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, 2014 |
This report on Form N-CSR relates solely to the Registrant's Fidelity Diversified International 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 International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Overseas Fund, Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund series (each, a "Fund" and collectively, the "Funds").
Item 1. Reports to Stockholders
Fidelity®
Diversified International
Fund -
Class K
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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 RatioB | Beginning
Account Value
November 1, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Diversified International | .92% | | | |
Actual | | $ 1,000.00 | $ 1,040.10 | $ 4.65 |
HypotheticalA | | $ 1,000.00 | $ 1,020.23 | $ 4.61 |
Class K | .79% | | | |
Actual | | $ 1,000.00 | $ 1,040.70 | $ 4.00 |
HypotheticalA | | $ 1,000.00 | $ 1,020.88 | $ 3.96 |
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
Fidelity Diversified International Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United Kingdom | 17.3% | |
 | Japan | 14.3% | |
 | United States of America* | 11.5% | |
 | Germany | 8.6% | |
 | France | 6.7% | |
 | Switzerland | 5.5% | |
 | Canada | 3.8% | |
 | Australia | 3.2% | |
 | Netherlands | 3.1% | |
 | Other | 26.0% | |
* 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. |
As of October 31, 2013 |
| Japan | 17.2% | |
| United Kingdom | 16.9% | |
| United States of America* | 9.1% | |
| Germany | 9.1% | |
| France | 8.7% | |
| Switzerland | 6.1% | |
| Australia | 3.4% | |
| Canada | 2.9% | |
| Spain | 2.8% | |
| Other | 23.8% | |
* 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. |
Asset Allocation as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 95.2 | 97.8 |
Investment Companies | 0.0 | 0.3 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.7 | 1.9 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.9 | 1.5 |
Sanofi SA (France, Pharmaceuticals) | 1.8 | 2.5 |
Bayer AG (Germany, Pharmaceuticals) | 1.7 | 1.7 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.6 | 2.1 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.5 | 1.6 |
UBS AG (Switzerland, Capital Markets) | 1.4 | 1.3 |
Nestle SA (Switzerland, Food Products) | 1.4 | 1.3 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.3 | 1.5 |
Prudential PLC (United Kingdom, Insurance) | 1.2 | 1.1 |
SAP AG (Germany, Software) | 1.2 | 1.1 |
| 15.0 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.5 | 24.0 |
Consumer Discretionary | 16.0 | 17.6 |
Health Care | 14.9 | 12.9 |
Consumer Staples | 11.6 | 12.0 |
Information Technology | 9.4 | 8.5 |
Industrials | 7.2 | 7.3 |
Materials | 6.8 | 6.3 |
Telecommunication Services | 4.6 | 4.9 |
Energy | 3.3 | 3.4 |
Utilities | 0.0 | 0.3 |
Semiannual Report
Fidelity Diversified International Fund
Investments April 30, 2014
Showing Percentage of Net Assets
Common Stocks - 93.4% |
| Shares | | Value |
Australia - 3.2% |
ALS Ltd. | 4,770,185 | | $ 33,236,264 |
Ansell Ltd. | 3,330,251 | | 55,966,900 |
Australia & New Zealand Banking Group Ltd. | 7,990,572 | | 255,879,132 |
BHP Billiton Ltd. sponsored ADR (d) | 3,822,964 | | 269,671,881 |
CSL Ltd. | 2,076,818 | | 132,026,374 |
Telstra Corp. Ltd. | 8,110,349 | | 39,330,164 |
Westfield Group unit | 8,321,314 | | 84,648,983 |
TOTAL AUSTRALIA | | 870,759,698 |
Austria - 0.2% |
Andritz AG | 670,400 | | 41,607,104 |
Bailiwick of Guernsey - 0.5% |
Resolution Ltd. | 26,064,677 | | 131,274,673 |
Bailiwick of Jersey - 1.9% |
Experian PLC | 9,322,272 | | 178,803,266 |
Shire PLC | 2,107,200 | | 120,514,970 |
Wolseley PLC | 1,367,360 | | 78,978,938 |
WPP PLC | 6,563,009 | | 141,509,015 |
TOTAL BAILIWICK OF JERSEY | | 519,806,189 |
Belgium - 2.9% |
Anheuser-Busch InBev SA NV (d) | 3,565,230 | | 388,595,431 |
Arseus NV | 703,500 | | 39,918,430 |
KBC Groupe SA | 4,763,295 | | 290,172,972 |
UCB SA | 692,500 | | 56,770,120 |
TOTAL BELGIUM | | 775,456,953 |
Bermuda - 0.1% |
Golar LNG Ltd. (NASDAQ) | 774,200 | | 34,219,640 |
Canada - 3.8% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 6,607,281 | | 186,213,138 |
Canadian Natural Resources Ltd. | 2,411,300 | | 98,251,593 |
CGI Group, Inc. Class A (sub. vtg.) (a) | 5,733,200 | | 206,720,555 |
Constellation Software, Inc. | 61,638 | | 13,651,407 |
First Quantum Minerals Ltd. | 3,773,900 | | 75,164,670 |
Imperial Oil Ltd. | 988,000 | | 48,243,930 |
Keyera Corp. | 217,200 | | 14,446,312 |
Painted Pony Petroleum Ltd. (a)(e) | 3,880,270 | | 40,075,413 |
Painted Pony Petroleum Ltd. (a)(e)(f) | 1,460,500 | | 15,084,038 |
Potash Corp. of Saskatchewan, Inc. (d) | 2,805,900 | | 101,427,634 |
Suncor Energy, Inc. | 3,334,800 | | 128,639,518 |
Tourmaline Oil Corp. (a) | 1,102,800 | | 57,099,494 |
TransForce, Inc. | 1,382,500 | | 30,184,047 |
TOTAL CANADA | | 1,015,201,749 |
Cayman Islands - 1.3% |
GCL-Poly Energy Holdings Ltd. (a) | 218,941,000 | | 65,516,109 |
Ginko International Co. Ltd. | 225,000 | | 3,781,638 |
PW Medtech Group Ltd. (a) | 67,767,000 | | 31,641,703 |
|
| Shares | | Value |
Qihoo 360 Technology Co. Ltd. ADR (a) | 427,000 | | $ 36,030,260 |
Sands China Ltd. | 20,366,800 | | 148,686,742 |
Tencent Holdings Ltd. | 939,900 | | 58,578,951 |
TOTAL CAYMAN ISLANDS | | 344,235,403 |
Denmark - 2.5% |
Genmab A/S (a) | 1,735,676 | | 64,491,010 |
ISS Holdings A/S (a) | 940,000 | | 32,725,279 |
Novo Nordisk A/S Series B | 11,266,895 | | 511,359,518 |
Vestas Wind Systems A/S (a) | 1,399,900 | | 62,136,825 |
TOTAL DENMARK | | 670,712,632 |
Finland - 0.3% |
Sampo Oyj (A Shares) (d) | 1,437,500 | | 71,376,557 |
France - 6.7% |
Air Liquide SA | 601,900 | | 86,093,240 |
Arkema SA | 614,900 | | 68,562,162 |
Atos Origin SA | 622,983 | | 53,785,107 |
AXA SA (d) | 5,708,600 | | 148,694,738 |
BNP Paribas SA | 3,221,276 | | 241,819,608 |
Bureau Veritas SA | 3,887,500 | | 118,653,110 |
Cap Gemini SA | 910,900 | | 64,336,857 |
Dassault Aviation SA | 29,365 | | 40,658,054 |
Kering SA | 469,500 | | 103,826,916 |
LVMH Moet Hennessy - Louis Vuitton SA | 298,388 | | 58,680,048 |
Publicis Groupe SA | 1,854,300 | | 157,955,376 |
Rexel SA | 2,395,300 | | 60,480,774 |
Sanofi SA | 4,368,793 | | 471,479,689 |
Schneider Electric SA | 926,600 | | 86,836,776 |
Tarkett SA | 1,034,056 | | 36,869,158 |
TOTAL FRANCE | | 1,798,731,613 |
Germany - 6.9% |
adidas AG | 1,161,880 | | 124,006,100 |
BASF AG (d) | 1,990,840 | | 230,432,984 |
Bayer AG (d) | 3,289,462 | | 456,363,514 |
Brenntag AG | 324,700 | | 58,719,097 |
Continental AG (d) | 514,100 | | 120,430,007 |
Drillisch AG | 655,500 | | 24,408,509 |
Fresenius SE & Co. KGaA | 1,259,800 | | 191,469,687 |
Gerry Weber International AG (Bearer) | 544,100 | | 28,684,571 |
GfK AG | 767,434 | | 39,606,824 |
Linde AG | 648,029 | | 134,361,982 |
OSRAM Licht AG (a) | 827,822 | | 43,332,107 |
ProSiebenSat.1 Media AG | 1,146,790 | | 50,140,337 |
SAP AG | 3,868,131 | | 312,649,784 |
SMA Solar Technology AG (d) | 378,600 | | 15,833,683 |
Wacker Chemie AG | 179,800 | | 21,088,125 |
TOTAL GERMANY | | 1,851,527,311 |
Hong Kong - 1.5% |
AIA Group Ltd. | 57,156,400 | | 277,195,215 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Galaxy Entertainment Group Ltd. | 14,063,000 | | $ 110,375,218 |
Melco International Development Ltd. | 3,252,000 | | 9,962,014 |
TOTAL HONG KONG | | 397,532,447 |
India - 1.6% |
Apollo Hospitals Enterprise Ltd. | 2,493,661 | | 36,975,971 |
HDFC Bank Ltd. | 10,072,492 | | 126,043,985 |
Housing Development Finance Corp. Ltd. | 7,653,405 | | 113,941,391 |
ITC Ltd. | 13,515,862 | | 76,357,954 |
Lupin Ltd. | 1,690,873 | | 28,852,183 |
United Spirits Ltd. | 1,096,678 | | 50,338,275 |
TOTAL INDIA | | 432,509,759 |
Indonesia - 0.2% |
PT Bank Central Asia Tbk | 27,625,600 | | 26,283,925 |
PT Bank Rakyat Indonesia Tbk | 26,746,400 | | 22,902,682 |
TOTAL INDONESIA | | 49,186,607 |
Ireland - 1.7% |
Actavis PLC (a) | 659,900 | | 134,837,367 |
Covidien PLC | 35,900 | | 2,557,875 |
DCC PLC (United Kingdom) | 919,589 | | 47,091,391 |
Greencore Group PLC | 13,796,103 | | 60,818,912 |
Perrigo Co. PLC | 751,300 | | 108,833,318 |
Ryanair Holdings PLC sponsored ADR (a) | 2,151,900 | | 115,083,612 |
TOTAL IRELAND | | 469,222,475 |
Israel - 0.6% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 3,259,300 | | 159,249,398 |
Italy - 0.8% |
UniCredit SpA | 15,047,700 | | 134,444,188 |
World Duty Free SpA (a) | 5,724,564 | | 76,679,758 |
TOTAL ITALY | | 211,123,946 |
Japan - 14.3% |
ACOM Co. Ltd. (a)(d) | 9,063,600 | | 30,851,790 |
Aozora Bank Ltd. | 22,884,000 | | 68,046,520 |
Astellas Pharma, Inc. | 14,542,700 | | 161,735,706 |
Coca-Cola Central Japan Co. Ltd. | 1,473,700 | | 33,125,276 |
Credit Saison Co. Ltd. | 1,817,100 | | 38,640,147 |
Don Quijote Holdings Co. Ltd. | 2,651,900 | | 139,553,206 |
Fuji Heavy Industries Ltd. | 1,774,600 | | 46,606,358 |
GMO Internet, Inc. | 3,731,900 | | 32,889,342 |
Honda Motor Co. Ltd. | 5,854,600 | | 194,283,029 |
Hoya Corp. | 8,099,700 | | 238,788,045 |
Japan Exchange Group, Inc. | 3,898,200 | | 76,945,934 |
Japan Tobacco, Inc. | 8,935,300 | | 293,313,120 |
KDDI Corp. | 3,089,100 | | 164,433,728 |
Keyence Corp. | 618,610 | | 238,313,247 |
Komatsu Ltd. | 5,271,300 | | 116,054,462 |
|
| Shares | | Value |
Mitsubishi Electric Corp. | 5,606,000 | | $ 63,772,465 |
