.7% |
Banregio Grupo Financiero S.A.B. de CV | 56,900 | | 326,298 |
Compartamos S.A.B. de CV | 164,200 | | 280,302 |
Consorcio ARA S.A.B. de CV (a) | 234,855 | | 99,961 |
Embotelladoras Arca S.A.B. de CV | 54,900 | | 337,265 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Fomento Economico Mexicano S.A.B. de CV: | | | |
unit | 73,500 | | $ 666,300 |
sponsored ADR (a) | 6,333 | | 573,073 |
Gruma S.A.B. de CV Series B | 26,200 | | 315,913 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 57,300 | | 407,957 |
Grupo Aeroportuario del Sureste SA de CV Series B | 32,150 | | 455,050 |
Grupo Aeroportuario Norte S.A.B. de CV | 66,700 | | 333,109 |
Grupo Financiero Banorte S.A.B. de CV Series O | 111,600 | | 636,343 |
Grupo Televisa SA de CV | 104,400 | | 759,829 |
Infraestructura Energetica Nova S.A.B. de CV | 52,000 | | 302,605 |
Megacable Holdings S.A.B. de CV unit | 94,900 | | 394,953 |
Promotora y Operadora de Infraestructura S.A.B. de CV (a) | 31,800 | | 365,611 |
TOTAL MEXICO | | 6,254,569 |
Netherlands - 1.9% |
Aalberts Industries NV | 7,600 | | 235,621 |
ASM International NV (depositary receipt) | 1,050 | | 50,726 |
Gree Electric Applicances, Inc. ELS (BNP Paribas Arbitrage Warrant Program) warrants 12/10/15 (a)(e) | 39,600 | | 363,924 |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(e) | 58,600 | | 309,401 |
Heijmans NV (Certificaten Van Aandelen) | 4,881 | | 65,245 |
ING Groep NV (Certificaten Van Aandelen) | 214,523 | | 3,291,116 |
Midea Group ELS (BNP Paribas Arbitrage Warrant Program) warrants 1/6/16 (a)(e) | 54,200 | | 323,043 |
Mylan N.V. (a) | 8,800 | | 635,888 |
Reed Elsevier NV | 69,610 | | 1,678,814 |
VastNed Retail NV | 3,438 | | 167,883 |
TOTAL NETHERLANDS | | 7,121,661 |
Norway - 0.0% |
Kongsberg Gruppen ASA | 2,000 | | 42,976 |
Panama - 0.1% |
Copa Holdings SA Class A | 2,800 | | 310,492 |
Philippines - 1.0% |
Alliance Global Group, Inc. | 425,200 | | 242,073 |
Ayala Corp. | 18,240 | | 318,888 |
GT Capital Holdings, Inc. | 13,145 | | 370,058 |
International Container Terminal Services, Inc. | 138,470 | | 341,403 |
Jollibee Food Corp. | 17,900 | | 79,841 |
Metropolitan Bank & Trust Co. | 185,512 | | 386,700 |
Robinsons Land Corp. | 509,400 | | 341,960 |
Common Stocks - continued |
| Shares | | Value |
Philippines - continued |
Robinsons Retail Holdings, Inc. | 169,140 | | $ 329,826 |
SM Investments Corp. | 21,870 | | 441,420 |
SM Prime Holdings, Inc. | 1,022,900 | | 427,823 |
Vista Land & Lifescapes, Inc. | 1,655,100 | | 278,230 |
TOTAL PHILIPPINES | | 3,558,222 |
Russia - 0.1% |
MMC Norilsk Nickel OJSC ADR | 24,000 | | 452,101 |
Singapore - 0.5% |
Singapore Telecommunications Ltd. | 383,500 | | 1,283,937 |
UOL Group Ltd. | 104,600 | | 630,825 |
TOTAL SINGAPORE | | 1,914,762 |
South Africa - 3.0% |
Alexander Forbes Group Holding (a)(f) | 433,766 | | 359,155 |
Aspen Pharmacare Holdings Ltd. | 17,900 | | 544,693 |
Bidvest Group Ltd. (f) | 19,632 | | 532,508 |
Clicks Group Ltd. | 106,095 | | 814,157 |
Coronation Fund Managers Ltd. (f) | 35,800 | | 273,851 |
Discovery Ltd. | 39,767 | | 441,519 |
FirstRand Ltd. (f) | 129,800 | | 620,072 |
Life Healthcare Group Holdings Ltd. (f) | 118,600 | | 406,856 |
Mr Price Group Ltd. (f) | 20,800 | | 444,701 |
MTN Group Ltd. (f) | 86,400 | | 1,735,808 |
Nampak Ltd. (f) | 120,930 | | 433,554 |
Naspers Ltd. Class N | 20,300 | | 3,192,763 |
Remgro Ltd. (f) | 21,100 | | 469,490 |
Sanlam Ltd. (f) | 87,500 | | 566,134 |
Woolworths Holdings Ltd. (f) | 54,800 | | 412,373 |
TOTAL SOUTH AFRICA | | 11,247,634 |
Spain - 1.9% |
Amadeus IT Holding SA Class A | 19,600 | | 893,406 |
Hispania Activos Inmobiliarios SA (a) | 38,400 | | 547,209 |
Iberdrola SA | 257,220 | | 1,721,648 |
Inditex SA | 83,664 | | 2,684,701 |
Mediaset Espana Comunicacion, S.A. | 56,500 | | 765,838 |
Prosegur Compania de Seguridad SA (Reg.) | 84,576 | | 487,543 |
TOTAL SPAIN | | 7,100,345 |
Sweden - 2.6% |
ASSA ABLOY AB (B Shares) | 37,500 | | 2,175,518 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Atlas Copco AB (A Shares) | 44,059 | | $ 1,375,213 |
Fagerhult AB | 49,655 | | 890,928 |
H&M Hennes & Mauritz AB (B Shares) (d) | 32,638 | | 1,297,581 |
Intrum Justitia AB | 19,463 | | 612,933 |
Nordea Bank AB | 133,867 | | 1,700,800 |
Svenska Handelsbanken AB (A Shares) | 31,915 | | 1,473,163 |
TOTAL SWEDEN | | 9,526,136 |
Switzerland - 8.0% |
Compagnie Financiere Richemont SA Series A | 4,113 | | 366,604 |
Nestle SA | 94,535 | | 7,334,424 |
Novartis AG | 77,136 | | 7,873,436 |
Roche Holding AG (participation certificate) | 20,544 | | 5,878,770 |
Schindler Holding AG: | | | |
(participation certificate) | 6,011 | | 1,016,868 |
(Reg.) | 2,251 | | 374,985 |
Sika AG (Bearer) | 80 | | 274,588 |
Syngenta AG (Switzerland) | 2,018 | | 675,283 |
Tecan Group AG | 400 | | 53,160 |
UBS Group AG | 184,597 | | 3,704,862 |
Zurich Insurance Group AG | 5,944 | | 1,834,636 |
TOTAL SWITZERLAND | | 29,387,616 |
Taiwan - 1.7% |
Addcn Technology Co. Ltd. | 5,000 | | 66,855 |
Advantech Co. Ltd. | 36,000 | | 297,982 |
Catcher Technology Co. Ltd. | 44,000 | | 517,208 |
Delta Electronics, Inc. | 94,000 | | 567,818 |
Giant Manufacturing Co. Ltd. | 39,000 | | 336,822 |
Largan Precision Co. Ltd. | 6,000 | | 603,409 |
Merida Industry Co. Ltd. | 46,500 | | 349,213 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 748,035 | | 3,601,244 |
TOTAL TAIWAN | | 6,340,551 |
Thailand - 0.6% |
Airports of Thailand PCL (For. Reg.) | 42,000 | | 369,595 |
Bangkok Dusit Medical Services PCL (For. Reg.) | 492,700 | | 302,004 |
Bumrungrad Hospital PCL (For. Reg.) | 63,000 | | 306,827 |
Central Pattana PCL (For. Reg.) | 141,500 | | 180,337 |
Kasikornbank PCL (For. Reg.) | 86,000 | | 548,020 |
Thai Beverage PCL | 621,000 | | 335,562 |
TOTAL THAILAND | | 2,042,345 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 0.5% |
Albaraka Turk Katilim Bankasi A/S | 95,907 | | $ 62,082 |
Coca-Cola Icecek Sanayi A/S | 38,189 | | 648,010 |
Enka Insaat ve Sanayi A/S | 161,000 | | 346,386 |
TAV Havalimanlari Holding A/S | 49,000 | | 430,854 |
Tupras Turkiye Petrol Rafinelleri A/S | 9,000 | | 218,551 |
TOTAL TURKEY | | 1,705,883 |
United Arab Emirates - 0.2% |
DP World Ltd. | 18,582 | | 428,873 |
First Gulf Bank PJSC | 102,525 | | 425,681 |
TOTAL UNITED ARAB EMIRATES | | 854,554 |
United Kingdom - 15.2% |
AA PLC | 9,383 | | 59,972 |
Al Noor Hospitals Group PLC | 30,500 | | 420,088 |
Associated British Foods PLC | 14,500 | | 633,045 |
AstraZeneca PLC (United Kingdom) | 33,341 | | 2,288,080 |
Aviva PLC | 175,000 | | 1,407,956 |
Babcock International Group PLC | 52,723 | | 813,301 |
BAE Systems PLC | 310,821 | | 2,407,996 |
Barclays PLC | 484,681 | | 1,896,292 |
Bellway PLC | 6,728 | | 204,546 |
Berendsen PLC | 49,755 | | 790,983 |
BG Group PLC | 44,600 | | 807,864 |
BP PLC sponsored ADR | 88,320 | | 3,811,891 |
Britvic PLC | 11,317 | | 125,682 |
Bunzl PLC | 44,032 | | 1,238,060 |
Compass Group PLC | 79,207 | | 1,400,200 |
Dechra Pharmaceuticals PLC | 9,000 | | 140,621 |
Derwent London PLC | 2,000 | | 105,271 |
Elementis PLC | 33,108 | | 154,070 |
Great Portland Estates PLC | 12,772 | | 155,909 |
H&T Group PLC | 10,000 | | 29,325 |
Hilton Food Group PLC | 5,400 | | 35,588 |
Howden Joinery Group PLC | 13,900 | | 98,952 |
HSBC Holdings PLC sponsored ADR | 58,966 | | 2,926,483 |
Imperial Tobacco Group PLC | 32,826 | | 1,602,911 |
Informa PLC | 208,072 | | 1,772,059 |
InterContinental Hotel Group PLC | 6,900 | | 295,082 |
InterContinental Hotel Group PLC ADR | 59,096 | | 2,518,081 |
ITE Group PLC | 25,500 | | 73,220 |
ITV PLC | 393,519 | | 1,527,845 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Johnson Matthey PLC | 46,439 | | $ 2,374,372 |
JUST EAT Ltd. (a) | 6,900 | | 48,386 |
Liberty Global PLC Class A (a) | 17,000 | | 886,380 |
Lloyds Banking Group PLC | 1,994,700 | | 2,362,280 |
Meggitt PLC | 76,339 | | 616,924 |
Micro Focus International PLC | 15,800 | | 304,105 |
National Grid PLC | 112,480 | | 1,513,233 |
NMC Health PLC | 24,000 | | 279,317 |
Prudential PLC | 161,229 | | 4,014,206 |
Reckitt Benckiser Group PLC | 33,751 | | 3,003,989 |
Rightmove PLC | 1,500 | | 72,614 |
Rio Tinto PLC | 47,200 | | 2,112,252 |
Rolls-Royce Group PLC | 40,352 | | 643,328 |
Rotork PLC | 2,000 | | 72,171 |
SABMiller PLC | 45,863 | | 2,427,661 |
Shaftesbury PLC | 41,137 | | 529,025 |
Spectris PLC | 5,870 | | 192,921 |
Spirax-Sarco Engineering PLC | 5,107 | | 264,354 |
Standard Chartered PLC (United Kingdom) | 23,349 | | 382,275 |
Taylor Wimpey PLC | 43,700 | | 110,962 |
Ted Baker PLC | 2,775 | | 121,202 |
Tesco PLC | 152,300 | | 513,353 |
Ultra Electronics Holdings PLC | 4,501 | | 119,695 |
Unite Group PLC | 67,677 | | 619,155 |
Vodafone Group PLC sponsored ADR | 74,526 | | 2,623,315 |
TOTAL UNITED KINGDOM | | 55,948,848 |
United States of America - 8.4% |
A.O. Smith Corp. | 5,100 | | 325,890 |
Affiliated Managers Group, Inc. (a) | 1,500 | | 339,195 |
Altria Group, Inc. | 13,000 | | 650,650 |
American Tower Corp. | 3,100 | | 293,043 |
ANSYS, Inc. (a) | 400 | | 34,336 |
Autoliv, Inc. | 15,954 | | 1,894,059 |
Ball Corp. | 4,700 | | 345,027 |
Berkshire Hathaway, Inc. Class B (a) | 6,416 | | 906,003 |
BorgWarner, Inc. | 23,394 | | 1,384,925 |
Broadridge Financial Solutions, Inc. | 1,140 | | 61,469 |
China Biologic Products, Inc. (a) | 3,700 | | 353,868 |
Colgate-Palmolive Co. | 4,100 | | 275,848 |
Constellation Brands, Inc. Class A (sub. vtg.) (a) | 9,400 | | 1,089,836 |
Cummins, Inc. | 4,291 | | 593,274 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Dril-Quip, Inc. (a) | 4,970 | | $ 396,208 |
Ecolab, Inc. | 3,000 | | 335,940 |
Energizer Holdings, Inc. | 4,800 | | 655,776 |
Evercore Partners, Inc. Class A | 1,160 | | 55,958 |
FMC Technologies, Inc. (a) | 8,503 | | 374,982 |
Google, Inc.: | | | |
Class A (a) | 3,080 | | 1,690,212 |
Class C (a) | 664 | | 356,794 |
International Flavors & Fragrances, Inc. | 2,600 | | 298,350 |
Kennedy-Wilson Holdings, Inc. | 5,483 | | 135,869 |
Las Vegas Sands Corp. | 5,700 | | 301,416 |
Martin Marietta Materials, Inc. | 5,380 | | 767,457 |
MasterCard, Inc. Class A | 27,390 | | 2,470,852 |
McGraw Hill Financial, Inc. | 18,800 | | 1,960,840 |
Mead Johnson Nutrition Co. Class A | 8,800 | | 844,096 |
Mohawk Industries, Inc. (a) | 8,135 | | 1,411,423 |
Moody's Corp. | 8,700 | | 935,424 |
National Oilwell Varco, Inc. | 5,646 | | 307,199 |
Oceaneering International, Inc. | 10,438 | | 575,238 |
Philip Morris International, Inc. | 13,800 | | 1,151,886 |
PPG Industries, Inc. | 1,400 | | 310,184 |
PriceSmart, Inc. | 8,285 | | 666,611 |
ResMed, Inc. | 10,320 | | 659,861 |
ResMed, Inc. CDI | 137,396 | | 877,438 |
Solera Holdings, Inc. | 6,885 | | 334,060 |
SS&C Technologies Holdings, Inc. | 21,954 | | 1,320,972 |
Union Pacific Corp. | 5,000 | | 531,150 |
Valspar Corp. | 3,800 | | 308,180 |
Visa, Inc. Class A | 37,724 | | 2,491,670 |
TOTAL UNITED STATES OF AMERICA | | 31,073,469 |
TOTAL COMMON STOCKS (Cost $290,087,020) |
359,089,779
|
Nonconvertible Preferred Stocks - 0.8% |
| | | |
Brazil - 0.2% |
Ambev SA sponsored ADR | 137,700 | | 871,641 |
Germany - 0.6% |
Henkel AG & Co. KGaA | 2,700 | | 313,625 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
Germany - continued |
Sartorius AG (non-vtg.) | 1,100 | | $ 182,371 |
Volkswagen AG | 5,790 | | 1,490,611 |
TOTAL GERMANY | | 1,986,607 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC | 5,689,632 | | 8,734 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,468,407) |
2,866,982
|
Money Market Funds - 3.1% |
| | | |
Fidelity Cash Central Fund, 0.15% (b) | 6,506,713 | | 6,506,713 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 4,949,170 | | 4,949,170 |
TOTAL MONEY MARKET FUNDS (Cost $11,455,883) |
11,455,883
|
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $304,011,310) | | 373,412,644 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | | (4,502,789) |
NET ASSETS - 100% | $ 368,909,855 |
Security Type Abbreviations |
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $996,368 or 0.3% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,877 |
Fidelity Securities Lending Cash Central Fund | 38,922 |
Total | $ 41,799 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 57,328,417 | $ 20,916,857 | $ 36,043,922 | $ 367,638 |
Consumer Staples | 36,869,975 | 13,443,319 | 23,426,656 | - |
Energy | 12,921,335 | 8,296,100 | 4,625,235 | - |
Financials | 82,189,710 | 31,841,781 | 50,347,929 | - |
Health Care | 50,361,215 | 17,208,890 | 33,152,325 | - |
Industrials | 43,066,000 | 13,647,686 | 29,418,314 | - |
Information Technology | 41,250,521 | 21,771,374 | 19,479,147 | - |
Materials | 20,523,826 | 8,114,803 | 12,409,023 | - |
Telecommunication Services | 12,568,427 | 7,620,907 | 4,947,520 | - |
Utilities | 4,877,335 | 1,642,454 | 3,234,881 | - |
Money Market Funds | 11,455,883 | 11,455,883 | - | - |
Total Investments in Securities: | $ 373,412,644 | $ 155,960,054 | $ 217,084,952 | $ 367,638 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 75,509,684 |
Level 2 to Level 1 | $ 30,488,313 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $4,698,626) - See accompanying schedule: Unaffiliated issuers (cost $292,555,427) | $ 361,956,761 | |
Fidelity Central Funds (cost $11,455,883) | 11,455,883 | |
Total Investments (cost $304,011,310) | | $ 373,412,644 |
Cash | | 79,432 |
Foreign currency held at value (cost $246,735) | | 246,933 |
Receivable for investments sold | | 2,702,303 |
Receivable for fund shares sold | | 106,626 |
Dividends receivable | | 1,492,287 |
Distributions receivable from Fidelity Central Funds | | 18,124 |
Prepaid expenses | | 264 |
Other receivables | | 10,717 |
Total assets | | 378,069,330 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 3,356,959 | |
Delayed delivery | 267,139 | |
Payable for fund shares redeemed | 59,103 | |
Accrued management fee | 233,042 | |
Distribution and service plan fees payable | 10,957 | |
Other affiliated payables | 52,558 | |
Other payables and accrued expenses | 230,547 | |
Collateral on securities loaned, at value | 4,949,170 | |
Total liabilities | | 9,159,475 |
| | |
Net Assets | | $ 368,909,855 |
Net Assets consist of: | | |
Paid in capital | | $ 326,012,750 |
Undistributed net investment income | | 1,879,300 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (28,252,504) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 69,270,309 |
Net Assets | | $ 368,909,855 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,077,862 ÷ 1,097,636 shares) | | $ 8.27 |
| | |
Maximum offering price per share (100/94.25 of $8.27) | | $ 8.77 |
Class T:
Net Asset Value and redemption price per share ($13,364,265 ÷ 1,608,422 shares) | | $ 8.31 |
| | |
Maximum offering price per share (100/96.50 of $8.31) | | $ 8.61 |
Class B:
Net Asset Value and offering price per share ($165,129 ÷ 19,770 shares)A | | $ 8.35 |
| | |
Class C:
Net Asset Value and offering price per share ($4,329,621 ÷ 522,887 shares)A | | $ 8.28 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($339,551,353 ÷ 40,975,525 shares) | | $ 8.29 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,421,625 ÷ 293,486 shares) | | $ 8.25 |
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
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,401,271 |
Income from Fidelity Central Funds | | 41,799 |
Income before foreign taxes withheld | | 4,443,070 |
Less foreign taxes withheld | | (359,709) |
Total income | | 4,083,361 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,222,961 | |
Performance adjustment | 195,382 | |
Transfer agent fees | 218,195 | |
Distribution and service plan fees | 60,082 | |
Accounting and security lending fees | 90,829 | |
Custodian fees and expenses | 106,420 | |
Independent trustees' compensation | 685 | |
Registration fees | 31,916 | |
Audit | 42,079 | |
Legal | 534 | |
Miscellaneous | 1,372 | |
Total expenses before reductions | 1,970,455 | |
Expense reductions | (10,015) | 1,960,440 |
Net investment income (loss) | | 2,122,921 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $115,755) | (3,934,555) | |
Foreign currency transactions | (127,550) | |
Total net realized gain (loss) | | (4,062,105) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $82,195) | 20,346,178 | |
Assets and liabilities in foreign currencies | 34,596 | |
Total change in net unrealized appreciation (depreciation) | | 20,380,774 |
Net gain (loss) | | 16,318,669 |
Net increase (decrease) in net assets resulting from operations | | $ 18,441,590 |
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, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,122,921 | $ 7,173,996 |
Net realized gain (loss) | (4,062,105) | 5,639,847 |
Change in net unrealized appreciation (depreciation) | 20,380,774 | (11,137,910) |
Net increase (decrease) in net assets resulting from operations | 18,441,590 | 1,675,933 |
Distributions to shareholders from net investment income | (5,482,469) | (5,090,375) |
Distributions to shareholders from net realized gain | (1,726,810) | (7,679,276) |
Total distributions | (7,209,279) | (12,769,651) |
Share transactions - net increase (decrease) | 7,355,747 | 13,925,925 |
Redemption fees | 909 | 3,247 |
Total increase (decrease) in net assets | 18,588,967 | 2,835,454 |
| | |
Net Assets | | |
Beginning of period | 350,320,888 | 347,485,434 |
End of period (including undistributed net investment income of $1,879,300 and undistributed net investment income of $5,238,848, respectively) | $ 368,909,855 | $ 350,320,888 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.00 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | .04 | .13 | .09 | .13 | .11 | .08 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.69) | .95 |
Total from investment operations | .41 | .01 | 1.33 | .72 | (.58) | 1.03 |
Distributions from net investment income | (.10) | (.10) | (.13) | (.08) | (.09) | (.04) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.14) | (.28) | (.37) J | (.08) | (.11) | (.07) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.27 | $ 8.00 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 |
Total ReturnB, C, D | 5.21% | .19% | 19.00% | 10.88% | (8.03)% | 16.17% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.48%A | 1.44% | 1.50% | 1.57% | 1.73% | 2.02% |
Expenses net of fee waivers, if any | 1.45%A | 1.44% | 1.45% | 1.45% | 1.45% | 1.50% |
Expenses net of all reductions | 1.45%A | 1.44% | 1.43% | 1.42% | 1.42% | 1.47% |
Net investment income (loss) | .89%A | 1.63% | 1.21% | 1.88% | 1.44% | 1.15% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,078 | $ 9,164 | $ 9,034 | $ 5,767 | $ 4,307 | $ 5,029 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.37 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.04 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .11 | .07 | .11 | .09 | .06 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.25 | .59 | (.68) | .95 |
Total from investment operations | .40 | (.01) | 1.32 | .70 | (.59) | 1.01 |
Distributions from net investment income | (.09) | (.09) | (.13) | (.06) | (.07) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.13) | (.27) | (.37) J | (.06) | (.09) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.31 | $ 8.04 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 |
Total ReturnB, C, D | 5.06% | (.06)% | 18.73% | 10.52% | (8.08)% | 15.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.72%A | 1.68% | 1.75% | 1.84% | 2.02% | 2.31% |
Expenses net of fee waivers, if any | 1.70%A | 1.68% | 1.70% | 1.70% | 1.70% | 1.75% |
Expenses net of all reductions | 1.70%A | 1.68% | 1.67% | 1.67% | 1.67% | 1.72% |
Net investment income (loss) | .64%A | 1.38% | .96% | 1.63% | 1.19% | .90% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 13,364 | $ 10,282 | $ 7,909 | $ 2,348 | $ 997 | $ 1,004 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.37 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.05 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 | .04 | .08 | .05 | .03 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.68) | .95 |
Total from investment operations | .38 | (.05) | 1.28 | .67 | (.63) | .98 |
Distributions from net investment income | (.04) | (.03) | (.05) | (.02) | (.04) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.08) | (.21) | (.30) | (.02) | (.06) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.35 | $ 8.05 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 |
Total ReturnB, C, D | 4.78% | (.56)% | 18.05% | 10.05% | (8.66)% | 15.34% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.26%A | 2.22% | 2.26% | 2.34% | 2.51% | 2.81% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.20% | 2.20% | 2.20% | 2.25% |
Expenses net of all reductions | 2.20%A | 2.20% | 2.18% | 2.17% | 2.17% | 2.22% |
Net investment income (loss) | .14%A | .87% | .46% | 1.13% | .69% | .40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 165 | $ 168 | $ 192 | $ 220 | $ 254 | $ 327 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.00 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 | .04 | .08 | .05 | .03 |
Net realized and unrealized gain (loss) | .36 | (.12) | 1.25 | .58 | (.69) | .94 |
Total from investment operations | .37 | (.05) | 1.29 | .66 | (.64) | .97 |
Distributions from net investment income | (.05) | (.05) | (.08) | (.02) | (.03) | - |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | - |
Total distributions | (.09) | (.23) | (.32) J | (.02) | (.05) | - |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.28 | $ 8.00 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 |
Total ReturnB, C, D | 4.72% | (.57)% | 18.30% | 9.98% | (8.72)% | 15.18% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.27%A | 2.22% | 2.26% | 2.31% | 2.51% | 2.80% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.20% | 2.20% | 2.20% | 2.25% |
Expenses net of all reductions | 2.20%A | 2.20% | 2.18% | 2.17% | 2.17% | 2.22% |
Net investment income (loss) | .14%A | .87% | .46% | 1.13% | .69% | .40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,330 | $ 4,028 | $ 3,584 | $ 2,737 | $ 1,396 | $ 1,423 |
Portfolio turnover rateG | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.32 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.03 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .16 | .12 | .15 | .12 | .09 |
Net realized and unrealized gain (loss) | .38 | (.12) | 1.24 | .58 | (.68) | .96 |
Total from investment operations | .43 | .04 | 1.36 | .73 | (.56) | 1.05 |
Distributions from net investment income | (.13) | (.12) | (.15) | (.10) | (.10) | (.06) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.17) | (.30) | (.39) I | (.10) | (.12) | (.09) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.29 | $ 8.03 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 |
Total ReturnB, C | 5.47% | .55% | 19.48% | 11.03% | (7.70)% | 16.45% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.08%A | 1.04% | 1.09% | 1.16% | 1.42% | 1.79% |
Expenses net of fee waivers, if any | 1.08%A | 1.04% | 1.09% | 1.16% | 1.20% | 1.25% |
Expenses net of all reductions | 1.08%A | 1.04% | 1.07% | 1.13% | 1.17% | 1.22% |
Net investment income (loss) | 1.26%A | 2.03% | 1.57% | 2.16% | 1.69% | 1.40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 339,551 | $ 324,438 | $ 324,395 | $ 281,979 | $ 131,338 | $ 60,826 |
Portfolio turnover rateF | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
I Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 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, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.99 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .15 | .11 | .14 | .12 | .10 |
Net realized and unrealized gain (loss) | .37 | (.12) | 1.24 | .59 | (.68) | .95 |
Total from investment operations | .42 | .03 | 1.35 | .73 | (.56) | 1.05 |
Distributions from net investment income | (.12) | (.12) | (.15) | (.10) | (.10) | (.08) |
Distributions from net realized gain | (.04) | (.18) | (.25) | - | (.02) | (.03) |
Total distributions | (.16) | (.30) | (.39) I | (.10) | (.12) | (.11) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.25 | $ 7.99 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 |
Total ReturnB, C | 5.36% | .37% | 19.40% | 11.06% | (7.72)% | 16.48% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.19%A | 1.15% | 1.21% | 1.27% | 1.48% | 1.82% |
Expenses net of fee waivers, if any | 1.19%A | 1.15% | 1.20% | 1.20% | 1.20% | 1.25% |
Expenses net of all reductions | 1.19%A | 1.15% | 1.18% | 1.17% | 1.17% | 1.23% |
Net investment income (loss) | 1.14%A | 1.91% | 1.46% | 2.13% | 1.69% | 1.40% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,422 | $ 2,240 | $ 2,372 | $ 1,514 | $ 197 | $ 28 |
Portfolio turnover rateF | 56% A | 85% | 89% | 110% | 75% | 67% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
I Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Total International Equity and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs)and certain indexes as well as quoted
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 75,402,954 |
Gross unrealized depreciation | (6,698,222) |
Net unrealized appreciation (depreciation) on securities | $ 68,704,732 |
| |
Tax cost | $ 304,707,912 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2017 | $ (13,607,298) |
2019 | (8,855,997) |
Total capital loss carryforward | $ (22,463,295) |
Due to large subscriptions in a prior period, $22,463,295 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $4,535,766 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $97,487,422 and $98,773,594, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | - % | .25% | $ 10,720 | $ 495 |
Class T | .25% | .25% | 28,250 | 259 |
Class B | .75% | .25% | 803 | 606 |
Class C | .75% | .25% | 20,309 | 2,707 |
| | | $ 60,082 | $ 4,067 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,039 |
Class T | 750 |
Class C* | 214 |
| $ 5,003 |
* When 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 11,440 | .27 |
Class T | 14,142 | .25 |
Class B | 238 | .30 |
Class C | 6,064 | .30 |
Total International Equity | 183,770 | .11 |
Institutional Class | 2,541 | .23 |
| $ 218,195 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions - continued
(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $293 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $274 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $22,040. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central. Total security lending income during the period amounted to $38,922, including $23 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. 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 |
Class A | 1.45% | $ 1,435 |
Class T | 1.70% | 937 |
Class B | 2.20% | 51 |
Class C | 2.20% | 1,351 |
| | $ 3,774 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $6,161 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Total International Equity expenses during the period in the amount of $80.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ 113,499 | $ 114,661 |
Class T | 118,041 | 92,140 |
Class B | 852 | 757 |
Class C | 26,493 | 24,034 |
Total International Equity | 5,189,901 | 4,825,256 |
Institutional Class | 33,683 | 33,527 |
Total | $ 5,482,469 | $ 5,090,375 |
Semiannual Report
9. Distributions to Shareholders - continued
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net realized gain | | |
Class A | $ 45,400 | $ 201,491 |
Class T | 52,463 | 179,326 |
Class B | 832 | 4,154 |
Class C | 19,994 | 83,657 |
Total International Equity | 1,596,893 | 7,158,781 |
Institutional Class | 11,228 | 51,867 |
Total | $ 1,726,810 | $ 7,679,276 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 149,908 | 232,039 | $ 1,206,395 | $ 1,877,334 |
Reinvestment of distributions | 20,115 | 38,586 | 158,306 | 306,762 |
Shares redeemed | (217,421) | (217,382) | (1,686,292) | (1,752,622) |
Net increase (decrease) | (47,398) | 53,243 | $ (321,591) | $ 431,474 |
Class T | | | | |
Shares sold | 448,286 | 525,401 | $ 3,593,468 | $ 4,252,382 |
Reinvestment of distributions | 21,537 | 33,829 | 170,355 | 270,968 |
Shares redeemed | (140,317) | (230,852) | (1,117,291) | (1,883,437) |
Net increase (decrease) | 329,506 | 328,378 | $ 2,646,532 | $ 2,639,913 |
Class B | | | | |
Shares sold | 1,281 | 2,568 | $ 10,796 | $ 21,032 |
Reinvestment of distributions | 210 | 604 | 1,675 | 4,866 |
Shares redeemed | (2,580) | (5,357) | (20,670) | (43,506) |
Net increase (decrease) | (1,089) | (2,185) | $ (8,199) | $ (17,608) |
Class C | | | | |
Shares sold | 82,970 | 174,035 | $ 665,314 | $ 1,421,548 |
Reinvestment of distributions | 4,767 | 10,201 | 37,661 | 81,608 |
Shares redeemed | (68,699) | (113,485) | (548,413) | (922,884) |
Net increase (decrease) | 19,038 | 70,751 | $ 154,562 | $ 580,272 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Total International Equity | | | | |
Shares sold | 4,718,598 | 7,329,051 | $ 37,593,183 | $ 59,640,689 |
Reinvestment of distributions | 851,193 | 1,486,031 | 6,698,889 | 11,828,806 |
Shares redeemed | (4,976,745) | (7,554,096) | (39,517,699) | (61,144,473) |
Net increase (decrease) | 593,046 | 1,260,986 | $ 4,774,373 | $ 10,325,022 |
Institutional Class | | | | |
Shares sold | 42,224 | 127,536 | $ 337,362 | $ 1,054,194 |
Reinvestment of distributions | 5,728 | 10,120 | 44,911 | 80,252 |
Shares redeemed | (34,670) | (144,685) | (272,203) | (1,167,594) |
Net increase (decrease) | 13,282 | (7,029) | $ 110,070 | $ (33,148) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, a shareholder of record owned approximately 72% of the total outstanding shares of the Fund.