Mitsubishi UFJ Financial Group, Inc. | 32,567,500 | | 173,242,740 |
Monex Group, Inc. | 4,740,000 | | 15,856,409 |
NEC Corp. | 35,472,000 | | 99,579,048 |
Nippon Telegraph & Telephone Corp. | 1,195,400 | | 66,336,067 |
Nitori Holdings Co. Ltd. | 963,700 | | 44,162,317 |
Nomura Holdings, Inc. | 2,258,700 | | 13,079,848 |
Olympus Corp. (a) | 909,000 | | 27,740,793 |
OMRON Corp. | 1,947,000 | | 68,750,134 |
ORIX Corp. | 30,330,500 | | 438,187,984 |
Rakuten, Inc. | 17,113,400 | | 221,293,244 |
Seven & i Holdings Co., Ltd. | 2,897,200 | | 114,233,024 |
SHIMANO, Inc. | 713,100 | | 71,146,085 |
Shinsei Bank Ltd. | 26,317,000 | | 51,225,930 |
Ship Healthcare Holdings, Inc. | 481,300 | | 16,383,078 |
SoftBank Corp. | 4,731,300 | | 351,255,118 |
Sumitomo Mitsui Financial Group, Inc. | 1,623,400 | | 64,173,507 |
Tsuruha Holdings, Inc. | 657,600 | | 66,123,422 |
TOTAL JAPAN | | 3,840,121,123 |
Korea (South) - 1.0% |
Hyundai Motor Co. | 186,655 | | 41,555,174 |
Naver Corp. | 178,347 | | 127,403,045 |
Orion Corp. | 82,708 | | 63,085,765 |
Samsung Electronics Co. Ltd. | 20,219 | | 26,284,113 |
TOTAL KOREA (SOUTH) | | 258,328,097 |
Luxembourg - 0.9% |
Altice S.A. (d) | 3,240,196 | | 185,160,828 |
Eurofins Scientific SA | 187,000 | | 51,886,890 |
TOTAL LUXEMBOURG | | 237,047,718 |
Marshall Islands - 0.1% |
Navigator Holdings Ltd. (a) | 828,137 | | 22,111,258 |
Netherlands - 3.1% |
AEGON NV | 28,618,900 | | 262,332,834 |
AerCap Holdings NV (a) | 1,024,500 | | 42,752,385 |
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) | 2,176,400 | | 69,557,744 |
LyondellBasell Industries NV Class A | 1,178,900 | | 109,048,250 |
Royal DSM NV | 960,200 | | 68,844,658 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 6,660,657 | | 285,616,735 |
TOTAL NETHERLANDS | | 838,152,606 |
Norway - 0.5% |
BW LPG Ltd. (a)(d) | 5,346,976 | | 68,362,999 |
Telenor ASA | 3,284,600 | | 77,082,533 |
TOTAL NORWAY | | 145,445,532 |
Singapore - 0.5% |
Global Logistic Properties Ltd. | 28,767,000 | | 65,395,190 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Super Group Ltd. Singapore | 252,000 | | $ 703,518 |
United Overseas Bank Ltd. | 4,129,000 | | 71,665,502 |
TOTAL SINGAPORE | | 137,764,210 |
South Africa - 1.0% |
Nampak Ltd. | 16,784,230 | | 62,539,025 |
Naspers Ltd. Class N | 2,157,599 | | 203,444,533 |
TOTAL SOUTH AFRICA | | 265,983,558 |
Spain - 2.6% |
Amadeus IT Holding SA Class A (d) | 2,800,600 | | 116,387,530 |
Atresmedia Corporacion de Medios de Comunicacion SA | 1,399,755 | | 20,060,345 |
Banco Bilbao Vizcaya Argentaria SA | 4,456,974 | | 54,899,868 |
Criteria CaixaCorp SA | 13,554,857 | | 82,555,403 |
Grifols SA ADR | 2,005,272 | | 82,296,363 |
Inditex SA | 1,875,331 | | 281,378,233 |
Prosegur Compania de Seguridad SA (Reg.) | 9,236,595 | | 61,893,504 |
TOTAL SPAIN | | 699,471,246 |
Sweden - 2.2% |
ASSA ABLOY AB (B Shares) | 1,242,000 | | 65,746,424 |
Nordea Bank AB | 11,499,400 | | 166,154,322 |
Svenska Cellulosa AB (SCA) (B Shares) | 7,727,700 | | 216,421,237 |
Svenska Handelsbanken AB (A Shares) | 2,694,200 | | 135,203,079 |
TOTAL SWEDEN | | 583,525,062 |
Switzerland - 5.5% |
Actelion Ltd. | 615,211 | | 60,430,623 |
Compagnie Financiere Richemont SA Series A | 1,456,928 | | 147,828,281 |
Nestle SA | 4,746,329 | | 366,816,660 |
Roche Holding AG (participation certificate) | 627,082 | | 183,952,180 |
Schindler Holding AG (Reg.) | 187,276 | | 28,556,345 |
SGS SA (Reg.) | 3,250 | | 8,105,613 |
Syngenta AG (Switzerland) | 730,748 | | 289,370,111 |
UBS AG | 18,180,225 | | 380,219,042 |
TOTAL SWITZERLAND | | 1,465,278,855 |
Taiwan - 0.9% |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d) | 11,800,500 | | 237,190,050 |
Thailand - 0.1% |
Kasikornbank PCL (For. Reg.) | 5,270,200 | | 32,002,296 |
United Kingdom - 17.3% |
Alabama Noor Hospitals Group PLC | 2,654,400 | | 44,727,256 |
Associated British Foods PLC | 2,107,700 | | 105,727,215 |
Barclays PLC | 13,356,410 | | 57,032,529 |
Barratt Developments PLC | 4,957,900 | | 30,930,543 |
BG Group PLC | 13,315,602 | | 269,335,109 |
|
| Shares | | Value |
British American Tobacco PLC sponsored ADR | 2,071,900 | | $ 238,309,938 |
BT Group PLC | 23,357,900 | | 145,815,189 |
Bunzl PLC | 1,347,570 | | 38,246,737 |
Compass Group PLC | 5,496,400 | | 87,418,747 |
Direct Line Insurance Group PLC | 7,978,800 | | 33,718,929 |
Domino's Pizza UK & IRL PLC | 3,460,053 | | 30,027,641 |
easyJet PLC | 2,458,000 | | 67,936,928 |
Exova Group Ltd. PLC (a) | 8,488,248 | | 31,565,256 |
Filtrona PLC | 9,088,612 | | 122,761,700 |
GlaxoSmithKline PLC | 4,633,900 | | 128,037,264 |
Hikma Pharmaceuticals PLC | 3,069,151 | | 80,423,935 |
HSBC Holdings PLC sponsored ADR (d) | 5,735,257 | | 294,333,389 |
IMI PLC | 2,449,735 | | 62,041,989 |
InterContinental Hotel Group PLC | 1,363,500 | | 46,599,708 |
ITV PLC | 18,666,200 | | 57,359,142 |
Jazztel PLC (a) | 2,823,800 | | 43,328,644 |
Johnson Matthey PLC | 1,417,082 | | 78,309,839 |
Kingfisher PLC | 26,477,831 | | 186,912,316 |
Liberty Global PLC: | | | |
Class A (a) | 642,800 | | 25,596,296 |
Class C | 642,800 | | 24,702,804 |
Lloyds Banking Group PLC (a) | 203,016,400 | | 258,889,173 |
Meggitt PLC | 6,496,151 | | 52,284,939 |
Next PLC | 2,631,600 | | 289,696,213 |
Poundland Group PLC (a) | 4,487,099 | | 26,326,662 |
Prudential PLC | 14,437,579 | | 331,907,479 |
Reckitt Benckiser Group PLC | 2,340,887 | | 188,724,885 |
Reed Elsevier PLC | 3,606,600 | | 53,099,424 |
Rolls-Royce Group PLC | 9,328,600 | | 165,379,287 |
SABMiller PLC | 1,993,500 | | 108,396,407 |
Spectris PLC | 1,596,200 | | 59,964,286 |
St. James's Place Capital PLC | 11,614,500 | | 150,996,398 |
Standard Chartered PLC (United Kingdom) | 8,203,202 | | 177,491,419 |
Taylor Wimpey PLC | 25,261,200 | | 44,826,212 |
Travis Perkins PLC | 2,778,780 | | 79,993,351 |
Vodafone Group PLC sponsored ADR | 5,371,500 | | 203,902,140 |
Whitbread PLC | 1,499,680 | | 103,308,037 |
TOTAL UNITED KINGDOM | | 4,626,385,355 |
United States of America - 6.7% |
AbbVie, Inc. | 2,827,200 | | 147,240,576 |
Alexion Pharmaceuticals, Inc. (a) | 622,300 | | 98,447,860 |
Amgen, Inc. | 547,000 | | 61,127,250 |
Boston Scientific Corp. (a) | 3,008,500 | | 37,937,185 |
Celldex Therapeutics, Inc. (a) | 499,613 | | 7,494,195 |
Citigroup, Inc. | 836,200 | | 40,062,342 |
Fidelity National Information Services, Inc. | 991,400 | | 52,970,502 |
FMC Corp. | 342,600 | | 26,380,200 |
Gilead Sciences, Inc. (a) | 1,835,700 | | 144,084,093 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Google, Inc.: | | | |
Class A (a) | 109,005 | | $ 58,304,594 |
Class C (a) | 109,005 | | 57,408,573 |
Las Vegas Sands Corp. | 1,766,300 | | 139,767,319 |
MasterCard, Inc. Class A | 2,066,800 | | 152,013,140 |
McGraw Hill Financial, Inc. | 2,054,500 | | 151,889,185 |
Mondelez International, Inc. | 1,500,200 | | 53,482,130 |
Monsanto Co. | 553,700 | | 61,294,590 |
Noble Energy, Inc. | 1,561,756 | | 112,102,846 |
PriceSmart, Inc. | 250,600 | | 24,067,624 |
ResMed, Inc. (d) | 1,028,900 | | 51,290,665 |
The Blackstone Group LP | 1,943,200 | | 57,382,696 |
Verizon Communications, Inc. | 2,325,632 | | 108,676,783 |
Visa, Inc. Class A | 705,300 | | 142,900,833 |
TOTAL UNITED STATES OF AMERICA | | 1,786,325,181 |
TOTAL COMMON STOCKS (Cost $19,093,831,918) |
25,018,866,301
|
Preferred Stocks - 1.8% |
| | | |
Convertible Preferred Stocks - 0.1% |
United States of America - 0.1% |
NJOY, Inc.: | | | |
Series C (i) | 770,400 | | 13,039,867 |
Series D (i) | 250,743 | | 4,244,101 |
TOTAL UNITED STATES OF AMERICA | | 17,283,968 |
Nonconvertible Preferred Stocks - 1.7% |
Brazil - 0.0% |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 21,100 | | 292,868 |
Germany - 1.7% |
Henkel AG & Co. KGaA | 1,679,300 | | 187,011,189 |
Volkswagen AG | 1,024,826 | | 275,969,897 |
TOTAL GERMANY | | 462,981,086 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 1,250,032,400 | | 2,110,555 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 465,384,509 |
TOTAL PREFERRED STOCKS (Cost $306,642,697) |
482,668,477
|
Government Obligations - 0.1% |
| Principal
Amount (h) | | Value |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14
(Cost $9,559,781) | | $ 9,560,000 | | $ 9,559,912 |
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (f)(g)
(Cost $32,220,157) | EUR | 20,980,000 | |
32,423,171
|
Money Market Funds - 10.3% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 1,136,965,047 | | 1,136,965,047 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 1,628,642,003 | | 1,628,642,003 |
TOTAL MONEY MARKET FUNDS (Cost $2,765,607,050) |
2,765,607,050
|
TOTAL INVESTMENTPORTFOLIO - 105.7% (Cost $22,207,861,603) | | 28,309,124,911 |
NET OTHER ASSETS (LIABILITIES) - (5.7)% | | (1,522,551,978) |
NET ASSETS - 100% | $ 26,786,572,933 |
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) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $47,507,209 or 0.2% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) Amount is stated in United States dollars unless otherwise noted. |
(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $17,283,968 or 0.1% 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 | $ 543,379 |
Fidelity Securities Lending Cash Central Fund | 3,897,376 |
Total | $ 4,440,755 |
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 |
Painted Pony Petroleum Ltd. | $ 25,702,824 | $ - | $ 203,608* | $ - | $ 40,075,413 |
Painted Pony Petroleum Ltd. (144A) | 9,595,190 | - | - | - | 15,084,038 |
Total | $ 35,298,014 | $ - | $ 203,608 | $ - | $ 55,159,451 |
* Includes the value of securities delivered through in-kind transactions.
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, 2014, 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 | $ 4,206,839,488 | $ 3,807,163,768 | $ 382,391,752 | $ 17,283,968 |
Consumer Staples | 3,107,481,855 | 2,066,453,029 | 1,041,028,826 | - |
Energy | 908,265,018 | 908,265,018 | - | - |
Financials | 5,699,059,933 | 3,977,238,928 | 1,721,821,005 | - |
Health Care | 3,992,325,577 | 2,548,129,773 | 1,444,195,804 | - |
Industrials | 2,021,393,786 | 1,905,339,324 | 116,054,462 | - |
Information Technology | 2,536,249,195 | 2,223,599,411 | 312,649,784 | - |
Materials | 1,805,351,051 | 1,515,980,940 | 289,370,111 | - |
Telecommunication Services | 1,224,568,875 | 1,012,417,619 | 212,151,256 | - |
Government Obligations | 9,559,912 | - | 9,559,912 | - |
Preferred Securities | 32,423,171 | - | 32,423,171 | - |
Money Market Funds | 2,765,607,050 | 2,765,607,050 | - | - |
Total Investments in Securities: | $ 28,309,124,911 | $ 22,730,194,860 | $ 5,561,646,083 | $ 17,283,968 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 318,356,337 |
Level 2 to Level 1 | $ 3,190,141,437 |
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, 2014 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $1,543,434,990) - See accompanying schedule: Unaffiliated issuers (cost $19,400,597,642) | $ 25,488,358,410 | |
Fidelity Central Funds (cost $2,765,607,050) | 2,765,607,050 | |
Other affiliated issuers (cost $41,656,911) | 55,159,451 | |
Total Investments (cost $22,207,861,603) | | $ 28,309,124,911 |
Cash | | 3,640,553 |
Foreign currency held at value (cost $124,525) | | 132,905 |
Receivable for investments sold | | 61,217,228 |
Receivable for fund shares sold | | 19,300,945 |
Dividends receivable | | 113,061,568 |
Distributions receivable from Fidelity Central Funds | | 1,781,922 |
Prepaid expenses | | 19,870 |
Other receivables | | 1,732,802 |
Total assets | | 28,510,012,704 |
| | |
Liabilities | | |
Payable for investments purchased | $ 42,450,376 | |
Payable for fund shares redeemed | 32,031,897 | |
Accrued management fee | 15,366,838 | |
Other affiliated payables | 2,861,667 | |
Other payables and accrued expenses | 2,086,990 | |
Collateral on securities loaned, at value | 1,628,642,003 | |
Total liabilities | | 1,723,439,771 |
| | |
Net Assets | | $ 26,786,572,933 |
Net Assets consist of: | | |
Paid in capital | | $ 20,520,459,538 |
Undistributed net investment income | | 256,425,071 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (92,503,735) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,102,192,059 |
Net Assets | | $ 26,786,572,933 |
| | |
Diversified International:
Net Asset Value, offering price and redemption price per share ($14,808,728,459 ÷ 402,839,323 shares) | | $ 36.76 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($11,977,844,474 ÷ 326,273,151 shares) | | $ 36.71 |
Statement of Operations
| Six months ended April 30, 2014 |
| | |
Investment Income | | |
Dividends | | $ 262,210,030 |
Special dividends | | 128,754,842 |
Interest | | 2,342 |
Income from Fidelity Central Funds | | 4,440,755 |
Income before foreign taxes withheld | | 395,407,969 |
Less foreign taxes withheld | | (17,958,711) |
Total income | | 377,449,258 |
| | |
Expenses | | |
Management fee Basic fee | $ 92,870,255 | |
Performance adjustment | 3,273,015 | |
Transfer agent fees | 15,445,465 | |
Accounting and security lending fees | 1,245,725 | |
Custodian fees and expenses | 1,244,888 | |
Independent trustees' compensation | 52,311 | |
Appreciation in deferred trustee compensation account | 21 | |
Registration fees | 136,316 | |
Audit | 86,019 | |
Legal | 71,696 | |
Miscellaneous | 91,825 | |
Total expenses before reductions | 114,517,536 | |
Expense reductions | (598,970) | 113,918,566 |
Net investment income (loss) | | 263,530,692 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 1,271,582,806 | |
Other affiliated issuers | 29,986 | |
Foreign currency transactions | 1,298,023 | |
Futures contracts | 7,055,194 | |
Total net realized gain (loss) | | 1,279,966,009 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (498,376,713) | |
Assets and liabilities in foreign currencies | (1,741,198) | |
Futures contracts | (6,276,288) | |
Total change in net unrealized appreciation (depreciation) | | (506,394,199) |
Net gain (loss) | | 773,571,810 |
Net increase (decrease) in net assets resulting from operations | | $ 1,037,102,502 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 263,530,692 | $ 343,281,444 |
Net realized gain (loss) | 1,279,966,009 | 1,914,830,172 |
Change in net unrealized appreciation (depreciation) | (506,394,199) | 3,217,785,070 |
Net increase (decrease) in net assets resulting from operations | 1,037,102,502 | 5,475,896,686 |
Distributions to shareholders from net investment income | (245,684,018) | (361,491,947) |
Distributions to shareholders from net realized gain | (169,078,601) | (51,508,245) |
Total distributions | (414,762,619) | (413,000,192) |
Share transactions - net increase (decrease) | 189,897,508 | (1,244,167,482) |
Redemption fees | 150,621 | 382,374 |
Total increase (decrease) in net assets | 812,388,012 | 3,819,111,386 |
| | |
Net Assets | | |
Beginning of period | 25,974,184,921 | 22,155,073,535 |
End of period (including undistributed net investment income of $256,425,071 and undistributed net investment income of $238,578,397, respectively) | $ 26,786,572,933 | $ 25,974,184,921 |
Financial Highlights - Diversified International
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 35.89 | $ 29.07 | $ 27.49 | $ 29.49 | $ 26.86 | $ 21.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .35 G | .44 | .42 | .53 H | .37 | .35 |
Net realized and unrealized gain (loss) | 1.07 | 6.90 | 1.65 | (1.99) | 2.61 | 4.86 |
Total from investment operations | 1.42 | 7.34 | 2.07 | (1.46) | 2.98 | 5.21 |
Distributions from net investment income | (.32) | (.46) | (.49) | (.46) | (.35) | (.31) |
Distributions from net realized gain | (.23) | (.07) | - | (.08) | - | - |
Total distributions | (.55) | (.52) L | (.49) | (.54) | (.35) | (.31) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 36.76 | $ 35.89 | $ 29.07 | $ 27.49 | $ 29.49 | $ 26.86 |
Total Return B, C | 4.01% | 25.66% | 7.72% | (5.07)% | 11.15% | 24.32% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .92% A | .94% | 1.01% | .90% | .98% | 1.01% |
Expenses net of fee waivers, if any | .92% A | .94% | 1.01% | .89% | .98% | 1.01% |
Expenses net of all reductions | .92% A | .92% | .99% | .87% | .96% | .99% |
Net investment income (loss) | 1.93% A, G | 1.38% | 1.53% | 1.78% H | 1.34% | 1.58% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,808,728 | $ 14,432,586 | $ 13,269,769 | $ 17,285,369 | $ 26,527,229 | $ 30,998,270 |
Portfolio turnover rate F | 40% A,K | 52% | 35% | 45% | 57% | 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 large, non-recurring dividends which amounted to $.18 per share. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been .96%. HInvestment 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%. 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. KPortfolio turnover rate excludes securities received or delivered in-kind. LTotal 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. |
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, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 35.87 | $ 29.06 | $ 27.51 | $ 29.51 | $ 26.89 | $ 21.98 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .37 G | .49 | .47 | .58 H | .42 | .42 |
Net realized and unrealized gain (loss) | 1.07 | 6.90 | 1.63 | (1.97) | 2.61 | 4.85 |
Total from investment operations | 1.44 | 7.39 | 2.10 | (1.39) | 3.03 | 5.27 |
Distributions from net investment income | (.37) | (.51) | (.55) | (.53) | (.41) | (.36) |
Distributions from net realized gain | (.23) | (.07) | - | (.08) | - | - |
Total distributions | (.60) | (.58) | (.55) | (.61) | (.41) | (.36) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 36.71 | $ 35.87 | $ 29.06 | $ 27.51 | $ 29.51 | $ 26.89 |
Total Return B, C | 4.07% | 25.86% | 7.86% | (4.87)% | 11.33% | 24.64% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .79% A | .80% | .84% | .73% | .79% | .77% |
Expenses net of fee waivers, if any | .79% A | .80% | .84% | .72% | .79% | .77% |
Expenses net of all reductions | .79% A | .78% | .83% | .70% | .77% | .76% |
Net investment income (loss) | 2.06% A, G | 1.52% | 1.70% | 1.95% H | 1.54% | 1.81% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,977,844 | $ 11,541,599 | $ 8,885,304 | $ 8,115,192 | $ 7,697,405 | $ 4,713,909 |
Portfolio turnover rate F | 40% A,K | 52% | 35% | 45% | 57% | 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 large, non-recurring dividends which amounted to $.18 per share. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.09%. HInvestment 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%. 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. KPortfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014
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.