Semiannual Report
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ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Worldwide Fund
Institutional Class
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Institutional Class is a class of
Fidelity® Worldwide Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Worldwide Fund
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.24% | | | |
Actual | | $ 1,000.00 | $ 1,044.40 | $ 6.29 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Class T | 1.55% | | | |
Actual | | $ 1,000.00 | $ 1,042.60 | $ 7.85 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,040.00 | $ 10.42 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.03% | | | |
Actual | | $ 1,000.00 | $ 1,040.30 | $ 10.27 |
HypotheticalA | | $ 1,000.00 | $ 1,014.73 | $ 10.14 |
Worldwide | .95% | | | |
Actual | | $ 1,000.00 | $ 1,046.10 | $ 4.82 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
Institutional Class | .95% | | | |
Actual | | $ 1,000.00 | $ 1,045.70 | $ 4.82 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United States of America* | 51.8% | |
 | United Kingdom | 7.9% | |
 | Japan | 6.6% | |
 | Ireland | 4.7% | |
 | France | 3.6% | |
 | Switzerland | 2.8% | |
 | Germany | 2.7% | |
 | Netherlands | 2.7% | |
 | Belgium | 1.6% | |
 | Other | 15.6% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | United States of America* | 58.1% | |
 | Japan | 7.1% | |
 | United Kingdom | 6.5% | |
 | Ireland | 3.3% | |
 | Germany | 2.7% | |
 | Switzerland | 2.5% | |
 | France | 2.1% | |
 | Australia | 1.8% | |
 | Sweden | 1.7% | |
 | Other | 14.2% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.2 | 98.5 |
Other Investments | 0.1 | 0.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.7 | 1.4 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) | 3.6 | 3.7 |
Adobe Systems, Inc. (United States of America, Software) | 2.6 | 2.9 |
CVS Health Corp. (United States of America, Food & Staples Retailing) | 2.3 | 2.1 |
Actavis PLC (Ireland, Pharmaceuticals) | 2.1 | 1.1 |
Zebra Technologies Corp. Class A (United States of America, Electronic Equipment & Components) | 1.9 | 1.0 |
Ameriprise Financial, Inc. (United States of America, Capital Markets) | 1.8 | 2.8 |
Gilead Sciences, Inc. (United States of America, Biotechnology) | 1.7 | 1.7 |
Facebook, Inc. Class A (United States of America, Internet Software & Services) | 1.3 | 1.4 |
Visa, Inc. Class A (United States of America, IT Services) | 1.2 | 0.7 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.1 | 0.5 |
| 19.6 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.9 | 19.6 |
Health Care | 17.6 | 15.0 |
Information Technology | 16.8 | 18.0 |
Consumer Discretionary | 13.1 | 10.4 |
Consumer Staples | 11.2 | 8.7 |
Industrials | 7.2 | 11.1 |
Energy | 6.6 | 7.2 |
Telecommunication Services | 3.1 | 2.1 |
Materials | 1.4 | 3.9 |
Utilities | 1.4 | 1.4 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1% |
| Shares | | Value |
Australia - 1.2% |
Ansell Ltd. | 120,679 | | $ 2,491,577 |
Australia & New Zealand Banking Group Ltd. | 277,691 | | 7,469,329 |
Flight Centre Travel Group Ltd. | 42,564 | | 1,462,854 |
G8 Education Ltd. (e) | 384,605 | | 1,098,729 |
Greencross Ltd. (e) | 73,412 | | 386,329 |
Mantra Group Ltd. | 352,523 | | 1,004,289 |
Ramsay Health Care Ltd. | 80,656 | | 3,994,940 |
Spotless Group Holdings Ltd. | 1,248,598 | | 2,252,818 |
TOTAL AUSTRALIA | | 20,160,865 |
Austria - 0.1% |
Andritz AG | 28,200 | | 1,651,019 |
Bailiwick of Jersey - 1.0% |
MySale Group PLC (e) | 608,400 | | 511,073 |
Regus PLC | 206,500 | | 788,690 |
Shire PLC | 110,200 | | 8,955,251 |
Wizz Air Holdings PLC | 17,000 | | 369,994 |
Wolseley PLC | 94,904 | | 5,613,041 |
TOTAL BAILIWICK OF JERSEY | | 16,238,049 |
Belgium - 1.6% |
Anheuser-Busch InBev SA NV | 86,511 | | 10,532,571 |
Anheuser-Busch InBev SA NV ADR | 72,000 | | 8,642,880 |
KBC Groep NV | 120,727 | | 7,943,026 |
TOTAL BELGIUM | | 27,118,477 |
Bermuda - 0.7% |
BW Offshore Ltd. | 560,800 | | 417,795 |
Haier Electronics Group Co. Ltd. | 224,000 | | 645,941 |
PAX Global Technology Ltd. (a) | 4,249,000 | | 6,194,876 |
Signet Jewelers Ltd. | 8,000 | | 1,073,040 |
Travelport Worldwide Ltd. | 200,900 | | 3,180,247 |
TOTAL BERMUDA | | 11,511,899 |
Canada - 1.2% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 52,000 | | 1,990,352 |
Constellation Software, Inc. | 14,600 | | 5,723,829 |
Constellation Software, Inc. rights 9/15/15 (a) | 7,900 | | 2,357 |
IMAX Corp. (a) | 34,000 | | 1,270,240 |
Imperial Oil Ltd. | 59,200 | | 2,609,412 |
Potash Corp. of Saskatchewan, Inc. | 52,600 | | 1,717,729 |
PrairieSky Royalty Ltd. (e) | 97,200 | | 2,669,073 |
Suncor Energy, Inc. | 39,400 | | 1,283,072 |
TransForce, Inc. | 90,200 | | 2,037,257 |
TOTAL CANADA | | 19,303,321 |
Cayman Islands - 0.6% |
Alibaba Group Holding Ltd. sponsored ADR | 26,800 | | 2,178,572 |
Lee's Pharmaceutical Holdings Ltd. | 433,629 | | 804,535 |
Value Partners Group Ltd. | 300,000 | | 557,380 |
|
| Shares | | Value |
Vipshop Holdings Ltd. ADR (a) | 127,000 | | $ 3,592,830 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 53,700 | | 2,318,229 |
TOTAL CAYMAN ISLANDS | | 9,451,546 |
China - 0.4% |
Daqin Railway Co. Ltd. (A Shares) | 218,500 | | 492,108 |
Inner Mongoli Yili Industries Co. Ltd. | 396,200 | | 2,328,860 |
Jiangsu Hengrui Medicine Co. Ltd. | 271,600 | | 2,496,278 |
Kweichow Moutai Co. Ltd. | 38,000 | | 1,545,228 |
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) | 68,359 | | 315,752 |
TOTAL CHINA | | 7,178,226 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 31,822 | | 10,693 |
Denmark - 0.6% |
Novo Nordisk A/S Series B | 139,580 | | 7,836,115 |
Vestas Wind Systems A/S | 34,000 | | 1,542,154 |
TOTAL DENMARK | | 9,378,269 |
Egypt - 0.0% |
Edita Food Industries SAE GDR (a)(f) | 10,500 | | 165,593 |
Finland - 0.3% |
Sampo Oyj (A Shares) | 99,200 | | 4,806,666 |
France - 3.6% |
Accor SA | 99,500 | | 5,456,066 |
Air Liquide SA | 27,000 | | 3,531,072 |
AXA SA | 182,600 | | 4,617,197 |
BNP Paribas SA | 46,600 | | 2,942,851 |
Cap Gemini SA | 26,200 | | 2,334,303 |
Havas SA | 324,941 | | 2,710,252 |
Ingenico SA | 25,666 | | 3,220,382 |
Numericable Group SA (a) | 58,465 | | 3,245,977 |
Rexel SA | 80,110 | | 1,509,805 |
Safran SA | 39,500 | | 2,886,160 |
Schneider Electric SA | 36,800 | | 2,750,742 |
Sodexo SA (a) | 27,200 | | 2,752,374 |
SR Teleperformance SA | 18,900 | | 1,418,713 |
Total SA | 226,015 | | 12,238,704 |
Total SA sponsored ADR | 46,000 | | 2,488,600 |
Unibail-Rodamco | 9,900 | | 2,733,494 |
Zodiac Aerospace | 73,400 | | 2,695,488 |
TOTAL FRANCE | | 59,532,180 |
Germany - 2.3% |
Aareal Bank AG | 63,891 | | 2,748,061 |
Bayer AG | 26,700 | | 3,843,001 |
Beiersdorf AG | 15,300 | | 1,330,881 |
Continental AG | 18,900 | | 4,429,306 |
Deutsche Annington Immobilien SE | 50,700 | | 1,701,752 |
Deutsche Boerse AG | 28,600 | | 2,369,906 |
Deutsche Telekom AG | 208,000 | | 3,823,176 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Fresenius SE & Co. KGaA | 29,600 | | $ 1,760,991 |
GEA Group AG | 56,776 | | 2,726,721 |
KION Group AG | 95,589 | | 4,240,798 |
LEG Immobilien AG | 59,550 | | 4,620,323 |
ProSiebenSat.1 Media AG | 74,400 | | 3,803,864 |
TOTAL GERMANY | | 37,398,780 |
Greece - 0.1% |
Folli Follie SA | 59,300 | | 1,788,116 |
Hong Kong - 1.3% |
AIA Group Ltd. | 1,737,400 | | 11,611,733 |
Hutchison Whampoa Ltd. | 117,000 | | 1,723,929 |
Lenovo Group Ltd. | 200,000 | | 345,782 |
Techtronic Industries Co. Ltd. | 2,162,500 | | 7,686,793 |
TOTAL HONG KONG | | 21,368,237 |
India - 1.5% |
Bharti Infratel Ltd. | 702,057 | | 4,433,449 |
Edelweiss Financial Services Ltd. (a) | 1,102,262 | | 1,072,815 |
HDFC Bank Ltd. sponsored ADR | 12,400 | | 704,816 |
Housing Development Finance Corp. Ltd. | 454,567 | | 8,369,200 |
Info Edge India Ltd. | 111,442 | | 1,348,664 |
Lupin Ltd. | 129,437 | | 3,610,415 |
Sun Pharmaceutical Industries Ltd. (a) | 116,622 | | 1,722,967 |
The Jammu & Kashmir Bank Ltd. | 460,230 | | 695,621 |
Titan Co. Ltd. (a) | 144,739 | | 883,216 |
Yes Bank Ltd. | 202,552 | | 2,675,664 |
TOTAL INDIA | | 25,516,827 |
Indonesia - 0.2% |
PT Bank Central Asia Tbk | 1,366,000 | | 1,420,008 |
PT Bank Rakyat Indonesia Tbk | 1,377,400 | | 1,235,277 |
TOTAL INDONESIA | | 2,655,285 |
Ireland - 4.6% |
Actavis PLC (a) | 121,400 | | 34,339,204 |
Alkermes PLC (a) | 131,488 | | 7,280,491 |
Bank of Ireland (a) | 3,692,100 | | 1,412,742 |
Endo Health Solutions, Inc. (a) | 35,000 | | 2,942,275 |
Glanbia PLC | 156,100 | | 2,893,007 |
Greencore Group PLC | 2,008,941 | | 10,901,682 |
James Hardie Industries PLC CDI | 30,475 | | 352,340 |
Kerry Group PLC Class A | 59,000 | | 4,339,592 |
Medtronic PLC | 151,000 | | 11,241,950 |
Prothena Corp. PLC (a) | 6,300 | | 204,183 |
TOTAL IRELAND | | 75,907,466 |
Isle of Man - 0.1% |
Optimal Payments PLC (a) | 157,693 | | 716,610 |
Optimal Payments PLC rights 5/1/15 (a) | 252,488 | | 536,027 |
Playtech Ltd. | 59,829 | | 751,619 |
TOTAL ISLE OF MAN | | 2,004,256 |
|
| Shares | | Value |
Israel - 0.7% |
Bezeq The Israel Telecommunication Corp. Ltd. | 1,579,900 | | $ 2,995,657 |
Frutarom Industries Ltd. | 66,100 | | 2,815,789 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 94,000 | | 5,679,480 |
TOTAL ISRAEL | | 11,490,926 |
Italy - 1.1% |
De Longhi SpA | 168,300 | | 3,795,898 |
Intesa Sanpaolo SpA | 1,124,300 | | 3,777,090 |
Mediaset SpA | 967,800 | | 4,974,119 |
Telecom Italia SpA (a)(e) | 2,866,200 | | 3,382,885 |
World Duty Free SpA (a) | 159,397 | | 1,779,399 |
TOTAL ITALY | | 17,709,391 |
Japan - 6.6% |
A/S One Corp. | 67,300 | | 2,160,670 |
ACOM Co. Ltd. (a)(e) | 678,600 | | 2,253,189 |
Aozora Bank Ltd. | 678,000 | | 2,536,018 |
Astellas Pharma, Inc. | 527,200 | | 8,208,873 |
Broadleaf Co. Ltd. | 112,100 | | 1,747,720 |
Coca-Cola Central Japan Co. Ltd. | 98,800 | | 1,846,284 |
Daiichikosho Co. Ltd. | 23,800 | | 767,592 |
Dentsu, Inc. | 57,100 | | 2,661,700 |
Don Quijote Holdings Co. Ltd. | 35,500 | | 2,708,451 |
Fanuc Corp. | 3,000 | | 659,888 |
Hitachi Ltd. | 409,000 | | 2,790,567 |
Hoya Corp. | 147,000 | | 5,665,512 |
Japan Exchange Group, Inc. | 116,500 | | 3,365,938 |
Japan Tobacco, Inc. | 58,300 | | 2,035,886 |
KDDI Corp. | 324,000 | | 7,666,599 |
Keyence Corp. | 7,660 | | 4,089,284 |
Kyocera Corp. | 7,000 | | 365,410 |
Misumi Group, Inc. | 48,200 | | 1,808,856 |
Mitsubishi UFJ Financial Group, Inc. | 947,300 | | 6,729,951 |
Monex Group, Inc. | 315,400 | | 857,229 |
NEC Corp. | 1,525,000 | | 5,073,693 |
Nidec Corp. | 35,100 | | 2,625,649 |
Nippon Kanzai Co. Ltd. | 53,500 | | 1,284,555 |
Olympus Corp. (a) | 95,600 | | 3,442,556 |
OMRON Corp. | 97,100 | | 4,458,644 |
ORIX Corp. | 271,100 | | 4,169,084 |
Rakuten, Inc. | 222,200 | | 3,881,934 |
Sanken Electric Co. Ltd. | 170,000 | | 1,300,022 |
Seven Bank Ltd. | 620,900 | | 3,345,329 |
SoftBank Corp. | 36,800 | | 2,300,381 |
Sony Corp. | 120,300 | | 3,636,879 |
Sundrug Co. Ltd. | 53,300 | | 2,674,735 |
Toshiba Plant Systems & Services Corp. | 112,200 | | 1,560,022 |
Tsuruha Holdings, Inc. | 61,000 | | 4,424,253 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
United Arrows Ltd. | 46,300 | | $ 1,424,772 |
VT Holdings Co. Ltd. | 280,200 | | 1,405,931 |
TOTAL JAPAN | | 107,934,056 |
Kenya - 0.2% |
Safaricom Ltd. | 18,905,500 | | 3,477,333 |
Korea (South) - 0.3% |
Medy-Tox, Inc. | 8,652 | | 2,984,916 |
Samsung Electronics Co. Ltd. | 2,119 | | 2,773,895 |
TOTAL KOREA (SOUTH) | | 5,758,811 |
Luxembourg - 0.6% |
Altice SA (a) | 46,900 | | 4,959,397 |
Eurofins Scientific SA | 2,600 | | 732,380 |
Grand City Properties SA (a) | 196,600 | | 3,726,463 |
TOTAL LUXEMBOURG | | 9,418,240 |
Marshall Islands - 0.1% |
Hoegh LNG Partners LP | 49,800 | | 1,080,660 |
Netherlands - 2.7% |
AerCap Holdings NV (a) | 100,300 | | 4,682,004 |
Arcadis NV | 75,300 | | 2,383,548 |
ASML Holding NV (Netherlands) | 32,100 | | 3,454,376 |
IMCD Group BV | 122,100 | | 4,550,105 |
ING Groep NV (Certificaten Van Aandelen) | 375,000 | | 5,753,083 |
Mobileye NV (a) | 32,600 | | 1,462,436 |
NXP Semiconductors NV (a) | 97,000 | | 9,323,640 |
Unilever NV: | | | |
(Certificaten Van Aandelen) (Bearer) | 245,700 | | 10,717,583 |
(NY Reg.) | 30,000 | | 1,304,400 |
uniQure B.V. (a) | 2,955 | | 74,023 |
TOTAL NETHERLANDS | | 43,705,198 |
New Zealand - 0.3% |
EBOS Group Ltd. | 295,468 | | 2,149,167 |
Ryman Healthcare Group Ltd. | 459,616 | | 2,859,036 |
TOTAL NEW ZEALAND | | 5,008,203 |
Philippines - 0.3% |
Alliance Global Group, Inc. | 4,919,115 | | 2,800,527 |
SM Investments Corp. | 106,630 | | 2,152,198 |
TOTAL PHILIPPINES | | 4,952,725 |
South Africa - 0.5% |
Distell Group Ltd. | 126,410 | | 1,710,792 |
EOH Holdings Ltd. | 154,500 | | 2,097,447 |
Naspers Ltd. Class N | 30,400 | | 4,781,281 |
TOTAL SOUTH AFRICA | | 8,589,520 |
Spain - 0.8% |
Amadeus IT Holding SA Class A | 108,400 | | 4,941,084 |
Atresmedia Corporacion de Medios de Comunicacion SA | 93,500 | | 1,510,229 |
|
| Shares | | Value |
Hispania Activos Inmobiliarios SA (a) | 51,800 | | $ 738,163 |
Inditex SA | 133,345 | | 4,278,918 |
Mediaset Espana Comunicacion, S.A. | 159,424 | | 2,160,938 |
TOTAL SPAIN | | 13,629,332 |
Sweden - 0.9% |
ASSA ABLOY AB (B Shares) | 85,200 | | 4,942,777 |
HEXPOL AB (B Shares) | 18,900 | | 2,025,350 |
Nordea Bank AB | 331,200 | | 4,207,946 |
Svenska Handelsbanken AB (A Shares) | 60,200 | | 2,778,770 |
Volvo AB (B Shares) | 50,000 | | 690,760 |
TOTAL SWEDEN | | 14,645,603 |
Switzerland - 2.8% |
Clariant AG (Reg.) | 100,830 | | 2,213,690 |
GAM Holding Ltd. | 88,177 | | 1,989,360 |
Julius Baer Group Ltd. | 59,790 | | 3,129,454 |
Lonza Group AG | 35,727 | | 5,051,443 |
Novartis AG | 122,912 | | 12,545,897 |
Partners Group Holding AG | 13,818 | | 4,331,059 |
Schindler Holding AG (participation certificate) | 10,829 | | 1,831,919 |
Sonova Holding AG Class B | 13,789 | | 1,905,015 |
TE Connectivity Ltd. | 83,000 | | 5,523,650 |
UBS Group AG | 382,875 | | 7,648,822 |
TOTAL SWITZERLAND | | 46,170,309 |
Taiwan - 0.4% |
ECLAT Textile Co. Ltd. | 5,757 | | 77,447 |
JHL Biotech, Inc. (h) | 154,552 | | 578,024 |
Merida Industry Co. Ltd. | 309,750 | | 2,326,210 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 602,000 | | 2,898,192 |
TOTAL TAIWAN | | 5,879,873 |
Turkey - 0.0% |
Logo Yazilim Sanayi Ve Ticar | 81,183 | | 754,845 |
United Kingdom - 7.9% |
AA PLC | 246,910 | | 1,578,142 |
Aberdeen Asset Management PLC | 355,842 | | 2,583,937 |
Al Noor Hospitals Group PLC | 210,800 | | 2,903,426 |
Associated British Foods PLC | 48,600 | | 2,121,791 |
Aviva PLC | 413,900 | | 3,330,017 |
B&M European Value Retail S.A. | 462,205 | | 2,139,351 |
BG Group PLC | 240,300 | | 4,352,687 |
British American Tobacco PLC (United Kingdom) | 51,900 | | 2,851,575 |
BT Group PLC | 385,900 | | 2,691,494 |
BTG PLC (a) | 117,300 | | 1,294,297 |
Bunzl PLC | 134,200 | | 3,773,338 |
Diploma PLC | 147,500 | | 1,809,257 |
Essentra PLC | 156,700 | | 2,300,249 |
Hikma Pharmaceuticals PLC | 151,087 | | 4,724,821 |
Hilton Food Group PLC | 350,100 | | 2,307,302 |
Howden Joinery Group PLC | 518,200 | | 3,688,972 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
HSBC Holdings PLC (United Kingdom) | 306,300 | | $ 3,059,785 |
Imperial Tobacco Group PLC | 68,233 | | 3,331,853 |
ITE Group PLC | 165,600 | | 475,499 |
ITV PLC | 1,407,500 | | 5,464,644 |
Johnson Matthey PLC | 57,900 | | 2,960,360 |
JUST EAT Ltd. (a) | 50,000 | | 350,624 |
Liberty Global PLC Class A (a) | 41,200 | | 2,148,168 |
Lloyds Banking Group PLC | 4,617,400 | | 5,468,287 |
London Stock Exchange Group PLC | 164,181 | | 6,390,814 |
Meggitt PLC | 207,500 | | 1,676,885 |
Melrose PLC | 678,228 | | 2,752,243 |
Next PLC | 56,500 | | 6,352,322 |
Persimmon PLC | 92,000 | | 2,388,719 |
Poundland Group PLC | 310,949 | | 1,487,450 |
Reckitt Benckiser Group PLC | 46,700 | | 4,156,508 |
Rex Bionics PLC (a) | 100,000 | | 95,875 |
Royal Dutch Shell PLC Class A (United Kingdom) | 173,500 | | 5,470,501 |
SABMiller PLC | 68,800 | | 3,641,783 |
Schroders PLC | 30,500 | | 1,512,750 |
Shawbrook Group Ltd. | 526,458 | | 2,484,584 |
Spirax-Sarco Engineering PLC | 35,100 | | 1,816,884 |
St. James's Place Capital PLC | 335,400 | | 4,575,094 |
Taylor Wimpey PLC | 761,900 | | 1,934,604 |
The Restaurant Group PLC | 123,700 | | 1,285,549 |
Virgin Money Holdings Uk PLC (a) | 423,100 | | 2,558,550 |
Vodafone Group PLC | 1,977,009 | | 6,965,415 |
Whitbread PLC | 45,053 | | 3,617,728 |
Workspace Group PLC | 48,900 | | 631,383 |
TOTAL UNITED KINGDOM | | 129,505,517 |
United States of America - 48.5% |
AbbVie, Inc. | 58,000 | | 3,750,280 |
Adobe Systems, Inc. (a) | 568,200 | | 43,217,292 |
Agios Pharmaceuticals, Inc. (a) | 10,000 | | 923,400 |
Alaska Air Group, Inc. | 140,000 | | 8,968,400 |
Alnylam Pharmaceuticals, Inc. (a) | 4,400 | | 448,228 |
AMAG Pharmaceuticals, Inc. (a) | 11,000 | | 560,670 |
Amazon.com, Inc. (a) | 28,000 | | 11,809,840 |
American Airlines Group, Inc. | 200,500 | | 9,681,143 |
Ameriprise Financial, Inc. | 240,900 | | 30,179,952 |
Amgen, Inc. | 24,000 | | 3,789,840 |
Amphenol Corp. Class A | 24,000 | | 1,328,880 |
AutoZone, Inc. (a) | 11,200 | | 7,533,792 |
Avalanche Biotechnologies, Inc. (a) | 3,700 | | 117,882 |
Babcock & Wilcox Co. | 57,000 | | 1,842,240 |
Biogen, Inc. (a) | 49,000 | | 18,322,570 |
BioMarin Pharmaceutical, Inc. (a) | 39,000 | | 4,369,950 |
BlackRock, Inc. Class A | 10,000 | | 3,639,400 |
bluebird bio, Inc. (a) | 7,200 | | 958,968 |
Booz Allen Hamilton Holding Corp.
Class A | 105,000 | | 2,887,500 |
Cabot Oil & Gas Corp. | 271,140 | | 9,169,955 |
|
| Shares | | Value |
California Resources Corp. | 50,000 | | $ 465,000 |
CDW Corp. | 5,000 | | 191,600 |
Celgene Corp. (a) | 57,000 | | 6,159,420 |
Celldex Therapeutics, Inc. (a) | 6,100 | | 146,400 |
Charles Schwab Corp. | 68,000 | | 2,074,000 |
Chevron Corp. | 44,100 | | 4,897,746 |
Chimerix, Inc. (a) | 3,900 | | 132,600 |
Church & Dwight Co., Inc. | 21,000 | | 1,704,570 |
Cidara Therapeutics, Inc. | 15,200 | | 222,224 |
Cigna Corp. | 36,000 | | 4,487,040 |
Cognizant Technology Solutions Corp. Class A (a) | 78,000 | | 4,566,120 |
CommScope Holding Co., Inc. (a) | 53,000 | | 1,564,030 |
Constellation Brands, Inc. Class A (sub. vtg.) (a) | 138,200 | | 16,022,908 |
CVS Health Corp. | 378,000 | | 37,531,620 |
Denbury Resources, Inc. (e) | 1,433,900 | | 12,632,659 |
Diamondback Energy, Inc. (a) | 25,000 | | 2,064,250 |
Diplomat Pharmacy, Inc. | 82,000 | | 2,937,240 |
Domino's Pizza, Inc. | 16,000 | | 1,725,600 |
Dyax Corp. (a) | 18,000 | | 430,380 |
Dynegy, Inc. (a) | 308,500 | | 10,263,795 |
E*TRADE Financial Corp. (a) | 25,346 | | 729,711 |
Ecolab, Inc. | 32,000 | | 3,583,360 |
Electronic Arts, Inc. (a) | 40,000 | | 2,323,600 |
EQT Corp. | 110,000 | | 9,893,400 |
Estee Lauder Companies, Inc. Class A | 88,000 | | 7,153,520 |
Etsy, Inc. | 3,200 | | 71,168 |
Facebook, Inc. Class A (a) | 278,500 | | 21,937,445 |
FedEx Corp. | 14,000 | | 2,373,980 |
Ford Motor Co. | 182,000 | | 2,875,600 |
Gilead Sciences, Inc. (a) | 286,000 | | 28,745,860 |
Google, Inc. Class A (a) | 22,900 | | 12,566,833 |
HD Supply Holdings, Inc. (a) | 69,000 | | 2,277,000 |
Home Depot, Inc. | 93,000 | | 9,949,140 |
Huntington Ingalls Industries, Inc. | 12,000 | | 1,579,080 |
Illumina, Inc. (a) | 400 | | 73,700 |
inContact, Inc. (a) | 417,000 | | 4,315,950 |
Interactive Intelligence Group, Inc. (a) | 13,000 | | 571,740 |
Intercept Pharmaceuticals, Inc. (a) | 42,400 | | 10,719,144 |
Intrexon Corp. (a)(e) | 69,000 | | 2,679,270 |
Intuit, Inc. | 144,000 | | 14,447,520 |
Isis Pharmaceuticals, Inc. (a)(e) | 15,800 | | 896,176 |
J.B. Hunt Transport Services, Inc. | 44,000 | | 3,836,800 |
Level 3 Communications, Inc. (a) | 144,000 | | 8,055,360 |
LinkedIn Corp. Class A (a) | 3,000 | | 756,390 |
Lithia Motors, Inc. Class A (sub. vtg.) | 19,000 | | 1,894,870 |
Lowe's Companies, Inc. | 21,000 | | 1,446,060 |
lululemon athletica, Inc. (a) | 44,600 | | 2,838,344 |
Marathon Petroleum Corp. | 116,000 | | 11,434,120 |
MarketAxess Holdings, Inc. | 5,000 | | 429,250 |
MasterCard, Inc. Class A | 196,000 | | 17,681,160 |
McGraw Hill Financial, Inc. | 562,757 | | 58,695,548 |
Mead Johnson Nutrition Co. Class A | 58,000 | | 5,563,360 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Microsoft Corp. | 128,000 | | $ 6,225,920 |
Monster Beverage Corp. (a) | 5,100 | | 699,261 |
Moody's Corp. | 107,000 | | 11,504,640 |
Neurocrine Biosciences, Inc. (a) | 86,700 | | 2,955,603 |
Newfield Exploration Co. (a) | 284,000 | | 11,144,160 |
NiSource, Inc. | 254,100 | | 11,033,022 |
Novavax, Inc. (a) | 30,000 | | 231,900 |
Nu Skin Enterprises, Inc. Class A | 15,000 | | 848,250 |
NVIDIA Corp. | 20,000 | | 443,900 |
O'Reilly Automotive, Inc. (a) | 13,000 | | 2,831,790 |
PACCAR, Inc. | 17,000 | | 1,110,950 |
Palo Alto Networks, Inc. (a) | 6,000 | | 886,320 |
Papa John's International, Inc. | 23,000 | | 1,411,510 |
Party City Holdco, Inc. | 6,700 | | 139,293 |
PDC Energy, Inc. (a) | 11,000 | | 624,140 |
Philip Morris International, Inc. | 72,000 | | 6,009,840 |
Pinnacle Foods, Inc. | 82,000 | | 3,325,100 |
Post Holdings, Inc. (a) | 26,000 | | 1,220,440 |
Prestige Brands Holdings, Inc. (a) | 396,000 | | 15,543,000 |
Priceline Group, Inc. (a) | 2,000 | | 2,475,620 |
Range Resources Corp. | 117,000 | | 7,436,520 |
Red Hat, Inc. (a) | 12,000 | | 903,120 |
Rock-Tenn Co. Class A | 50,900 | | 3,205,682 |
Ross Stores, Inc. | 26,000 | | 2,570,880 |
Sage Therapeutics, Inc. | 3,200 | | 169,600 |
Salesforce.com, Inc. (a) | 17,300 | | 1,259,786 |
ServiceMaster Global Holdings, Inc. | 134,000 | | 4,631,040 |
Skyworks Solutions, Inc. | 50,000 | | 4,612,500 |
SolarWinds, Inc. (a) | 11,000 | | 536,580 |
Spark Therapeutics, Inc. | 5,000 | | 286,350 |
Spirit Airlines, Inc. (a) | 121,500 | | 8,319,105 |
Sprouts Farmers Market LLC (a) | 87,000 | | 2,782,695 |
St. Jude Medical, Inc. | 8,600 | | 602,430 |
SVB Financial Group (a) | 71,000 | | 9,425,960 |
Teleflex, Inc. | 9,000 | | 1,106,640 |
TESARO, Inc. (a) | 6,000 | | 326,820 |
Tetraphase Pharmaceuticals, Inc. (a) | 13,000 | | 458,640 |
The Blackstone Group LP | 41,000 | | 1,679,360 |
The Coca-Cola Co. | 25,000 | | 1,014,000 |
The Cooper Companies, Inc. | 45,900 | | 8,173,413 |
The Hain Celestial Group, Inc. (a) | 54,000 | | 3,252,960 |
The J.M. Smucker Co. | 18,000 | | 2,086,560 |
The Walt Disney Co. | 109,000 | | 11,850,480 |
Twitter, Inc. (a) | 193,000 | | 7,519,280 |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 20,000 | | 3,021,800 |
Ultragenyx Pharmaceutical, Inc. (a) | 16,700 | | 942,381 |
UnitedHealth Group, Inc. | 107,000 | | 11,919,800 |
Visa, Inc. Class A | 294,000 | | 19,418,700 |
Walgreens Boots Alliance, Inc. | 65,000 | | 5,390,450 |
Wells Fargo & Co. | 342,000 | | 18,844,200 |
Whirlpool Corp. | 52,000 | | 9,131,200 |
|
| Shares | | Value |
Workday, Inc. Class A (a) | 1,100 | | $ 100,331 |
WPX Energy, Inc. (a) | 410,000 | | 5,637,500 |
Zebra Technologies Corp. Class A (a) | 337,000 | | 31,030,960 |
Zendesk, Inc. | 16,032 | | 369,698 |
TOTAL UNITED STATES OF AMERICA | | 796,795,923 |
TOTAL COMMON STOCKS (Cost $1,327,240,245) |
1,579,652,235
|
Preferred Stocks - 1.1% |
| | | |
Convertible Preferred Stocks - 0.7% |
Cayman Islands - 0.1% |
Meituan Corp. Series D (h) | 184,583 | | 1,365,914 |
United States of America - 0.6% |
Actavis PLC 5.50% | 5,000 | | 5,003,300 |
American Tower Corp. 5.50% (a) | 34,000 | | 3,488,400 |
Dynegy, Inc. 5.375% (a) | 10,000 | | 1,135,100 |
TOTAL UNITED STATES OF AMERICA | | 9,626,800 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | 10,992,714 |
Nonconvertible Preferred Stocks - 0.4% |
Germany - 0.4% |
Henkel AG & Co. KGaA | 7,100 | | 824,718 |
Volkswagen AG | 24,400 | | 6,281,677 |
TOTAL GERMANY | | 7,106,395 |
TOTAL PREFERRED STOCKS (Cost $15,350,463) |
18,099,109
|
Preferred Securities - 0.1% |
| Principal Amount (d) | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (f)(g)
(Cost $1,935,053) | EUR | 1,260,000 | |
1,513,701
|
Money Market Funds - 2.9% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.15% (b) | 28,654,489 | | $ 28,654,489 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 18,212,731 | | 18,212,731 |
TOTAL MONEY MARKET FUNDS (Cost $46,867,220) |
46,867,220
|
TOTAL INVESTMENT
PORTFOLIO - 100.2% (Cost $1,391,392,981) | 1,646,132,265 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | | (2,860,879) |
NET ASSETS - 100% | $ 1,643,271,386 |
Currency Abbreviations |
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,679,294 or 0.1% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,943,938 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
JHL Biotech, Inc. | 4/14/15 | $ 578,024 |
Meituan Corp. Series D | 1/26/15 | $ 1,166,878 |
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 | $ 22,283 |
Fidelity Securities Lending Cash Central Fund | 119,703 |
Total | $ 141,986 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 211,234,898 | $ 108,556,096 | $ 102,678,802 | $ - |
Consumer Staples | 184,442,749 | 115,381,038 | 69,061,711 | - |
Energy | 108,009,954 | 85,530,267 | 22,479,687 | - |
Financials | 306,341,124 | 176,502,264 | 129,838,860 | - |
Health Care | 289,272,509 | 223,233,874 | 65,460,611 | 578,024 |
Industrials | 121,433,606 | 56,129,539 | 63,938,153 | 1,365,914 |
Information Technology | 279,771,267 | 235,077,198 | 44,694,069 | - |
Materials | 24,705,621 | 11,674,900 | 13,030,721 | - |
Telecommunication Services | 50,107,699 | 23,277,749 | 26,829,950 | - |
Utilities | 22,431,917 | 22,431,917 | - | - |
Preferred Securities | 1,513,701 | - | 1,513,701 | - |
Money Market Funds | 46,867,220 | 46,867,220 | - | - |
Total Investments in Securities: | $ 1,646,132,265 | $ 1,104,662,062 | $ 539,526,265 | $ 1,943,938 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 204,975,227 |
Level 2 to Level 1 | $ 75,162,019 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $17,481,650) - See accompanying schedule: Unaffiliated issuers (cost $1,344,525,761) | $ 1,599,265,045 | |
Fidelity Central Funds (cost $46,867,220) | 46,867,220 | |
Total Investments (cost $1,391,392,981) | | $ 1,646,132,265 |
Cash | | 248,849 |
Foreign currency held at value (cost $68,364) | | 68,439 |
Receivable for investments sold | | 54,389,685 |
Receivable for fund shares sold | | 1,355,714 |
Dividends receivable | | 3,339,152 |
Distributions receivable from Fidelity Central Funds | | 51,068 |
Prepaid expenses | | 1,223 |
Other receivables | | 233,780 |
Total assets | | 1,705,820,175 |
| | |
Liabilities | | |
Payable for investments purchased | $ 40,749,161 | |
Payable for fund shares redeemed | 1,955,176 | |
Accrued management fee | 898,338 | |
Distribution and service plan fees payable | 20,353 | |
Other affiliated payables | 300,842 | |
Other payables and accrued expenses | 412,188 | |
Collateral on securities loaned, at value | 18,212,731 | |
Total liabilities | | 62,548,789 |
| | |
Net Assets | | $ 1,643,271,386 |
Net Assets consist of: | | |
Paid in capital | | $ 1,357,082,169 |
Undistributed net investment income | | 2,656,019 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 29,214,275 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 254,318,923 |
Net Assets | | $ 1,643,271,386 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($29,082,320 ÷ 1,250,129 shares) | | $ 23.26 |
| | |
Maximum offering price per share (100/94.25 of $23.26) | | $ 24.68 |
Class T:
Net Asset Value and redemption price per share ($12,785,684 ÷ 552,539 shares) | | $ 23.14 |
| | |
Maximum offering price per share (100/96.50 of $23.14) | | $ 23.98 |
Class B:
Net Asset Value and offering price per share ($485,243 ÷ 21,080 shares)A | | $ 23.02 |
| | |
Class C:
Net Asset Value and offering price per share ($10,442,670 ÷ 455,032 shares)A | | $ 22.95 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,568,729,773 ÷ 66,760,394 shares) | | $ 23.50 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($21,745,696 ÷ 929,913 shares) | | $ 23.38 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 11,328,962 |
Interest | | 12,079 |
Income from Fidelity Central Funds | | 141,986 |
Income before foreign taxes withheld | | 11,483,027 |
Less foreign taxes withheld | | (548,332) |
Total income | | 10,934,695 |
Expenses | | |
Management fee
Basic fee | $ 5,406,910 | |
Performance adjustment | 243,560 | |
Transfer agent fees | 1,507,538 | |
Distribution and service plan fees | 117,285 | |
Accounting and security lending fees | 250,675 | |
Custodian fees and expenses | 100,798 | |
Independent trustees' compensation | 3,215 | |
Registration fees | 85,631 | |
Audit | 34,209 | |
Legal | 3,250 | |
Miscellaneous | 6,680 | |
Total expenses before reductions | 7,759,751 | |
Expense reductions | (29,562) | 7,730,189 |
Net investment income (loss) | | 3,204,506 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 37,039,433 | |
Foreign currency transactions | (236,600) | |
Futures contracts | 1,716,123 | |
Total net realized gain (loss) | | 38,518,956 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 30,878,818 | |
Assets and liabilities in foreign currencies | 62,831 | |
Futures contracts | (1,511,445) | |
Total change in net unrealized appreciation (depreciation) | | 29,430,204 |
Net gain (loss) | | 67,949,160 |
Net increase (decrease) in net assets resulting from operations | | $ 71,153,666 |
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,204,506 | $ 6,845,203 |
Net realized gain (loss) | 38,518,956 | 172,831,675 |
Change in net unrealized appreciation (depreciation) | 29,430,204 | (78,801,440) |
Net increase (decrease) in net assets resulting from operations | 71,153,666 | 100,875,438 |
Distributions to shareholders from net investment income | (4,942,326) | (5,150,888) |
Distributions to shareholders from net realized gain | (154,486,836) | (120,193,686) |
Total distributions | (159,429,162) | (125,344,574) |
Share transactions - net increase (decrease) | 121,018,336 | 109,931,356 |
Redemption fees | 13,087 | 28,125 |
Total increase (decrease) in net assets | 32,755,927 | 85,490,345 |
| | |
Net Assets | | |
Beginning of period | 1,610,515,459 | 1,525,025,114 |
End of period (including undistributed net investment income of $2,656,019 and undistributed net investment income of $4,393,839, respectively) | $ 1,643,271,386 | $ 1,610,515,459 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.64 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .02 | .02 | .10 | .05 | .03 |
Net realized and unrealized gain (loss) | 1.01 | 1.46 | 5.66 | 1.72 | .47 | 2.63 |
Total from investment operations | 1.02 | 1.48 | 5.68 | 1.82 | .52 | 2.66 |
Distributions from net investment income | - | (.04) | (.11) | (.02) | (.08) | (.10) |
Distributions from net realized gain | (2.40) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.40) | (2.02) | (.19) | (.02) | (.13) | (.12) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.26 | $ 24.64 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 |
Total ReturnB, C, D | 4.44% | 6.29% | 29.10% | 10.20% | 2.94% | 17.85% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.24%A | 1.31% | 1.45% | 1.43% | 1.41% | 1.43% |
Expenses net of fee waivers, if any | 1.24%A | 1.31% | 1.45% | 1.43% | 1.40% | 1.43% |
Expenses net of all reductions | 1.24%A | 1.31% | 1.42% | 1.41% | 1.38% | 1.41% |
Net investment income (loss) | .12%A | .10% | .09% | .52% | .28% | .21% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 29,082 | $ 33,788 | $ 28,661 | $ 18,723 | $ 13,153 | $ 7,530 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended (Unaudited) | Years ended October 31, |
Years ended April 30, | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.49 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.02) | (.04) | (.04) | .05 | .01 | (.01) |
Net realized and unrealized gain (loss) | 1.00 | 1.46 | 5.63 | 1.73 | .45 | 2.62 |
Total from investment operations | .98 | 1.42 | 5.59 | 1.78 | .46 | 2.61 |
Distributions from net investment income | - | - | (.07) | - | (.04) | (.08) |
Distributions from net realized gain | (2.33) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.33) | (1.98) | (.15) | - | (.09) | (.09) J |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.14 | $ 24.49 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 |
Total ReturnB, C, D | 4.26% | 6.05% | 28.73% | 9.98% | 2.61% | 17.53% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.55%A | 1.58% | 1.71% | 1.68% | 1.66% | 1.70% |
Expenses net of fee waivers, if any | 1.55%A | 1.58% | 1.70% | 1.68% | 1.65% | 1.70% |
Expenses net of all reductions | 1.55%A | 1.58% | 1.68% | 1.66% | 1.63% | 1.68% |
Net investment income (loss) | (.19)%A | (.17)% | (.16)% | .26% | .03% | (.05)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 12,786 | $ 12,160 | $ 9,822 | $ 5,550 | $ 2,187 | $ 1,120 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.09 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.21 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.08) | (.17) | (.14) | (.04) | (.09) | (.09) |
Net realized and unrealized gain (loss) | .99 | 1.45 | 5.59 | 1.71 | .47 | 2.61 |
Total from investment operations | .91 | 1.28 | 5.45 | 1.67 | .38 | 2.52 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | (2.10) | (1.89) | (.07) | - | - | (.01) |
Total distributions | (2.10) | (1.89) | (.07) | - | - | (.02) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.02 | $ 24.21 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 |
Total ReturnB, C, D | 4.00% | 5.49% | 28.13% | 9.40% | 2.19% | 16.92% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.06%A | 2.09% | 2.19% | 2.18% | 2.16% | 2.19% |
Expenses net of fee waivers, if any | 2.06%A | 2.09% | 2.19% | 2.18% | 2.16% | 2.19% |
Expenses net of all reductions | 2.05%A | 2.09% | 2.17% | 2.16% | 2.13% | 2.17% |
Net investment income (loss) | (.69)%A | (.68)% | (.65)% | (.23)% | (.47)% | (.55)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 485 | $ 573 | $ 710 | $ 304 | $ 256 | $ 305 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.12 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.08) | (.15) | (.14) | (.04) | (.09) | (.09) |
Net realized and unrealized gain (loss) | 1.00 | 1.44 | 5.58 | 1.71 | .47 | 2.61 |
Total from investment operations | .92 | 1.29 | 5.44 | 1.67 | .38 | 2.52 |
Distributions from net investment income | - | - | - | - | - | (.03) |
Distributions from net realized gain | (2.09) | (1.95) | (.07) | - | - | (.02) |
Total distributions | (2.09) | (1.95) | (.07) | - | - | (.05) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 22.95 | $ 24.12 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 |
Total ReturnB, C, D | 4.03% | 5.55% | 28.12% | 9.41% | 2.19% | 16.94% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.03%A | 2.04% | 2.15% | 2.18% | 2.16% | 2.19% |
Expenses net of fee waivers, if any | 2.03%A | 2.04% | 2.14% | 2.18% | 2.15% | 2.19% |
Expenses net of all reductions | 2.03%A | 2.03% | 2.12% | 2.16% | 2.13% | 2.16% |
Net investment income (loss) | (.67)%A | (.63)% | (.60)% | (.23)% | (.47)% | (.54)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,443 | $ 9,229 | $ 10,778 | $ 1,726 | $ 1,297 | $ 710 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.92 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .11 | .10 | .16 | .11 | .08 |
Net realized and unrealized gain (loss) | 1.02 | 1.47 | 5.70 | 1.74 | .48 | 2.63 |
Total from investment operations | 1.07 | 1.58 | 5.80 | 1.90 | .59 | 2.71 |
Distributions from net investment income | (.08) | (.09) | (.16) | (.07) | (.10) | (.10) |
Distributions from net realized gain | (2.41) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.49) | (2.07) | (.24) | (.07) | (.15) | (.11) I |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 23.50 | $ 24.92 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 |
Total ReturnB, C | 4.61% | 6.64% | 29.54% | 10.56% | 3.32% | 18.18% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .95%A | .98% | 1.11% | 1.11% | 1.08% | 1.15% |
Expenses net of fee waivers, if any | .95%A | .97% | 1.11% | 1.11% | 1.08% | 1.15% |
Expenses net of all reductions | .95%A | .97% | 1.08% | 1.09% | 1.05% | 1.12% |
Net investment income (loss) | .42%A | .44% | .43% | .84% | .60% | .50% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,568,730 | $ 1,535,658 | $ 1,464,415 | $ 1,081,240 | $ 1,114,694 | $ 1,087,928 |
Portfolio turnover rateF | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.11 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.81 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .10 | .08 | .14 | .10 | .07 |
Net realized and unrealized gain (loss) | 1.01 | 1.47 | 5.68 | 1.74 | .47 | 2.63 |
Total from investment operations | 1.06 | 1.57 | 5.76 | 1.88 | .57 | 2.70 |
Distributions from net investment income | (.07) | (.09) | (.15) | (.08) | (.11) | (.11) |
Distributions from net realized gain | (2.41) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.49) I | (2.07) | (.23) | (.08) | (.16) | (.13) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 23.38 | $ 24.81 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 |
Total ReturnB, C | 4.57% | 6.63% | 29.44% | 10.49% | 3.23% | 18.08% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .95%A | 1.01% | 1.17% | 1.18% | 1.13% | 1.21% |
Expenses net of fee waivers, if any | .95%A | 1.01% | 1.17% | 1.18% | 1.13% | 1.21% |
Expenses net of all reductions | .95%A | 1.00% | 1.14% | 1.16% | 1.10% | 1.19% |
Net investment income (loss) | .41%A | .40% | .37% | .77% | .56% | .44% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 21,746 | $ 19,107 | $ 10,639 | $ 4,291 | $ 3,086 | $ 335 |
Portfolio turnover rateF | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $2.49 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $2.413 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Worldwide and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 282,899,982 |
Gross unrealized depreciation | (30,703,423) |
Net unrealized appreciation (depreciation) on securities | $ 252,196,559 |
| |
Tax cost | $ 1,393,935,706 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
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.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Semiannual Report
4. Derivative Instruments - continued
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end.
During the period the Fund recognized net realized gain (loss) of $1,716,123 and a change in net unrealized appreciation (depreciation) of $(1,511,445) related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,204,380,324 and $1,241,669,304, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Worldwide as compared to its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | 37,320 | $ 1,250 |
Class T | .25% | .25% | 30,647 | 378 |
Class B | .75% | .25% | 2,551 | 1,921 |
Class C | .75% | .25% | 46,767 | 12,245 |
| | | $ 117,285 | $ 15,794 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 | $ 9,053 |
Class T | 2,274 |
Class B* | 358 |
Class C* | 820 |
| $ 12,505 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 34,383 | .23 |
Class T | 17,712 | .29 |
Class B | 741 | .29 |
Class C | 12,701 | .27 |
Worldwide | 1,422,724 | .19 |
Institutional Class | 19,277 | .19 |
| $ 1,507,538 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $15,152 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,254 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period
Semiannual Report
8. Security Lending - continued
end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $119,703, including $2,983 from securities loaned to FCM.
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $27,744 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Worldwide expenses during the period in the amount of $1,818.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ - | $ 57,794 |
Class T | - | - |
Class B | - | - |
Class C | - | - |
Worldwide | 4,895,242 | 5,057,508 |
Institutional Class | 47,084 | 35,586 |
Total | $ 4,942,326 | $ 5,150,888 |
From net realized gain | | |
Class A | $ 3,318,115 | $ 2,599,391 |
Class T | 1,143,314 | 810,701 |
Class B | 47,493 | 53,916 |
Class C | 790,219 | 885,815 |
Worldwide | 147,652,391 | 115,043,586 |
Institutional Class | 1,535,304 | 800,277 |
Total | $ 154,486,836 | $ 120,193,686 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 179,712 | 709,213 | $ 4,136,792 | $ 17,501,865 |
Reinvestment of distributions | 143,319 | 85,789 | 3,239,009 | 2,012,595 |
Shares redeemed | (443,917) | (562,117) | (10,002,487) | (13,679,354) |
Net increase (decrease) | (120,886) | 232,885 | $ (2,626,686) | $ 5,835,106 |
Class T | | | | |
Shares sold | 52,976 | 155,056 | $ 1,207,453 | $ 3,796,964 |
Reinvestment of distributions | 50,075 | 34,508 | 1,126,698 | 806,094 |
Shares redeemed | (47,159) | (85,012) | (1,077,336) | (2,065,257) |
Net increase (decrease) | 55,892 | 104,552 | $ 1,256,815 | $ 2,537,801 |
Class B | | | | |
Shares sold | 217 | 2,039 | $ 4,855 | $ 49,170 |
Reinvestment of distributions | 1,857 | 2,097 | 41,646 | 48,630 |
Shares redeemed | (4,679) | (9,052) | (105,245) | (216,921) |
Net increase (decrease) | (2,605) | (4,916) | $ (58,744) | $ (119,121) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class C | | | | |
Shares sold | 95,992 | 248,585 | $ 2,205,303 | $ 5,972,479 |
Reinvestment of distributions | 31,721 | 37,261 | 709,279 | 860,745 |
Shares redeemed | (55,349) | (338,100) | (1,262,048) | (8,231,135) |
Net increase (decrease) | 72,364 | (52,254) | $ 1,652,534 | $ (1,397,911) |
Worldwide | | | | |
Shares sold | 5,249,793 | 11,485,871 | $ 122,531,539 | $ 284,805,787 |
Reinvestment of distributions | 6,500,654 | 4,935,503 | 148,214,908 | 116,724,635 |
Shares redeemed | (6,604,319) | (12,442,606) | (153,300,392) | (307,898,131) |
Net increase (decrease) | 5,146,128 | 3,978,768 | $ 117,446,055 | $ 93,632,291 |
Institutional Class | | | | |
Shares sold | 472,857 | 1,351,408 | $ 10,769,425 | $ 33,384,372 |
Reinvestment of distributions | 64,929 | 32,218 | 1,473,244 | 758,744 |
Shares redeemed | (378,013) | (1,033,793) | (8,894,307) | (24,699,926) |
Net increase (decrease) | 159,773 | 349,833 | $ 3,348,362 | $ 9,443,190 |
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.
FMR Investment Management (U.K.) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
AWLDI-USAN-0615
1.883439.106
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Worldwide Fund
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are
classes of Fidelity® Worldwide Fund
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 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. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Worldwide Fund
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.24% | | | |
Actual | | $ 1,000.00 | $ 1,044.40 | $ 6.29 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Class T | 1.55% | | | |
Actual | | $ 1,000.00 | $ 1,042.60 | $ 7.85 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,040.00 | $ 10.42 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.03% | | | |
Actual | | $ 1,000.00 | $ 1,040.30 | $ 10.27 |
HypotheticalA | | $ 1,000.00 | $ 1,014.73 | $ 10.14 |
Worldwide | .95% | | | |
Actual | | $ 1,000.00 | $ 1,046.10 | $ 4.82 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
Institutional Class | .95% | | | |
Actual | | $ 1,000.00 | $ 1,045.70 | $ 4.82 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United States of America* | 51.8% | |
 | United Kingdom | 7.9% | |
 | Japan | 6.6% | |
 | Ireland | 4.7% | |
 | France | 3.6% | |
 | Switzerland | 2.8% | |
 | Germany | 2.7% | |
 | Netherlands | 2.7% | |
 | Belgium | 1.6% | |
 | Other | 15.6% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | United States of America* | 58.1% | |
 | Japan | 7.1% | |
 | United Kingdom | 6.5% | |
 | Ireland | 3.3% | |
 | Germany | 2.7% | |
 | Switzerland | 2.5% | |
 | France | 2.1% | |
 | Australia | 1.8% | |
 | Sweden | 1.7% | |
 | Other | 14.2% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.2 | 98.5 |
Other Investments | 0.1 | 0.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.7 | 1.4 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) | 3.6 | 3.7 |
Adobe Systems, Inc. (United States of America, Software) | 2.6 | 2.9 |
CVS Health Corp. (United States of America, Food & Staples Retailing) | 2.3 | 2.1 |
Actavis PLC (Ireland, Pharmaceuticals) | 2.1 | 1.1 |
Zebra Technologies Corp. Class A (United States of America, Electronic Equipment & Components) | 1.9 | 1.0 |
Ameriprise Financial, Inc. (United States of America, Capital Markets) | 1.8 | 2.8 |
Gilead Sciences, Inc. (United States of America, Biotechnology) | 1.7 | 1.7 |
Facebook, Inc. Class A (United States of America, Internet Software & Services) | 1.3 | 1.4 |
Visa, Inc. Class A (United States of America, IT Services) | 1.2 | 0.7 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.1 | 0.5 |
| 19.6 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.9 | 19.6 |
Health Care | 17.6 | 15.0 |
Information Technology | 16.8 | 18.0 |
Consumer Discretionary | 13.1 | 10.4 |
Consumer Staples | 11.2 | 8.7 |
Industrials | 7.2 | 11.1 |
Energy | 6.6 | 7.2 |
Telecommunication Services | 3.1 | 2.1 |
Materials | 1.4 | 3.9 |
Utilities | 1.4 | 1.4 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1% |
| Shares | | Value |
Australia - 1.2% |
Ansell Ltd. | 120,679 | | $ 2,491,577 |
Australia & New Zealand Banking Group Ltd. | 277,691 | | 7,469,329 |
Flight Centre Travel Group Ltd. | 42,564 | | 1,462,854 |
G8 Education Ltd. (e) | 384,605 | | 1,098,729 |
Greencross Ltd. (e) | 73,412 | | 386,329 |
Mantra Group Ltd. | 352,523 | | 1,004,289 |
Ramsay Health Care Ltd. | 80,656 | | 3,994,940 |
Spotless Group Holdings Ltd. | 1,248,598 | | 2,252,818 |
TOTAL AUSTRALIA | | 20,160,865 |
Austria - 0.1% |
Andritz AG | 28,200 | | 1,651,019 |
Bailiwick of Jersey - 1.0% |
MySale Group PLC (e) | 608,400 | | 511,073 |
Regus PLC | 206,500 | | 788,690 |
Shire PLC | 110,200 | | 8,955,251 |
Wizz Air Holdings PLC | 17,000 | | 369,994 |
Wolseley PLC | 94,904 | | 5,613,041 |
TOTAL BAILIWICK OF JERSEY | | 16,238,049 |
Belgium - 1.6% |
Anheuser-Busch InBev SA NV | 86,511 | | 10,532,571 |
Anheuser-Busch InBev SA NV ADR | 72,000 | | 8,642,880 |
KBC Groep NV | 120,727 | | 7,943,026 |
TOTAL BELGIUM | | 27,118,477 |
Bermuda - 0.7% |
BW Offshore Ltd. | 560,800 | | 417,795 |
Haier Electronics Group Co. Ltd. | 224,000 | | 645,941 |
PAX Global Technology Ltd. (a) | 4,249,000 | | 6,194,876 |
Signet Jewelers Ltd. | 8,000 | | 1,073,040 |
Travelport Worldwide Ltd. | 200,900 | | 3,180,247 |
TOTAL BERMUDA | | 11,511,899 |
Canada - 1.2% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 52,000 | | 1,990,352 |
Constellation Software, Inc. | 14,600 | | 5,723,829 |
Constellation Software, Inc. rights 9/15/15 (a) | 7,900 | | 2,357 |
IMAX Corp. (a) | 34,000 | | 1,270,240 |
Imperial Oil Ltd. | 59,200 | | 2,609,412 |
Potash Corp. of Saskatchewan, Inc. | 52,600 | | 1,717,729 |
PrairieSky Royalty Ltd. (e) | 97,200 | | 2,669,073 |
Suncor Energy, Inc. | 39,400 | | 1,283,072 |
TransForce, Inc. | 90,200 | | 2,037,257 |
TOTAL CANADA | | 19,303,321 |
Cayman Islands - 0.6% |
Alibaba Group Holding Ltd. sponsored ADR | 26,800 | | 2,178,572 |
Lee's Pharmaceutical Holdings Ltd. | 433,629 | | 804,535 |
Value Partners Group Ltd. | 300,000 | | 557,380 |
|
| Shares | | Value |
Vipshop Holdings Ltd. ADR (a) | 127,000 | | $ 3,592,830 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 53,700 | | 2,318,229 |
TOTAL CAYMAN ISLANDS | | 9,451,546 |
China - 0.4% |
Daqin Railway Co. Ltd. (A Shares) | 218,500 | | 492,108 |
Inner Mongoli Yili Industries Co. Ltd. | 396,200 | | 2,328,860 |
Jiangsu Hengrui Medicine Co. Ltd. | 271,600 | | 2,496,278 |
Kweichow Moutai Co. Ltd. | 38,000 | | 1,545,228 |
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) | 68,359 | | 315,752 |
TOTAL CHINA | | 7,178,226 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 31,822 | | 10,693 |
Denmark - 0.6% |
Novo Nordisk A/S Series B | 139,580 | | 7,836,115 |
Vestas Wind Systems A/S | 34,000 | | 1,542,154 |
TOTAL DENMARK | | 9,378,269 |
Egypt - 0.0% |
Edita Food Industries SAE GDR (a)(f) | 10,500 | | 165,593 |
Finland - 0.3% |
Sampo Oyj (A Shares) | 99,200 | | 4,806,666 |
France - 3.6% |
Accor SA | 99,500 | | 5,456,066 |
Air Liquide SA | 27,000 | | 3,531,072 |
AXA SA | 182,600 | | 4,617,197 |
BNP Paribas SA | 46,600 | | 2,942,851 |
Cap Gemini SA | 26,200 | | 2,334,303 |
Havas SA | 324,941 | | 2,710,252 |
Ingenico SA | 25,666 | | 3,220,382 |
Numericable Group SA (a) | 58,465 | | 3,245,977 |
Rexel SA | 80,110 | | 1,509,805 |
Safran SA | 39,500 | | 2,886,160 |
Schneider Electric SA | 36,800 | | 2,750,742 |
Sodexo SA (a) | 27,200 | | 2,752,374 |
SR Teleperformance SA | 18,900 | | 1,418,713 |
Total SA | 226,015 | | 12,238,704 |
Total SA sponsored ADR | 46,000 | | 2,488,600 |
Unibail-Rodamco | 9,900 | | 2,733,494 |
Zodiac Aerospace | 73,400 | | 2,695,488 |
TOTAL FRANCE | | 59,532,180 |
Germany - 2.3% |
Aareal Bank AG | 63,891 | | 2,748,061 |
Bayer AG | 26,700 | | 3,843,001 |
Beiersdorf AG | 15,300 | | 1,330,881 |
Continental AG | 18,900 | | 4,429,306 |
Deutsche Annington Immobilien SE | 50,700 | | 1,701,752 |
Deutsche Boerse AG | 28,600 | | 2,369,906 |
Deutsche Telekom AG | 208,000 | | 3,823,176 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Fresenius SE & Co. KGaA | 29,600 | | $ 1,760,991 |
GEA Group AG | 56,776 | | 2,726,721 |
KION Group AG | 95,589 | | 4,240,798 |
LEG Immobilien AG | 59,550 | | 4,620,323 |
ProSiebenSat.1 Media AG | 74,400 | | 3,803,864 |
TOTAL GERMANY | | 37,398,780 |
Greece - 0.1% |
Folli Follie SA | 59,300 | | 1,788,116 |
Hong Kong - 1.3% |
AIA Group Ltd. | 1,737,400 | | 11,611,733 |
Hutchison Whampoa Ltd. | 117,000 | | 1,723,929 |
Lenovo Group Ltd. | 200,000 | | 345,782 |
Techtronic Industries Co. Ltd. | 2,162,500 | | 7,686,793 |
TOTAL HONG KONG | | 21,368,237 |
India - 1.5% |
Bharti Infratel Ltd. | 702,057 | | 4,433,449 |
Edelweiss Financial Services Ltd. (a) | 1,102,262 | | 1,072,815 |
HDFC Bank Ltd. sponsored ADR | 12,400 | | 704,816 |
Housing Development Finance Corp. Ltd. | 454,567 | | 8,369,200 |
Info Edge India Ltd. | 111,442 | | 1,348,664 |
Lupin Ltd. | 129,437 | | 3,610,415 |
Sun Pharmaceutical Industries Ltd. (a) | 116,622 | | 1,722,967 |
The Jammu & Kashmir Bank Ltd. | 460,230 | | 695,621 |
Titan Co. Ltd. (a) | 144,739 | | 883,216 |
Yes Bank Ltd. | 202,552 | | 2,675,664 |
TOTAL INDIA | | 25,516,827 |
Indonesia - 0.2% |
PT Bank Central Asia Tbk | 1,366,000 | | 1,420,008 |
PT Bank Rakyat Indonesia Tbk | 1,377,400 | | 1,235,277 |
TOTAL INDONESIA | | 2,655,285 |
Ireland - 4.6% |
Actavis PLC (a) | 121,400 | | 34,339,204 |
Alkermes PLC (a) | 131,488 | | 7,280,491 |
Bank of Ireland (a) | 3,692,100 | | 1,412,742 |
Endo Health Solutions, Inc. (a) | 35,000 | | 2,942,275 |
Glanbia PLC | 156,100 | | 2,893,007 |
Greencore Group PLC | 2,008,941 | | 10,901,682 |
James Hardie Industries PLC CDI | 30,475 | | 352,340 |
Kerry Group PLC Class A | 59,000 | | 4,339,592 |
Medtronic PLC | 151,000 | | 11,241,950 |
Prothena Corp. PLC (a) | 6,300 | | 204,183 |
TOTAL IRELAND | | 75,907,466 |
Isle of Man - 0.1% |
Optimal Payments PLC (a) | 157,693 | | 716,610 |
Optimal Payments PLC rights 5/1/15 (a) | 252,488 | | 536,027 |
Playtech Ltd. | 59,829 | | 751,619 |
TOTAL ISLE OF MAN | | 2,004,256 |
|
| Shares | | Value |
Israel - 0.7% |
Bezeq The Israel Telecommunication Corp. Ltd. | 1,579,900 | | $ 2,995,657 |
Frutarom Industries Ltd. | 66,100 | | 2,815,789 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 94,000 | | 5,679,480 |
TOTAL ISRAEL | | 11,490,926 |
Italy - 1.1% |
De Longhi SpA | 168,300 | | 3,795,898 |
Intesa Sanpaolo SpA | 1,124,300 | | 3,777,090 |
Mediaset SpA | 967,800 | | 4,974,119 |
Telecom Italia SpA (a)(e) | 2,866,200 | | 3,382,885 |
World Duty Free SpA (a) | 159,397 | | 1,779,399 |
TOTAL ITALY | | 17,709,391 |
Japan - 6.6% |
A/S One Corp. | 67,300 | | 2,160,670 |
ACOM Co. Ltd. (a)(e) | 678,600 | | 2,253,189 |
Aozora Bank Ltd. | 678,000 | | 2,536,018 |
Astellas Pharma, Inc. | 527,200 | | 8,208,873 |
Broadleaf Co. Ltd. | 112,100 | | 1,747,720 |
Coca-Cola Central Japan Co. Ltd. | 98,800 | | 1,846,284 |
Daiichikosho Co. Ltd. | 23,800 | | 767,592 |
Dentsu, Inc. | 57,100 | | 2,661,700 |
Don Quijote Holdings Co. Ltd. | 35,500 | | 2,708,451 |
Fanuc Corp. | 3,000 | | 659,888 |
Hitachi Ltd. | 409,000 | | 2,790,567 |
Hoya Corp. | 147,000 | | 5,665,512 |
Japan Exchange Group, Inc. | 116,500 | | 3,365,938 |
Japan Tobacco, Inc. | 58,300 | | 2,035,886 |
KDDI Corp. | 324,000 | | 7,666,599 |
Keyence Corp. | 7,660 | | 4,089,284 |
Kyocera Corp. | 7,000 | | 365,410 |
Misumi Group, Inc. | 48,200 | | 1,808,856 |
Mitsubishi UFJ Financial Group, Inc. | 947,300 | | 6,729,951 |
Monex Group, Inc. | 315,400 | | 857,229 |
NEC Corp. | 1,525,000 | | 5,073,693 |
Nidec Corp. | 35,100 | | 2,625,649 |
Nippon Kanzai Co. Ltd. | 53,500 | | 1,284,555 |
Olympus Corp. (a) | 95,600 | | 3,442,556 |
OMRON Corp. | 97,100 | | 4,458,644 |
ORIX Corp. | 271,100 | | 4,169,084 |
Rakuten, Inc. | 222,200 | | 3,881,934 |
Sanken Electric Co. Ltd. | 170,000 | | 1,300,022 |
Seven Bank Ltd. | 620,900 | | 3,345,329 |
SoftBank Corp. | 36,800 | | 2,300,381 |
Sony Corp. | 120,300 | | 3,636,879 |
Sundrug Co. Ltd. | 53,300 | | 2,674,735 |
Toshiba Plant Systems & Services Corp. | 112,200 | | 1,560,022 |
Tsuruha Holdings, Inc. | 61,000 | | 4,424,253 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
United Arrows Ltd. | 46,300 | | $ 1,424,772 |
VT Holdings Co. Ltd. | 280,200 | | 1,405,931 |
TOTAL JAPAN | | 107,934,056 |
Kenya - 0.2% |
Safaricom Ltd. | 18,905,500 | | 3,477,333 |
Korea (South) - 0.3% |
Medy-Tox, Inc. | 8,652 | | 2,984,916 |
Samsung Electronics Co. Ltd. | 2,119 | | 2,773,895 |
TOTAL KOREA (SOUTH) | | 5,758,811 |
Luxembourg - 0.6% |
Altice SA (a) | 46,900 | | 4,959,397 |
Eurofins Scientific SA | 2,600 | | 732,380 |
Grand City Properties SA (a) | 196,600 | | 3,726,463 |
TOTAL LUXEMBOURG | | 9,418,240 |
Marshall Islands - 0.1% |
Hoegh LNG Partners LP | 49,800 | | 1,080,660 |
Netherlands - 2.7% |
AerCap Holdings NV (a) | 100,300 | | 4,682,004 |
Arcadis NV | 75,300 | | 2,383,548 |
ASML Holding NV (Netherlands) | 32,100 | | 3,454,376 |
IMCD Group BV | 122,100 | | 4,550,105 |
ING Groep NV (Certificaten Van Aandelen) | 375,000 | | 5,753,083 |
Mobileye NV (a) | 32,600 | | 1,462,436 |
NXP Semiconductors NV (a) | 97,000 | | 9,323,640 |
Unilever NV: | | | |
(Certificaten Van Aandelen) (Bearer) | 245,700 | | 10,717,583 |
(NY Reg.) | 30,000 | | 1,304,400 |
uniQure B.V. (a) | 2,955 | | 74,023 |
TOTAL NETHERLANDS | | 43,705,198 |
New Zealand - 0.3% |
EBOS Group Ltd. | 295,468 | | 2,149,167 |
Ryman Healthcare Group Ltd. | 459,616 | | 2,859,036 |
TOTAL NEW ZEALAND | | 5,008,203 |
Philippines - 0.3% |
Alliance Global Group, Inc. | 4,919,115 | | 2,800,527 |
SM Investments Corp. | 106,630 | | 2,152,198 |
TOTAL PHILIPPINES | | 4,952,725 |
South Africa - 0.5% |
Distell Group Ltd. | 126,410 | | 1,710,792 |
EOH Holdings Ltd. | 154,500 | | 2,097,447 |
Naspers Ltd. Class N | 30,400 | | 4,781,281 |
TOTAL SOUTH AFRICA | | 8,589,520 |
Spain - 0.8% |
Amadeus IT Holding SA Class A | 108,400 | | 4,941,084 |
Atresmedia Corporacion de Medios de Comunicacion SA | 93,500 | | 1,510,229 |
|
| Shares | | Value |
Hispania Activos Inmobiliarios SA (a) | 51,800 | | $ 738,163 |
Inditex SA | 133,345 | | 4,278,918 |
Mediaset Espana Comunicacion, S.A. | 159,424 | | 2,160,938 |
TOTAL SPAIN | | 13,629,332 |
Sweden - 0.9% |
ASSA ABLOY AB (B Shares) | 85,200 | | 4,942,777 |
HEXPOL AB (B Shares) | 18,900 | | 2,025,350 |
Nordea Bank AB | 331,200 | | 4,207,946 |
Svenska Handelsbanken AB (A Shares) | 60,200 | | 2,778,770 |
Volvo AB (B Shares) | 50,000 | | 690,760 |
TOTAL SWEDEN | | 14,645,603 |
Switzerland - 2.8% |
Clariant AG (Reg.) | 100,830 | | 2,213,690 |
GAM Holding Ltd. | 88,177 | | 1,989,360 |
Julius Baer Group Ltd. | 59,790 | | 3,129,454 |
Lonza Group AG | 35,727 | | 5,051,443 |
Novartis AG | 122,912 | | 12,545,897 |
Partners Group Holding AG | 13,818 | | 4,331,059 |
Schindler Holding AG (participation certificate) | 10,829 | | 1,831,919 |
Sonova Holding AG Class B | 13,789 | | 1,905,015 |
TE Connectivity Ltd. | 83,000 | | 5,523,650 |
UBS Group AG | 382,875 | | 7,648,822 |
TOTAL SWITZERLAND | | 46,170,309 |
Taiwan - 0.4% |
ECLAT Textile Co. Ltd. | 5,757 | | 77,447 |
JHL Biotech, Inc. (h) | 154,552 | | 578,024 |
Merida Industry Co. Ltd. | 309,750 | | 2,326,210 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 602,000 | | 2,898,192 |
TOTAL TAIWAN | | 5,879,873 |
Turkey - 0.0% |
Logo Yazilim Sanayi Ve Ticar | 81,183 | | 754,845 |
United Kingdom - 7.9% |
AA PLC | 246,910 | | 1,578,142 |
Aberdeen Asset Management PLC | 355,842 | | 2,583,937 |
Al Noor Hospitals Group PLC | 210,800 | | 2,903,426 |
Associated British Foods PLC | 48,600 | | 2,121,791 |
Aviva PLC | 413,900 | | 3,330,017 |
B&M European Value Retail S.A. | 462,205 | | 2,139,351 |
BG Group PLC | 240,300 | | 4,352,687 |
British American Tobacco PLC (United Kingdom) | 51,900 | | 2,851,575 |
BT Group PLC | 385,900 | | 2,691,494 |
BTG PLC (a) | 117,300 | | 1,294,297 |
Bunzl PLC | 134,200 | | 3,773,338 |
Diploma PLC | 147,500 | | 1,809,257 |
Essentra PLC | 156,700 | | 2,300,249 |
Hikma Pharmaceuticals PLC | 151,087 | | 4,724,821 |
Hilton Food Group PLC | 350,100 | | 2,307,302 |
Howden Joinery Group PLC | 518,200 | | 3,688,972 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
HSBC Holdings PLC (United Kingdom) | 306,300 | | $ 3,059,785 |
Imperial Tobacco Group PLC | 68,233 | | 3,331,853 |
ITE Group PLC | 165,600 | | 475,499 |
ITV PLC | 1,407,500 | | 5,464,644 |
Johnson Matthey PLC | 57,900 | | 2,960,360 |
JUST EAT Ltd. (a) | 50,000 | | 350,624 |
Liberty Global PLC Class A (a) | 41,200 | | 2,148,168 |
Lloyds Banking Group PLC | 4,617,400 | | 5,468,287 |
London Stock Exchange Group PLC | 164,181 | | 6,390,814 |
Meggitt PLC | 207,500 | | 1,676,885 |
Melrose PLC | 678,228 | | 2,752,243 |
Next PLC | 56,500 | | 6,352,322 |
Persimmon PLC | 92,000 | | 2,388,719 |
Poundland Group PLC | 310,949 | | 1,487,450 |
Reckitt Benckiser Group PLC | 46,700 | | 4,156,508 |
Rex Bionics PLC (a) | 100,000 | | 95,875 |
Royal Dutch Shell PLC Class A (United Kingdom) | 173,500 | | 5,470,501 |
SABMiller PLC | 68,800 | | 3,641,783 |
Schroders PLC | 30,500 | | 1,512,750 |
Shawbrook Group Ltd. | 526,458 | | 2,484,584 |
Spirax-Sarco Engineering PLC | 35,100 | | 1,816,884 |
St. James's Place Capital PLC | 335,400 | | 4,575,094 |
Taylor Wimpey PLC | 761,900 | | 1,934,604 |
The Restaurant Group PLC | 123,700 | | 1,285,549 |
Virgin Money Holdings Uk PLC (a) | 423,100 | | 2,558,550 |
Vodafone Group PLC | 1,977,009 | | 6,965,415 |
Whitbread PLC | 45,053 | | 3,617,728 |
Workspace Group PLC | 48,900 | | 631,383 |
TOTAL UNITED KINGDOM | | 129,505,517 |
United States of America - 48.5% |
AbbVie, Inc. | 58,000 | | 3,750,280 |
Adobe Systems, Inc. (a) | 568,200 | | 43,217,292 |
Agios Pharmaceuticals, Inc. (a) | 10,000 | | 923,400 |
Alaska Air Group, Inc. | 140,000 | | 8,968,400 |
Alnylam Pharmaceuticals, Inc. (a) | 4,400 | | 448,228 |
AMAG Pharmaceuticals, Inc. (a) | 11,000 | | 560,670 |
Amazon.com, Inc. (a) | 28,000 | | 11,809,840 |
American Airlines Group, Inc. | 200,500 | | 9,681,143 |
Ameriprise Financial, Inc. | 240,900 | | 30,179,952 |
Amgen, Inc. | 24,000 | | 3,789,840 |
Amphenol Corp. Class A | 24,000 | | 1,328,880 |
AutoZone, Inc. (a) | 11,200 | | 7,533,792 |
Avalanche Biotechnologies, Inc. (a) | 3,700 | | 117,882 |
Babcock & Wilcox Co. | 57,000 | | 1,842,240 |
Biogen, Inc. (a) | 49,000 | | 18,322,570 |
BioMarin Pharmaceutical, Inc. (a) | 39,000 | | 4,369,950 |
BlackRock, Inc. Class A | 10,000 | | 3,639,400 |
bluebird bio, Inc. (a) | 7,200 | | 958,968 |
Booz Allen Hamilton Holding Corp.