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
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.
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, 2014, 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
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 futures contracts, foreign currency transactions, 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 | $ 6,226,838,044 |
Gross unrealized depreciation | (420,824,611) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 5,806,013,433 |
| |
Tax cost | $ 22,503,111,478 |
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 | $ (419,355,221) |
2018 | (619,571,852) |
Total capital loss carryforward | $ (1,038,927,073) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities excluding in-kind transactions, other than short-term securities, aggregated $5,122,447,157 and $5,472,014,021, respectively.
Redemptions In-Kind. During the period, 5,850,153 shares of the Fund held by unaffiliated entities were redeemed in kind for cash and investments with a value of $206,070,862. The net realized gain of $68,619,959 on securities delivered through the in-kind redemption 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 10: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.
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 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 .73% of the
Semiannual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Diversified International | $ 12,780,879 | .17 |
Class K | 2,664,586 | .05 |
| $ 15,445,465 | |
* 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 $19,250 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 $24,479 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $7,955,759. 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 $3,897,376, including $7,929 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 $542,825 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 custody expenses by $142.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $56,003.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Diversified International | $ 126,517,689 | $ 204,367,616 |
Class K | 119,166,329 | 157,124,331 |
Total | $ 245,684,018 | $ 361,491,947 |
From net realized gain | | |
Diversified International | $ 93,097,916 | $ 30,475,866 |
Class K | 75,980,685 | 21,032,379 |
Total | $ 169,078,601 | $ 51,508,245 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Diversified International | | | | |
Shares sold | 36,003,697 | 63,290,634 | $ 1,304,960,093 | $ 2,024,488,853 |
Reinvestment of distributions | 5,837,704 | 7,563,286 | 207,822,237 | 222,133,713 |
Shares redeemed | (41,097,860) | (125,225,694) | (1,488,701,091) | (3,964,590,272) |
Net increase (decrease) | 743,541 | (54,371,774) | $ 24,081,239 | $ (1,717,967,706) |
Class K | | | | |
Shares sold | 34,852,676 | 76,686,079 | $ 1,262,284,741 | $ 2,416,468,280 |
Reinvestment of distributions | 5,492,457 | 6,076,286 | 195,147,014 | 178,156,710 |
Shares redeemed | (35,820,767) A | (66,739,141) | (1,291,615,486) A | (2,120,824,766) |
Net increase (decrease) | 4,524,366 | 16,023,224 | $ 165,816,269 | $ 473,800,224 |
A Amount includes in-kind redemptions (see Note 4: Redemptions In-Kind).
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
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2014, 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, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013. 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, 2014, 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, 2014, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 20, 2014
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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-0614
1.863007.105
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, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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 RatioB | Beginning
Account Value
November 1, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Diversified International | .92% | | | |
Actual | | $ 1,000.00 | $ 1,040.10 | $ 4.65 |
HypotheticalA | | $ 1,000.00 | $ 1,020.23 | $ 4.61 |
Class K | .79% | | | |
Actual | | $ 1,000.00 | $ 1,040.70 | $ 4.00 |
HypotheticalA | | $ 1,000.00 | $ 1,020.88 | $ 3.96 |
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
Fidelity Diversified International Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United Kingdom | 17.3% | |
 | Japan | 14.3% | |
 | United States of America* | 11.5% | |
 | Germany | 8.6% | |
 | France | 6.7% | |
 | Switzerland | 5.5% | |
 | Canada | 3.8% | |
 | Australia | 3.2% | |
 | Netherlands | 3.1% | |
 | Other | 26.0% | |
* 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. |
As of October 31, 2013 |
| Japan | 17.2% | |
 | United Kingdom | 16.9% | |
| United States of America* | 9.1% | |
| Germany | 9.1% | |
| France | 8.7% | |
| Switzerland | 6.1% | |
| Australia | 3.4% | |
| Canada | 2.9% | |
| Spain | 2.8% | |
| Other | 23.8% | |
* 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. |
Asset Allocation as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 95.2 | 97.8 |
Investment Companies | 0.0 | 0.3 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.7 | 1.9 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.9 | 1.5 |
Sanofi SA (France, Pharmaceuticals) | 1.8 | 2.5 |
Bayer AG (Germany, Pharmaceuticals) | 1.7 | 1.7 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.6 | 2.1 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.5 | 1.6 |
UBS AG (Switzerland, Capital Markets) | 1.4 | 1.3 |
Nestle SA (Switzerland, Food Products) | 1.4 | 1.3 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.3 | 1.5 |
Prudential PLC (United Kingdom, Insurance) | 1.2 | 1.1 |
SAP AG (Germany, Software) | 1.2 | 1.1 |
| 15.0 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.5 | 24.0 |
Consumer Discretionary | 16.0 | 17.6 |
Health Care | 14.9 | 12.9 |
Consumer Staples | 11.6 | 12.0 |
Information Technology | 9.4 | 8.5 |
Industrials | 7.2 | 7.3 |
Materials | 6.8 | 6.3 |
Telecommunication Services | 4.6 | 4.9 |
Energy | 3.3 | 3.4 |
Utilities | 0.0 | 0.3 |
Semiannual Report
Fidelity Diversified International Fund
Investments April 30, 2014
Showing Percentage of Net Assets
Common Stocks - 93.4% |
| Shares | | Value |
Australia - 3.2% |
ALS Ltd. | 4,770,185 | | $ 33,236,264 |
Ansell Ltd. | 3,330,251 | | 55,966,900 |
Australia & New Zealand Banking Group Ltd. | 7,990,572 | | 255,879,132 |
BHP Billiton Ltd. sponsored ADR (d) | 3,822,964 | | 269,671,881 |
CSL Ltd. | 2,076,818 | | 132,026,374 |
Telstra Corp. Ltd. | 8,110,349 | | 39,330,164 |
Westfield Group unit | 8,321,314 | | 84,648,983 |
TOTAL AUSTRALIA | | 870,759,698 |
Austria - 0.2% |
Andritz AG | 670,400 | | 41,607,104 |
Bailiwick of Guernsey - 0.5% |
Resolution Ltd. | 26,064,677 | | 131,274,673 |
Bailiwick of Jersey - 1.9% |
Experian PLC | 9,322,272 | | 178,803,266 |
Shire PLC | 2,107,200 | | 120,514,970 |
Wolseley PLC | 1,367,360 | | 78,978,938 |
WPP PLC | 6,563,009 | | 141,509,015 |
TOTAL BAILIWICK OF JERSEY | | 519,806,189 |
Belgium - 2.9% |
Anheuser-Busch InBev SA NV (d) | 3,565,230 | | 388,595,431 |
Arseus NV | 703,500 | | 39,918,430 |
KBC Groupe SA | 4,763,295 | | 290,172,972 |
UCB SA | 692,500 | | 56,770,120 |
TOTAL BELGIUM | | 775,456,953 |
Bermuda - 0.1% |
Golar LNG Ltd. (NASDAQ) | 774,200 | | 34,219,640 |