Class A | 105,000 | | 2,887,500 |
Cabot Oil & Gas Corp. | 271,140 | | 9,169,955 |
|
| Shares | | Value |
California Resources Corp. | 50,000 | | $ 465,000 |
CDW Corp. | 5,000 | | 191,600 |
Celgene Corp. (a) | 57,000 | | 6,159,420 |
Celldex Therapeutics, Inc. (a) | 6,100 | | 146,400 |
Charles Schwab Corp. | 68,000 | | 2,074,000 |
Chevron Corp. | 44,100 | | 4,897,746 |
Chimerix, Inc. (a) | 3,900 | | 132,600 |
Church & Dwight Co., Inc. | 21,000 | | 1,704,570 |
Cidara Therapeutics, Inc. | 15,200 | | 222,224 |
Cigna Corp. | 36,000 | | 4,487,040 |
Cognizant Technology Solutions Corp. Class A (a) | 78,000 | | 4,566,120 |
CommScope Holding Co., Inc. (a) | 53,000 | | 1,564,030 |
Constellation Brands, Inc. Class A (sub. vtg.) (a) | 138,200 | | 16,022,908 |
CVS Health Corp. | 378,000 | | 37,531,620 |
Denbury Resources, Inc. (e) | 1,433,900 | | 12,632,659 |
Diamondback Energy, Inc. (a) | 25,000 | | 2,064,250 |
Diplomat Pharmacy, Inc. | 82,000 | | 2,937,240 |
Domino's Pizza, Inc. | 16,000 | | 1,725,600 |
Dyax Corp. (a) | 18,000 | | 430,380 |
Dynegy, Inc. (a) | 308,500 | | 10,263,795 |
E*TRADE Financial Corp. (a) | 25,346 | | 729,711 |
Ecolab, Inc. | 32,000 | | 3,583,360 |
Electronic Arts, Inc. (a) | 40,000 | | 2,323,600 |
EQT Corp. | 110,000 | | 9,893,400 |
Estee Lauder Companies, Inc. Class A | 88,000 | | 7,153,520 |
Etsy, Inc. | 3,200 | | 71,168 |
Facebook, Inc. Class A (a) | 278,500 | | 21,937,445 |
FedEx Corp. | 14,000 | | 2,373,980 |
Ford Motor Co. | 182,000 | | 2,875,600 |
Gilead Sciences, Inc. (a) | 286,000 | | 28,745,860 |
Google, Inc. Class A (a) | 22,900 | | 12,566,833 |
HD Supply Holdings, Inc. (a) | 69,000 | | 2,277,000 |
Home Depot, Inc. | 93,000 | | 9,949,140 |
Huntington Ingalls Industries, Inc. | 12,000 | | 1,579,080 |
Illumina, Inc. (a) | 400 | | 73,700 |
inContact, Inc. (a) | 417,000 | | 4,315,950 |
Interactive Intelligence Group, Inc. (a) | 13,000 | | 571,740 |
Intercept Pharmaceuticals, Inc. (a) | 42,400 | | 10,719,144 |
Intrexon Corp. (a)(e) | 69,000 | | 2,679,270 |
Intuit, Inc. | 144,000 | | 14,447,520 |
Isis Pharmaceuticals, Inc. (a)(e) | 15,800 | | 896,176 |
J.B. Hunt Transport Services, Inc. | 44,000 | | 3,836,800 |
Level 3 Communications, Inc. (a) | 144,000 | | 8,055,360 |
LinkedIn Corp. Class A (a) | 3,000 | | 756,390 |
Lithia Motors, Inc. Class A (sub. vtg.) | 19,000 | | 1,894,870 |
Lowe's Companies, Inc. | 21,000 | | 1,446,060 |
lululemon athletica, Inc. (a) | 44,600 | | 2,838,344 |
Marathon Petroleum Corp. | 116,000 | | 11,434,120 |
MarketAxess Holdings, Inc. | 5,000 | | 429,250 |
MasterCard, Inc. Class A | 196,000 | | 17,681,160 |
McGraw Hill Financial, Inc. | 562,757 | | 58,695,548 |
Mead Johnson Nutrition Co. Class A | 58,000 | | 5,563,360 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Microsoft Corp. | 128,000 | | $ 6,225,920 |
Monster Beverage Corp. (a) | 5,100 | | 699,261 |
Moody's Corp. | 107,000 | | 11,504,640 |
Neurocrine Biosciences, Inc. (a) | 86,700 | | 2,955,603 |
Newfield Exploration Co. (a) | 284,000 | | 11,144,160 |
NiSource, Inc. | 254,100 | | 11,033,022 |
Novavax, Inc. (a) | 30,000 | | 231,900 |
Nu Skin Enterprises, Inc. Class A | 15,000 | | 848,250 |
NVIDIA Corp. | 20,000 | | 443,900 |
O'Reilly Automotive, Inc. (a) | 13,000 | | 2,831,790 |
PACCAR, Inc. | 17,000 | | 1,110,950 |
Palo Alto Networks, Inc. (a) | 6,000 | | 886,320 |
Papa John's International, Inc. | 23,000 | | 1,411,510 |
Party City Holdco, Inc. | 6,700 | | 139,293 |
PDC Energy, Inc. (a) | 11,000 | | 624,140 |
Philip Morris International, Inc. | 72,000 | | 6,009,840 |
Pinnacle Foods, Inc. | 82,000 | | 3,325,100 |
Post Holdings, Inc. (a) | 26,000 | | 1,220,440 |
Prestige Brands Holdings, Inc. (a) | 396,000 | | 15,543,000 |
Priceline Group, Inc. (a) | 2,000 | | 2,475,620 |
Range Resources Corp. | 117,000 | | 7,436,520 |
Red Hat, Inc. (a) | 12,000 | | 903,120 |
Rock-Tenn Co. Class A | 50,900 | | 3,205,682 |
Ross Stores, Inc. | 26,000 | | 2,570,880 |
Sage Therapeutics, Inc. | 3,200 | | 169,600 |
Salesforce.com, Inc. (a) | 17,300 | | 1,259,786 |
ServiceMaster Global Holdings, Inc. | 134,000 | | 4,631,040 |
Skyworks Solutions, Inc. | 50,000 | | 4,612,500 |
SolarWinds, Inc. (a) | 11,000 | | 536,580 |
Spark Therapeutics, Inc. | 5,000 | | 286,350 |
Spirit Airlines, Inc. (a) | 121,500 | | 8,319,105 |
Sprouts Farmers Market LLC (a) | 87,000 | | 2,782,695 |
St. Jude Medical, Inc. | 8,600 | | 602,430 |
SVB Financial Group (a) | 71,000 | | 9,425,960 |
Teleflex, Inc. | 9,000 | | 1,106,640 |
TESARO, Inc. (a) | 6,000 | | 326,820 |
Tetraphase Pharmaceuticals, Inc. (a) | 13,000 | | 458,640 |
The Blackstone Group LP | 41,000 | | 1,679,360 |
The Coca-Cola Co. | 25,000 | | 1,014,000 |
The Cooper Companies, Inc. | 45,900 | | 8,173,413 |
The Hain Celestial Group, Inc. (a) | 54,000 | | 3,252,960 |
The J.M. Smucker Co. | 18,000 | | 2,086,560 |
The Walt Disney Co. | 109,000 | | 11,850,480 |
Twitter, Inc. (a) | 193,000 | | 7,519,280 |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 20,000 | | 3,021,800 |
Ultragenyx Pharmaceutical, Inc. (a) | 16,700 | | 942,381 |
UnitedHealth Group, Inc. | 107,000 | | 11,919,800 |
Visa, Inc. Class A | 294,000 | | 19,418,700 |
Walgreens Boots Alliance, Inc. | 65,000 | | 5,390,450 |
Wells Fargo & Co. | 342,000 | | 18,844,200 |
Whirlpool Corp. | 52,000 | | 9,131,200 |
|
| Shares | | Value |
Workday, Inc. Class A (a) | 1,100 | | $ 100,331 |
WPX Energy, Inc. (a) | 410,000 | | 5,637,500 |
Zebra Technologies Corp. Class A (a) | 337,000 | | 31,030,960 |
Zendesk, Inc. | 16,032 | | 369,698 |
TOTAL UNITED STATES OF AMERICA | | 796,795,923 |
TOTAL COMMON STOCKS (Cost $1,327,240,245) |
1,579,652,235
|
Preferred Stocks - 1.1% |
| | | |
Convertible Preferred Stocks - 0.7% |
Cayman Islands - 0.1% |
Meituan Corp. Series D (h) | 184,583 | | 1,365,914 |
United States of America - 0.6% |
Actavis PLC 5.50% | 5,000 | | 5,003,300 |
American Tower Corp. 5.50% (a) | 34,000 | | 3,488,400 |
Dynegy, Inc. 5.375% (a) | 10,000 | | 1,135,100 |
TOTAL UNITED STATES OF AMERICA | | 9,626,800 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | 10,992,714 |
Nonconvertible Preferred Stocks - 0.4% |
Germany - 0.4% |
Henkel AG & Co. KGaA | 7,100 | | 824,718 |
Volkswagen AG | 24,400 | | 6,281,677 |
TOTAL GERMANY | | 7,106,395 |
TOTAL PREFERRED STOCKS (Cost $15,350,463) |
18,099,109
|
Preferred Securities - 0.1% |
| Principal Amount (d) | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (f)(g)
(Cost $1,935,053) | EUR | 1,260,000 | |
1,513,701
|
Money Market Funds - 2.9% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.15% (b) | 28,654,489 | | $ 28,654,489 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 18,212,731 | | 18,212,731 |
TOTAL MONEY MARKET FUNDS (Cost $46,867,220) |
46,867,220
|
TOTAL INVESTMENT
PORTFOLIO - 100.2% (Cost $1,391,392,981) | 1,646,132,265 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | | (2,860,879) |
NET ASSETS - 100% | $ 1,643,271,386 |
Currency Abbreviations |
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,679,294 or 0.1% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,943,938 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
JHL Biotech, Inc. | 4/14/15 | $ 578,024 |
Meituan Corp. Series D | 1/26/15 | $ 1,166,878 |
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 | $ 22,283 |
Fidelity Securities Lending Cash Central Fund | 119,703 |
Total | $ 141,986 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 211,234,898 | $ 108,556,096 | $ 102,678,802 | $ - |
Consumer Staples | 184,442,749 | 115,381,038 | 69,061,711 | - |
Energy | 108,009,954 | 85,530,267 | 22,479,687 | - |
Financials | 306,341,124 | 176,502,264 | 129,838,860 | - |
Health Care | 289,272,509 | 223,233,874 | 65,460,611 | 578,024 |
Industrials | 121,433,606 | 56,129,539 | 63,938,153 | 1,365,914 |
Information Technology | 279,771,267 | 235,077,198 | 44,694,069 | - |
Materials | 24,705,621 | 11,674,900 | 13,030,721 | - |
Telecommunication Services | 50,107,699 | 23,277,749 | 26,829,950 | - |
Utilities | 22,431,917 | 22,431,917 | - | - |
Preferred Securities | 1,513,701 | - | 1,513,701 | - |
Money Market Funds | 46,867,220 | 46,867,220 | - | - |
Total Investments in Securities: | $ 1,646,132,265 | $ 1,104,662,062 | $ 539,526,265 | $ 1,943,938 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 204,975,227 |
Level 2 to Level 1 | $ 75,162,019 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $17,481,650) - See accompanying schedule: Unaffiliated issuers (cost $1,344,525,761) | $ 1,599,265,045 | |
Fidelity Central Funds (cost $46,867,220) | 46,867,220 | |
Total Investments (cost $1,391,392,981) | | $ 1,646,132,265 |
Cash | | 248,849 |
Foreign currency held at value (cost $68,364) | | 68,439 |
Receivable for investments sold | | 54,389,685 |
Receivable for fund shares sold | | 1,355,714 |
Dividends receivable | | 3,339,152 |
Distributions receivable from Fidelity Central Funds | | 51,068 |
Prepaid expenses | | 1,223 |
Other receivables | | 233,780 |
Total assets | | 1,705,820,175 |
| | |
Liabilities | | |
Payable for investments purchased | $ 40,749,161 | |
Payable for fund shares redeemed | 1,955,176 | |
Accrued management fee | 898,338 | |
Distribution and service plan fees payable | 20,353 | |
Other affiliated payables | 300,842 | |
Other payables and accrued expenses | 412,188 | |
Collateral on securities loaned, at value | 18,212,731 | |
Total liabilities | | 62,548,789 |
| | |
Net Assets | | $ 1,643,271,386 |
Net Assets consist of: | | |
Paid in capital | | $ 1,357,082,169 |
Undistributed net investment income | | 2,656,019 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 29,214,275 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 254,318,923 |
Net Assets | | $ 1,643,271,386 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($29,082,320 ÷ 1,250,129 shares) | | $ 23.26 |
| | |
Maximum offering price per share (100/94.25 of $23.26) | | $ 24.68 |
Class T:
Net Asset Value and redemption price per share ($12,785,684 ÷ 552,539 shares) | | $ 23.14 |
| | |
Maximum offering price per share (100/96.50 of $23.14) | | $ 23.98 |
Class B:
Net Asset Value and offering price per share ($485,243 ÷ 21,080 shares)A | | $ 23.02 |
| | |
Class C:
Net Asset Value and offering price per share ($10,442,670 ÷ 455,032 shares)A | | $ 22.95 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,568,729,773 ÷ 66,760,394 shares) | | $ 23.50 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($21,745,696 ÷ 929,913 shares) | | $ 23.38 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 11,328,962 |
Interest | | 12,079 |
Income from Fidelity Central Funds | | 141,986 |
Income before foreign taxes withheld | | 11,483,027 |
Less foreign taxes withheld | | (548,332) |
Total income | | 10,934,695 |
Expenses | | |
Management fee
Basic fee | $ 5,406,910 | |
Performance adjustment | 243,560 | |
Transfer agent fees | 1,507,538 | |
Distribution and service plan fees | 117,285 | |
Accounting and security lending fees | 250,675 | |
Custodian fees and expenses | 100,798 | |
Independent trustees' compensation | 3,215 | |
Registration fees | 85,631 | |
Audit | 34,209 | |
Legal | 3,250 | |
Miscellaneous | 6,680 | |
Total expenses before reductions | 7,759,751 | |
Expense reductions | (29,562) | 7,730,189 |
Net investment income (loss) | | 3,204,506 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 37,039,433 | |
Foreign currency transactions | (236,600) | |
Futures contracts | 1,716,123 | |
Total net realized gain (loss) | | 38,518,956 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 30,878,818 | |
Assets and liabilities in foreign currencies | 62,831 | |
Futures contracts | (1,511,445) | |
Total change in net unrealized appreciation (depreciation) | | 29,430,204 |
Net gain (loss) | | 67,949,160 |
Net increase (decrease) in net assets resulting from operations | | $ 71,153,666 |
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,204,506 | $ 6,845,203 |
Net realized gain (loss) | 38,518,956 | 172,831,675 |
Change in net unrealized appreciation (depreciation) | 29,430,204 | (78,801,440) |
Net increase (decrease) in net assets resulting from operations | 71,153,666 | 100,875,438 |
Distributions to shareholders from net investment income | (4,942,326) | (5,150,888) |
Distributions to shareholders from net realized gain | (154,486,836) | (120,193,686) |
Total distributions | (159,429,162) | (125,344,574) |
Share transactions - net increase (decrease) | 121,018,336 | 109,931,356 |
Redemption fees | 13,087 | 28,125 |
Total increase (decrease) in net assets | 32,755,927 | 85,490,345 |
| | |
Net Assets | | |
Beginning of period | 1,610,515,459 | 1,525,025,114 |
End of period (including undistributed net investment income of $2,656,019 and undistributed net investment income of $4,393,839, respectively) | $ 1,643,271,386 | $ 1,610,515,459 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.64 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .02 | .02 | .10 | .05 | .03 |
Net realized and unrealized gain (loss) | 1.01 | 1.46 | 5.66 | 1.72 | .47 | 2.63 |
Total from investment operations | 1.02 | 1.48 | 5.68 | 1.82 | .52 | 2.66 |
Distributions from net investment income | - | (.04) | (.11) | (.02) | (.08) | (.10) |
Distributions from net realized gain | (2.40) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.40) | (2.02) | (.19) | (.02) | (.13) | (.12) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.26 | $ 24.64 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 |
Total ReturnB, C, D | 4.44% | 6.29% | 29.10% | 10.20% | 2.94% | 17.85% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.24%A | 1.31% | 1.45% | 1.43% | 1.41% | 1.43% |
Expenses net of fee waivers, if any | 1.24%A | 1.31% | 1.45% | 1.43% | 1.40% | 1.43% |
Expenses net of all reductions | 1.24%A | 1.31% | 1.42% | 1.41% | 1.38% | 1.41% |
Net investment income (loss) | .12%A | .10% | .09% | .52% | .28% | .21% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 29,082 | $ 33,788 | $ 28,661 | $ 18,723 | $ 13,153 | $ 7,530 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended (Unaudited) | Years ended October 31, |
Years ended April 30, | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.49 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.02) | (.04) | (.04) | .05 | .01 | (.01) |
Net realized and unrealized gain (loss) | 1.00 | 1.46 | 5.63 | 1.73 | .45 | 2.62 |
Total from investment operations | .98 | 1.42 | 5.59 | 1.78 | .46 | 2.61 |
Distributions from net investment income | - | - | (.07) | - | (.04) | (.08) |
Distributions from net realized gain | (2.33) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.33) | (1.98) | (.15) | - | (.09) | (.09) J |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.14 | $ 24.49 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 |
Total ReturnB, C, D | 4.26% | 6.05% | 28.73% | 9.98% | 2.61% | 17.53% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.55%A | 1.58% | 1.71% | 1.68% | 1.66% | 1.70% |
Expenses net of fee waivers, if any | 1.55%A | 1.58% | 1.70% | 1.68% | 1.65% | 1.70% |
Expenses net of all reductions | 1.55%A | 1.58% | 1.68% | 1.66% | 1.63% | 1.68% |
Net investment income (loss) | (.19)%A | (.17)% | (.16)% | .26% | .03% | (.05)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 12,786 | $ 12,160 | $ 9,822 | $ 5,550 | $ 2,187 | $ 1,120 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.09 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.21 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.08) | (.17) | (.14) | (.04) | (.09) | (.09) |
Net realized and unrealized gain (loss) | .99 | 1.45 | 5.59 | 1.71 | .47 | 2.61 |
Total from investment operations | .91 | 1.28 | 5.45 | 1.67 | .38 | 2.52 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | (2.10) | (1.89) | (.07) | - | - | (.01) |
Total distributions | (2.10) | (1.89) | (.07) | - | - | (.02) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.02 | $ 24.21 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 |
Total ReturnB, C, D | 4.00% | 5.49% | 28.13% | 9.40% | 2.19% | 16.92% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.06%A | 2.09% | 2.19% | 2.18% | 2.16% | 2.19% |
Expenses net of fee waivers, if any | 2.06%A | 2.09% | 2.19% | 2.18% | 2.16% | 2.19% |
Expenses net of all reductions | 2.05%A | 2.09% | 2.17% | 2.16% | 2.13% | 2.17% |
Net investment income (loss) | (.69)%A | (.68)% | (.65)% | (.23)% | (.47)% | (.55)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 485 | $ 573 | $ 710 | $ 304 | $ 256 | $ 305 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.12 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.08) | (.15) | (.14) | (.04) | (.09) | (.09) |
Net realized and unrealized gain (loss) | 1.00 | 1.44 | 5.58 | 1.71 | .47 | 2.61 |
Total from investment operations | .92 | 1.29 | 5.44 | 1.67 | .38 | 2.52 |
Distributions from net investment income | - | - | - | - | - | (.03) |
Distributions from net realized gain | (2.09) | (1.95) | (.07) | - | - | (.02) |
Total distributions | (2.09) | (1.95) | (.07) | - | - | (.05) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 22.95 | $ 24.12 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 |
Total ReturnB, C, D | 4.03% | 5.55% | 28.12% | 9.41% | 2.19% | 16.94% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.03%A | 2.04% | 2.15% | 2.18% | 2.16% | 2.19% |
Expenses net of fee waivers, if any | 2.03%A | 2.04% | 2.14% | 2.18% | 2.15% | 2.19% |
Expenses net of all reductions | 2.03%A | 2.03% | 2.12% | 2.16% | 2.13% | 2.16% |
Net investment income (loss) | (.67)%A | (.63)% | (.60)% | (.23)% | (.47)% | (.54)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,443 | $ 9,229 | $ 10,778 | $ 1,726 | $ 1,297 | $ 710 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.92 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .11 | .10 | .16 | .11 | .08 |
Net realized and unrealized gain (loss) | 1.02 | 1.47 | 5.70 | 1.74 | .48 | 2.63 |
Total from investment operations | 1.07 | 1.58 | 5.80 | 1.90 | .59 | 2.71 |
Distributions from net investment income | (.08) | (.09) | (.16) | (.07) | (.10) | (.10) |
Distributions from net realized gain | (2.41) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.49) | (2.07) | (.24) | (.07) | (.15) | (.11) I |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 23.50 | $ 24.92 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 |
Total ReturnB, C | 4.61% | 6.64% | 29.54% | 10.56% | 3.32% | 18.18% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .95%A | .98% | 1.11% | 1.11% | 1.08% | 1.15% |
Expenses net of fee waivers, if any | .95%A | .97% | 1.11% | 1.11% | 1.08% | 1.15% |
Expenses net of all reductions | .95%A | .97% | 1.08% | 1.09% | 1.05% | 1.12% |
Net investment income (loss) | .42%A | .44% | .43% | .84% | .60% | .50% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,568,730 | $ 1,535,658 | $ 1,464,415 | $ 1,081,240 | $ 1,114,694 | $ 1,087,928 |
Portfolio turnover rateF | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.11 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.81 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .10 | .08 | .14 | .10 | .07 |
Net realized and unrealized gain (loss) | 1.01 | 1.47 | 5.68 | 1.74 | .47 | 2.63 |
Total from investment operations | 1.06 | 1.57 | 5.76 | 1.88 | .57 | 2.70 |
Distributions from net investment income | (.07) | (.09) | (.15) | (.08) | (.11) | (.11) |
Distributions from net realized gain | (2.41) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.49) I | (2.07) | (.23) | (.08) | (.16) | (.13) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 23.38 | $ 24.81 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 |
Total ReturnB, C | 4.57% | 6.63% | 29.44% | 10.49% | 3.23% | 18.08% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .95%A | 1.01% | 1.17% | 1.18% | 1.13% | 1.21% |
Expenses net of fee waivers, if any | .95%A | 1.01% | 1.17% | 1.18% | 1.13% | 1.21% |
Expenses net of all reductions | .95%A | 1.00% | 1.14% | 1.16% | 1.10% | 1.19% |
Net investment income (loss) | .41%A | .40% | .37% | .77% | .56% | .44% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 21,746 | $ 19,107 | $ 10,639 | $ 4,291 | $ 3,086 | $ 335 |
Portfolio turnover rateF | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $2.49 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $2.413 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Worldwide and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 282,899,982 |
Gross unrealized depreciation | (30,703,423) |
Net unrealized appreciation (depreciation) on securities | $ 252,196,559 |
| |
Tax cost | $ 1,393,935,706 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
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.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Semiannual Report
4. Derivative Instruments - continued
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end.
During the period the Fund recognized net realized gain (loss) of $1,716,123 and a change in net unrealized appreciation (depreciation) of $(1,511,445) related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,204,380,324 and $1,241,669,304, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Worldwide as compared to its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | 37,320 | $ 1,250 |
Class T | .25% | .25% | 30,647 | 378 |
Class B | .75% | .25% | 2,551 | 1,921 |
Class C | .75% | .25% | 46,767 | 12,245 |
| | | $ 117,285 | $ 15,794 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 | $ 9,053 |
Class T | 2,274 |
Class B* | 358 |
Class C* | 820 |
| $ 12,505 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 34,383 | .23 |
Class T | 17,712 | .29 |
Class B | 741 | .29 |
Class C | 12,701 | .27 |
Worldwide | 1,422,724 | .19 |
Institutional Class | 19,277 | .19 |
| $ 1,507,538 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $15,152 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,254 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period
Semiannual Report
8. Security Lending - continued
end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $119,703, including $2,983 from securities loaned to FCM.
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $27,744 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Worldwide expenses during the period in the amount of $1,818.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ - | $ 57,794 |
Class T | - | - |
Class B | - | - |
Class C | - | - |
Worldwide | 4,895,242 | 5,057,508 |
Institutional Class | 47,084 | 35,586 |
Total | $ 4,942,326 | $ 5,150,888 |
From net realized gain | | |
Class A | $ 3,318,115 | $ 2,599,391 |
Class T | 1,143,314 | 810,701 |
Class B | 47,493 | 53,916 |
Class C | 790,219 | 885,815 |
Worldwide | 147,652,391 | 115,043,586 |
Institutional Class | 1,535,304 | 800,277 |
Total | $ 154,486,836 | $ 120,193,686 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 179,712 | 709,213 | $ 4,136,792 | $ 17,501,865 |
Reinvestment of distributions | 143,319 | 85,789 | 3,239,009 | 2,012,595 |
Shares redeemed | (443,917) | (562,117) | (10,002,487) | (13,679,354) |
Net increase (decrease) | (120,886) | 232,885 | $ (2,626,686) | $ 5,835,106 |
Class T | | | | |
Shares sold | 52,976 | 155,056 | $ 1,207,453 | $ 3,796,964 |
Reinvestment of distributions | 50,075 | 34,508 | 1,126,698 | 806,094 |
Shares redeemed | (47,159) | (85,012) | (1,077,336) | (2,065,257) |
Net increase (decrease) | 55,892 | 104,552 | $ 1,256,815 | $ 2,537,801 |
Class B | | | | |
Shares sold | 217 | 2,039 | $ 4,855 | $ 49,170 |
Reinvestment of distributions | 1,857 | 2,097 | 41,646 | 48,630 |
Shares redeemed | (4,679) | (9,052) | (105,245) | (216,921) |
Net increase (decrease) | (2,605) | (4,916) | $ (58,744) | $ (119,121) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class C | | | | |
Shares sold | 95,992 | 248,585 | $ 2,205,303 | $ 5,972,479 |
Reinvestment of distributions | 31,721 | 37,261 | 709,279 | 860,745 |
Shares redeemed | (55,349) | (338,100) | (1,262,048) | (8,231,135) |
Net increase (decrease) | 72,364 | (52,254) | $ 1,652,534 | $ (1,397,911) |
Worldwide | | | | |
Shares sold | 5,249,793 | 11,485,871 | $ 122,531,539 | $ 284,805,787 |
Reinvestment of distributions | 6,500,654 | 4,935,503 | 148,214,908 | 116,724,635 |
Shares redeemed | (6,604,319) | (12,442,606) | (153,300,392) | (307,898,131) |
Net increase (decrease) | 5,146,128 | 3,978,768 | $ 117,446,055 | $ 93,632,291 |
Institutional Class | | | | |
Shares sold | 472,857 | 1,351,408 | $ 10,769,425 | $ 33,384,372 |
Reinvestment of distributions | 64,929 | 32,218 | 1,473,244 | 758,744 |
Shares redeemed | (378,013) | (1,033,793) | (8,894,307) | (24,699,926) |
Net increase (decrease) | 159,773 | 349,833 | $ 3,348,362 | $ 9,443,190 |
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
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AWLD-USAN-0615
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ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015Financial StatementsNotes to Financial StatementsReport of Independent Registered Public Accounting FirmShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial StatementsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial StatementsShareholder Expense ExampleInvestment Changes (Unaudited)Investments April 30, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
Fidelity's
Broadly Diversified International Equity
Funds
Fidelity® Diversified International Fund
Fidelity International Capital Appreciation Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Diversified International Fund
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Diversified International | .98% | | | |
Actual | | $ 1,000.00 | $ 1,073.20 | $ 5.04 |
HypotheticalA | | $ 1,000.00 | $ 1,019.93 | $ 4.91 |
Class K | .86% | | | |
Actual | | $ 1,000.00 | $ 1,073.60 | $ 4.42 |
HypotheticalA | | $ 1,000.00 | $ 1,020.53 | $ 4.31 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Diversified International Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United Kingdom | 17.3% | |
 | Japan | 15.4% | |
 | United States of America* | 12.2% | |
 | Germany | 7.2% | |
 | Switzerland | 4.6% | |
 | France | 4.2% | |
 | Canada | 3.3% | |
 | Netherlands | 3.1% | |
 | Belgium | 2.9% | |
 | Other | 29.8% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | Japan | 17.2% | |
 | United Kingdom | 16.3% | |
 | United States of America* | 11.1% | |
 | Germany | 6.2% | |
 | Switzerland | 5.1% | |
 | France | 4.0% | |
 | Canada | 3.6% | |
 | Netherlands | 3.3% | |
 | Cayman Islands | 3.2% | |
 | Other | 30.0% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 94.7 | 96.6 |
Other Investments | 0.1 | 0.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.2 | 3.3 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.8 | 1.8 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.8 | 1.8 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.8 | 1.6 |
Bayer AG (Germany, Pharmaceuticals) | 1.5 | 1.6 |
AIA Group Ltd. (Hong Kong, Insurance) | 1.5 | 1.2 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Banks) | 1.3 | 0.9 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 1.3 | 1.1 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 | 1.4 |
Hoya Corp. (Japan, Electronic Equipment & Components) | 1.3 | 1.2 |
Prudential PLC (United Kingdom, Insurance) | 1.2 | 1.2 |
| 14.8 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.5 | 21.0 |
Consumer Discretionary | 17.4 | 15.6 |
Health Care | 16.0 | 15.9 |
Information Technology | 12.4 | 13.7 |
Consumer Staples | 10.9 | 11.7 |
Industrials | 6.8 | 6.9 |
Materials | 3.9 | 4.9 |
Telecommunication Services | 3.1 | 3.6 |
Energy | 2.5 | 3.4 |
Semiannual Report
Fidelity Diversified International Fund
Investments April 30, 2015
Showing Percentage of Net Assets
Common Stocks - 92.7% |
| Shares | | Value |
Argentina - 0.1% |
YPF SA Class D sponsored ADR | 1,214,900 | | $ 37,103,046 |
Australia - 1.5% |
Ansell Ltd. | 3,168,821 | | 65,424,497 |
Australia & New Zealand Banking Group Ltd. | 7,919,475 | | 213,017,932 |
CSL Ltd. | 1,712,208 | | 123,273,879 |
TOTAL AUSTRALIA | | 401,716,308 |
Austria - 0.1% |
Andritz AG | 638,000 | | 37,352,833 |
Bailiwick of Guernsey - 0.1% |
Amdocs Ltd. | 428,500 | | 23,597,495 |
Bailiwick of Jersey - 2.3% |
Experian PLC | 2,046,572 | | 36,552,348 |
Shire PLC | 3,280,700 | | 266,601,559 |
Wolseley PLC | 2,664,074 | | 157,565,077 |
WPP PLC | 5,631,109 | | 131,325,896 |
TOTAL BAILIWICK OF JERSEY | | 592,044,880 |
Belgium - 2.9% |
Anheuser-Busch InBev SA NV | 3,734,030 | | 454,611,988 |
Fagron NV | 765,600 | | 33,839,469 |
KBC Groep NV | 3,514,187 | | 231,209,913 |
UCB SA | 348,400 | | 25,096,248 |
TOTAL BELGIUM | | 744,757,618 |
Bermuda - 0.2% |
Travelport Worldwide Ltd. (e) | 2,769,800 | | 43,845,934 |
Brazil - 0.1% |
Cielo SA | 1,191,720 | | 16,588,638 |
Canada - 3.3% |
Agrium, Inc. | 512,300 | | 53,077,082 |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 5,405,881 | | 206,915,528 |
AutoCanada, Inc. | 404,675 | | 13,399,723 |
CGI Group, Inc. Class A (sub. vtg.) (a) | 4,153,000 | | 174,794,314 |
Constellation Software, Inc. | 72,738 | | 28,516,431 |
Constellation Software, Inc. rights 9/15/15 (a) | 72,738 | | 21,704 |
Fairfax India Holdings Corp. (a)(f) | 6,411,100 | | 77,510,199 |
Imperial Oil Ltd. | 1,336,200 | | 58,896,905 |
Keyera Corp. (e) | 1,261,400 | | 44,402,535 |
PrairieSky Royalty Ltd. (e) | 482,600 | | 13,252,000 |
Suncor Energy, Inc. | 3,173,200 | | 103,336,119 |
Tourmaline Oil Corp. (a) | 1,561,200 | | 53,881,780 |
TransForce, Inc. | 683,800 | | 15,444,302 |
TOTAL CANADA | | 843,448,622 |
Cayman Islands - 1.4% |
Alibaba Group Holding Ltd. sponsored ADR | 634,100 | | 51,545,989 |
Baidu.com, Inc. sponsored ADR (a) | 180,900 | | 36,230,652 |
|
| Shares | | Value |
China Modern Dairy Holdings Ltd. (e) | 112,612,000 | | $ 45,913,376 |
Melco Crown Entertainment Ltd. sponsored ADR (e) | 3,343,700 | | 68,278,354 |
PW Medtech Group Ltd. (a)(e) | 81,259,000 | | 34,912,680 |
Sands China Ltd. | 19,962,800 | | 81,777,280 |
Tencent Holdings Ltd. | 2,487,100 | | 51,330,960 |
TOTAL CAYMAN ISLANDS | | 369,989,291 |
Chile - 0.1% |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 1,004,043 | | 21,928,299 |
China - 1.0% |
Daqin Railway Co. Ltd. (A Shares) | 30,304,900 | | 68,252,959 |
Inner Mongoli Yili Industries Co. Ltd. | 4,741,300 | | 27,869,317 |
Kweichow Moutai Co. Ltd. | 2,059,100 | | 83,731,024 |
Qingdao Haier Co. Ltd. | 18,866,189 | | 82,456,694 |
Weifu High-Technology Co. Ltd.
(B Shares) | 1,891,797 | | 8,850,541 |
TOTAL CHINA | | 271,160,535 |
Curacao - 0.2% |
Schlumberger Ltd. | 676,525 | | 64,006,030 |
Denmark - 2.3% |
Genmab A/S (a) | 1,651,576 | | 127,173,324 |
Novo Nordisk A/S Series B | 8,590,495 | | 482,276,167 |
TOTAL DENMARK | | 609,449,491 |
Egypt - 0.0% |
Edita Food Industries SAE (a) | 1,282,026 | | 4,276,192 |
Finland - 0.4% |
Nokia Corp. | 4,512,700 | | 30,449,145 |
Sampo Oyj (A Shares) | 1,367,800 | | 66,275,780 |
TOTAL FINLAND | | 96,724,925 |
France - 4.2% |
Accor SA | 947,700 | | 51,966,975 |
Air Liquide SA | 774,170 | | 101,246,285 |
AXA SA (e) | 5,968,800 | | 150,926,193 |
BNP Paribas SA | 1,629,676 | | 102,916,180 |
Bureau Veritas SA | 1,554,900 | | 36,614,138 |
Danone SA | 886,300 | | 64,134,590 |
LVMH Moet Hennessy - Louis Vuitton SA | 165,152 | | 28,879,521 |
Numericable Group SA (a) | 1,262,154 | | 70,074,799 |
Publicis Groupe SA | 1,676,616 | | 140,618,735 |
Rexel SA | 1,648,300 | | 31,064,936 |
Sanofi SA | 2,931,607 | | 298,409,771 |
TOTAL FRANCE | | 1,076,852,123 |
Germany - 5.5% |
adidas AG (e) | 612,100 | | 50,152,984 |
Bayer AG | 2,666,162 | | 383,747,653 |
Brenntag AG | 926,900 | | 55,614,625 |
Continental AG (e) | 534,700 | | 125,309,523 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Deutsche Boerse AG | 410,300 | | $ 33,999,040 |
Fresenius SE & Co. KGaA | 3,826,100 | | 227,625,932 |
Gerry Weber International AG (Bearer) (e) | 148,600 | | 4,857,092 |
GfK AG | 45,625 | | 1,745,834 |
KION Group AG | 878,500 | | 38,974,580 |
Linde AG | 604,929 | | 118,209,012 |
OSRAM Licht AG | 1,659,916 | | 87,450,791 |
ProSiebenSat.1 Media AG | 2,204,590 | | 112,714,517 |
SAP AG (e) | 1,936,878 | | 146,360,219 |
Symrise AG | 611,700 | | 37,089,463 |
TOTAL GERMANY | | 1,423,851,265 |
Hong Kong - 1.7% |
AIA Group Ltd. | 55,745,200 | | 372,567,284 |
Galaxy Entertainment Group Ltd. | 5,320,000 | | 25,740,109 |
Hang Seng Bank Ltd. | 1,400,700 | | 27,343,338 |
Melco International Development Ltd. | 2,137,000 | | 3,628,506 |
TOTAL HONG KONG | | 429,279,237 |
India - 2.7% |
Apollo Hospitals Enterprise Ltd. (a) | 2,227,126 | | 39,853,155 |
Axis Bank Ltd. (a) | 6,699,871 | | 60,144,843 |
Bharti Infratel Ltd. | 14,300,000 | | 90,303,662 |
HCL Technologies Ltd. | 1,694,017 | | 23,473,181 |
HDFC Bank Ltd. | 9,951,238 | | 177,762,255 |
Housing Development Finance Corp. Ltd. | 8,291,778 | | 152,662,964 |
ITC Ltd. (a) | 13,515,862 | | 68,560,123 |
LIC Housing Finance Ltd. | 3,150,214 | | 21,318,624 |
Lupin Ltd. | 1,787,333 | | 49,854,473 |
Sun Pharmaceutical Industries Ltd. (a) | 774,113 | | 11,436,700 |
TOTAL INDIA | | 695,369,980 |
Indonesia - 0.6% |
PT Astra International Tbk | 41,254,700 | | 21,800,941 |
PT Bank Central Asia Tbk | 84,159,300 | | 87,486,717 |
PT Bank Rakyat Indonesia Tbk | 65,102,000 | | 58,384,629 |
TOTAL INDONESIA | | 167,672,287 |
Ireland - 2.4% |
Actavis PLC (a) | 861,800 | | 243,768,748 |
DCC PLC (United Kingdom) | 874,989 | | 55,661,201 |
Greencore Group PLC | 13,127,300 | | 71,236,361 |
Horizon Pharma PLC (a) | 1,113,600 | | 31,314,432 |
Kerry Group PLC Class A | 514,900 | | 37,872,131 |
Perrigo Co. PLC | 298,700 | | 54,745,736 |
Ryanair Holdings PLC sponsored ADR | 2,047,700 | | 132,793,345 |
TOTAL IRELAND | | 627,391,954 |
Isle of Man - 0.2% |
Optimal Payments PLC (a) | 4,660,775 | | 21,180,120 |
|
| Shares | | Value |
Optimal Payments PLC rights 5/1/15 (a) | 7,767,958 | | $ 16,491,233 |
Playtech Ltd. | 267,402 | | 3,359,313 |
TOTAL ISLE OF MAN | | 41,030,666 |
Israel - 1.5% |
Check Point Software Technologies Ltd. (a) | 1,546,400 | | 129,093,472 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 4,160,600 | | 251,383,452 |
TOTAL ISRAEL | | 380,476,924 |
Italy - 1.1% |
Intesa Sanpaolo SpA | 45,101,500 | | 151,518,642 |
Mediaset SpA | 12,785,300 | | 65,711,511 |
UniCredit SpA | 1,879,467 | | 13,491,064 |
World Duty Free SpA (a) | 5,262,070 | | 58,742,146 |
TOTAL ITALY | | 289,463,363 |
Japan - 15.4% |
Astellas Pharma, Inc. | 17,700,500 | | 275,609,160 |
Don Quijote Holdings Co. Ltd. | 1,779,100 | | 135,735,365 |
Fast Retailing Co. Ltd. | 264,500 | | 104,181,210 |
Glory Ltd. | 1,108,800 | | 30,688,640 |
GMO Internet, Inc. | 2,495,800 | | 31,375,128 |
Hoya Corp. | 8,528,800 | | 328,707,601 |
Japan Exchange Group, Inc. | 4,817,200 | | 139,179,359 |
Japan Tobacco, Inc. | 7,012,400 | | 244,879,065 |
KDDI Corp. | 8,167,000 | | 193,250,351 |
Keyence Corp. | 500,710 | | 267,303,590 |
Komatsu Ltd. | 1,577,900 | | 31,745,973 |
Minebea Ltd. | 515,000 | | 7,896,565 |
Misumi Group, Inc. | 439,400 | | 16,489,861 |
Mitsubishi Electric Corp. | 5,334,000 | | 69,660,489 |
Mitsubishi UFJ Financial Group, Inc. | 47,606,200 | | 338,211,103 |
NEC Corp. | 35,470,000 | | 118,009,101 |
NGK Spark Plug Co. Ltd. | 1,611,400 | | 45,124,586 |
Nitori Holdings Co. Ltd. | 1,085,000 | | 83,446,341 |
Olympus Corp. (a) | 1,285,600 | | 46,294,458 |
OMRON Corp. | 1,996,600 | | 91,680,008 |
ORIX Corp. | 30,868,900 | | 474,714,319 |
Rakuten, Inc. | 16,040,600 | | 280,236,509 |
Seven & i Holdings Co. Ltd. | 1,647,700 | | 70,825,302 |
SHIMANO, Inc. | 660,600 | | 94,631,627 |
Shinsei Bank Ltd. | 23,876,000 | | 48,857,762 |
SoftBank Corp. | 3,113,200 | | 194,607,227 |
Suzuki Motor Corp. | 2,118,300 | | 68,467,977 |
TDK Corp. | 567,700 | | 40,892,709 |
Tsuruha Holdings, Inc. | 1,465,500 | | 106,290,867 |
TOTAL JAPAN | | 3,978,992,253 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 1.0% |
Orion Corp. | 82,708 | | $ 96,214,058 |
Samsung Electronics Co. Ltd. | 120,511 | | 157,755,949 |
TOTAL KOREA (SOUTH) | | 253,970,007 |
Luxembourg - 1.3% |
Altice SA (a) | 2,774,413 | | 293,377,743 |
Eurofins Scientific SA | 196,500 | | 55,351,056 |
TOTAL LUXEMBOURG | | 348,728,799 |
Netherlands - 3.1% |
AEGON NV | 23,573,900 | | 185,995,841 |
AerCap Holdings NV (a) | 375,000 | | 17,505,000 |
IMCD Group BV | 1,560,300 | | 58,145,201 |
ING Groep NV (Certificaten Van Aandelen) | 10,336,900 | | 158,584,120 |
LyondellBasell Industries NV Class A | 149,300 | | 15,455,536 |
Reed Elsevier NV | 4,386,677 | | 105,795,342 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 6,061,557 | | 264,408,789 |
TOTAL NETHERLANDS | | 805,889,829 |
Norway - 0.2% |
Telenor ASA | 2,366,200 | | 53,441,072 |
Philippines - 0.4% |
Alliance Global Group, Inc. | 161,934,956 | | 92,192,040 |
Singapore - 0.4% |
United Overseas Bank Ltd. | 5,107,700 | | 94,534,139 |
South Africa - 1.0% |
Naspers Ltd. Class N | 1,705,399 | | 268,223,406 |
Spain - 1.8% |
Amadeus IT Holding SA Class A | 3,618,200 | | 164,924,636 |
Hispania Activos Inmobiliarios SA (a) | 1,688,000 | | 24,054,407 |
Inditex SA | 8,388,824 | | 269,189,635 |
Prosegur Compania de Seguridad SA (Reg.) | 384,618 | | 2,217,153 |
TOTAL SPAIN | | 460,385,831 |
Sweden - 2.1% |
ASSA ABLOY AB (B Shares) | 1,182,000 | | 68,572,329 |
HEXPOL AB (B Shares) | 212,200 | | 22,739,647 |
Nordea Bank AB | 12,696,000 | | 161,304,584 |
Svenska Cellulosa AB (SCA) (B Shares) (e) | 7,139,600 | | 180,595,973 |
Svenska Handelsbanken AB (A Shares) | 2,399,200 | | 110,744,596 |
TOTAL SWEDEN | | 543,957,129 |
Switzerland - 4.6% |
Actelion Ltd. | 720,402 | | 94,791,115 |
Compagnie Financiere Richemont SA Series A | 1,219,454 | | 108,693,539 |
Nestle SA | 515,865 | | 40,022,984 |
Roche Holding AG (participation certificate) | 1,152,134 | | 329,689,014 |
|
| Shares | | Value |
Sika AG (Bearer) | 21,758 | | $ 74,681,001 |
Sunrise Communications Group AG | 442,688 | | 41,169,818 |
Syngenta AG (Switzerland) | 732,496 | | 245,114,997 |
UBS Group AG | 12,414,107 | | 248,000,761 |
TOTAL SWITZERLAND | | 1,182,163,229 |
Taiwan - 1.2% |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 12,964,500 | | 316,852,380 |
Thailand - 0.3% |
Kasikornbank PCL (For. Reg.) | 12,195,800 | | 77,715,612 |
United Kingdom - 17.3% |
Al Noor Hospitals Group PLC | 4,020,800 | | 55,379,968 |
Associated British Foods PLC | 2,238,600 | | 97,733,362 |
B&M European Value Retail S.A. | 24,794,391 | | 114,762,712 |
Babcock International Group PLC | 2,965,900 | | 45,751,759 |
Barclays PLC | 13,273,224 | | 51,930,862 |
BG Group PLC | 12,670,102 | | 229,500,563 |
British American Tobacco PLC sponsored ADR | 1,533,300 | | 168,831,663 |
BT Group PLC | 28,069,100 | | 195,770,459 |
Bunzl PLC | 1,785,570 | | 50,205,361 |
Capita Group PLC | 2,211,700 | | 38,711,836 |
Compass Group PLC | 5,782,476 | | 102,221,072 |
easyJet PLC | 2,317,600 | | 64,083,173 |
Essentra PLC | 12,044,112 | | 176,799,328 |
Exova Group Ltd. PLC | 8,076,188 | | 23,436,431 |
GlaxoSmithKline PLC | 5,944,900 | | 137,307,547 |
Hikma Pharmaceuticals PLC | 2,920,378 | | 91,326,602 |
HSBC Holdings PLC sponsored ADR | 1,955,057 | | 97,029,479 |
IMI PLC | 2,330,935 | | 44,666,739 |
Imperial Tobacco Group PLC | 1,142,139 | | 55,771,237 |
Indivior PLC (a) | 9,735,942 | | 29,665,545 |
Intertek Group PLC | 650,200 | | 25,985,593 |
ITV PLC | 36,891,800 | | 143,233,068 |
Johnson Matthey PLC | 1,554,482 | | 79,478,853 |
Liberty Global PLC: | | | |
Class A (a) | 861,100 | | 44,897,754 |
Class C (a) | 611,600 | | 30,855,220 |
Lloyds Banking Group PLC | 284,226,800 | | 336,603,640 |
London Stock Exchange Group PLC | 2,043,300 | | 79,536,307 |
Meggitt PLC | 12,349,148 | | 99,798,090 |
Melrose PLC | 6,491,400 | | 26,342,041 |
Micro Focus International PLC | 2,408,000 | | 46,347,115 |
Next PLC | 2,126,400 | | 239,072,163 |
Poundland Group PLC | 9,141,236 | | 43,727,851 |
Prudential PLC | 12,791,652 | | 318,480,735 |
Reckitt Benckiser Group PLC | 2,439,787 | | 217,151,889 |
Rolls-Royce Group PLC | 8,966,900 | | 142,958,473 |
SABMiller PLC | 2,553,000 | | 135,137,673 |
Schroders PLC | 1,360,700 | | 67,488,472 |
Spectris PLC | 1,783,600 | | 58,619,159 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Sports Direct International PLC (a) | 5,818,200 | | $ 54,996,098 |
St. James's Place Capital PLC | 13,447,200 | | 183,429,346 |
Virgin Money Holdings Uk PLC (a) | 6,520,500 | | 39,430,461 |
Vodafone Group PLC | 14,038,200 | | 49,459,509 |
Whitbread PLC | 1,707,020 | | 137,072,636 |
TOTAL UNITED KINGDOM | | 4,470,987,844 |
United States of America - 6.7% |
Alexion Pharmaceuticals, Inc. (a) | 592,100 | | 100,201,083 |
Alliance Data Systems Corp. (a) | 262,300 | | 77,984,413 |
Amgen, Inc. | 566,000 | | 89,377,060 |
Celgene Corp. (a) | 532,600 | | 57,552,756 |
Celldex Therapeutics, Inc. (a) | 475,513 | | 11,412,312 |
CF Industries Holdings, Inc. | 205,484 | | 59,070,485 |
Energizer Holdings, Inc. | 149,900 | | 20,479,338 |
FedEx Corp. | 151,000 | | 25,605,070 |
Fidelity National Information Services, Inc. | 1,217,400 | | 76,075,326 |
Google, Inc.: | | | |
Class A (a) | 142,605 | | 78,257,346 |
Class C (a) | 255,003 | | 137,023,312 |
Las Vegas Sands Corp. | 1,734,200 | | 91,704,496 |
MasterCard, Inc. Class A | 1,639,400 | | 147,890,274 |
McGraw Hill Financial, Inc. | 2,225,200 | | 232,088,360 |
Mead Johnson Nutrition Co. Class A | 627,700 | | 60,208,984 |
Noble Energy, Inc. | 1,186,656 | | 60,187,192 |
Oceaneering International, Inc. | 458,200 | | 25,251,402 |
Qorvo, Inc. (a) | 395,919 | | 26,095,021 |
QUALCOMM, Inc. | 1,522,700 | | 103,543,600 |
ResMed, Inc. (e) | 336,000 | | 21,483,840 |
The Blackstone Group LP | 1,964,300 | | 80,457,728 |
Total System Services, Inc. | 197,300 | | 7,805,188 |
Visa, Inc. Class A | 2,223,800 | | 146,881,990 |
TOTAL UNITED STATES OF AMERICA | | 1,736,636,576 |
TOTAL COMMON STOCKS (Cost $17,895,880,351) |
23,994,048,082
|
Preferred Stocks - 1.7% |
| | | |
Convertible Preferred Stocks - 0.0% |
United States of America - 0.0% |
NJOY, Inc.: | | | |
Series C (a)(j) | 770,400 | | 6,217,128 |
Series D (a)(j) | 250,743 | | 2,023,496 |
TOTAL UNITED STATES OF AMERICA | | 8,240,624 |
|
| Shares | | Value |
Nonconvertible Preferred Stocks - 1.7% |
Germany - 1.7% |
Henkel AG & Co. KGaA | 1,927,400 | | $ 223,881,894 |
Volkswagen AG (e) | 772,426 | | 198,857,804 |
TOTAL GERMANY | | 422,739,698 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC | 1,264,332,900 | | 1,940,751 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 424,680,449 |
TOTAL PREFERRED STOCKS (Cost $302,699,628) |
432,921,073
|
Government Obligations - 0.0% |
| Principal Amount (d) | | |
United States of America - 0.0% |
U.S. Treasury Bills, yield at date of purchase 0.02% 6/25/15 to 7/2/15 (i)
(Cost $2,749,914) | | $ 2,750,000 | |
2,750,000
|
Preferred Securities - 0.1% |
|
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (g)(h)
(Cost $30,791,904) | EUR | 20,050,000 | |
24,087,062
|
Money Market Funds - 6.8% |
| Shares | | |
Fidelity Cash Central Fund, 0.15% (b) | 1,301,610,319 | | 1,301,610,319 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 466,184,845 | | 466,184,845 |
TOTAL MONEY MARKET FUNDS (Cost $1,767,795,164) |
1,767,795,164
|
TOTAL INVESTMENT
PORTFOLIO - 101.3% (Cost $19,999,916,961) | 26,221,601,381 |
NET OTHER ASSETS
(LIABILITIES) - (1.3)% | | (336,329,910) |
NET ASSETS - 100% | $ 25,885,271,471 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
746 CME Nikkei 225 Index Contracts (United States) | June 2015 | | $ 72,511,200 | | $ 2,167,140 |
The face value of futures purchased as a percentage of net assets is 0.3% |
|
Currency Abbreviations |
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Affiliated company |
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $24,087,062 or 0.1% of net assets. |
(h) Security is perpetual in nature with no stated maturity date. |
(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,750,000. |
(j) 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 $8,240,624 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
NJOY, Inc. Series C | 6/7/13 | $ 6,227,143 |
NJOY, Inc. Series D | 2/14/14 | $ 4,244,101 |
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 | $ 672,396 |
Fidelity Securities Lending Cash Central Fund | 3,084,965 |
Total | $ 3,757,361 |
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 |
Fairfax India Holdings Corp. | $ - | $ 61,051,750 | $ 174,636* | $ - | $ 77,510,199 |
* Includes the value of securities delivered through in-kind transactions.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 4,503,501,458 | $ 785,458,958 | $ 3,709,801,876 | $ 8,240,624 |
Consumer Staples | 2,802,674,643 | 782,999,603 | 2,019,675,040 | - |
Energy | 689,817,572 | 460,317,009 | 229,500,563 | - |
Financials | 5,546,907,590 | 1,592,117,005 | 3,954,790,585 | - |
Health Care | 4,146,179,391 | 1,185,994,803 | 2,960,184,588 | - |
Industrials | 1,737,939,703 | 353,733,467 | 1,384,206,236 | - |
Information Technology | 3,177,056,712 | 1,760,026,675 | 1,417,030,037 | - |
Materials | 1,004,889,988 | 149,531,402 | 855,358,586 | - |
Telecommunication Services | 818,002,098 | 90,303,662 | 727,698,436 | - |
Government Obligations | 2,750,000 | - | 2,750,000 | - |
Preferred Securities | 24,087,062 | - | 24,087,062 | - |
Money Market Funds | 1,767,795,164 | 1,767,795,164 | - | - |
Total Investments in Securities: | $ 26,221,601,381 | $ 8,928,277,748 | $ 17,285,083,009 | $ 8,240,624 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 2,167,140 | $ 2,167,140 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 6,570,853,844 |
Level 2 to Level 1 | $ 1,726,505,975 |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 2,167,140 | $ - |
Total Value of Derivatives | $ 2,167,140 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Diversified International Fund
Statement of Assets and Liabilities
| April 30, 2015 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $447,280,586) - See accompanying schedule: Unaffiliated issuers (cost $18,171,216,347) | $ 24,376,296,018 | |
Fidelity Central Funds (cost $1,767,795,164) | 1,767,795,164 | |
Other affiliated issuers (cost $60,905,450) | 77,510,199 | |
Total Investments (cost $19,999,916,961) | | $ 26,221,601,381 |
Cash | | 4,910,899 |
Receivable for investments sold | | 131,642,029 |
Receivable for fund shares sold | | 18,179,874 |
Dividends receivable | | 106,540,894 |
Distributions receivable from Fidelity Central Funds | | 1,137,326 |
Prepaid expenses | | 18,850 |
Other receivables | | 1,584,541 |
Total assets | | 26,485,615,794 |
| | |
Liabilities | | |
Payable for investments purchased | $ 89,894,106 | |
Payable for fund shares redeemed | 19,628,824 | |
Accrued management fee | 16,024,746 | |
Payable for daily variation margin for derivative instruments | 1,473,350 | |
Other affiliated payables | 2,750,853 | |
Other payables and accrued expenses | 4,387,599 | |
Collateral on securities loaned, at value | 466,184,845 | |
Total liabilities | | 600,344,323 |
| | |
Net Assets | | $ 25,885,271,471 |
Net Assets consist of: | | |
Paid in capital | | $ 19,732,426,286 |
Undistributed net investment income | | 93,878,014 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (163,199,419) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,222,166,590 |
Net Assets | | $ 25,885,271,471 |
| | |
Diversified International:
Net Asset Value, offering price and redemption price per share ($14,413,038,871 ÷ 384,582,997 shares) | | $ 37.48 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($11,472,232,600 ÷ 306,566,165 shares) | | $ 37.42 |
Statement of Operations
| Six months ended April 30, 2015 |
| | |
Investment Income | | |
Dividends | | $ 230,470,096 |
Interest | | 191,662 |
Income from Fidelity Central Funds | | 3,757,361 |
Income before foreign taxes withheld | | 234,419,119 |
Less foreign taxes withheld | | (15,426,189) |
Total income | | 218,992,930 |
| | |
Expenses | | |
Management fee
Basic fee | $ 83,794,579 | |
Performance adjustment | 13,698,336 | |
Transfer agent fees | 14,761,307 | |
Accounting and security lending fees | 1,213,938 | |
Custodian fees and expenses | 1,234,847 | |
Independent trustees' compensation | 49,228 | |
Appreciation in deferred trustee compensation account | 16 | |
Registration fees | 108,368 | |
Audit | 138,801 | |
Legal | 41,640 | |
Miscellaneous | 483,572 | |
Total expenses before reductions | 115,524,632 | |
Expense reductions | (386,469) | 115,138,163 |
Net investment income (loss) | | 103,854,767 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 21,683,695 | |
Other affiliated issuers | 28,336 | |
Foreign currency transactions | (2,131,902) | |
Futures contracts | 3,161,727 | |
Total net realized gain (loss) | | 22,741,856 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $1,849,162) | 1,629,155,157 | |
Assets and liabilities in foreign currencies | 1,808,240 | |
Futures contracts | 2,167,140 | |
Total change in net unrealized appreciation (depreciation) | | 1,633,130,537 |
Net gain (loss) | | 1,655,872,393 |
Net increase (decrease) in net assets resulting from operations | | $ 1,759,727,160 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Diversified International Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 103,854,767 | $ 447,924,506 |
Net realized gain (loss) | 22,741,856 | 2,252,453,091 |
Change in net unrealized appreciation (depreciation) | 1,633,130,537 | (2,019,550,205) |
Net increase (decrease) in net assets resulting from operations | 1,759,727,160 | 680,827,392 |
Distributions to shareholders from net investment income | (285,525,428) | (245,684,040) |
Distributions to shareholders from net realized gain | (625,108,082) | (169,078,602) |
Total distributions | (910,633,510) | (414,762,642) |
Share transactions - net increase (decrease) | 120,327,039 | (1,324,765,796) |
Redemption fees | 113,481 | 253,426 |
Total increase (decrease) in net assets | 969,534,170 | (1,058,447,620) |
| | |
Net Assets | | |
Beginning of period | 24,915,737,301 | 25,974,184,921 |
End of period (including undistributed net investment income of $93,878,014 and undistributed net investment income of $275,548,675, respectively) | $ 25,885,271,471 | $ 24,915,737,301 |
Financial Highlights - Diversified International
| Six months ended
April 30, | Years ended October 31, |
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 36.22 | $ 35.89 | $ 29.07 | $ 27.49 | $ 29.49 | $ 26.86 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .14 | .60G | .44 | .42 | .53H | .37 |
Net realized and unrealized gain (loss) | 2.43 | .28 | 6.90 | 1.65 | (1.99) | 2.61 |
Total from investment operations | 2.57 | .88 | 7.34 | 2.07 | (1.46) | 2.98 |
Distributions from net investment income | (.40) | (.32) | (.46) | (.49) | (.46) | (.35) |
Distributions from net realized gain | (.92) | (.23) | (.07) | - | (.08) | - |
Total distributions | (1.31) L | (.55) | (.52) K | (.49) | (.54) | (.35) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 37.48 | $ 36.22 | $ 35.89 | $ 29.07 | $ 27.49 | $ 29.49 |
Total ReturnB, C | 7.32% | 2.48% | 25.66% | 7.72% | (5.07)% | 11.15% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .98%A | .93% | .94% | 1.01% | .90% | .98% |
Expenses net of fee waivers, if any | .98%A | .93% | .94% | 1.01% | .89% | .98% |
Expenses net of all reductions | .98%A | .92% | .92% | .99% | .87% | .96% |
Net investment income (loss) | .78%A | 1.65%G | 1.38% | 1.53% | 1.78%H | 1.34% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,413,039 | $ 13,781,306 | $ 14,432,586 | $ 13,269,769 | $ 17,285,369 | $ 26,527,229 |
Portfolio turnover rateF | 33% A, M | 39%M | 52% | 35% | 45% | 57% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.44%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.52 per share is comprised of distributions from net investment income of $.456 and distributions from net realized gain of $.068 per share. L Total distributions of $1.31 per share is comprised of distributions from net investment income of $.397 and distributions from net realized gain of $.917 per share. M Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended
April 30, | Years ended October 31, |
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 36.20 | $ 35.87 | $ 29.06 | $ 27.51 | $ 29.51 | $ 26.89 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .16 | .65G | .49 | .47 | .58H | .42 |
Net realized and unrealized gain (loss) | 2.42 | .28 | 6.90 | 1.63 | (1.97) | 2.61 |
Total from investment operations | 2.58 | .93 | 7.39 | 2.10 | (1.39) | 3.03 |
Distributions from net investment income | (.45) | (.37) | (.51) | (.55) | (.53) | (.41) |
Distributions from net realized gain | (.92) | (.23) | (.07) | - | (.08) | - |
Total distributions | (1.36) K | (.60) | (.58) | (.55) | (.61) | (.41) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 37.42 | $ 36.20 | $ 35.87 | $ 29.06 | $ 27.51 | $ 29.51 |
Total ReturnB, C | 7.36% | 2.63% | 25.86% | 7.86% | (4.87)% | 11.33% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .86%A | .80% | .80% | .84% | .73% | .79% |
Expenses net of fee waivers, if any | .86%A | .80% | .80% | .84% | .72% | .79% |
Expenses net of all reductions | .85%A | .79% | .78% | .83% | .70% | .77% |
Net investment income (loss) | .91%A | 1.78%G | 1.52% | 1.70% | 1.95%H | 1.54% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,472,233 | $ 11,134,431 | $ 11,541,599 | $ 8,885,304 | $ 8,115,192 | $ 7,697,405 |
Portfolio turnover rateF | 33% A, L | 39%L | 52% | 35% | 45% | 57% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.29%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.61%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $1.36 per share is comprised of distributions from net investment income of $.446 and distributions from net realized gain of $.917 per share. L Portfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015
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. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to in-kind transactions, futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 6,372,625,217 |
Gross unrealized depreciation | (337,595,915) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,035,029,302 |
| |
Tax cost | $ 20,186,572,079 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
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.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Semiannual Report
Notes to Financial Statements - continued
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $3,161,727 and a change in net unrealized appreciation (depreciation) of $2,167,140 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,884,307,124 and $4,889,228,098, respectively.
Redemptions In-Kind. During the period, 8,849,634 shares of the Fund held by unaffiliated entities were redeemed for cash and investments, including accrued interest with a value of $309,648,354. The net realized gain of $90,257,760 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Diversified International as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .78% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Diversified International | $ 12,172,201 | .18 |
Class K | 2,589,106 | .05 |
| $ 14,761,307 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $20,918 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $19,408 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $3,084,965, including $9,512 from securities loaned to FCM.
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $354,820 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 $114.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Diversified International expenses during the period in the amount of $31,535.
Semiannual Report
Notes to Financial Statements - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Diversified International | $ 149,948,658 | $ 126,517,539 |
Class K | 135,576,770 | 119,166,501 |
Total | $ 285,525,428 | $ 245,684,040 |
From net realized gain | | |
Diversified International | $ 346,354,986 | $ 93,097,870 |
Class K | 278,753,096 | 75,980,732 |
Total | $ 625,108,082 | $ 169,078,602 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Diversified International | | | | |
Shares sold | 42,434,624 | 63,463,792 | $ 1,529,668,310 | $ 2,320,618,859 |
Reinvestment of distributions | 13,245,636 | 5,837,698 | 468,498,147 | 207,822,041 |
Shares redeemed | (51,565,185) | (90,929,350) | (1,852,414,988) | (3,326,061,359) |
Net increase (decrease) | 4,115,075 | (21,627,860) | $ 145,751,469 | $ (797,620,459) |
Class K | | | | |
Shares sold | 33,259,394 | 73,871,959 | $ 1,198,491,072 | $ 2,700,737,555 |
Reinvestment of distributions | 11,737,390 | 5,492,463 | 414,329,866 | 195,147,232 |
Shares redeemed | (46,044,631) A | (93,499,195) B | (1,638,245,368) A | (3,423,030,124) B |
Net increase (decrease) | (1,047,847) | (14,134,773) | $ (25,424,430) | $ (527,145,337) |
A Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).
B Amount includes in-kind redemptions.