Canada - 3.8% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 6,607,281 | | 186,213,138 |
Canadian Natural Resources Ltd. | 2,411,300 | | 98,251,593 |
CGI Group, Inc. Class A (sub. vtg.) (a) | 5,733,200 | | 206,720,555 |
Constellation Software, Inc. | 61,638 | | 13,651,407 |
First Quantum Minerals Ltd. | 3,773,900 | | 75,164,670 |
Imperial Oil Ltd. | 988,000 | | 48,243,930 |
Keyera Corp. | 217,200 | | 14,446,312 |
Painted Pony Petroleum Ltd. (a)(e) | 3,880,270 | | 40,075,413 |
Painted Pony Petroleum Ltd. (a)(e)(f) | 1,460,500 | | 15,084,038 |
Potash Corp. of Saskatchewan, Inc. (d) | 2,805,900 | | 101,427,634 |
Suncor Energy, Inc. | 3,334,800 | | 128,639,518 |
Tourmaline Oil Corp. (a) | 1,102,800 | | 57,099,494 |
TransForce, Inc. | 1,382,500 | | 30,184,047 |
TOTAL CANADA | | 1,015,201,749 |
Cayman Islands - 1.3% |
GCL-Poly Energy Holdings Ltd. (a) | 218,941,000 | | 65,516,109 |
Ginko International Co. Ltd. | 225,000 | | 3,781,638 |
PW Medtech Group Ltd. (a) | 67,767,000 | | 31,641,703 |
|
| Shares | | Value |
Qihoo 360 Technology Co. Ltd. ADR (a) | 427,000 | | $ 36,030,260 |
Sands China Ltd. | 20,366,800 | | 148,686,742 |
Tencent Holdings Ltd. | 939,900 | | 58,578,951 |
TOTAL CAYMAN ISLANDS | | 344,235,403 |
Denmark - 2.5% |
Genmab A/S (a) | 1,735,676 | | 64,491,010 |
ISS Holdings A/S (a) | 940,000 | | 32,725,279 |
Novo Nordisk A/S Series B | 11,266,895 | | 511,359,518 |
Vestas Wind Systems A/S (a) | 1,399,900 | | 62,136,825 |
TOTAL DENMARK | | 670,712,632 |
Finland - 0.3% |
Sampo Oyj (A Shares) (d) | 1,437,500 | | 71,376,557 |
France - 6.7% |
Air Liquide SA | 601,900 | | 86,093,240 |
Arkema SA | 614,900 | | 68,562,162 |
Atos Origin SA | 622,983 | | 53,785,107 |
AXA SA (d) | 5,708,600 | | 148,694,738 |
BNP Paribas SA | 3,221,276 | | 241,819,608 |
Bureau Veritas SA | 3,887,500 | | 118,653,110 |
Cap Gemini SA | 910,900 | | 64,336,857 |
Dassault Aviation SA | 29,365 | | 40,658,054 |
Kering SA | 469,500 | | 103,826,916 |
LVMH Moet Hennessy - Louis Vuitton SA | 298,388 | | 58,680,048 |
Publicis Groupe SA | 1,854,300 | | 157,955,376 |
Rexel SA | 2,395,300 | | 60,480,774 |
Sanofi SA | 4,368,793 | | 471,479,689 |
Schneider Electric SA | 926,600 | | 86,836,776 |
Tarkett SA | 1,034,056 | | 36,869,158 |
TOTAL FRANCE | | 1,798,731,613 |
Germany - 6.9% |
adidas AG | 1,161,880 | | 124,006,100 |
BASF AG (d) | 1,990,840 | | 230,432,984 |
Bayer AG (d) | 3,289,462 | | 456,363,514 |
Brenntag AG | 324,700 | | 58,719,097 |
Continental AG (d) | 514,100 | | 120,430,007 |
Drillisch AG | 655,500 | | 24,408,509 |
Fresenius SE & Co. KGaA | 1,259,800 | | 191,469,687 |
Gerry Weber International AG (Bearer) | 544,100 | | 28,684,571 |
GfK AG | 767,434 | | 39,606,824 |
Linde AG | 648,029 | | 134,361,982 |
OSRAM Licht AG (a) | 827,822 | | 43,332,107 |
ProSiebenSat.1 Media AG | 1,146,790 | | 50,140,337 |
SAP AG | 3,868,131 | | 312,649,784 |
SMA Solar Technology AG (d) | 378,600 | | 15,833,683 |
Wacker Chemie AG | 179,800 | | 21,088,125 |
TOTAL GERMANY | | 1,851,527,311 |
Hong Kong - 1.5% |
AIA Group Ltd. | 57,156,400 | | 277,195,215 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Galaxy Entertainment Group Ltd. | 14,063,000 | | $ 110,375,218 |
Melco International Development Ltd. | 3,252,000 | | 9,962,014 |
TOTAL HONG KONG | | 397,532,447 |
India - 1.6% |
Apollo Hospitals Enterprise Ltd. | 2,493,661 | | 36,975,971 |
HDFC Bank Ltd. | 10,072,492 | | 126,043,985 |
Housing Development Finance Corp. Ltd. | 7,653,405 | | 113,941,391 |
ITC Ltd. | 13,515,862 | | 76,357,954 |
Lupin Ltd. | 1,690,873 | | 28,852,183 |
United Spirits Ltd. | 1,096,678 | | 50,338,275 |
TOTAL INDIA | | 432,509,759 |
Indonesia - 0.2% |
PT Bank Central Asia Tbk | 27,625,600 | | 26,283,925 |
PT Bank Rakyat Indonesia Tbk | 26,746,400 | | 22,902,682 |
TOTAL INDONESIA | | 49,186,607 |
Ireland - 1.7% |
Actavis PLC (a) | 659,900 | | 134,837,367 |
Covidien PLC | 35,900 | | 2,557,875 |
DCC PLC (United Kingdom) | 919,589 | | 47,091,391 |
Greencore Group PLC | 13,796,103 | | 60,818,912 |
Perrigo Co. PLC | 751,300 | | 108,833,318 |
Ryanair Holdings PLC sponsored ADR (a) | 2,151,900 | | 115,083,612 |
TOTAL IRELAND | | 469,222,475 |
Israel - 0.6% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 3,259,300 | | 159,249,398 |
Italy - 0.8% |
UniCredit SpA | 15,047,700 | | 134,444,188 |
World Duty Free SpA (a) | 5,724,564 | | 76,679,758 |
TOTAL ITALY | | 211,123,946 |
Japan - 14.3% |
ACOM Co. Ltd. (a)(d) | 9,063,600 | | 30,851,790 |
Aozora Bank Ltd. | 22,884,000 | | 68,046,520 |
Astellas Pharma, Inc. | 14,542,700 | | 161,735,706 |
Coca-Cola Central Japan Co. Ltd. | 1,473,700 | | 33,125,276 |
Credit Saison Co. Ltd. | 1,817,100 | | 38,640,147 |
Don Quijote Holdings Co. Ltd. | 2,651,900 | | 139,553,206 |
Fuji Heavy Industries Ltd. | 1,774,600 | | 46,606,358 |
GMO Internet, Inc. | 3,731,900 | | 32,889,342 |
Honda Motor Co. Ltd. | 5,854,600 | | 194,283,029 |
Hoya Corp. | 8,099,700 | | 238,788,045 |
Japan Exchange Group, Inc. | 3,898,200 | | 76,945,934 |
Japan Tobacco, Inc. | 8,935,300 | | 293,313,120 |
KDDI Corp. | 3,089,100 | | 164,433,728 |
Keyence Corp. | 618,610 | | 238,313,247 |
Komatsu Ltd. | 5,271,300 | | 116,054,462 |
|
| Shares | | Value |
Mitsubishi Electric Corp. | 5,606,000 | | $ 63,772,465 |
Mitsubishi UFJ Financial Group, Inc. | 32,567,500 | | 173,242,740 |
Monex Group, Inc. | 4,740,000 | | 15,856,409 |
NEC Corp. | 35,472,000 | | 99,579,048 |
Nippon Telegraph & Telephone Corp. | 1,195,400 | | 66,336,067 |
Nitori Holdings Co. Ltd. | 963,700 | | 44,162,317 |
Nomura Holdings, Inc. | 2,258,700 | | 13,079,848 |
Olympus Corp. (a) | 909,000 | | 27,740,793 |
OMRON Corp. | 1,947,000 | | 68,750,134 |
ORIX Corp. | 30,330,500 | | 438,187,984 |
Rakuten, Inc. | 17,113,400 | | 221,293,244 |
Seven & i Holdings Co., Ltd. | 2,897,200 | | 114,233,024 |
SHIMANO, Inc. | 713,100 | | 71,146,085 |
Shinsei Bank Ltd. | 26,317,000 | | 51,225,930 |
Ship Healthcare Holdings, Inc. | 481,300 | | 16,383,078 |
SoftBank Corp. | 4,731,300 | | 351,255,118 |
Sumitomo Mitsui Financial Group, Inc. | 1,623,400 | | 64,173,507 |
Tsuruha Holdings, Inc. | 657,600 | | 66,123,422 |
TOTAL JAPAN | | 3,840,121,123 |
Korea (South) - 1.0% |
Hyundai Motor Co. | 186,655 | | 41,555,174 |
Naver Corp. | 178,347 | | 127,403,045 |
Orion Corp. | 82,708 | | 63,085,765 |
Samsung Electronics Co. Ltd. | 20,219 | | 26,284,113 |
TOTAL KOREA (SOUTH) | | 258,328,097 |
Luxembourg - 0.9% |
Altice S.A. (d) | 3,240,196 | | 185,160,828 |
Eurofins Scientific SA | 187,000 | | 51,886,890 |
TOTAL LUXEMBOURG | | 237,047,718 |
Marshall Islands - 0.1% |
Navigator Holdings Ltd. (a) | 828,137 | | 22,111,258 |
Netherlands - 3.1% |
AEGON NV | 28,618,900 | | 262,332,834 |
AerCap Holdings NV (a) | 1,024,500 | | 42,752,385 |
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) | 2,176,400 | | 69,557,744 |
LyondellBasell Industries NV Class A | 1,178,900 | | 109,048,250 |
Royal DSM NV | 960,200 | | 68,844,658 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 6,660,657 | | 285,616,735 |
TOTAL NETHERLANDS | | 838,152,606 |
Norway - 0.5% |
BW LPG Ltd. (a)(d) | 5,346,976 | | 68,362,999 |
Telenor ASA | 3,284,600 | | 77,082,533 |
TOTAL NORWAY | | 145,445,532 |
Singapore - 0.5% |
Global Logistic Properties Ltd. | 28,767,000 | | 65,395,190 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Super Group Ltd. Singapore | 252,000 | | $ 703,518 |
United Overseas Bank Ltd. | 4,129,000 | | 71,665,502 |