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 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, 2015, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2015 and for the year ended October 31, 2014, and the financial highlights for the six months ended April 30, 2015 and for each of the five years in the period ended October 31, 2014. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, 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, 2015, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2015 and for the year ended October 31, 2014, and the financial highlights for the six months ended April 30, 2015 and for each of the five years in the period ended October 31, 2014, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 19, 2015
Semiannual Report
Fidelity International Capital Appreciation Fund
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Actual | 1.13% | $ 1,000.00 | $ 1,061.00 | $ 5.77 |
HypotheticalA | | $ 1,000.00 | $ 1,019.19 | $ 5.66 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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
Fidelity International Capital Appreciation Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United States of America* | 19.9% | |
 | United Kingdom | 16.3% | |
 | France | 6.3% | |
 | India | 5.8% | |
 | Switzerland | 4.4% | |
 | Germany | 4.1% | |
 | Canada | 3.8% | |
 | Australia | 3.6% | |
 | Japan | 3.2% | |
 | Other | 32.6% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | United States of America* | 17.0% | |
 | United Kingdom | 15.0% | |
 | Japan | 7.4% | |
 | India | 5.6% | |
 | France | 5.5% | |
 | Germany | 4.8% | |
 | Australia | 4.0% | |
 | Switzerland | 3.9% | |
 | Canada | 3.7% | |
 | Other | 33.1% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.9 | 98.5 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.1 | 1.5 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novartis AG sponsored ADR (Switzerland, Pharmaceuticals) | 1.6 | 0.0 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) | 1.0 | 0.0 |
Bayer AG (Germany, Pharmaceuticals) | 1.0 | 1.0 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 0.9 | 0.8 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 0.9 | 0.8 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 0.8 | 0.8 |
AIA Group Ltd. (Hong Kong, Insurance) | 0.8 | 0.7 |
Prudential PLC (United Kingdom, Insurance) | 0.7 | 0.7 |
Naspers Ltd. Class N (South Africa, Media) | 0.7 | 0.7 |
Valeant Pharmaceuticals International (Canada) (Canada, Pharmaceuticals) | 0.7 | 0.0 |
| 9.1 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 20.8 | 18.3 |
Consumer Discretionary | 18.3 | 21.1 |
Information Technology | 15.0 | 10.9 |
Health Care | 15.0 | 12.0 |
Financials | 14.0 | 14.8 |
Materials | 8.5 | 11.1 |
Consumer Staples | 6.0 | 9.2 |
Telecommunication Services | 1.3 | 0.4 |
Energy | 0.0 | 0.7 |
Semiannual Report
Fidelity International Capital Appreciation Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5% |
| Shares | | Value |
Australia - 3.6% |
Amcor Ltd. | 493,440 | | $ 5,283,245 |
CSL Ltd. | 100,780 | | 7,255,860 |
DuluxGroup Ltd. | 1,041,175 | | 5,215,501 |
Ramsay Health Care Ltd. | 97,236 | | 4,816,157 |
realestate.com.au Ltd. | 138,466 | | 5,175,231 |
SEEK Ltd. | 375,778 | | 4,832,294 |
Spotless Group Holdings Ltd. | 2,980,977 | | 5,378,511 |
Sydney Airport unit | 1,140,402 | | 4,864,244 |
Transurban Group unit | 767,837 | | 6,027,668 |
TOTAL AUSTRALIA | | 48,848,711 |
Bailiwick of Jersey - 1.5% |
Shire PLC | 99,600 | | 8,093,857 |
Wolseley PLC | 106,674 | | 6,309,170 |
WPP PLC | 290,200 | | 6,767,899 |
TOTAL BAILIWICK OF JERSEY | | 21,170,926 |
Belgium - 1.2% |
Anheuser-Busch InBev SA NV | 93,589 | | 11,394,306 |
Fagron NV | 121,234 | | 5,358,535 |
TOTAL BELGIUM | | 16,752,841 |
Bermuda - 0.8% |
Invesco Ltd. | 134,872 | | 5,586,398 |
Signet Jewelers Ltd. | 38,000 | | 5,096,940 |
TOTAL BERMUDA | | 10,683,338 |
Brazil - 2.0% |
BB Seguridade Participacoes SA | 490,800 | | 5,742,113 |
Cielo SA | 418,760 | | 5,829,103 |
Kroton Educacional SA | 1,497,200 | | 5,466,138 |
Qualicorp SA (a) | 677,900 | | 5,579,887 |
Smiles SA | 317,200 | | 5,358,695 |
TOTAL BRAZIL | | 27,975,936 |
Canada - 3.8% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 151,600 | | 5,802,642 |
Canadian National Railway Co. | 136,700 | | 8,826,299 |
Canadian Pacific Railway Ltd. | 38,907 | | 7,417,967 |
CI Financial Corp. | 173,300 | | 5,093,426 |
Constellation Software, Inc. | 13,900 | | 5,449,399 |
Constellation Software, Inc. rights 9/15/15 (a) | 14,000 | | 4,177 |
Open Text Corp. | 104,800 | | 5,295,158 |
Stantec, Inc. | 185,500 | | 5,010,729 |
Valeant Pharmaceuticals International (Canada) (a) | 43,900 | | 9,519,732 |
TOTAL CANADA | | 52,419,529 |
|
| Shares | | Value |
Cayman Islands - 1.3% |
Alibaba Group Holding Ltd. sponsored ADR | 65,230 | | $ 5,302,547 |
Tencent Holdings Ltd. | 585,700 | | 12,088,192 |
TOTAL CAYMAN ISLANDS | | 17,390,739 |
Denmark - 1.8% |
Novo Nordisk A/S Series B sponsored ADR | 223,420 | | 12,571,843 |
Pandora A/S | 61,600 | | 6,367,070 |
Topdanmark A/S (a) | 186,900 | | 5,605,580 |
TOTAL DENMARK | | 24,544,493 |
Finland - 0.9% |
Kone Oyj (B Shares) | 130,000 | | 5,592,813 |
Sampo Oyj (A Shares) | 133,500 | | 6,468,648 |
TOTAL FINLAND | | 12,061,461 |
France - 6.3% |
Air Liquide SA | 58,191 | | 7,610,244 |
Bollore Group | 937,700 | | 5,359,000 |
Bureau Veritas SA | 237,190 | | 5,585,251 |
Christian Dior SA | 27,649 | | 5,405,409 |
Dassault Systemes SA | 77,400 | | 5,964,164 |
Essilor International SA | 54,766 | | 6,672,146 |
Ingenico SA | 43,870 | | 5,504,487 |
Korian-Medica | 155,900 | | 5,296,724 |
L'Oreal SA | 40,100 | | 7,652,720 |
Natixis SA | 733,100 | | 6,068,210 |
Publicis Groupe SA | 72,707 | | 6,097,977 |
Safran SA | 86,400 | | 6,313,019 |
Sodexo SA (a) | 58,200 | | 5,889,270 |
Zodiac Aerospace | 175,480 | | 6,444,199 |
TOTAL FRANCE | | 85,862,820 |
Germany - 3.7% |
Bayer AG | 94,530 | | 13,605,950 |
CTS Eventim AG | 165,498 | | 5,639,901 |
Fresenius SE & Co. KGaA | 117,700 | | 7,002,319 |
Henkel AG & Co. KGaA | 65,989 | | 6,684,386 |
ProSiebenSat.1 Media AG | 112,260 | | 5,739,540 |
Symrise AG | 99,300 | | 6,020,899 |
Wirecard AG | 126,800 | | 5,568,948 |
TOTAL GERMANY | | 50,261,943 |
Hong Kong - 1.2% |
AIA Group Ltd. | 1,609,400 | | 10,756,259 |
Techtronic Industries Co. Ltd. | 1,539,500 | | 5,472,286 |
TOTAL HONG KONG | | 16,228,545 |
India - 5.8% |
Adani Ports & Special Economic Zone | 1,095,059 | | 5,472,047 |
Amara Raja Batteries Ltd. (a) | 422,574 | | 5,285,192 |
Asian Paints India Ltd. | 275,467 | | 3,305,073 |
Axis Bank Ltd. (a) | 642,052 | | 5,763,710 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Exide Industries Ltd. | 2,069,949 | | $ 5,587,925 |
HCL Technologies Ltd. | 403,317 | | 5,588,570 |
HDFC Bank Ltd. | 298,275 | | 5,328,185 |
Housing Development Finance Corp. Ltd. | 374,364 | | 6,892,553 |
ICICI Bank Ltd. (a) | 1,156,149 | | 6,037,013 |
ITC Ltd. (a) | 1,264,246 | | 6,412,973 |
LIC Housing Finance Ltd. | 829,820 | | 5,615,689 |
Sun Pharmaceutical Industries Ltd. (a) | 441,175 | | 6,517,894 |
Tata Consultancy Services Ltd. | 161,094 | | 6,245,502 |
Titan Co. Ltd. (a) | 899,084 | | 5,486,328 |
TOTAL INDIA | | 79,538,654 |
Indonesia - 1.5% |
PT ACE Hardware Indonesia Tbk | 1,982,800 | | 98,662 |
PT Bank Central Asia Tbk | 6,017,800 | | 6,255,727 |
PT Bank Rakyat Indonesia Tbk | 6,803,900 | | 6,101,858 |
PT Surya Citra Media Tbk | 7,134,900 | | 1,596,236 |
PT Tower Bersama Infrastructure Tbk | 9,839,800 | | 6,433,350 |
TOTAL INDONESIA | | 20,485,833 |
Ireland - 2.8% |
Actavis PLC (a) | 19,165 | | 5,421,012 |
Allegion PlC | 85,000 | | 5,197,750 |
CRH PLC | 228,500 | | 6,385,083 |
Kerry Group PLC Class A | 72,300 | | 5,317,839 |
Kingspan Group PLC (Ireland) | 256,269 | | 5,084,419 |
Mallinckrodt PLC (a) | 8,529 | | 965,312 |
Perrigo Co. PLC | 28,678 | | 5,256,104 |
Ryanair Holdings PLC sponsored ADR | 80,900 | | 5,246,365 |
TOTAL IRELAND | | 38,873,884 |
Isle of Man - 0.4% |
Playtech Ltd. | 445,344 | | 5,594,759 |
Israel - 1.5% |
Check Point Software Technologies Ltd. (a) | 64,800 | | 5,409,504 |
Frutarom Industries Ltd. | 127,200 | | 5,418,583 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 149,930 | | 9,058,771 |
TOTAL ISRAEL | | 19,886,858 |
Italy - 0.8% |
Atlantia SpA | 197,082 | | 5,542,926 |
Recordati SpA | 267,700 | | 5,334,151 |
TOTAL ITALY | | 10,877,077 |
Japan - 3.2% |
Astellas Pharma, Inc. | 440,900 | | 6,865,121 |
Hoya Corp. | 145,200 | | 5,596,138 |
Kansai Paint Co. Ltd. | 276,000 | | 4,919,832 |
Keyence Corp. | 11,350 | | 6,059,187 |
Misumi Group, Inc. | 130,600 | | 4,901,174 |
Olympus Corp. (a) | 147,500 | | 5,311,475 |
|
| Shares | | Value |
OMRON Corp. | 125,630 | | $ 5,768,686 |
SK Kaken Co. Ltd. | 57,270 | | 4,991,786 |
TOTAL JAPAN | | 44,413,399 |
Kenya - 0.7% |
Kenya Commercial Bank Ltd. | 7,157,400 | | 4,728,726 |
Safaricom Ltd. | 28,141,200 | | 5,176,077 |
TOTAL KENYA | | 9,904,803 |
Mexico - 2.0% |
Grupo Aeroportuario del Pacifico SA de CV Series B | 745,000 | | 5,304,155 |
Grupo Aeroportuario del Sureste SA de CV Series B | 369,205 | | 5,225,711 |
Grupo Aeroportuario Norte S.A.B. de CV | 991,800 | | 4,953,182 |
Grupo Televisa SA de CV (CPO) sponsored ADR (a) | 174,800 | | 6,364,468 |
Megacable Holdings S.A.B. de CV unit | 1,300,200 | | 5,411,144 |
TOTAL MEXICO | | 27,258,660 |
Netherlands - 1.8% |
IMCD Group BV | 147,466 | | 5,495,379 |
LyondellBasell Industries NV Class A | 52,830 | | 5,468,962 |
Reed Elsevier NV | 327,948 | | 7,909,260 |
Sensata Technologies Holding BV (a) | 100,630 | | 5,555,782 |
TOTAL NETHERLANDS | | 24,429,383 |
New Zealand - 0.4% |
Ryman Healthcare Group Ltd. | 885,761 | | 5,509,865 |
Norway - 0.4% |
Schibsted ASA (B Shares) | 85,590 | | 5,325,301 |
Philippines - 1.8% |
Ayala Corp. | 227,510 | | 3,977,537 |
GT Capital Holdings, Inc. | 180,005 | | 5,067,495 |
International Container Terminal Services, Inc. | 2,137,560 | | 5,270,236 |
SM Investments Corp. | 233,313 | | 4,709,142 |
SM Prime Holdings, Inc. | 12,208,900 | | 5,106,311 |
TOTAL PHILIPPINES | | 24,130,721 |
South Africa - 2.3% |
Aspen Pharmacare Holdings Ltd. (c)(d) | 193,800 | | 5,897,287 |
Discovery Ltd. (d) | 453,881 | | 5,039,286 |
FirstRand Ltd. (d) | 1,050,000 | | 5,015,992 |
Naspers Ltd. Class N (d) | 61,100 | | 9,609,745 |
Sanlam Ltd. | 867,100 | | 5,610,229 |
TOTAL SOUTH AFRICA | | 31,172,539 |
Spain - 1.3% |
Aena SA | 66,800 | | 6,262,316 |
Amadeus IT Holding SA Class A | 131,900 | | 6,012,260 |
Grifols SA ADR | 182,260 | | 5,797,691 |
TOTAL SPAIN | | 18,072,267 |
Common Stocks - continued |
| Shares | | Value |
Sweden - 1.2% |
ASSA ABLOY AB (B Shares) | 92,854 | | $ 5,386,815 |
Hexagon AB (B Shares) | 157,100 | | 5,819,020 |
HEXPOL AB (B Shares) | 48,600 | | 5,208,044 |
TOTAL SWEDEN | | 16,413,879 |
Switzerland - 4.4% |
Compagnie Financiere Richemont SA Series A | 100,647 | | 8,970,965 |
Geberit AG (Reg.) | 17,150 | | 6,074,077 |
Givaudan SA | 3,020 | | 5,650,948 |
Novartis AG sponsored ADR | 213,730 | | 21,757,714 |
Partners Group Holding AG | 17,290 | | 5,419,309 |
Sika AG (Bearer) | 1,820 | | 6,246,871 |
TE Connectivity Ltd. | 82,800 | | 5,510,340 |
TOTAL SWITZERLAND | | 59,630,224 |
Taiwan - 1.4% |
Delta Electronics, Inc. | 880,000 | | 5,315,745 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 560,900 | | 13,708,396 |
TOTAL TAIWAN | | 19,024,141 |
Thailand - 0.4% |
Airports of Thailand PCL (For. Reg.) | 653,500 | | 5,750,721 |
Turkey - 0.4% |
TAV Havalimanlari Holding A/S | 645,000 | | 5,671,444 |
United Arab Emirates - 0.8% |
DP World Ltd. | 241,068 | | 5,563,849 |
First Gulf Bank PJSC | 1,364,861 | | 5,666,870 |
TOTAL UNITED ARAB EMIRATES | | 11,230,719 |
United Kingdom - 16.3% |
Aon PLC | 54,830 | | 5,276,291 |
Ashtead Group PLC | 361,960 | | 6,206,741 |
Associated British Foods PLC | 159,600 | | 6,967,857 |
Auto Trader Group PLC | 1,310,100 | | 5,442,580 |
Babcock International Group PLC | 356,200 | | 5,494,716 |
BCA Marketplace PLC | 2,290,900 | | 5,449,613 |
Berkeley Group Holdings PLC | 144,900 | | 5,579,039 |
Bunzl PLC | 230,442 | | 6,479,401 |
Burberry Group PLC | 225,400 | | 6,008,940 |
Capita Group PLC | 335,000 | | 5,863,573 |
Close Brothers Group PLC | 210,500 | | 4,920,533 |
Compass Group PLC | 418,676 | | 7,401,243 |
Dignity PLC | 158,012 | | 4,899,114 |
Diploma PLC | 431,259 | | 5,289,887 |
easyJet PLC | 206,800 | | 5,718,157 |
Essentra PLC | 331,600 | | 4,867,661 |
Exova Group Ltd. PLC | 2,172,600 | | 6,304,706 |
Halma PLC | 482,700 | | 5,257,027 |
Hikma Pharmaceuticals PLC | 171,770 | | 5,371,623 |
Howden Joinery Group PLC | 695,190 | | 4,948,932 |
Inchcape PLC | 427,800 | | 5,441,644 |
|
| Shares | | Value |
InterContinental Hotel Group PLC | 142,100 | | $ 6,076,980 |
Intertek Group PLC | 143,050 | | 5,717,070 |
ITV PLC | 1,446,746 | | 5,617,017 |
Johnson Matthey PLC | 113,594 | | 5,807,929 |
London Stock Exchange Group PLC | 153,554 | | 5,977,154 |
Melrose PLC | 1,287,002 | | 5,222,642 |
Micro Focus International PLC | 283,300 | | 5,452,715 |
Persimmon PLC | 212,700 | | 5,522,616 |
Prudential PLC | 391,528 | | 9,748,086 |
Reckitt Benckiser Group PLC | 94,330 | | 8,395,789 |
Rightmove PLC | 113,254 | | 5,482,561 |
SABMiller PLC | 130,900 | | 6,928,916 |
Schroders PLC | 103,404 | | 5,128,668 |
Spire Healthcare Group PLC | 1,068,870 | | 5,234,780 |
St. James's Place Capital PLC | 418,476 | | 5,708,309 |
The Restaurant Group PLC | 548,385 | | 5,699,075 |
Whitbread PLC | 75,405 | | 6,054,974 |
TOTAL UNITED KINGDOM | | 222,964,559 |
United States of America - 18.8% |
A.O. Smith Corp. | 79,430 | | 5,075,577 |
Affiliated Managers Group, Inc. (a) | 23,600 | | 5,336,668 |
Alliance Data Systems Corp. (a) | 18,200 | | 5,411,042 |
American Tower Corp. | 53,630 | | 5,069,644 |
AMETEK, Inc. | 95,660 | | 5,014,497 |
Amphenol Corp. Class A | 90,692 | | 5,021,616 |
AutoZone, Inc. (a) | 7,610 | | 5,118,943 |
Ball Corp. | 66,300 | | 4,867,083 |
Biogen, Inc. (a) | 14,010 | | 5,238,759 |
Broadridge Financial Solutions, Inc. | 92,200 | | 4,971,424 |
Cerner Corp. (a) | 74,900 | | 5,378,569 |
Colgate-Palmolive Co. | 83,400 | | 5,611,152 |
Constellation Brands, Inc. Class A (sub. vtg.) (a) | 43,800 | | 5,078,172 |
Danaher Corp. | 61,661 | | 5,048,803 |
Domino's Pizza, Inc. | 48,530 | | 5,233,961 |
Ecolab, Inc. | 48,860 | | 5,471,343 |
Fidelity National Information Services, Inc. | 87,630 | | 5,475,999 |
Fiserv, Inc. (a) | 67,485 | | 5,236,836 |
FleetCor Technologies, Inc. (a) | 34,390 | | 5,533,007 |
Gartner, Inc. Class A (a) | 61,600 | | 5,111,568 |
Global Payments, Inc. | 51,500 | | 5,164,420 |
Google, Inc. Class C (a) | 9,980 | | 5,362,653 |
Home Depot, Inc. | 48,600 | | 5,199,228 |
International Flavors & Fragrances, Inc. | 47,700 | | 5,473,575 |
L Brands, Inc. | 57,000 | | 5,093,520 |
MasterCard, Inc. Class A | 60,330 | | 5,442,369 |
McGraw Hill Financial, Inc. | 53,015 | | 5,529,465 |
McKesson Corp. | 22,300 | | 4,981,820 |
Mead Johnson Nutrition Co. Class A | 57,400 | | 5,505,808 |
Mettler-Toledo International, Inc. (a) | 17,300 | | 5,484,273 |
Middleby Corp. (a) | 50,000 | | 5,067,000 |
Moody's Corp. | 47,740 | | 5,133,005 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
NIKE, Inc. Class B | 49,190 | | $ 4,861,940 |
Pall Corp. | 53,800 | | 5,235,816 |
PPG Industries, Inc. | 24,293 | | 5,382,357 |
Priceline Group, Inc. (a) | 4,363 | | 5,400,565 |
Roper Industries, Inc. | 29,500 | | 4,961,015 |
SBA Communications Corp. Class A (a) | 47,100 | | 5,455,122 |
ServiceMaster Global Holdings, Inc. | 148,100 | | 5,118,336 |
Sherwin-Williams Co. | 18,960 | | 5,270,880 |
SS&C Technologies Holdings, Inc. | 84,800 | | 5,102,416 |
Stericycle, Inc. (a) | 40,800 | | 5,443,944 |
The Walt Disney Co. | 44,567 | | 4,845,324 |
TJX Companies, Inc. | 80,000 | | 5,163,200 |
TransDigm Group, Inc. | 25,400 | | 5,388,102 |
Union Pacific Corp. | 51,590 | | 5,480,406 |
Valspar Corp. | 64,630 | | 5,241,493 |
Visa, Inc. Class A | 80,998 | | 5,349,918 |
Wyndham Worldwide Corp. | 61,630 | | 5,263,202 |
TOTAL UNITED STATES OF AMERICA | | 256,705,835 |
TOTAL COMMON STOCKS (Cost $1,162,941,015) |
1,347,066,807
|
Nonconvertible Preferred Stocks - 0.4% |
| | | |
Germany - 0.4% |
Sartorius AG (non-vtg.)
(Cost $3,315,537) | 33,544 | |
5,561,333
|
Money Market Funds - 0.7% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.15% (b)
(Cost $9,152,323) | 9,152,323 | | $ 9,152,323 |
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $1,175,408,875) | 1,361,780,463 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | | 5,911,684 |
NET ASSETS - 100% | $ 1,367,692,147 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) A portion of the security sold on a delayed delivery basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 9,963 |
Fidelity Securities Lending Cash Central Fund | 98,874 |
Total | $ 108,837 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 250,316,357 | $ 106,535,689 | $ 143,780,668 | $ - |
Consumer Staples | 81,752,560 | 28,410,747 | 53,341,813 | - |
Financials | 190,774,947 | 118,601,542 | 72,173,405 | - |
Health Care | 206,716,564 | 127,008,550 | 79,708,014 | - |
Industrials | 284,925,899 | 158,278,448 | 126,647,451 | - |
Information Technology | 206,969,872 | 126,841,709 | 80,128,163 | - |
Materials | 114,107,392 | 56,398,095 | 57,709,297 | - |
Telecommunication Services | 17,064,549 | 17,064,549 | - | - |
Money Market Funds | 9,152,323 | 9,152,323 | - | - |
Total Investments in Securities: | $ 1,361,780,463 | $ 748,291,652 | $ 613,488,811 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 290,344,863 |
Level 2 to Level 1 | $ 110,667,438 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Capital Appreciation Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,166,256,552) | $ 1,352,628,140 | |
Fidelity Central Funds (cost $9,152,323) | 9,152,323 | |
Total Investments (cost $1,175,408,875) | | $ 1,361,780,463 |
Foreign currency held at value (cost $2,527,376) | | 2,527,082 |
Receivable for investments sold
Regular delivery | | 74,055,046 |
Delayed delivery | | 461,265 |
Receivable for fund shares sold | | 939,371 |
Dividends receivable | | 3,462,079 |
Distributions receivable from Fidelity Central Funds | | 26,094 |
Prepaid expenses | | 761 |
Other receivables | | 264,233 |
Total assets | | 1,443,516,394 |
| | |
Liabilities | | |
Payable to custodian bank | $ 145,074 | |
Payable for investments purchased
Regular delivery | 72,357,755 | |
Delayed delivery | 459,953 | |
Payable for fund shares redeemed | 1,008,365 | |
Accrued management fee | 956,801 | |
Other affiliated payables | 270,114 | |
Other payables and accrued expenses | 626,185 | |
Total liabilities | | 75,824,247 |
| | |
Net Assets | | $ 1,367,692,147 |
Net Assets consist of: | | |
Paid in capital | | $ 1,166,687,568 |
Undistributed net investment income | | 5,064,803 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 10,128,309 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 185,811,467 |
Net Assets, for 78,900,366 shares outstanding | | $ 1,367,692,147 |
Net Asset Value, offering price and redemption price per share ($1,367,692,147 ÷ 78,900,366 shares) | | $ 17.33 |
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 12,879,727 |
Income from Fidelity Central Funds | | 108,837 |
Income before foreign taxes withheld | | 12,988,564 |
Less foreign taxes withheld | | (775,965) |
Total income | | 12,212,599 |
| | |
Expenses | | |
Management fee
Basic fee | $ 4,443,992 | |
Performance adjustment | 905,109 | |
Transfer agent fees | 1,245,100 | |
Accounting and security lending fees | 290,598 | |
Custodian fees and expenses | 196,652 | |
Independent trustees' compensation | 2,420 | |
Registration fees | 46,201 | |
Audit | 48,803 | |
Legal | 1,836 | |
Interest | 259 | |
Miscellaneous | 4,380 | |
Total expenses before reductions | 7,185,350 | |
Expense reductions | (53,439) | 7,131,911 |
Net investment income (loss) | | 5,080,688 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $376,239) | 13,986,879 | |
Foreign currency transactions | (551,639) | |
Total net realized gain (loss) | | 13,435,240 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 59,338,128 | |
Assets and liabilities in foreign currencies | 29,251 | |
Total change in net unrealized appreciation (depreciation) | | 59,367,379 |
Net gain (loss) | | 72,802,619 |
Net increase (decrease) in net assets resulting from operations | | $ 77,883,307 |
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, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,080,688 | $ 7,517,759 |
Net realized gain (loss) | 13,435,240 | 86,370,479 |
Change in net unrealized appreciation (depreciation) | 59,367,379 | (27,496,716) |
Net increase (decrease) in net assets resulting from operations | 77,883,307 | 66,391,522 |
Distributions to shareholders from net investment income | (6,239,324) | (6,875,229) |
Distributions to shareholders from net realized gain | (55,136,629) | - |
Total distributions | (61,375,953) | (6,875,229) |
Share transactions
Proceeds from sales of shares | 305,333,171 | 277,015,834 |
Reinvestment of distributions | 49,986,231 | 5,201,557 |
Cost of shares redeemed | (149,897,270) | (135,947,685) |
Net increase (decrease) in net assets resulting from share transactions | 205,422,132 | 146,269,706 |
Redemption fees | 18,669 | 12,815 |
Total increase (decrease) in net assets | 221,948,155 | 205,798,814 |
Net Assets | | |
Beginning of period | 1,145,743,992 | 939,945,178 |
End of period (including undistributed net investment income of $5,064,803 and undistributed net investment income of $6,223,439, respectively) | $ 1,367,692,147 | $ 1,145,743,992 |
Other Information Shares | | |
Sold | 18,181,003 | 16,581,689 |
Issued in reinvestment of distributions | 2,996,776 | 321,879 |
Redeemed | (8,825,650) | (8,102,392) |
Net increase (decrease) | 12,352,129 | 8,801,176 |
Financial Highlights - Fidelity International Capital Appreciation Fund
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 17.22 | $ 16.28 | $ 13.12 | $ 11.89 | $ 12.63 | $ 10.78 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .13 | .13 | .12 | .13G | .12 |
Net realized and unrealized gain (loss) | .95 | .93 | 3.16 | 1.24 | (.62) | 1.92 |
Total from investment operations | 1.02 | 1.06 | 3.29 | 1.36 | (.49) | 2.04 |
Distributions from net investment income | (.09) | (.12) | (.13) | (.12) | (.15) | (.07) |
Distributions from net realized gain | (.81) | - | - | (.01) | (.10) | (.12) |
Total distributions | (.91) J | (.12) | (.13) | (.13) | (.25) | (.19) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 17.33 | $ 17.22 | $ 16.28 | $ 13.12 | $ 11.89 | $ 12.63 |
Total ReturnB, C | 6.10% | 6.55% | 25.24% | 11.57% | (4.03)% | 19.12% |
Ratios to Average Net AssetsE, H | | | | | | |
Expenses before reductions | 1.13%A | 1.14% | 1.17% | 1.22% | 1.16% | 1.04% |
Expenses net of fee waivers, if any | 1.13%A | 1.14% | 1.17% | 1.22% | 1.16% | 1.04% |
Expenses net of all reductions | 1.12%A | 1.14% | 1.12% | 1.19% | 1.09% | .87% |
Net investment income (loss) | .80%A | .74% | .87% | 1.01% | 1.02%G | 1.07% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,367,692 | $ 1,145,744 | $ 939,945 | $ 730,515 | $ 555,568 | $ 627,129 |
Portfolio turnover rateF | 177%A | 178% | 136% | 127% | 254% | 480% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .78%. H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. I Amount represents less than $.01 per share. J Total distributions of $.91 per share is comprised of distributions from net investment income of $.092 and distributions from net realized gain of $.813 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® International Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 197,783,924 |
Gross unrealized depreciation | (13,569,686) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 184,214,238 |
| |
Tax cost | $ 1,177,566,225 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. 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.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,258,957,340 and $1,107,935,969, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .84% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 .20% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,422 for the period.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
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 or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan
Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 6,784,250 | .34% | $ 259 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $959 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $98,874. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $52,662 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $777.
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, Strategic Advisers International II Fund was the owner of record of approximately 16% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 29% of the total outstanding shares of the Fund.