TOTAL SINGAPORE | | 137,764,210 |
South Africa - 1.0% |
Nampak Ltd. | 16,784,230 | | 62,539,025 |
Naspers Ltd. Class N | 2,157,599 | | 203,444,533 |
TOTAL SOUTH AFRICA | | 265,983,558 |
Spain - 2.6% |
Amadeus IT Holding SA Class A (d) | 2,800,600 | | 116,387,530 |
Atresmedia Corporacion de Medios de Comunicacion SA | 1,399,755 | | 20,060,345 |
Banco Bilbao Vizcaya Argentaria SA | 4,456,974 | | 54,899,868 |
Criteria CaixaCorp SA | 13,554,857 | | 82,555,403 |
Grifols SA ADR | 2,005,272 | | 82,296,363 |
Inditex SA | 1,875,331 | | 281,378,233 |
Prosegur Compania de Seguridad SA (Reg.) | 9,236,595 | | 61,893,504 |
TOTAL SPAIN | | 699,471,246 |
Sweden - 2.2% |
ASSA ABLOY AB (B Shares) | 1,242,000 | | 65,746,424 |
Nordea Bank AB | 11,499,400 | | 166,154,322 |
Svenska Cellulosa AB (SCA) (B Shares) | 7,727,700 | | 216,421,237 |
Svenska Handelsbanken AB (A Shares) | 2,694,200 | | 135,203,079 |
TOTAL SWEDEN | | 583,525,062 |
Switzerland - 5.5% |
Actelion Ltd. | 615,211 | | 60,430,623 |
Compagnie Financiere Richemont SA Series A | 1,456,928 | | 147,828,281 |
Nestle SA | 4,746,329 | | 366,816,660 |
Roche Holding AG (participation certificate) | 627,082 | | 183,952,180 |
Schindler Holding AG (Reg.) | 187,276 | | 28,556,345 |
SGS SA (Reg.) | 3,250 | | 8,105,613 |
Syngenta AG (Switzerland) | 730,748 | | 289,370,111 |
UBS AG | 18,180,225 | | 380,219,042 |
TOTAL SWITZERLAND | | 1,465,278,855 |
Taiwan - 0.9% |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d) | 11,800,500 | | 237,190,050 |
Thailand - 0.1% |
Kasikornbank PCL (For. Reg.) | 5,270,200 | | 32,002,296 |
United Kingdom - 17.3% |
Alabama Noor Hospitals Group PLC | 2,654,400 | | 44,727,256 |
Associated British Foods PLC | 2,107,700 | | 105,727,215 |
Barclays PLC | 13,356,410 | | 57,032,529 |
Barratt Developments PLC | 4,957,900 | | 30,930,543 |
BG Group PLC | 13,315,602 | | 269,335,109 |
|
| Shares | | Value |
British American Tobacco PLC sponsored ADR | 2,071,900 | | $ 238,309,938 |
BT Group PLC | 23,357,900 | | 145,815,189 |
Bunzl PLC | 1,347,570 | | 38,246,737 |
Compass Group PLC | 5,496,400 | | 87,418,747 |
Direct Line Insurance Group PLC | 7,978,800 | | 33,718,929 |
Domino's Pizza UK & IRL PLC | 3,460,053 | | 30,027,641 |
easyJet PLC | 2,458,000 | | 67,936,928 |
Exova Group Ltd. PLC (a) | 8,488,248 | | 31,565,256 |
Filtrona PLC | 9,088,612 | | 122,761,700 |
GlaxoSmithKline PLC | 4,633,900 | | 128,037,264 |
Hikma Pharmaceuticals PLC | 3,069,151 | | 80,423,935 |
HSBC Holdings PLC sponsored ADR (d) | 5,735,257 | | 294,333,389 |
IMI PLC | 2,449,735 | | 62,041,989 |
InterContinental Hotel Group PLC | 1,363,500 | | 46,599,708 |
ITV PLC | 18,666,200 | | 57,359,142 |
Jazztel PLC (a) | 2,823,800 | | 43,328,644 |
Johnson Matthey PLC | 1,417,082 | | 78,309,839 |
Kingfisher PLC | 26,477,831 | | 186,912,316 |
Liberty Global PLC: | | | |
Class A (a) | 642,800 | | 25,596,296 |
Class C | 642,800 | | 24,702,804 |
Lloyds Banking Group PLC (a) | 203,016,400 | | 258,889,173 |
Meggitt PLC | 6,496,151 | | 52,284,939 |
Next PLC | 2,631,600 | | 289,696,213 |
Poundland Group PLC (a) | 4,487,099 | | 26,326,662 |
Prudential PLC | 14,437,579 | | 331,907,479 |
Reckitt Benckiser Group PLC | 2,340,887 | | 188,724,885 |
Reed Elsevier PLC | 3,606,600 | | 53,099,424 |
Rolls-Royce Group PLC | 9,328,600 | | 165,379,287 |
SABMiller PLC | 1,993,500 | | 108,396,407 |
Spectris PLC | 1,596,200 | | 59,964,286 |
St. James's Place Capital PLC | 11,614,500 | | 150,996,398 |
Standard Chartered PLC (United Kingdom) | 8,203,202 | | 177,491,419 |
Taylor Wimpey PLC | 25,261,200 | | 44,826,212 |
Travis Perkins PLC | 2,778,780 | | 79,993,351 |
Vodafone Group PLC sponsored ADR | 5,371,500 | | 203,902,140 |
Whitbread PLC | 1,499,680 | | 103,308,037 |
TOTAL UNITED KINGDOM | | 4,626,385,355 |
United States of America - 6.7% |
AbbVie, Inc. | 2,827,200 | | 147,240,576 |
Alexion Pharmaceuticals, Inc. (a) | 622,300 | | 98,447,860 |
Amgen, Inc. | 547,000 | | 61,127,250 |
Boston Scientific Corp. (a) | 3,008,500 | | 37,937,185 |
Celldex Therapeutics, Inc. (a) | 499,613 | | 7,494,195 |
Citigroup, Inc. | 836,200 | | 40,062,342 |
Fidelity National Information Services, Inc. | 991,400 | | 52,970,502 |
FMC Corp. | 342,600 | | 26,380,200 |
Gilead Sciences, Inc. (a) | 1,835,700 | | 144,084,093 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Google, Inc.: | | | |
Class A (a) | 109,005 | | $ 58,304,594 |
Class C (a) | 109,005 | | 57,408,573 |
Las Vegas Sands Corp. | 1,766,300 | | 139,767,319 |
MasterCard, Inc. Class A | 2,066,800 | | 152,013,140 |
McGraw Hill Financial, Inc. | 2,054,500 | | 151,889,185 |
Mondelez International, Inc. | 1,500,200 | | 53,482,130 |
Monsanto Co. | 553,700 | | 61,294,590 |
Noble Energy, Inc. | 1,561,756 | | 112,102,846 |
PriceSmart, Inc. | 250,600 | | 24,067,624 |
ResMed, Inc. (d) | 1,028,900 | | 51,290,665 |
The Blackstone Group LP | 1,943,200 | | 57,382,696 |
Verizon Communications, Inc. | 2,325,632 | | 108,676,783 |
Visa, Inc. Class A | 705,300 | | 142,900,833 |
TOTAL UNITED STATES OF AMERICA | | 1,786,325,181 |
TOTAL COMMON STOCKS (Cost $19,093,831,918) |
25,018,866,301
|
Preferred Stocks - 1.8% |
| | | |
Convertible Preferred Stocks - 0.1% |
United States of America - 0.1% |
NJOY, Inc.: | | | |
Series C (i) | 770,400 | | 13,039,867 |
Series D (i) | 250,743 | | 4,244,101 |
TOTAL UNITED STATES OF AMERICA | | 17,283,968 |
Nonconvertible Preferred Stocks - 1.7% |
Brazil - 0.0% |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 21,100 | | 292,868 |
Germany - 1.7% |
Henkel AG & Co. KGaA | 1,679,300 | | 187,011,189 |
Volkswagen AG | 1,024,826 | | 275,969,897 |
TOTAL GERMANY | | 462,981,086 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 1,250,032,400 | | 2,110,555 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 465,384,509 |
TOTAL PREFERRED STOCKS (Cost $306,642,697) |
482,668,477
|
Government Obligations - 0.1% |
| Principal
Amount (h) | | Value |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14
(Cost $9,559,781) | | $ 9,560,000 | | $ 9,559,912 |
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (f)(g)
(Cost $32,220,157) | EUR | 20,980,000 | |
32,423,171
|
Money Market Funds - 10.3% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 1,136,965,047 | | 1,136,965,047 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 1,628,642,003 | | 1,628,642,003 |
TOTAL MONEY MARKET FUNDS (Cost $2,765,607,050) |
2,765,607,050
|
TOTAL INVESTMENTPORTFOLIO - 105.7% (Cost $22,207,861,603) | | 28,309,124,911 |
NET OTHER ASSETS (LIABILITIES) - (5.7)% | | (1,522,551,978) |
NET ASSETS - 100% | $ 26,786,572,933 |
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) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $47,507,209 or 0.2% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) Amount is stated in United States dollars unless otherwise noted. |
(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $17,283,968 or 0.1% 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 | $ 543,379 |
Fidelity Securities Lending Cash Central Fund | 3,897,376 |
Total | $ 4,440,755 |
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 |
Painted Pony Petroleum Ltd. | $ 25,702,824 | $ - | $ 203,608* | $ - | $ 40,075,413 |
Painted Pony Petroleum Ltd. (144A) | 9,595,190 | - | - | - | 15,084,038 |
Total | $ 35,298,014 | $ - | $ 203,608 | $ - | $ 55,159,451 |
* Includes the value of securities delivered through in-kind transactions.
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, 2014, 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 | $ 4,206,839,488 | $ 3,807,163,768 | $ 382,391,752 | $ 17,283,968 |
Consumer Staples | 3,107,481,855 | 2,066,453,029 | 1,041,028,826 | - |
Energy | 908,265,018 | 908,265,018 | - | - |
Financials | 5,699,059,933 | 3,977,238,928 | 1,721,821,005 | - |
Health Care | 3,992,325,577 | 2,548,129,773 | 1,444,195,804 | - |
Industrials | 2,021,393,786 | 1,905,339,324 | 116,054,462 | - |
Information Technology | 2,536,249,195 | 2,223,599,411 | 312,649,784 | - |
Materials | 1,805,351,051 | 1,515,980,940 | 289,370,111 | - |
Telecommunication Services | 1,224,568,875 | 1,012,417,619 | 212,151,256 | - |
Government Obligations | 9,559,912 | - | 9,559,912 | - |
Preferred Securities | 32,423,171 | - | 32,423,171 | - |
Money Market Funds | 2,765,607,050 | 2,765,607,050 | - | - |
Total Investments in Securities: | $ 28,309,124,911 | $ 22,730,194,860 | $ 5,561,646,083 | $ 17,283,968 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 318,356,337 |
Level 2 to Level 1 | $ 3,190,141,437 |
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, 2014 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $1,543,434,990) - See accompanying schedule: Unaffiliated issuers (cost $19,400,597,642) | $ 25,488,358,410 | |
Fidelity Central Funds (cost $2,765,607,050) | 2,765,607,050 | |
Other affiliated issuers (cost $41,656,911) | 55,159,451 | |
Total Investments (cost $22,207,861,603) | | $ 28,309,124,911 |
Cash | | 3,640,553 |
Foreign currency held at value (cost $124,525) | | 132,905 |
Receivable for investments sold | | 61,217,228 |
Receivable for fund shares sold | | 19,300,945 |
Dividends receivable | | 113,061,568 |
Distributions receivable from Fidelity Central Funds | | 1,781,922 |
Prepaid expenses | | 19,870 |
Other receivables | | 1,732,802 |
Total assets | | 28,510,012,704 |
| | |
Liabilities | | |
Payable for investments purchased | $ 42,450,376 | |
Payable for fund shares redeemed | 32,031,897 | |
Accrued management fee | 15,366,838 | |
Other affiliated payables | 2,861,667 | |
Other payables and accrued expenses | 2,086,990 | |
Collateral on securities loaned, at value | 1,628,642,003 | |
Total liabilities | | 1,723,439,771 |
| | |
Net Assets | | $ 26,786,572,933 |
Net Assets consist of: | | |
Paid in capital | | $ 20,520,459,538 |
Undistributed net investment income | | 256,425,071 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (92,503,735) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,102,192,059 |
Net Assets | | $ 26,786,572,933 |
| | |
Diversified International:
Net Asset Value, offering price and redemption price per share ($14,808,728,459 ÷ 402,839,323 shares) | | $ 36.76 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($11,977,844,474 ÷ 326,273,151 shares) | | $ 36.71 |
Statement of Operations
| Six months ended April 30, 2014 |
| | |
Investment Income | | |
Dividends | | $ 262,210,030 |
Special dividends | | 128,754,842 |
Interest | | 2,342 |
Income from Fidelity Central Funds | | 4,440,755 |
Income before foreign taxes withheld | | 395,407,969 |
Less foreign taxes withheld | | (17,958,711) |
Total income | | 377,449,258 |
| | |
Expenses | | |
Management fee Basic fee | $ 92,870,255 | |
Performance adjustment | 3,273,015 | |
Transfer agent fees | 15,445,465 | |
Accounting and security lending fees | 1,245,725 | |
Custodian fees and expenses | 1,244,888 | |
Independent trustees' compensation | 52,311 | |
Appreciation in deferred trustee compensation account | 21 | |
Registration fees | 136,316 | |
Audit | 86,019 | |
Legal | 71,696 | |
Miscellaneous | 91,825 | |
Total expenses before reductions | 114,517,536 | |
Expense reductions | (598,970) | 113,918,566 |
Net investment income (loss) | | 263,530,692 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 1,271,582,806 | |
Other affiliated issuers | 29,986 | |
Foreign currency transactions | 1,298,023 | |
Futures contracts | 7,055,194 | |
Total net realized gain (loss) | | 1,279,966,009 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (498,376,713) | |
Assets and liabilities in foreign currencies | (1,741,198) | |
Futures contracts | (6,276,288) | |
Total change in net unrealized appreciation (depreciation) | | (506,394,199) |
Net gain (loss) | | 773,571,810 |
Net increase (decrease) in net assets resulting from operations | | $ 1,037,102,502 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 263,530,692 | $ 343,281,444 |
Net realized gain (loss) | 1,279,966,009 | 1,914,830,172 |
Change in net unrealized appreciation (depreciation) | (506,394,199) | 3,217,785,070 |
Net increase (decrease) in net assets resulting from operations | 1,037,102,502 | 5,475,896,686 |
Distributions to shareholders from net investment income | (245,684,018) | (361,491,947) |
Distributions to shareholders from net realized gain | (169,078,601) | (51,508,245) |
Total distributions | (414,762,619) | (413,000,192) |
Share transactions - net increase (decrease) | 189,897,508 | (1,244,167,482) |
Redemption fees | 150,621 | 382,374 |
Total increase (decrease) in net assets | 812,388,012 | 3,819,111,386 |
| | |
Net Assets | | |
Beginning of period | 25,974,184,921 | 22,155,073,535 |
End of period (including undistributed net investment income of $256,425,071 and undistributed net investment income of $238,578,397, respectively) | $ 26,786,572,933 | $ 25,974,184,921 |
Financial Highlights - Diversified International
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 35.89 | $ 29.07 | $ 27.49 | $ 29.49 | $ 26.86 | $ 21.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .35 G | .44 | .42 | .53 H | .37 | .35 |
Net realized and unrealized gain (loss) | 1.07 | 6.90 | 1.65 | (1.99) | 2.61 | 4.86 |
Total from investment operations | 1.42 | 7.34 | 2.07 | (1.46) | 2.98 | 5.21 |
Distributions from net investment income | (.32) | (.46) | (.49) | (.46) | (.35) | (.31) |
Distributions from net realized gain | (.23) | (.07) | - | (.08) | - | - |
Total distributions | (.55) | (.52) L | (.49) | (.54) | (.35) | (.31) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 36.76 | $ 35.89 | $ 29.07 | $ 27.49 | $ 29.49 | $ 26.86 |
Total Return B, C | 4.01% | 25.66% | 7.72% | (5.07)% | 11.15% | 24.32% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .92% A | .94% | 1.01% | .90% | .98% | 1.01% |
Expenses net of fee waivers, if any | .92% A | .94% | 1.01% | .89% | .98% | 1.01% |
Expenses net of all reductions | .92% A | .92% | .99% | .87% | .96% | .99% |
Net investment income (loss) | 1.93% A, G | 1.38% | 1.53% | 1.78% H | 1.34% | 1.58% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,808,728 | $ 14,432,586 | $ 13,269,769 | $ 17,285,369 | $ 26,527,229 | $ 30,998,270 |
Portfolio turnover rate F | 40% A,K | 52% | 35% | 45% | 57% | 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 large, non-recurring dividends which amounted to $.18 per share. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been .96%. HInvestment 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%. 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. KPortfolio turnover rate excludes securities received or delivered in-kind. LTotal 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. |
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, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 35.87 | $ 29.06 | $ 27.51 | $ 29.51 | $ 26.89 | $ 21.98 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .37 G | .49 | .47 | .58 H | .42 | .42 |
Net realized and unrealized gain (loss) | 1.07 | 6.90 | 1.63 | (1.97) | 2.61 | 4.85 |
Total from investment operations | 1.44 | 7.39 | 2.10 | (1.39) | 3.03 | 5.27 |
Distributions from net investment income | (.37) | (.51) | (.55) | (.53) | (.41) | (.36) |
Distributions from net realized gain | (.23) | (.07) | - | (.08) | - | - |
Total distributions | (.60) | (.58) | (.55) | (.61) | (.41) | (.36) |
Redemption fees added to paid in capital D, J | - | - | - | - | - | - |
Net asset value, end of period | $ 36.71 | $ 35.87 | $ 29.06 | $ 27.51 | $ 29.51 | $ 26.89 |
Total Return B, C | 4.07% | 25.86% | 7.86% | (4.87)% | 11.33% | 24.64% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .79% A | .80% | .84% | .73% | .79% | .77% |
Expenses net of fee waivers, if any | .79% A | .80% | .84% | .72% | .79% | .77% |
Expenses net of all reductions | .79% A | .78% | .83% | .70% | .77% | .76% |
Net investment income (loss) | 2.06% A, G | 1.52% | 1.70% | 1.95% H | 1.54% | 1.81% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,977,844 | $ 11,541,599 | $ 8,885,304 | $ 8,115,192 | $ 7,697,405 | $ 4,713,909 |
Portfolio turnover rate F | 40% A,K | 52% | 35% | 45% | 57% | 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 large, non-recurring dividends which amounted to $.18 per share. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.09%. HInvestment 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%. 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. KPortfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014
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.
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
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.
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, 2014, 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
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 futures contracts, foreign currency transactions, 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 | $ 6,226,838,044 |
Gross unrealized depreciation | (420,824,611) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 5,806,013,433 |
| |
Tax cost | $ 22,503,111,478 |
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 | $ (419,355,221) |
2018 | (619,571,852) |
Total capital loss carryforward | $ (1,038,927,073) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities excluding in-kind transactions, other than short-term securities, aggregated $5,122,447,157 and $5,472,014,021, respectively.
Redemptions In-Kind. During the period, 5,850,153 shares of the Fund held by unaffiliated entities were redeemed in kind for cash and investments with a value of $206,070,862. The net realized gain of $68,619,959 on securities delivered through the in-kind redemption 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 10: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.
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 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 .73% of the
Semiannual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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.
For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Diversified International | $ 12,780,879 | .17 |
Class K | 2,664,586 | .05 |
| $ 15,445,465 | |
* 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 $19,250 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 $24,479 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $7,955,759. 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 $3,897,376, including $7,929 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 $542,825 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 custody expenses by $142.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $56,003.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Diversified International | $ 126,517,689 | $ 204,367,616 |
Class K | 119,166,329 | 157,124,331 |
Total | $ 245,684,018 | $ 361,491,947 |
From net realized gain | | |
Diversified International | $ 93,097,916 | $ 30,475,866 |
Class K | 75,980,685 | 21,032,379 |
Total | $ 169,078,601 | $ 51,508,245 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Diversified International | | | | |
Shares sold | 36,003,697 | 63,290,634 | $ 1,304,960,093 | $ 2,024,488,853 |
Reinvestment of distributions | 5,837,704 | 7,563,286 | 207,822,237 | 222,133,713 |
Shares redeemed | (41,097,860) | (125,225,694) | (1,488,701,091) | (3,964,590,272) |
Net increase (decrease) | 743,541 | (54,371,774) | $ 24,081,239 | $ (1,717,967,706) |
Class K | | | | |
Shares sold | 34,852,676 | 76,686,079 | $ 1,262,284,741 | $ 2,416,468,280 |
Reinvestment of distributions | 5,492,457 | 6,076,286 | 195,147,014 | 178,156,710 |
Shares redeemed | (35,820,767) A | (66,739,141) | (1,291,615,486) A | (2,120,824,766) |
Net increase (decrease) | 4,524,366 | 16,023,224 | $ 165,816,269 | $ 473,800,224 |
A Amount includes in-kind redemptions (see Note 4: Redemptions In-Kind).