Semiannual Report
Fidelity Overseas Fund
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Overseas | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,107.10 | $ 5.49 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Class K | .92% | | | |
Actual | | $ 1,000.00 | $ 1,107.70 | $ 4.81 |
HypotheticalA | | $ 1,000.00 | $ 1,020.23 | $ 4.61 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Overseas Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United Kingdom | 27.2% | |
 | Japan | 18.3% | |
 | Switzerland | 7.2% | |
 | Germany | 7.1% | |
 | France | 6.6% | |
 | United States of America* | 6.0% | |
 | Bailiwick of Jersey | 3.7% | |
 | Sweden | 3.6% | |
 | Australia | 2.9% | |
 | Other | 17.4% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | United Kingdom | 23.0% | |
 | Japan | 18.6% | |
 | Switzerland | 8.6% | |
 | Germany | 8.3% | |
 | United States of America* | 8.2% | |
 | France | 6.0% | |
 | Sweden | 4.7% | |
 | Australia | 4.0% | |
 | Bailiwick of Jersey | 3.2% | |
 | Other | 15.4% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.9 | 95.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1 | 4.4 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.3 | 2.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.1 | 2.4 |
Sanofi SA (France, Pharmaceuticals) | 1.6 | 1.4 |
Bayer AG (Germany, Pharmaceuticals) | 1.5 | 1.8 |
Prudential PLC (United Kingdom, Insurance) | 1.3 | 1.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 1.4 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.3 | 1.4 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 1.2 | 1.2 |
UBS Group AG (Switzerland, Capital Markets) | 1.2 | 1.1 |
BT Group PLC (United Kingdom, Diversified Telecommunication Services) | 1.2 | 0.9 |
| 15.0 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.5 | 20.1 |
Health Care | 16.2 | 15.3 |
Consumer Discretionary | 15.0 | 14.7 |
Industrials | 12.9 | 11.1 |
Information Technology | 10.3 | 9.9 |
Consumer Staples | 10.3 | 13.1 |
Materials | 4.7 | 5.9 |
Telecommunication Services | 3.9 | 3.2 |
Energy | 2.1 | 2.3 |
Semiannual Report
Fidelity Overseas Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.2% |
| Shares | | Value |
Australia - 2.9% |
Ansell Ltd. | 516,634 | | $ 10,666,592 |
Austbrokers Holdings Ltd. | 2,312,435 | | 15,627,734 |
Australia & New Zealand Banking Group Ltd. | 1,343,842 | | 36,146,644 |
Flight Centre Travel Group Ltd. (d) | 611,208 | | 21,006,199 |
Life Healthcare Group Ltd. | 1,346,638 | | 3,474,058 |
Spotless Group Holdings Ltd. | 12,630,070 | | 22,788,157 |
TOTAL AUSTRALIA | | 109,709,384 |
Austria - 0.4% |
Andritz AG | 285,300 | | 16,703,391 |
Bailiwick of Jersey - 3.7% |
Delphi Automotive PLC | 228,100 | | 18,932,300 |
Experian PLC | 441,894 | | 7,892,350 |
Regus PLC | 5,248,370 | | 20,045,203 |
Shire PLC | 362,200 | | 29,433,683 |
Wolseley PLC | 425,906 | | 25,189,958 |
WPP PLC | 1,703,633 | | 39,731,273 |
TOTAL BAILIWICK OF JERSEY | | 141,224,767 |
Belgium - 2.4% |
Anheuser-Busch InBev SA NV | 412,412 | | 50,210,480 |
KBC Groep NV | 658,382 | | 43,317,116 |
TOTAL BELGIUM | | 93,527,596 |
Canada - 1.0% |
Constellation Software, Inc. | 63,600 | | 24,933,941 |
Constellation Software, Inc. rights 9/15/15 (a) | 6,360 | | 1,898 |
Open Text Corp. | 278,500 | | 14,071,579 |
TOTAL CANADA | | 39,007,418 |
Cayman Islands - 0.8% |
Lifestyle International Holdings Ltd. | 5,203,500 | | 9,734,890 |
Shenzhou International Group Holdings Ltd. | 4,292,000 | | 20,240,189 |
TOTAL CAYMAN ISLANDS | | 29,975,079 |
China - 0.3% |
Zhengzhou Yutong Bus Co. Ltd. | 2,607,134 | | 12,870,066 |
Denmark - 0.3% |
NNIT A/S | 432,547 | | 10,097,219 |
France - 6.6% |
ALTEN | 270,300 | | 13,194,072 |
AXA SA (d) | 1,145,100 | | 28,954,829 |
Christian Dior SA | 118,597 | | 23,185,840 |
Ipsen SA | 358,100 | | 20,564,981 |
Kering SA (d) | 89,600 | | 16,570,337 |
Sanofi SA | 608,432 | | 61,932,604 |
Sodexo SA (a) | 208,500 | | 21,098,157 |
|
| Shares | | Value |
Total SA | 883,900 | | $ 47,863,152 |
Zodiac Aerospace | 528,100 | | 19,393,559 |
TOTAL FRANCE | | 252,757,531 |
Germany - 5.4% |
adidas AG (d) | 321,700 | | 26,358,789 |
Bayer AG | 404,397 | | 58,205,915 |
CompuGroup Medical AG | 462,500 | | 13,220,005 |
Continental AG (d) | 99,100 | | 23,224,563 |
Deutsche Post AG | 1,032,481 | | 33,997,796 |
Fresenius SE & Co. KGaA | 624,500 | | 37,153,340 |
Gerry Weber International AG (Bearer) (d) | 510,500 | | 16,686,040 |
TOTAL GERMANY | | 208,846,448 |
Ireland - 2.8% |
Accenture PLC Class A | 195,400 | | 18,103,810 |
Actavis PLC (a) | 79,600 | | 22,515,656 |
DCC PLC (United Kingdom) | 307,600 | | 19,567,544 |
Kerry Group PLC Class A | 401,964 | | 29,565,417 |
United Drug PLC (United Kingdom) | 2,088,200 | | 16,983,342 |
TOTAL IRELAND | | 106,735,769 |
Israel - 1.4% |
Frutarom Industries Ltd. | 446,972 | | 19,040,526 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 549,800 | | 33,218,916 |
TOTAL ISRAEL | | 52,259,442 |
Italy - 1.0% |
Mediaset SpA | 3,792,800 | | 19,493,529 |
Recordati SpA | 970,400 | | 19,336,049 |
TOTAL ITALY | | 38,829,578 |
Japan - 18.3% |
ACOM Co. Ltd. (a)(d) | 2,790,000 | | 9,263,773 |
Ai Holdings Corp. | 587,800 | | 10,689,342 |
Arc Land Sakamoto Co. Ltd. | 472,300 | | 11,392,333 |
Astellas Pharma, Inc. | 2,349,900 | | 36,589,586 |
Broadleaf Co. Ltd. | 550,400 | | 8,581,133 |
Daikin Industries Ltd. | 296,000 | | 19,941,238 |
Daito Trust Construction Co. Ltd. | 165,100 | | 19,225,995 |
Dentsu, Inc. | 488,700 | | 22,780,605 |
Fukuda Denshi Co. Ltd. | 144,100 | | 8,251,081 |
GMO Internet, Inc. | 1,428,700 | | 17,960,432 |
Hoya Corp. | 867,900 | | 33,449,644 |
Isuzu Motors Ltd. | 1,429,600 | | 18,947,654 |
Japan Tobacco, Inc. | 1,064,900 | | 37,187,228 |
KDDI Corp. | 1,331,700 | | 31,511,141 |
Keyence Corp. | 46,290 | | 24,711,876 |
Leopalace21 Corp. (a) | 1,623,500 | | 9,363,469 |
Makita Corp. | 371,600 | | 18,544,429 |
Meitec Corp. | 416,500 | | 13,412,522 |
Miraca Holdings, Inc. | 392,700 | | 19,756,522 |
Misumi Group, Inc. | 462,900 | | 17,371,772 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Nakanishi, Inc. | 378,700 | | $ 14,032,620 |
NGK Spark Plug Co. Ltd. | 989,500 | | 27,709,307 |
Nitori Holdings Co. Ltd. | 246,500 | | 18,958,086 |
OBIC Co. Ltd. | 397,100 | | 16,610,936 |
Olympus Corp. (a) | 719,300 | | 25,901,994 |
OMRON Corp. | 576,300 | | 26,462,581 |
ORIX Corp. | 2,212,200 | | 34,020,098 |
Roland DG Corp. | 289,400 | | 7,746,622 |
Seven Bank Ltd. | 4,318,200 | | 23,265,906 |
Shinsei Bank Ltd. | 8,485,000 | | 17,362,963 |
Ship Healthcare Holdings, Inc. | 700,600 | | 17,122,782 |
SoftBank Corp. | 406,100 | | 25,385,454 |
Software Service, Inc. | 108,400 | | 4,299,570 |
Sundrug Co. Ltd. | 370,000 | | 18,567,580 |
Tsuruha Holdings, Inc. | 310,000 | | 22,483,909 |
VT Holdings Co. Ltd. | 2,992,200 | | 15,013,658 |
TOTAL JAPAN | | 703,875,841 |
Luxembourg - 1.3% |
Altice SA (a) | 174,529 | | 18,455,408 |
Eurofins Scientific SA | 52,159 | | 14,692,396 |
Grand City Properties SA (a) | 818,700 | | 15,518,085 |
TOTAL LUXEMBOURG | | 48,665,889 |
Netherlands - 2.2% |
Arcadis NV | 508,100 | | 16,083,408 |
IMCD Group BV | 788,100 | | 29,368,860 |
ING Groep NV (Certificaten Van Aandelen) | 2,479,100 | | 38,033,249 |
TOTAL NETHERLANDS | | 83,485,517 |
New Zealand - 0.4% |
EBOS Group Ltd. | 1,913,519 | | 13,918,502 |
Norway - 0.5% |
Telenor ASA | 878,200 | | 19,834,312 |
South Africa - 0.2% |
EOH Holdings Ltd. | 715,781 | | 9,717,233 |
Spain - 1.3% |
Amadeus IT Holding SA Class A | 783,200 | | 35,699,789 |
CaixaBank SA | 2,504,942 | | 12,563,671 |
TOTAL SPAIN | | 48,263,460 |
Sweden - 3.6% |
Alfa Laval AB (d) | 762,900 | | 14,240,220 |
HEXPOL AB (B Shares) | 199,500 | | 21,378,698 |
Nordea Bank AB | 2,983,000 | | 37,899,462 |
Svenska Cellulosa AB (SCA) (B Shares) | 993,800 | | 25,138,142 |
Svenska Handelsbanken AB (A Shares) | 451,800 | | 20,854,622 |
Swedbank AB (A Shares) | 801,900 | | 18,646,331 |
TOTAL SWEDEN | | 138,157,475 |
Switzerland - 7.2% |
EFG International | 960,000 | | 14,090,872 |
|
| Shares | | Value |
Nestle SA | 1,125,370 | | $ 87,310,954 |
Roche Holding AG (participation certificate) | 284,880 | | 81,519,863 |
Sika AG (Bearer) | 6,030 | | 20,697,051 |
Syngenta AG (Switzerland) | 83,269 | | 27,864,290 |
UBS Group AG | 2,277,516 | | 45,498,698 |
TOTAL SWITZERLAND | | 276,981,728 |
Taiwan - 1.1% |
King's Town Bank | 11,305,899 | | 11,610,087 |
St.Shine Optical Co. Ltd. | 918,000 | | 16,276,171 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,354,000 | | 16,147,070 |
TOTAL TAIWAN | | 44,033,328 |
United Kingdom - 27.2% |
Aberdeen Asset Management PLC | 2,945,300 | | 21,387,220 |
Aldermore Group PLC | 3,979,000 | | 14,281,481 |
Ashmore Group PLC (d) | 3,572,300 | | 16,887,329 |
Barclays PLC | 7,794,341 | | 30,494,991 |
British American Tobacco PLC (United Kingdom) | 733,500 | | 40,301,160 |
BT Group PLC | 6,472,700 | | 45,144,427 |
Capita Group PLC | 1,259,400 | | 22,043,535 |
Cineworld Group PLC | 2,778,900 | | 20,755,551 |
Close Brothers Group PLC | 770,600 | | 18,013,123 |
Dechra Pharmaceuticals PLC | 455,395 | | 7,115,335 |
Diageo PLC | 1,486,588 | | 41,271,216 |
Diploma PLC | 1,681,725 | | 20,628,290 |
Elementis PLC | 3,645,800 | | 16,965,934 |
Essentra PLC | 1,429,700 | | 20,987,018 |
Exova Group Ltd. PLC | 5,083,535 | | 14,751,999 |
Hikma Pharmaceuticals PLC | 548,609 | | 17,156,202 |
Hilton Food Group PLC | 1,120,800 | | 7,386,529 |
Howden Joinery Group PLC | 3,415,000 | | 24,310,767 |
HSBC Holdings PLC (United Kingdom) | 3,697,200 | | 36,933,198 |
IMI PLC | 1,006,899 | | 19,294,787 |
Indivior PLC (a) | 442,700 | | 1,348,913 |
Intertek Group PLC | 508,500 | | 20,322,476 |
ITV PLC | 6,807,000 | | 26,428,298 |
Johnson Matthey PLC | 443,200 | | 22,660,300 |
Lloyds Banking Group PLC | 39,229,000 | | 46,458,055 |
London Stock Exchange Group PLC | 887,045 | | 34,528,598 |
Melrose PLC | 4,050,285 | | 16,436,019 |
Micro Focus International PLC | 961,900 | | 18,513,825 |
Next PLC | 244,900 | | 27,534,223 |
Provident Financial PLC | 476,700 | | 21,988,462 |
Prudential PLC | 2,038,123 | | 50,744,260 |
Reckitt Benckiser Group PLC | 442,700 | | 39,402,268 |
Rio Tinto PLC | 797,700 | | 35,697,959 |
Rolls-Royce Group PLC | 1,365,066 | | 21,763,123 |
Royal Dutch Shell PLC Class A (United Kingdom) | 958,400 | | 30,218,608 |
Schroders PLC | 540,400 | | 26,802,947 |
Senior Engineering Group PLC | 3,626,200 | | 17,412,416 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Shawbrook Group Ltd. | 2,289,800 | | $ 10,806,561 |
Sinclair Pharma PLC (a) | 9,532,300 | | 6,062,771 |
Spectris PLC | 511,400 | | 16,807,489 |
Spirax-Sarco Engineering PLC | 341,807 | | 17,692,979 |
St. James's Place Capital PLC | 2,544,705 | | 34,711,581 |
The Restaurant Group PLC | 1,733,200 | | 18,012,232 |
Vodafone Group PLC | 7,172,232 | | 25,269,270 |
TOTAL UNITED KINGDOM | | 1,043,733,725 |
United States of America - 3.9% |
Cognizant Technology Solutions Corp. Class A (a) | 345,700 | | 20,237,278 |
Fidelity National Information Services, Inc. | 369,500 | | 23,090,055 |
Google, Inc. Class C (a) | 34,193 | | 18,373,267 |
Huron Consulting Group, Inc. (a) | 249,500 | | 15,124,690 |
McGraw Hill Financial, Inc. | 287,100 | | 29,944,530 |
MSCI, Inc. Class A | 309,700 | | 18,950,543 |
Total System Services, Inc. | 607,900 | | 24,048,524 |
TOTAL UNITED STATES OF AMERICA | | 149,768,887 |
TOTAL COMMON STOCKS (Cost $3,098,702,576) |
3,692,979,585
|
Nonconvertible Preferred Stocks - 1.7% |
| | | |
Germany - 1.7% |
Henkel AG & Co. KGaA | 289,100 | | 33,581,123 |
Volkswagen AG (d) | 115,368 | | 29,701,003 |
TOTAL GERMANY | | 63,282,126 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC | 192,474,306 | | $ 295,448 |
Rolls-Royce Group PLC (C Shares) (a) | 277,614,784 | | 426,139 |
TOTAL UNITED KINGDOM | | 721,587 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $51,000,307) |
64,003,713
|
Money Market Funds - 5.5% |
| | | |
Fidelity Cash Central Fund, 0.15% (b) | 60,064,747 | | 60,064,747 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 151,483,514 | | 151,483,514 |
TOTAL MONEY MARKET FUNDS (Cost $211,548,261) |
211,548,261
|
TOTAL INVESTMENT
PORTFOLIO - 103.4% (Cost $3,361,251,144) | 3,968,531,559 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | | (130,812,469) |
NET ASSETS - 100% | $ 3,837,719,090 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 61,108 |
Fidelity Securities Lending Cash Central Fund | 739,349 |
Total | $ 800,457 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 573,448,459 | $ 69,913,578 | $ 503,534,881 | $ - |
Consumer Staples | 395,218,778 | - | 395,218,778 | - |
Energy | 78,081,760 | - | 78,081,760 | - |
Financials | 864,196,483 | 112,279,538 | 751,916,945 | - |
Health Care | 620,846,668 | 100,069,895 | 520,776,773 | - |
Industrials | 493,602,374 | 51,504,500 | 442,097,874 | - |
Information Technology | 399,152,396 | 152,577,585 | 246,574,811 | - |
Materials | 185,291,776 | 19,040,526 | 166,251,250 | - |
Telecommunication Services | 147,144,604 | - | 147,144,604 | - |
Money Market Funds | 211,548,261 | 211,548,261 | - | - |
Total Investments in Securities: | $ 3,968,531,559 | $ 716,933,883 | $ 3,251,597,676 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 1,183,296,102 |
Level 2 to Level 1 | $ 111,247,600 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $144,416,930) - See accompanying schedule: Unaffiliated issuers (cost $3,149,702,883) | $ 3,756,983,298 | |
Fidelity Central Funds (cost $211,548,261) | 211,548,261 | |
Total Investments (cost $3,361,251,144) | | $ 3,968,531,559 |
Foreign currency held at value (cost $646,194) | | 654,635 |
Receivable for investments sold | | 5,750,309 |
Receivable for fund shares sold | | 4,256,968 |
Dividends receivable | | 17,921,893 |
Distributions receivable from Fidelity Central Funds | | 167,877 |
Prepaid expenses | | 2,653 |
Other receivables | | 294,052 |
Total assets | | 3,997,579,946 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,550,402 | |
Payable for fund shares redeemed | 1,293,513 | |
Accrued management fee | 2,564,138 | |
Other affiliated payables | 595,011 | |
Other payables and accrued expenses | 374,278 | |
Collateral on securities loaned, at value | 151,483,514 | |
Total liabilities | | 159,860,856 |
| | |
Net Assets | | $ 3,837,719,090 |
Net Assets consist of: | | |
Paid in capital | | $ 4,506,989,490 |
Undistributed net investment income | | 19,989,091 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,296,606,805) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 607,347,314 |
Net Assets | | $ 3,837,719,090 |
| | |
Overseas:
Net Asset Value, offering price and redemption price per share ($3,124,424,399 ÷ 73,565,836 shares) | | $ 42.47 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($713,294,691 ÷ 16,833,379 shares) | | $ 42.37 |
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 43,552,361 |
Interest | | 17 |
Income from Fidelity Central Funds | | 800,457 |
Income before foreign taxes withheld | | 44,352,835 |
Less foreign taxes withheld | | (3,121,517) |
Total income | | 41,231,318 |
| | |
Expenses | | |
Management fee
Basic fee | $ 11,814,736 | |
Performance adjustment | 2,492,425 | |
Transfer agent fees | 2,650,190 | |
Accounting and security lending fees | 744,090 | |
Custodian fees and expenses | 153,162 | |
Independent trustees' compensation | 6,925 | |
Appreciation in deferred trustee compensation account | 138 | |
Registration fees | 51,507 | |
Audit | 51,904 | |
Legal | 9,739 | |
Miscellaneous | 14,816 | |
Total expenses before reductions | 17,989,632 | |
Expense reductions | (91,074) | 17,898,558 |
Net investment income (loss) | | 23,332,760 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 70,557,972 | |
Foreign currency transactions | (482,155) | |
Total net realized gain (loss) | | 70,075,817 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 269,262,986 | |
Assets and liabilities in foreign currencies | 340,269 | |
Total change in net unrealized appreciation (depreciation) | | 269,603,255 |
Net gain (loss) | | 339,679,072 |
Net increase (decrease) in net assets resulting from operations | | $ 363,011,832 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 23,332,760 | $ 61,848,023 |
Net realized gain (loss) | 70,075,817 | 127,905,467 |
Change in net unrealized appreciation (depreciation) | 269,603,255 | (174,623,095) |
Net increase (decrease) in net assets resulting from operations | 363,011,832 | 15,130,395 |
Distributions to shareholders from net investment income | (58,590,247) | (32,103,977) |
Distributions to shareholders from net realized gain | - | (10,805,389) |
Total distributions | (58,590,247) | (42,909,366) |
Share transactions - net increase (decrease) | 167,792,260 | 955,824,325 |
Redemption fees | 21,533 | 26,526 |
Total increase (decrease) in net assets | 472,235,378 | 928,071,880 |
| | |
Net Assets | | |
Beginning of period | 3,365,483,712 | 2,437,411,832 |
End of period (including undistributed net investment income of $19,989,091 and undistributed net investment income of $55,246,578, respectively) | $ 3,837,719,090 | $ 3,365,483,712 |
Financial Highlights - Overseas
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.02 | $ 39.22 | $ 31.35 | $ 29.28 | $ 31.56 | $ 30.13 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .26 | .77G | .54 | .73 | .47 | .42 |
Net realized and unrealized gain (loss) | 3.86 | (.28) | 8.10 | 2.19 | (2.27) | 1.49 |
Total from investment operations | 4.12 | .49 | 8.64 | 2.92 | (1.80) | 1.91 |
Distributions from net investment income | (.67) | (.51) | (.77) | (.83) | (.48) | (.47) |
Distributions from net realized gain | - | (.18) | - | (.02) | - | (.01) |
Total distributions | (.67) | (.69) | (.77) | (.85) | (.48) | (.48) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 42.47 | $ 39.02 | $ 39.22 | $ 31.35 | $ 29.28 | $ 31.56 |
Total ReturnB, C | 10.71% | 1.27% | 28.17% | 10.37% | (5.83)% | 6.33% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.05%A | 1.04% | 1.09% | .69% | .73% | .89% |
Expenses net of fee waivers, if any | 1.05%A | 1.04% | 1.09% | .69% | .73% | .89% |
Expenses net of all reductions | 1.04%A | 1.04% | 1.06% | .67% | .67% | .85% |
Net investment income (loss) | 1.30%A | 1.93%G | 1.54% | 2.52% | 1.44% | 1.41% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $3,124,424 | $ 2,738,667 | $ 1,874,922 | $ 1,639,725 | $ 2,215,717 | $ 5,548,689 |
Portfolio turnover rateF | 38% A | 41% | 42% | 90% | 77% | 111% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.24 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.34%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 38.96 | $ 39.17 | $ 31.32 | $ 29.29 | $ 31.59 | $ 30.16 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .28 | .82G | .60 | .79 | .52 | .47 |
Net realized and unrealized gain (loss) | 3.85 | (.28) | 8.08 | 2.18 | (2.27) | 1.50 |
Total from investment operations | 4.13 | .54 | 8.68 | 2.97 | (1.75) | 1.97 |
Distributions from net investment income | (.72) | (.58) | (.83) | (.92) | (.55) | (.53) |
Distributions from net realized gain | - | (.18) | - | (.02) | - | (.01) |
Total distributions | (.72) | (.75) J | (.83) | (.94) | (.55) | (.54) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 42.37 | $ 38.96 | $ 39.17 | $ 31.32 | $ 29.29 | $ 31.59 |
Total ReturnB, C | 10.77% | 1.41% | 28.37% | 10.59% | (5.67)% | 6.55% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | .92%A | .90% | .93% | .51% | .56% | .69% |
Expenses net of fee waivers, if any | .92%A | .90% | .92% | .51% | .55% | .69% |
Expenses net of all reductions | .91%A | .90% | .90% | .48% | .50% | .66% |
Net investment income (loss) | 1.43%A | 2.06%G | 1.71% | 2.70% | 1.61% | 1.60% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 713,295 | $ 626,817 | $ 562,490 | $ 265,484 | $ 291,323 | $ 368,004 |
Portfolio turnover rateF | 38% A | 41% | 42% | 90% | 77% | 111% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.24 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.47%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.75 per share is comprised of distributions from net investment income of $.575 and distributions from net realized gain of $.177 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (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.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 681,373,309 |
Gross unrealized depreciation | (74,519,891) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 606,853,418 |
| |
Tax cost | $ 3,361,678,141 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration | |
2016 | $ (416,712,808) |
2017 | (939,719,765) |
Total capital loss carryforward | $ (1,356,432,573) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $840,336,584 and $642,864,527, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Overseas as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Overseas | $ 2,494,049 | .18 |
Class K | 156,141 | .05 |
| $ 2,650,190 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $201 for the period.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $34,709.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,694 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $739,349.During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $89,724 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Overseas expenses during the period in the amount of $1,350.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Overseas | $ 46,955,858 | $ 24,366,946 |
Class K | 11,634,389 | 7,737,031 |
Total | $ 58,590,247 | $ 32,103,977 |
From net realized gain | | |
Overseas | $ - | $ 8,423,730 |
Class K | - | 2,381,659 |
Total | $ - | $ 10,805,389 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Overseas | | | | |
Shares sold | 9,174,029 | 31,652,887 | $ 375,803,453 | $ 1,257,674,661 |
Reinvestment of distributions | 1,181,068 | 829,932 | 46,087,250 | 32,043,709 |
Shares redeemed | (6,973,025) | (10,108,288) | (281,542,382) | (404,187,270) |
Net increase (decrease) | 3,382,072 | 22,374,531 | $ 140,348,321 | $ 885,531,100 |
Class K | | | | |
Shares sold | 2,421,846 | 5,550,150 | $ 95,635,234 | $ 222,847,172 |
Reinvestment of distributions | 298,984 | 262,825 | 11,634,389 | 10,118,690 |
Shares redeemed | (1,976,332) | (4,085,651) | (79,825,684) | (162,672,637) |
Net increase (decrease) | 744,498 | 1,727,324 | $ 27,443,939 | $ 70,293,225 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 10% of the total outstanding shares of the Fund. In addition, at the end of the period Strategic Advisers International Fund was the owner of record of approximately 17% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 29% of the total outstanding shares of the Fund.
Semiannual Report
Fidelity Worldwide Fund
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
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 B | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*
November 1, 2014
to April 30, 2015 |
Class A | 1.24% | | | |
Actual | | $ 1,000.00 | $ 1,044.40 | $ 6.29 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Class T | 1.55% | | | |
Actual | | $ 1,000.00 | $ 1,042.60 | $ 7.85 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,040.00 | $ 10.42 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.03% | | | |
Actual | | $ 1,000.00 | $ 1,040.30 | $ 10.27 |
HypotheticalA | | $ 1,000.00 | $ 1,014.73 | $ 10.14 |
Worldwide | .95% | | | |
Actual | | $ 1,000.00 | $ 1,046.10 | $ 4.82 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
Institutional Class | .95% | | | |
Actual | | $ 1,000.00 | $ 1,045.70 | $ 4.82 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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 Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2015 |
 | United States of America* | 51.8% | |
 | United Kingdom | 7.9% | |
 | Japan | 6.6% | |
 | Ireland | 4.7% | |
 | France | 3.6% | |
 | Switzerland | 2.8% | |
 | Germany | 2.7% | |
 | Netherlands | 2.7% | |
 | Belgium | 1.6% | |
 | Other | 15.6% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 |
 | United States of America* | 58.1% | |
 | Japan | 7.1% | |
 | United Kingdom | 6.5% | |
 | Ireland | 3.3% | |
 | Germany | 2.7% | |
 | Switzerland | 2.5% | |
 | France | 2.1% | |
 | Australia | 1.8% | |
 | Sweden | 1.7% | |
 | Other | 14.2% | |
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.2 | 98.5 |
Other Investments | 0.1 | 0.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.7 | 1.4 |
Top Ten Stocks as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) | 3.6 | 3.7 |
Adobe Systems, Inc. (United States of America, Software) | 2.6 | 2.9 |
CVS Health Corp. (United States of America, Food & Staples Retailing) | 2.3 | 2.1 |
Actavis PLC (Ireland, Pharmaceuticals) | 2.1 | 1.1 |
Zebra Technologies Corp. Class A (United States of America, Electronic Equipment & Components) | 1.9 | 1.0 |
Ameriprise Financial, Inc. (United States of America, Capital Markets) | 1.8 | 2.8 |
Gilead Sciences, Inc. (United States of America, Biotechnology) | 1.7 | 1.7 |
Facebook, Inc. Class A (United States of America, Internet Software & Services) | 1.3 | 1.4 |
Visa, Inc. Class A (United States of America, IT Services) | 1.2 | 0.7 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.1 | 0.5 |
| 19.6 | |
Market Sectors as of April 30, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.9 | 19.6 |
Health Care | 17.6 | 15.0 |
Information Technology | 16.8 | 18.0 |
Consumer Discretionary | 13.1 | 10.4 |
Consumer Staples | 11.2 | 8.7 |
Industrials | 7.2 | 11.1 |
Energy | 6.6 | 7.2 |
Telecommunication Services | 3.1 | 2.1 |
Materials | 1.4 | 3.9 |
Utilities | 1.4 | 1.4 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1% |
| Shares | | Value |
Australia - 1.2% |
Ansell Ltd. | 120,679 | | $ 2,491,577 |
Australia & New Zealand Banking Group Ltd. | 277,691 | | 7,469,329 |
Flight Centre Travel Group Ltd. | 42,564 | | 1,462,854 |
G8 Education Ltd. (e) | 384,605 | | 1,098,729 |
Greencross Ltd. (e) | 73,412 | | 386,329 |
Mantra Group Ltd. | 352,523 | | 1,004,289 |
Ramsay Health Care Ltd. | 80,656 | | 3,994,940 |
Spotless Group Holdings Ltd. | 1,248,598 | | 2,252,818 |
TOTAL AUSTRALIA | | 20,160,865 |
Austria - 0.1% |
Andritz AG | 28,200 | | 1,651,019 |
Bailiwick of Jersey - 1.0% |
MySale Group PLC (e) | 608,400 | | 511,073 |
Regus PLC | 206,500 | | 788,690 |
Shire PLC | 110,200 | | 8,955,251 |
Wizz Air Holdings PLC | 17,000 | | 369,994 |
Wolseley PLC | 94,904 | | 5,613,041 |
TOTAL BAILIWICK OF JERSEY | | 16,238,049 |
Belgium - 1.6% |
Anheuser-Busch InBev SA NV | 86,511 | | 10,532,571 |
Anheuser-Busch InBev SA NV ADR | 72,000 | | 8,642,880 |
KBC Groep NV | 120,727 | | 7,943,026 |
TOTAL BELGIUM | | 27,118,477 |
Bermuda - 0.7% |
BW Offshore Ltd. | 560,800 | | 417,795 |
Haier Electronics Group Co. Ltd. | 224,000 | | 645,941 |
PAX Global Technology Ltd. (a) | 4,249,000 | | 6,194,876 |
Signet Jewelers Ltd. | 8,000 | | 1,073,040 |
Travelport Worldwide Ltd. | 200,900 | | 3,180,247 |
TOTAL BERMUDA | | 11,511,899 |
Canada - 1.2% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 52,000 | | 1,990,352 |
Constellation Software, Inc. | 14,600 | | 5,723,829 |
Constellation Software, Inc. rights 9/15/15 (a) | 7,900 | | 2,357 |
IMAX Corp. (a) | 34,000 | | 1,270,240 |
Imperial Oil Ltd. | 59,200 | | 2,609,412 |
Potash Corp. of Saskatchewan, Inc. | 52,600 | | 1,717,729 |
PrairieSky Royalty Ltd. (e) | 97,200 | | 2,669,073 |
Suncor Energy, Inc. | 39,400 | | 1,283,072 |
TransForce, Inc. | 90,200 | | 2,037,257 |
TOTAL CANADA | | 19,303,321 |
Cayman Islands - 0.6% |
Alibaba Group Holding Ltd. sponsored ADR | 26,800 | | 2,178,572 |
Lee's Pharmaceutical Holdings Ltd. | 433,629 | | 804,535 |
Value Partners Group Ltd. | 300,000 | | 557,380 |
|
| Shares | | Value |
Vipshop Holdings Ltd. ADR (a) | 127,000 | | $ 3,592,830 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 53,700 | | 2,318,229 |
TOTAL CAYMAN ISLANDS | | 9,451,546 |
China - 0.4% |
Daqin Railway Co. Ltd. (A Shares) | 218,500 | | 492,108 |
Inner Mongoli Yili Industries Co. Ltd. | 396,200 | | 2,328,860 |
Jiangsu Hengrui Medicine Co. Ltd. | 271,600 | | 2,496,278 |
Kweichow Moutai Co. Ltd. | 38,000 | | 1,545,228 |
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) | 68,359 | | 315,752 |
TOTAL CHINA | | 7,178,226 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 31,822 | | 10,693 |
Denmark - 0.6% |
Novo Nordisk A/S Series B | 139,580 | | 7,836,115 |
Vestas Wind Systems A/S | 34,000 | | 1,542,154 |
TOTAL DENMARK | | 9,378,269 |
Egypt - 0.0% |
Edita Food Industries SAE GDR (a)(f) | 10,500 | | 165,593 |
Finland - 0.3% |
Sampo Oyj (A Shares) | 99,200 | | 4,806,666 |
France - 3.6% |
Accor SA | 99,500 | | 5,456,066 |
Air Liquide SA | 27,000 | | 3,531,072 |
AXA SA | 182,600 | | 4,617,197 |
BNP Paribas SA | 46,600 | | 2,942,851 |
Cap Gemini SA | 26,200 | | 2,334,303 |
Havas SA | 324,941 | | 2,710,252 |
Ingenico SA | 25,666 | | 3,220,382 |
Numericable Group SA (a) | 58,465 | | 3,245,977 |
Rexel SA | 80,110 | | 1,509,805 |
Safran SA | 39,500 | | 2,886,160 |
Schneider Electric SA | 36,800 | | 2,750,742 |
Sodexo SA (a) | 27,200 | | 2,752,374 |
SR Teleperformance SA | 18,900 | | 1,418,713 |
Total SA | 226,015 | | 12,238,704 |
Total SA sponsored ADR | 46,000 | | 2,488,600 |
Unibail-Rodamco | 9,900 | | 2,733,494 |
Zodiac Aerospace | 73,400 | | 2,695,488 |
TOTAL FRANCE | | 59,532,180 |
Germany - 2.3% |
Aareal Bank AG | 63,891 | | 2,748,061 |
Bayer AG | 26,700 | | 3,843,001 |
Beiersdorf AG | 15,300 | | 1,330,881 |
Continental AG | 18,900 | | 4,429,306 |
Deutsche Annington Immobilien SE | 50,700 | | 1,701,752 |
Deutsche Boerse AG | 28,600 | | 2,369,906 |
Deutsche Telekom AG | 208,000 | | 3,823,176 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Fresenius SE & Co. KGaA | 29,600 | | $ 1,760,991 |
GEA Group AG | 56,776 | | 2,726,721 |
KION Group AG | 95,589 | | 4,240,798 |
LEG Immobilien AG | 59,550 | | 4,620,323 |
ProSiebenSat.1 Media AG | 74,400 | | 3,803,864 |
TOTAL GERMANY | | 37,398,780 |
Greece - 0.1% |
Folli Follie SA | 59,300 | | 1,788,116 |
Hong Kong - 1.3% |
AIA Group Ltd. | 1,737,400 | | 11,611,733 |
Hutchison Whampoa Ltd. | 117,000 | | 1,723,929 |
Lenovo Group Ltd. | 200,000 | | 345,782 |
Techtronic Industries Co. Ltd. | 2,162,500 | | 7,686,793 |
TOTAL HONG KONG | | 21,368,237 |
India - 1.5% |
Bharti Infratel Ltd. | 702,057 | | 4,433,449 |
Edelweiss Financial Services Ltd. (a) | 1,102,262 | | 1,072,815 |
HDFC Bank Ltd. sponsored ADR | 12,400 | | 704,816 |
Housing Development Finance Corp. Ltd. | 454,567 | | 8,369,200 |
Info Edge India Ltd. | 111,442 | | 1,348,664 |
Lupin Ltd. | 129,437 | | 3,610,415 |
Sun Pharmaceutical Industries Ltd. (a) | 116,622 | | 1,722,967 |
The Jammu & Kashmir Bank Ltd. | 460,230 | | 695,621 |
Titan Co. Ltd. (a) | 144,739 | | 883,216 |
Yes Bank Ltd. | 202,552 | | 2,675,664 |
TOTAL INDIA | | 25,516,827 |
Indonesia - 0.2% |
PT Bank Central Asia Tbk | 1,366,000 | | 1,420,008 |
PT Bank Rakyat Indonesia Tbk | 1,377,400 | | 1,235,277 |
TOTAL INDONESIA | | 2,655,285 |
Ireland - 4.6% |
Actavis PLC (a) | 121,400 | | 34,339,204 |
Alkermes PLC (a) | 131,488 | | 7,280,491 |
Bank of Ireland (a) | 3,692,100 | | 1,412,742 |
Endo Health Solutions, Inc. (a) | 35,000 | | 2,942,275 |
Glanbia PLC | 156,100 | | 2,893,007 |
Greencore Group PLC | 2,008,941 | | 10,901,682 |
James Hardie Industries PLC CDI | 30,475 | | 352,340 |
Kerry Group PLC Class A | 59,000 | | 4,339,592 |
Medtronic PLC | 151,000 | | 11,241,950 |
Prothena Corp. PLC (a) | 6,300 | | 204,183 |
TOTAL IRELAND | | 75,907,466 |
Isle of Man - 0.1% |
Optimal Payments PLC (a) | 157,693 | | 716,610 |
Optimal Payments PLC rights 5/1/15 (a) | 252,488 | | 536,027 |
Playtech Ltd. | 59,829 | | 751,619 |
TOTAL ISLE OF MAN | | 2,004,256 |
|
| Shares | | Value |
Israel - 0.7% |
Bezeq The Israel Telecommunication Corp. Ltd. | 1,579,900 | | $ 2,995,657 |
Frutarom Industries Ltd. | 66,100 | | 2,815,789 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 94,000 | | 5,679,480 |
TOTAL ISRAEL | | 11,490,926 |
Italy - 1.1% |
De Longhi SpA | 168,300 | | 3,795,898 |
Intesa Sanpaolo SpA | 1,124,300 | | 3,777,090 |
Mediaset SpA | 967,800 | | 4,974,119 |
Telecom Italia SpA (a)(e) | 2,866,200 | | 3,382,885 |
World Duty Free SpA (a) | 159,397 | | 1,779,399 |
TOTAL ITALY | | 17,709,391 |
Japan - 6.6% |
A/S One Corp. | 67,300 | | 2,160,670 |
ACOM Co. Ltd. (a)(e) | 678,600 | | 2,253,189 |
Aozora Bank Ltd. | 678,000 | | 2,536,018 |
Astellas Pharma, Inc. | 527,200 | | 8,208,873 |
Broadleaf Co. Ltd. | 112,100 | | 1,747,720 |
Coca-Cola Central Japan Co. Ltd. | 98,800 | | 1,846,284 |
Daiichikosho Co. Ltd. | 23,800 | | 767,592 |
Dentsu, Inc. | 57,100 | | 2,661,700 |
Don Quijote Holdings Co. Ltd. | 35,500 | | 2,708,451 |
Fanuc Corp. | 3,000 | | 659,888 |
Hitachi Ltd. | 409,000 | | 2,790,567 |
Hoya Corp. | 147,000 | | 5,665,512 |
Japan Exchange Group, Inc. | 116,500 | | 3,365,938 |
Japan Tobacco, Inc. | 58,300 | | 2,035,886 |
KDDI Corp. | 324,000 | | 7,666,599 |
Keyence Corp. | 7,660 | | 4,089,284 |
Kyocera Corp. | 7,000 | | 365,410 |
Misumi Group, Inc. | 48,200 | | 1,808,856 |
Mitsubishi UFJ Financial Group, Inc. | 947,300 | | 6,729,951 |
Monex Group, Inc. | 315,400 | | 857,229 |
NEC Corp. | 1,525,000 | | 5,073,693 |
Nidec Corp. | 35,100 | | 2,625,649 |
Nippon Kanzai Co. Ltd. | 53,500 | | 1,284,555 |
Olympus Corp. (a) | 95,600 | | 3,442,556 |
OMRON Corp. | 97,100 | | 4,458,644 |
ORIX Corp. | 271,100 | | 4,169,084 |
Rakuten, Inc. | 222,200 | | 3,881,934 |
Sanken Electric Co. Ltd. | 170,000 | | 1,300,022 |
Seven Bank Ltd. | 620,900 | | 3,345,329 |
SoftBank Corp. | 36,800 | | 2,300,381 |
Sony Corp. | 120,300 | | 3,636,879 |
Sundrug Co. Ltd. | 53,300 | | 2,674,735 |
Toshiba Plant Systems & Services Corp. | 112,200 | | 1,560,022 |
Tsuruha Holdings, Inc. | 61,000 | | 4,424,253 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
United Arrows Ltd. | 46,300 | | $ 1,424,772 |
VT Holdings Co. Ltd. | 280,200 | | 1,405,931 |
TOTAL JAPAN | | 107,934,056 |
Kenya - 0.2% |
Safaricom Ltd. | 18,905,500 | | 3,477,333 |
Korea (South) - 0.3% |
Medy-Tox, Inc. | 8,652 | | 2,984,916 |
Samsung Electronics Co. Ltd. | 2,119 | | 2,773,895 |
TOTAL KOREA (SOUTH) | | 5,758,811 |
Luxembourg - 0.6% |
Altice SA (a) | 46,900 | | 4,959,397 |
Eurofins Scientific SA | 2,600 | | 732,380 |
Grand City Properties SA (a) | 196,600 | | 3,726,463 |
TOTAL LUXEMBOURG | | 9,418,240 |
Marshall Islands - 0.1% |
Hoegh LNG Partners LP | 49,800 | | 1,080,660 |
Netherlands - 2.7% |
AerCap Holdings NV (a) | 100,300 | | 4,682,004 |
Arcadis NV | 75,300 | | 2,383,548 |
ASML Holding NV (Netherlands) | 32,100 | | 3,454,376 |
IMCD Group BV | 122,100 | | 4,550,105 |
ING Groep NV (Certificaten Van Aandelen) | 375,000 | | 5,753,083 |
Mobileye NV (a) | 32,600 | | 1,462,436 |
NXP Semiconductors NV (a) | 97,000 | | 9,323,640 |
Unilever NV: | | | |
(Certificaten Van Aandelen) (Bearer) | 245,700 | | 10,717,583 |
(NY Reg.) | 30,000 | | 1,304,400 |
uniQure B.V. (a) | 2,955 | | 74,023 |
TOTAL NETHERLANDS | | 43,705,198 |
New Zealand - 0.3% |
EBOS Group Ltd. | 295,468 | | 2,149,167 |
Ryman Healthcare Group Ltd. | 459,616 | | 2,859,036 |
TOTAL NEW ZEALAND | | 5,008,203 |
Philippines - 0.3% |
Alliance Global Group, Inc. | 4,919,115 | | 2,800,527 |
SM Investments Corp. | 106,630 | | 2,152,198 |
TOTAL PHILIPPINES | | 4,952,725 |
South Africa - 0.5% |
Distell Group Ltd. | 126,410 | | 1,710,792 |
EOH Holdings Ltd. | 154,500 | | 2,097,447 |
Naspers Ltd. Class N | 30,400 | | 4,781,281 |
TOTAL SOUTH AFRICA | | 8,589,520 |
Spain - 0.8% |
Amadeus IT Holding SA Class A | 108,400 | | 4,941,084 |
Atresmedia Corporacion de Medios de Comunicacion SA | 93,500 | | 1,510,229 |
|
| Shares | | Value |
Hispania Activos Inmobiliarios SA (a) | 51,800 | | $ 738,163 |
Inditex SA | 133,345 | | 4,278,918 |
Mediaset Espana Comunicacion, S.A. | 159,424 | | 2,160,938 |
TOTAL SPAIN | | 13,629,332 |
Sweden - 0.9% |
ASSA ABLOY AB (B Shares) | 85,200 | | 4,942,777 |
HEXPOL AB (B Shares) | 18,900 | | 2,025,350 |
Nordea Bank AB | 331,200 | | 4,207,946 |
Svenska Handelsbanken AB (A Shares) | 60,200 | | 2,778,770 |
Volvo AB (B Shares) | 50,000 | | 690,760 |
TOTAL SWEDEN | | 14,645,603 |
Switzerland - 2.8% |
Clariant AG (Reg.) | 100,830 | | 2,213,690 |
GAM Holding Ltd. | 88,177 | | 1,989,360 |
Julius Baer Group Ltd. | 59,790 | | 3,129,454 |
Lonza Group AG | 35,727 | | 5,051,443 |
Novartis AG | 122,912 | | 12,545,897 |
Partners Group Holding AG | 13,818 | | 4,331,059 |
Schindler Holding AG (participation certificate) | 10,829 | | 1,831,919 |
Sonova Holding AG Class B | 13,789 | | 1,905,015 |
TE Connectivity Ltd. | 83,000 | | 5,523,650 |
UBS Group AG | 382,875 | | 7,648,822 |
TOTAL SWITZERLAND | | 46,170,309 |
Taiwan - 0.4% |
ECLAT Textile Co. Ltd. | 5,757 | | 77,447 |
JHL Biotech, Inc. (h) | 154,552 | | 578,024 |
Merida Industry Co. Ltd. | 309,750 | | 2,326,210 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 602,000 | | 2,898,192 |
TOTAL TAIWAN | | 5,879,873 |
Turkey - 0.0% |
Logo Yazilim Sanayi Ve Ticar | 81,183 | | 754,845 |
United Kingdom - 7.9% |
AA PLC | 246,910 | | 1,578,142 |
Aberdeen Asset Management PLC | 355,842 | | 2,583,937 |
Al Noor Hospitals Group PLC | 210,800 | | 2,903,426 |
Associated British Foods PLC | 48,600 | | 2,121,791 |
Aviva PLC | 413,900 | | 3,330,017 |
B&M European Value Retail S.A. | 462,205 | | 2,139,351 |
BG Group PLC | 240,300 | | 4,352,687 |
British American Tobacco PLC (United Kingdom) | 51,900 | | 2,851,575 |
BT Group PLC | 385,900 | | 2,691,494 |
BTG PLC (a) | 117,300 | | 1,294,297 |
Bunzl PLC | 134,200 | | 3,773,338 |
Diploma PLC | 147,500 | | 1,809,257 |
Essentra PLC | 156,700 | | 2,300,249 |
Hikma Pharmaceuticals PLC | 151,087 | | 4,724,821 |
Hilton Food Group PLC | 350,100 | | 2,307,302 |
Howden Joinery Group PLC | 518,200 | | 3,688,972 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
HSBC Holdings PLC (United Kingdom) | 306,300 | | $ 3,059,785 |
Imperial Tobacco Group PLC | 68,233 | | 3,331,853 |
ITE Group PLC | 165,600 | | 475,499 |
ITV PLC | 1,407,500 | | 5,464,644 |
Johnson Matthey PLC | 57,900 | | 2,960,360 |
JUST EAT Ltd. (a) | 50,000 | | 350,624 |
Liberty Global PLC Class A (a) | 41,200 | | 2,148,168 |
Lloyds Banking Group PLC | 4,617,400 | | 5,468,287 |
London Stock Exchange Group PLC | 164,181 | | 6,390,814 |
Meggitt PLC | 207,500 | | 1,676,885 |
Melrose PLC | 678,228 | | 2,752,243 |
Next PLC | 56,500 | | 6,352,322 |
Persimmon PLC | 92,000 | | 2,388,719 |
Poundland Group PLC | 310,949 | | 1,487,450 |
Reckitt Benckiser Group PLC | 46,700 | | 4,156,508 |
Rex Bionics PLC (a) | 100,000 | | 95,875 |
Royal Dutch Shell PLC Class A (United Kingdom) | 173,500 | | 5,470,501 |
SABMiller PLC | 68,800 | | 3,641,783 |
Schroders PLC | 30,500 | | 1,512,750 |
Shawbrook Group Ltd. | 526,458 | | 2,484,584 |
Spirax-Sarco Engineering PLC | 35,100 | | 1,816,884 |
St. James's Place Capital PLC | 335,400 | | 4,575,094 |
Taylor Wimpey PLC | 761,900 | | 1,934,604 |
The Restaurant Group PLC | 123,700 | | 1,285,549 |
Virgin Money Holdings Uk PLC (a) | 423,100 | | 2,558,550 |
Vodafone Group PLC | 1,977,009 | | 6,965,415 |
Whitbread PLC | 45,053 | | 3,617,728 |
Workspace Group PLC | 48,900 | | 631,383 |
TOTAL UNITED KINGDOM | | 129,505,517 |
United States of America - 48.5% |
AbbVie, Inc. | 58,000 | | 3,750,280 |
Adobe Systems, Inc. (a) | 568,200 | | 43,217,292 |
Agios Pharmaceuticals, Inc. (a) | 10,000 | | 923,400 |
Alaska Air Group, Inc. | 140,000 | | 8,968,400 |
Alnylam Pharmaceuticals, Inc. (a) | 4,400 | | 448,228 |
AMAG Pharmaceuticals, Inc. (a) | 11,000 | | 560,670 |
Amazon.com, Inc. (a) | 28,000 | | 11,809,840 |
American Airlines Group, Inc. | 200,500 | | 9,681,143 |
Ameriprise Financial, Inc. | 240,900 | | 30,179,952 |
Amgen, Inc. | 24,000 | | 3,789,840 |
Amphenol Corp. Class A | 24,000 | | 1,328,880 |
AutoZone, Inc. (a) | 11,200 | | 7,533,792 |
Avalanche Biotechnologies, Inc. (a) | 3,700 | | 117,882 |
Babcock & Wilcox Co. | 57,000 | | 1,842,240 |
Biogen, Inc. (a) | 49,000 | | 18,322,570 |
BioMarin Pharmaceutical, Inc. (a) | 39,000 | | 4,369,950 |
BlackRock, Inc. Class A | 10,000 | | 3,639,400 |
bluebird bio, Inc. (a) | 7,200 | | 958,968 |
Booz Allen Hamilton Holding Corp.
Class A | 105,000 | | 2,887,500 |
Cabot Oil & Gas Corp. | 271,140 | | 9,169,955 |
|
| Shares | | Value |
California Resources Corp. | 50,000 | | $ 465,000 |
CDW Corp. | 5,000 | | 191,600 |
Celgene Corp. (a) | 57,000 | | 6,159,420 |
Celldex Therapeutics, Inc. (a) | 6,100 | | 146,400 |
Charles Schwab Corp. | 68,000 | | 2,074,000 |
Chevron Corp. | 44,100 | | 4,897,746 |
Chimerix, Inc. (a) | 3,900 | | 132,600 |
Church & Dwight Co., Inc. | 21,000 | | 1,704,570 |
Cidara Therapeutics, Inc. | 15,200 | | 222,224 |
Cigna Corp. | 36,000 | | 4,487,040 |
Cognizant Technology Solutions Corp. Class A (a) | 78,000 | | 4,566,120 |
CommScope Holding Co., Inc. (a) | 53,000 | | 1,564,030 |
Constellation Brands, Inc. Class A (sub. vtg.) (a) | 138,200 | | 16,022,908 |
CVS Health Corp. | 378,000 | | 37,531,620 |
Denbury Resources, Inc. (e) | 1,433,900 | | 12,632,659 |
Diamondback Energy, Inc. (a) | 25,000 | | 2,064,250 |
Diplomat Pharmacy, Inc. | 82,000 | | 2,937,240 |
Domino's Pizza, Inc. | 16,000 | | 1,725,600 |
Dyax Corp. (a) | 18,000 | | 430,380 |
Dynegy, Inc. (a) | 308,500 | | 10,263,795 |
E*TRADE Financial Corp. (a) | 25,346 | | 729,711 |
Ecolab, Inc. | 32,000 | | 3,583,360 |
Electronic Arts, Inc. (a) | 40,000 | | 2,323,600 |
EQT Corp. | 110,000 | | 9,893,400 |
Estee Lauder Companies, Inc. Class A | 88,000 | | 7,153,520 |
Etsy, Inc. | 3,200 | | 71,168 |
Facebook, Inc. Class A (a) | 278,500 | | 21,937,445 |
FedEx Corp. | 14,000 | | 2,373,980 |
Ford Motor Co. | 182,000 | | 2,875,600 |
Gilead Sciences, Inc. (a) | 286,000 | | 28,745,860 |
Google, Inc. Class A (a) | 22,900 | | 12,566,833 |
HD Supply Holdings, Inc. (a) | 69,000 | | 2,277,000 |
Home Depot, Inc. | 93,000 | | 9,949,140 |
Huntington Ingalls Industries, Inc. | 12,000 | | 1,579,080 |
Illumina, Inc. (a) | 400 | | 73,700 |
inContact, Inc. (a) | 417,000 | | 4,315,950 |
Interactive Intelligence Group, Inc. (a) | 13,000 | | 571,740 |
Intercept Pharmaceuticals, Inc. (a) | 42,400 | | 10,719,144 |
Intrexon Corp. (a)(e) | 69,000 | | 2,679,270 |
Intuit, Inc. | 144,000 | | 14,447,520 |
Isis Pharmaceuticals, Inc. (a)(e) | 15,800 | | 896,176 |
J.B. Hunt Transport Services, Inc. | 44,000 | | 3,836,800 |
Level 3 Communications, Inc. (a) | 144,000 | | 8,055,360 |
LinkedIn Corp. Class A (a) | 3,000 | | 756,390 |
Lithia Motors, Inc. Class A (sub. vtg.) | 19,000 | | 1,894,870 |
Lowe's Companies, Inc. | 21,000 | | 1,446,060 |
lululemon athletica, Inc. (a) | 44,600 | | 2,838,344 |
Marathon Petroleum Corp. | 116,000 | | 11,434,120 |
MarketAxess Holdings, Inc. | 5,000 | | 429,250 |
MasterCard, Inc. Class A | 196,000 | | 17,681,160 |
McGraw Hill Financial, Inc. | 562,757 | | 58,695,548 |
Mead Johnson Nutrition Co. Class A | 58,000 | | 5,563,360 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Microsoft Corp. | 128,000 | | $ 6,225,920 |
Monster Beverage Corp. (a) | 5,100 | | 699,261 |
Moody's Corp. | 107,000 | | 11,504,640 |
Neurocrine Biosciences, Inc. (a) | 86,700 | | 2,955,603 |
Newfield Exploration Co. (a) | 284,000 | | 11,144,160 |
NiSource, Inc. | 254,100 | | 11,033,022 |
Novavax, Inc. (a) | 30,000 | | 231,900 |
Nu Skin Enterprises, Inc. Class A | 15,000 | | 848,250 |
NVIDIA Corp. | 20,000 | | 443,900 |
O'Reilly Automotive, Inc. (a) | 13,000 | | 2,831,790 |
PACCAR, Inc. | 17,000 | | 1,110,950 |
Palo Alto Networks, Inc. (a) | 6,000 | | 886,320 |
Papa John's International, Inc. | 23,000 | | 1,411,510 |
Party City Holdco, Inc. | 6,700 | | 139,293 |
PDC Energy, Inc. (a) | 11,000 | | 624,140 |
Philip Morris International, Inc. | 72,000 | | 6,009,840 |
Pinnacle Foods, Inc. | 82,000 | | 3,325,100 |
Post Holdings, Inc. (a) | 26,000 | | 1,220,440 |
Prestige Brands Holdings, Inc. (a) | 396,000 | | 15,543,000 |
Priceline Group, Inc. (a) | 2,000 | | 2,475,620 |
Range Resources Corp. | 117,000 | | 7,436,520 |
Red Hat, Inc. (a) | 12,000 | | 903,120 |
Rock-Tenn Co. Class A | 50,900 | | 3,205,682 |
Ross Stores, Inc. | 26,000 | | 2,570,880 |
Sage Therapeutics, Inc. | 3,200 | | 169,600 |
Salesforce.com, Inc. (a) | 17,300 | | 1,259,786 |
ServiceMaster Global Holdings, Inc. | 134,000 | | 4,631,040 |
Skyworks Solutions, Inc. | 50,000 | | 4,612,500 |
SolarWinds, Inc. (a) | 11,000 | | 536,580 |
Spark Therapeutics, Inc. | 5,000 | | 286,350 |
Spirit Airlines, Inc. (a) | 121,500 | | 8,319,105 |
Sprouts Farmers Market LLC (a) | 87,000 | | 2,782,695 |
St. Jude Medical, Inc. | 8,600 | | 602,430 |
SVB Financial Group (a) | 71,000 | | 9,425,960 |
Teleflex, Inc. | 9,000 | | 1,106,640 |
TESARO, Inc. (a) | 6,000 | | 326,820 |
Tetraphase Pharmaceuticals, Inc. (a) | 13,000 | | 458,640 |
The Blackstone Group LP | 41,000 | | 1,679,360 |
The Coca-Cola Co. | 25,000 | | 1,014,000 |
The Cooper Companies, Inc. | 45,900 | | 8,173,413 |
The Hain Celestial Group, Inc. (a) | 54,000 | | 3,252,960 |
The J.M. Smucker Co. | 18,000 | | 2,086,560 |
The Walt Disney Co. | 109,000 | | 11,850,480 |
Twitter, Inc. (a) | 193,000 | | 7,519,280 |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 20,000 | | 3,021,800 |
Ultragenyx Pharmaceutical, Inc. (a) | 16,700 | | 942,381 |
UnitedHealth Group, Inc. | 107,000 | | 11,919,800 |
Visa, Inc. Class A | 294,000 | | 19,418,700 |
Walgreens Boots Alliance, Inc. | 65,000 | | 5,390,450 |
Wells Fargo & Co. | 342,000 | | 18,844,200 |
Whirlpool Corp. | 52,000 | | 9,131,200 |
|
| Shares | | Value |
Workday, Inc. Class A (a) | 1,100 | | $ 100,331 |
WPX Energy, Inc. (a) | 410,000 | | 5,637,500 |
Zebra Technologies Corp. Class A (a) | 337,000 | | 31,030,960 |
Zendesk, Inc. | 16,032 | | 369,698 |
TOTAL UNITED STATES OF AMERICA | | 796,795,923 |
TOTAL COMMON STOCKS (Cost $1,327,240,245) |
1,579,652,235
|
Preferred Stocks - 1.1% |
| | | |
Convertible Preferred Stocks - 0.7% |
Cayman Islands - 0.1% |
Meituan Corp. Series D (h) | 184,583 | | 1,365,914 |
United States of America - 0.6% |
Actavis PLC 5.50% | 5,000 | | 5,003,300 |
American Tower Corp. 5.50% (a) | 34,000 | | 3,488,400 |
Dynegy, Inc. 5.375% (a) | 10,000 | | 1,135,100 |
TOTAL UNITED STATES OF AMERICA | | 9,626,800 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | 10,992,714 |
Nonconvertible Preferred Stocks - 0.4% |
Germany - 0.4% |
Henkel AG & Co. KGaA | 7,100 | | 824,718 |
Volkswagen AG | 24,400 | | 6,281,677 |
TOTAL GERMANY | | 7,106,395 |
TOTAL PREFERRED STOCKS (Cost $15,350,463) |
18,099,109
|
Preferred Securities - 0.1% |
| Principal Amount (d) | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (f)(g)
(Cost $1,935,053) | EUR | 1,260,000 | |
1,513,701
|
Money Market Funds - 2.9% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.15% (b) | 28,654,489 | | $ 28,654,489 |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 18,212,731 | | 18,212,731 |
TOTAL MONEY MARKET FUNDS (Cost $46,867,220) |
46,867,220
|
TOTAL INVESTMENT
PORTFOLIO - 100.2% (Cost $1,391,392,981) | 1,646,132,265 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | | (2,860,879) |
NET ASSETS - 100% | $ 1,643,271,386 |
Currency Abbreviations |
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,679,294 or 0.1% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,943,938 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
JHL Biotech, Inc. | 4/14/15 | $ 578,024 |
Meituan Corp. Series D | 1/26/15 | $ 1,166,878 |
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 | $ 22,283 |
Fidelity Securities Lending Cash Central Fund | 119,703 |
Total | $ 141,986 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 211,234,898 | $ 108,556,096 | $ 102,678,802 | $ - |
Consumer Staples | 184,442,749 | 115,381,038 | 69,061,711 | - |
Energy | 108,009,954 | 85,530,267 | 22,479,687 | - |
Financials | 306,341,124 | 176,502,264 | 129,838,860 | - |
Health Care | 289,272,509 | 223,233,874 | 65,460,611 | 578,024 |
Industrials | 121,433,606 | 56,129,539 | 63,938,153 | 1,365,914 |
Information Technology | 279,771,267 | 235,077,198 | 44,694,069 | - |
Materials | 24,705,621 | 11,674,900 | 13,030,721 | - |
Telecommunication Services | 50,107,699 | 23,277,749 | 26,829,950 | - |
Utilities | 22,431,917 | 22,431,917 | - | - |
Preferred Securities | 1,513,701 | - | 1,513,701 | - |
Money Market Funds | 46,867,220 | 46,867,220 | - | - |
Total Investments in Securities: | $ 1,646,132,265 | $ 1,104,662,062 | $ 539,526,265 | $ 1,943,938 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 204,975,227 |
Level 2 to Level 1 | $ 75,162,019 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $17,481,650) - See accompanying schedule: Unaffiliated issuers (cost $1,344,525,761) | $ 1,599,265,045 | |
Fidelity Central Funds (cost $46,867,220) | 46,867,220 | |
Total Investments (cost $1,391,392,981) | | $ 1,646,132,265 |
Cash | | 248,849 |
Foreign currency held at value (cost $68,364) | | 68,439 |
Receivable for investments sold | | 54,389,685 |
Receivable for fund shares sold | | 1,355,714 |
Dividends receivable | | 3,339,152 |
Distributions receivable from Fidelity Central Funds | | 51,068 |
Prepaid expenses | | 1,223 |
Other receivables | | 233,780 |
Total assets | | 1,705,820,175 |
| | |
Liabilities | | |
Payable for investments purchased | $ 40,749,161 | |
Payable for fund shares redeemed | 1,955,176 | |
Accrued management fee | 898,338 | |
Distribution and service plan fees payable | 20,353 | |
Other affiliated payables | 300,842 | |
Other payables and accrued expenses | 412,188 | |
Collateral on securities loaned, at value | 18,212,731 | |
Total liabilities | | 62,548,789 |
| | |
Net Assets | | $ 1,643,271,386 |
Net Assets consist of: | | |
Paid in capital | | $ 1,357,082,169 |
Undistributed net investment income | | 2,656,019 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 29,214,275 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 254,318,923 |
Net Assets | | $ 1,643,271,386 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($29,082,320 ÷ 1,250,129 shares) | | $ 23.26 |
| | |
Maximum offering price per share (100/94.25 of $23.26) | | $ 24.68 |
Class T:
Net Asset Value and redemption price per share ($12,785,684 ÷ 552,539 shares) | | $ 23.14 |
| | |
Maximum offering price per share (100/96.50 of $23.14) | | $ 23.98 |
Class B:
Net Asset Value and offering price per share ($485,243 ÷ 21,080 shares)A | | $ 23.02 |
| | |
Class C:
Net Asset Value and offering price per share ($10,442,670 ÷ 455,032 shares)A | | $ 22.95 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,568,729,773 ÷ 66,760,394 shares) | | $ 23.50 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($21,745,696 ÷ 929,913 shares) | | $ 23.38 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 11,328,962 |
Interest | | 12,079 |
Income from Fidelity Central Funds | | 141,986 |
Income before foreign taxes withheld | | 11,483,027 |
Less foreign taxes withheld | | (548,332) |
Total income | | 10,934,695 |
Expenses | | |
Management fee
Basic fee | $ 5,406,910 | |
Performance adjustment | 243,560 | |
Transfer agent fees | 1,507,538 | |
Distribution and service plan fees | 117,285 | |
Accounting and security lending fees | 250,675 | |
Custodian fees and expenses | 100,798 | |
Independent trustees' compensation | 3,215 | |
Registration fees | 85,631 | |
Audit | 34,209 | |
Legal | 3,250 | |
Miscellaneous | 6,680 | |
Total expenses before reductions | 7,759,751 | |
Expense reductions | (29,562) | 7,730,189 |
Net investment income (loss) | | 3,204,506 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 37,039,433 | |
Foreign currency transactions | (236,600) | |
Futures contracts | 1,716,123 | |
Total net realized gain (loss) | | 38,518,956 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 30,878,818 | |
Assets and liabilities in foreign currencies | 62,831 | |
Futures contracts | (1,511,445) | |
Total change in net unrealized appreciation (depreciation) | | 29,430,204 |
Net gain (loss) | | 67,949,160 |
Net increase (decrease) in net assets resulting from operations | | $ 71,153,666 |
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended
October 31,
2014 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,204,506 | $ 6,845,203 |
Net realized gain (loss) | 38,518,956 | 172,831,675 |
Change in net unrealized appreciation (depreciation) | 29,430,204 | (78,801,440) |
Net increase (decrease) in net assets resulting from operations | 71,153,666 | 100,875,438 |
Distributions to shareholders from net investment income | (4,942,326) | (5,150,888) |
Distributions to shareholders from net realized gain | (154,486,836) | (120,193,686) |
Total distributions | (159,429,162) | (125,344,574) |
Share transactions - net increase (decrease) | 121,018,336 | 109,931,356 |
Redemption fees | 13,087 | 28,125 |
Total increase (decrease) in net assets | 32,755,927 | 85,490,345 |
| | |
Net Assets | | |
Beginning of period | 1,610,515,459 | 1,525,025,114 |
End of period (including undistributed net investment income of $2,656,019 and undistributed net investment income of $4,393,839, respectively) | $ 1,643,271,386 | $ 1,610,515,459 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.64 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .02 | .02 | .10 | .05 | .03 |
Net realized and unrealized gain (loss) | 1.01 | 1.46 | 5.66 | 1.72 | .47 | 2.63 |
Total from investment operations | 1.02 | 1.48 | 5.68 | 1.82 | .52 | 2.66 |
Distributions from net investment income | - | (.04) | (.11) | (.02) | (.08) | (.10) |
Distributions from net realized gain | (2.40) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.40) | (2.02) | (.19) | (.02) | (.13) | (.12) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.26 | $ 24.64 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 |
Total ReturnB, C, D | 4.44% | 6.29% | 29.10% | 10.20% | 2.94% | 17.85% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.24%A | 1.31% | 1.45% | 1.43% | 1.41% | 1.43% |
Expenses net of fee waivers, if any | 1.24%A | 1.31% | 1.45% | 1.43% | 1.40% | 1.43% |
Expenses net of all reductions | 1.24%A | 1.31% | 1.42% | 1.41% | 1.38% | 1.41% |
Net investment income (loss) | .12%A | .10% | .09% | .52% | .28% | .21% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 29,082 | $ 33,788 | $ 28,661 | $ 18,723 | $ 13,153 | $ 7,530 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended (Unaudited) | Years ended October 31, |
Years ended April 30, | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.49 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.02) | (.04) | (.04) | .05 | .01 | (.01) |
Net realized and unrealized gain (loss) | 1.00 | 1.46 | 5.63 | 1.73 | .45 | 2.62 |
Total from investment operations | .98 | 1.42 | 5.59 | 1.78 | .46 | 2.61 |
Distributions from net investment income | - | - | (.07) | - | (.04) | (.08) |
Distributions from net realized gain | (2.33) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.33) | (1.98) | (.15) | - | (.09) | (.09) J |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.14 | $ 24.49 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 |
Total ReturnB, C, D | 4.26% | 6.05% | 28.73% | 9.98% | 2.61% | 17.53% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.55%A | 1.58% | 1.71% | 1.68% | 1.66% | 1.70% |
Expenses net of fee waivers, if any | 1.55%A | 1.58% | 1.70% | 1.68% | 1.65% | 1.70% |
Expenses net of all reductions | 1.55%A | 1.58% | 1.68% | 1.66% | 1.63% | 1.68% |
Net investment income (loss) | (.19)%A | (.17)% | (.16)% | .26% | .03% | (.05)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 12,786 | $ 12,160 | $ 9,822 | $ 5,550 | $ 2,187 | $ 1,120 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.09 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.21 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.08) | (.17) | (.14) | (.04) | (.09) | (.09) |
Net realized and unrealized gain (loss) | .99 | 1.45 | 5.59 | 1.71 | .47 | 2.61 |
Total from investment operations | .91 | 1.28 | 5.45 | 1.67 | .38 | 2.52 |
Distributions from net investment income | - | - | - | - | - | (.01) |
Distributions from net realized gain | (2.10) | (1.89) | (.07) | - | - | (.01) |
Total distributions | (2.10) | (1.89) | (.07) | - | - | (.02) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 23.02 | $ 24.21 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 |
Total ReturnB, C, D | 4.00% | 5.49% | 28.13% | 9.40% | 2.19% | 16.92% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.06%A | 2.09% | 2.19% | 2.18% | 2.16% | 2.19% |
Expenses net of fee waivers, if any | 2.06%A | 2.09% | 2.19% | 2.18% | 2.16% | 2.19% |
Expenses net of all reductions | 2.05%A | 2.09% | 2.17% | 2.16% | 2.13% | 2.17% |
Net investment income (loss) | (.69)%A | (.68)% | (.65)% | (.23)% | (.47)% | (.55)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 485 | $ 573 | $ 710 | $ 304 | $ 256 | $ 305 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.12 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.08) | (.15) | (.14) | (.04) | (.09) | (.09) |
Net realized and unrealized gain (loss) | 1.00 | 1.44 | 5.58 | 1.71 | .47 | 2.61 |
Total from investment operations | .92 | 1.29 | 5.44 | 1.67 | .38 | 2.52 |
Distributions from net investment income | - | - | - | - | - | (.03) |
Distributions from net realized gain | (2.09) | (1.95) | (.07) | - | - | (.02) |
Total distributions | (2.09) | (1.95) | (.07) | - | - | (.05) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 22.95 | $ 24.12 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 |
Total ReturnB, C, D | 4.03% | 5.55% | 28.12% | 9.41% | 2.19% | 16.94% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 2.03%A | 2.04% | 2.15% | 2.18% | 2.16% | 2.19% |
Expenses net of fee waivers, if any | 2.03%A | 2.04% | 2.14% | 2.18% | 2.15% | 2.19% |
Expenses net of all reductions | 2.03%A | 2.03% | 2.12% | 2.16% | 2.13% | 2.16% |
Net investment income (loss) | (.67)%A | (.63)% | (.60)% | (.23)% | (.47)% | (.54)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,443 | $ 9,229 | $ 10,778 | $ 1,726 | $ 1,297 | $ 710 |
Portfolio turnover rateG | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.92 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .11 | .10 | .16 | .11 | .08 |
Net realized and unrealized gain (loss) | 1.02 | 1.47 | 5.70 | 1.74 | .48 | 2.63 |
Total from investment operations | 1.07 | 1.58 | 5.80 | 1.90 | .59 | 2.71 |
Distributions from net investment income | (.08) | (.09) | (.16) | (.07) | (.10) | (.10) |
Distributions from net realized gain | (2.41) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.49) | (2.07) | (.24) | (.07) | (.15) | (.11) I |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 23.50 | $ 24.92 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 |
Total ReturnB, C | 4.61% | 6.64% | 29.54% | 10.56% | 3.32% | 18.18% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .95%A | .98% | 1.11% | 1.11% | 1.08% | 1.15% |
Expenses net of fee waivers, if any | .95%A | .97% | 1.11% | 1.11% | 1.08% | 1.15% |
Expenses net of all reductions | .95%A | .97% | 1.08% | 1.09% | 1.05% | 1.12% |
Net investment income (loss) | .42%A | .44% | .43% | .84% | .60% | .50% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,568,730 | $ 1,535,658 | $ 1,464,415 | $ 1,081,240 | $ 1,114,694 | $ 1,087,928 |
Portfolio turnover rateF | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.11 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, |
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.81 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .10 | .08 | .14 | .10 | .07 |
Net realized and unrealized gain (loss) | 1.01 | 1.47 | 5.68 | 1.74 | .47 | 2.63 |
Total from investment operations | 1.06 | 1.57 | 5.76 | 1.88 | .57 | 2.70 |
Distributions from net investment income | (.07) | (.09) | (.15) | (.08) | (.11) | (.11) |
Distributions from net realized gain | (2.41) | (1.98) | (.08) | - | (.05) | (.02) |
Total distributions | (2.49) I | (2.07) | (.23) | (.08) | (.16) | (.13) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 23.38 | $ 24.81 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 |
Total ReturnB, C | 4.57% | 6.63% | 29.44% | 10.49% | 3.23% | 18.08% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .95%A | 1.01% | 1.17% | 1.18% | 1.13% | 1.21% |
Expenses net of fee waivers, if any | .95%A | 1.01% | 1.17% | 1.18% | 1.13% | 1.21% |
Expenses net of all reductions | .95%A | 1.00% | 1.14% | 1.16% | 1.10% | 1.19% |
Net investment income (loss) | .41%A | .40% | .37% | .77% | .56% | .44% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 21,746 | $ 19,107 | $ 10,639 | $ 4,291 | $ 3,086 | $ 335 |
Portfolio turnover rateF | 154% A | 163% | 161% | 186% | 203% | 166% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $2.49 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $2.413 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Worldwide and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 282,899,982 |
Gross unrealized depreciation | (30,703,423) |
Net unrealized appreciation (depreciation) on securities | $ 252,196,559 |
| |
Tax cost | $ 1,393,935,706 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
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.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Semiannual Report
4. Derivative Instruments - continued
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end.
During the period the Fund recognized net realized gain (loss) of $1,716,123 and a change in net unrealized appreciation (depreciation) of $(1,511,445) related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,204,380,324 and $1,241,669,304, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Worldwide as compared to its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | 37,320 | $ 1,250 |
Class T | .25% | .25% | 30,647 | 378 |
Class B | .75% | .25% | 2,551 | 1,921 |
Class C | .75% | .25% | 46,767 | 12,245 |
| | | $ 117,285 | $ 15,794 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 | $ 9,053 |
Class T | 2,274 |
Class B* | 358 |
Class C* | 820 |
| $ 12,505 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Class-Level Average
Net Assets* |
Class A | $ 34,383 | .23 |
Class T | 17,712 | .29 |
Class B | 741 | .29 |
Class C | 12,701 | .27 |
Worldwide | 1,422,724 | .19 |
Institutional Class | 19,277 | .19 |
| $ 1,507,538 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $15,152 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,254 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period
Semiannual Report
8. Security Lending - continued
end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $119,703, including $2,983 from securities loaned to FCM.
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $27,744 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Worldwide expenses during the period in the amount of $1,818.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2015 | Year ended
October 31,
2014 |
From net investment income | | |
Class A | $ - | $ 57,794 |
Class T | - | - |
Class B | - | - |
Class C | - | - |
Worldwide | 4,895,242 | 5,057,508 |
Institutional Class | 47,084 | 35,586 |
Total | $ 4,942,326 | $ 5,150,888 |
From net realized gain | | |
Class A | $ 3,318,115 | $ 2,599,391 |
Class T | 1,143,314 | 810,701 |
Class B | 47,493 | 53,916 |
Class C | 790,219 | 885,815 |
Worldwide | 147,652,391 | 115,043,586 |
Institutional Class | 1,535,304 | 800,277 |
Total | $ 154,486,836 | $ 120,193,686 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class A | | | | |
Shares sold | 179,712 | 709,213 | $ 4,136,792 | $ 17,501,865 |
Reinvestment of distributions | 143,319 | 85,789 | 3,239,009 | 2,012,595 |
Shares redeemed | (443,917) | (562,117) | (10,002,487) | (13,679,354) |
Net increase (decrease) | (120,886) | 232,885 | $ (2,626,686) | $ 5,835,106 |
Class T | | | | |
Shares sold | 52,976 | 155,056 | $ 1,207,453 | $ 3,796,964 |
Reinvestment of distributions | 50,075 | 34,508 | 1,126,698 | 806,094 |
Shares redeemed | (47,159) | (85,012) | (1,077,336) | (2,065,257) |
Net increase (decrease) | 55,892 | 104,552 | $ 1,256,815 | $ 2,537,801 |
Class B | | | | |
Shares sold | 217 | 2,039 | $ 4,855 | $ 49,170 |
Reinvestment of distributions | 1,857 | 2,097 | 41,646 | 48,630 |
Shares redeemed | (4,679) | (9,052) | (105,245) | (216,921) |
Net increase (decrease) | (2,605) | (4,916) | $ (58,744) | $ (119,121) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2015 | Year ended
October 31,
2014 | Six months ended April 30,
2015 | Year ended
October 31,
2014 |
Class C | | | | |
Shares sold | 95,992 | 248,585 | $ 2,205,303 | $ 5,972,479 |
Reinvestment of distributions | 31,721 | 37,261 | 709,279 | 860,745 |
Shares redeemed | (55,349) | (338,100) | (1,262,048) | (8,231,135) |
Net increase (decrease) | 72,364 | (52,254) | $ 1,652,534 | $ (1,397,911) |
Worldwide | | | | |
Shares sold | 5,249,793 | 11,485,871 | $ 122,531,539 | $ 284,805,787 |
Reinvestment of distributions | 6,500,654 | 4,935,503 | 148,214,908 | 116,724,635 |
Shares redeemed | (6,604,319) | (12,442,606) | (153,300,392) | (307,898,131) |
Net increase (decrease) | 5,146,128 | 3,978,768 | $ 117,446,055 | $ 93,632,291 |
Institutional Class | | | | |
Shares sold | 472,857 | 1,351,408 | $ 10,769,425 | $ 33,384,372 |
Reinvestment of distributions | 64,929 | 32,218 | 1,473,244 | 758,744 |
Shares redeemed | (378,013) | (1,033,793) | (8,894,307) | (24,699,926) |
Net increase (decrease) | 159,773 | 349,833 | $ 3,348,362 | $ 9,443,190 |
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.
FMR Investment Management (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodians
JPMorgan Chase Bank
New York, NY
Fidelity Diversified International Fund, Fidelity Overseas Fund, and Fidelity Worldwide Fund
The Northern Trust Company
Chicago, IL
Fidelity International Capital Appreciation Fund
Corporate Headquarters
245 Summer Street
Boston, MA 02210
www.fidelity.com
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
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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 26, 2015 |
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 26, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
| |
Date: | June 26, 2015 |