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
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2014, 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, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013. 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, 2014, 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, 2014, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 20, 2014
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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Actual | 1.14% | $ 1,000.00 | $ 1,034.00 | $ 5.75 |
Hypothetical A | | $ 1,000.00 | $ 1,019.14 | $ 5.71 |
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, 2014 |
| United States of America* | 17.5% | |
| United Kingdom | 16.1% | |
| Japan | 10.1% | |
| Germany | 5.7% | |
| France | 5.3% | |
| Canada | 3.6% | |
| Australia | 3.1% | |
| Cayman Islands | 3.0% | |
| Switzerland | 3.0% | |
| 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, 2013 |
| United Kingdom | 16.3% | |
| Japan | 13.4% | |
| United States of America* | 12.7% | |
| France | 7.1% | |
| Germany | 6.7% | |
| Switzerland | 4.9% | |
| India | 4.7% | |
| Brazil | 3.3% | |
| Indonesia | 2.5% | |
| Other | 28.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.1 | 99.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 0.4 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Bayer AG (Germany, Pharmaceuticals) | 0.9 | 0.8 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 0.8 | 0.8 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 0.8 | 0.0 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 0.8 | 0.6 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 0.7 | 0.6 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 0.7 | 0.6 |
Diageo PLC sponsored ADR (United Kingdom, Beverages) | 0.7 | 0.6 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 0.6 | 0.5 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 0.6 | 0.0 |
Prudential PLC (United Kingdom, Insurance) | 0.6 | 0.5 |
| 7.2 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 22.9 | 23.9 |
Industrials | 20.9 | 18.4 |
Information Technology | 13.2 | 9.6 |
Health Care | 12.8 | 7.6 |
Financials | 10.4 | 17.2 |
Consumer Staples | 10.1 | 13.3 |
Materials | 6.6 | 8.1 |
Telecommunication Services | 1.6 | 1.0 |
Energy | 0.6 | 0.5 |
Semiannual Report
Fidelity International Capital Appreciation Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% |
| Shares | | Value |
Australia - 3.1% |
Amcor Ltd. | 303,126 | | $ 2,897,706 |
Carsales.com Ltd. | 334,833 | | 3,374,999 |
CSL Ltd. | 68,339 | | 4,344,411 |
DuluxGroup Ltd. | 527,052 | | 2,805,587 |
Flight Centre Travel Group Ltd. | 56,944 | | 2,843,427 |
iProperty Group Ltd. (a) | 1,269,877 | | 3,067,261 |
Ramsay Health Care Ltd. | 67,783 | | 2,821,704 |
realestate.com.au Ltd. | 62,156 | | 2,700,637 |
SEEK Ltd. | 202,069 | | 3,138,714 |
Sydney Airport unit | 721,721 | | 2,829,421 |
TOTAL AUSTRALIA | | 30,823,867 |
Austria - 0.2% |
Andritz AG | 41,796 | | 2,593,989 |
Bailiwick of Jersey - 1.6% |
Delphi Automotive PLC | 40,829 | | 2,729,010 |
Experian PLC | 200,568 | | 3,846,939 |
Shire PLC | 86,600 | | 4,952,827 |
WPP PLC | 199,900 | | 4,310,165 |
TOTAL BAILIWICK OF JERSEY | | 15,838,941 |
Belgium - 1.0% |
Anheuser-Busch InBev SA NV | 63,459 | | 6,916,770 |
Arseus NV | 50,600 | | 2,871,176 |
TOTAL BELGIUM | | 9,787,946 |
Bermuda - 0.6% |
Credicorp Ltd. (United States) | 22,160 | | 3,307,380 |
Signet Jewelers Ltd. | 25,629 | | 2,596,730 |
TOTAL BERMUDA | | 5,904,110 |
Brazil - 2.7% |
BB Seguridade Participacoes SA | 277,900 | | 3,256,655 |
CCR SA | 353,500 | | 2,766,487 |
Cielo SA | 200,600 | | 3,553,627 |
Estacio Participacoes SA | 271,400 | | 2,906,618 |
Kroton Educacional SA | 131,700 | | 2,820,940 |
Linx SA | 123,700 | | 2,699,514 |
Qualicorp SA (a) | 282,400 | | 2,744,527 |
Souza Cruz SA | 310,900 | | 2,837,455 |
Ultrapar Participacoes SA | 128,600 | | 3,228,626 |
TOTAL BRAZIL | | 26,814,449 |
British Virgin Islands - 0.3% |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 127,400 | | 3,461,458 |
Canada - 3.6% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 126,600 | | 3,567,970 |
AutoCanada, Inc. | 37,900 | | 2,420,510 |
Canadian National Railway Co. | 86,000 | | 5,037,361 |
Canadian Pacific Railway Ltd. | 26,787 | | 4,182,589 |
CGI Group, Inc. Class A (sub. vtg.) (a) | 98,600 | | 3,555,195 |
Cineplex, Inc. (d) | 66,270 | | 2,497,709 |
|
| Shares | | Value |
Constellation Software, Inc. | 11,400 | | $ 2,524,839 |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 128,900 | | 2,597,875 |
Stantec, Inc. | 44,600 | | 2,643,325 |
Stella-Jones, Inc. | 88,700 | | 2,424,572 |
Valeant Pharmaceuticals International (Canada) (a) | 39,800 | | 5,322,281 |
TOTAL CANADA | | 36,774,226 |
Cayman Islands - 3.0% |
51job, Inc. sponsored ADR (a) | 44,200 | | 2,980,848 |
Autohome, Inc. ADR Class A (d) | 86,000 | | 2,754,580 |
Baidu.com, Inc. sponsored ADR (a) | 20,200 | | 3,107,770 |
Bitauto Holdings Ltd. ADR (a)(d) | 88,427 | | 3,168,339 |
Melco Crown Entertainment Ltd. sponsored ADR | 82,730 | | 2,827,711 |
MGM China Holdings Ltd. | 753,000 | | 2,622,357 |
Sands China Ltd. | 498,400 | | 3,638,543 |
SouFun Holdings Ltd. ADR (d) | 249,590 | | 2,937,674 |
Tencent Holdings Ltd. | 104,700 | | 6,525,392 |
TOTAL CAYMAN ISLANDS | | 30,563,214 |
Denmark - 1.3% |
Coloplast A/S Series B | 35,200 | | 2,953,398 |
Novo Nordisk A/S Series B sponsored ADR | 153,900 | | 6,985,521 |
Vestas Wind Systems A/S (a) | 70,200 | | 3,115,941 |
TOTAL DENMARK | | 13,054,860 |
Finland - 0.7% |
Kone Oyj (B Shares) (d) | 84,000 | | 3,591,683 |
Sampo Oyj (A Shares) | 76,100 | | 3,778,613 |
TOTAL FINLAND | | 7,370,296 |
France - 5.3% |
Air Liquide SA | 33,410 | | 4,778,826 |
Bureau Veritas SA | 100,590 | | 3,070,178 |
Christian Dior SA | 15,919 | | 3,271,926 |
Dassault Systemes SA | 25,400 | | 3,123,205 |
Essilor International SA | 33,442 | | 3,576,649 |
L'Oreal SA (d) | 29,000 | | 4,988,911 |
Legrand SA | 51,500 | | 3,322,356 |
Pernod Ricard SA | 34,100 | | 4,092,670 |
Publicis Groupe SA | 43,000 | | 3,662,881 |
Safran SA | 62,200 | | 4,180,473 |
Schneider Electric SA | 56,694 | | 5,313,106 |
Sodexo SA | 29,500 | | 3,180,014 |
Solocal Group SA (a)(d) | 1,414,100 | | 3,237,055 |
Zodiac Aerospace | 106,880 | | 3,552,047 |
TOTAL FRANCE | | 53,350,297 |
Germany - 5.4% |
adidas AG | 37,100 | | 3,959,640 |
Bayer AG | 63,400 | | 8,795,798 |
Bayerische Motoren Werke AG (BMW) | 40,814 | | 5,106,289 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Brenntag AG | 16,840 | | $ 3,045,364 |
CompuGroup Medical AG | 97,824 | | 2,607,107 |
Continental AG | 17,500 | | 4,099,446 |
CTS Eventim AG | 40,118 | | 2,554,689 |
Deutsche Post AG | 128,236 | | 4,827,539 |
Fresenius SE & Co. KGaA | 24,000 | | 3,647,621 |
GEA Group AG | 66,826 | | 2,989,468 |
Henkel AG & Co. KGaA | 44,189 | | 4,535,389 |
Linde AG | 22,700 | | 4,706,606 |
ProSiebenSat.1 Media AG | 70,100 | | 3,064,936 |
TOTAL GERMANY | | 53,939,892 |
Hong Kong - 1.2% |
AIA Group Ltd. | 1,137,400 | | 5,516,125 |
Galaxy Entertainment Group Ltd. | 432,000 | | 3,390,606 |
Techtronic Industries Co. Ltd. | 880,000 | | 2,803,578 |
TOTAL HONG KONG | | 11,710,309 |
India - 2.9% |
Amara Raja Batteries Ltd. | 436,935 | | 2,963,972 |
Axis Bank Ltd. | 104,938 | | 2,651,552 |
Bajaj Auto Ltd. | 81,879 | | 2,595,788 |
Grasim Industries Ltd. | 13,020 | | 575,165 |
HCL Technologies Ltd. | 124,576 | | 2,897,582 |
HDFC Bank Ltd. | 278,794 | | 3,488,740 |
Housing Development Finance Corp. Ltd. | 270,397 | | 4,025,582 |
ITC Ltd. | 594,107 | | 3,356,412 |
Sun Pharmaceutical Industries Ltd. | 293,059 | | 3,074,654 |
Tata Consultancy Services Ltd. | 93,623 | | 3,398,151 |
TOTAL INDIA | | 29,027,598 |
Indonesia - 2.0% |
PT Astra International Tbk | 4,864,300 | | 3,123,940 |
PT Bank Central Asia Tbk | 3,238,000 | | 3,080,742 |
PT Bank Rakyat Indonesia Tbk | 3,599,500 | | 3,082,217 |
PT Global Mediacom Tbk | 13,422,600 | | 2,542,533 |
PT Indocement Tunggal Prakarsa Tbk | 1,362,900 | | 2,587,524 |
PT Semen Gresik (Persero) Tbk | 2,146,300 | | 2,756,784 |
PT Surya Citra Media Tbk | 9,639,500 | | 2,626,340 |
TOTAL INDONESIA | | 19,800,080 |
Ireland - 2.5% |
Accenture PLC Class A | 38,408 | | 3,081,090 |
Actavis PLC (a) | 16,710 | | 3,414,354 |
Covidien PLC | 37,800 | | 2,693,250 |
Ingersoll-Rand PLC | 49,100 | | 2,936,180 |
James Hardie Industries PLC CDI | 227,288 | | 2,896,986 |
Jazz Pharmaceuticals PLC (a) | 23,700 | | 3,197,130 |
Kerry Group PLC Class A | 43,200 | | 3,410,217 |
Perrigo Co. PLC | 22,178 | | 3,212,705 |
TOTAL IRELAND | | 24,841,912 |
|
| Shares | | Value |
Israel - 0.5% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 99,700 | | $ 4,871,342 |
Italy - 1.4% |
Azimut Holding SpA | 86,200 | | 2,684,786 |
Luxottica Group SpA | 51,700 | | 2,965,334 |
Pirelli & C. S.p.A. | 202,200 | | 3,388,708 |
Prada SpA | 332,900 | | 2,657,893 |
World Duty Free SpA (a) | 194,862 | | 2,610,150 |
TOTAL ITALY | | 14,306,871 |
Japan - 10.1% |
Astellas Pharma, Inc. | 391,700 | | 4,356,266 |
Bridgestone Corp. | 114,700 | | 4,106,245 |
Daikin Industries Ltd. | 66,200 | | 3,821,061 |
Daito Trust Construction Co. Ltd. | 30,300 | | 3,079,347 |
DENSO Corp. | 90,370 | | 4,112,107 |
Dentsu, Inc. | 77,060 | | 3,165,765 |
Fuji Heavy Industries Ltd. | 138,200 | | 3,629,550 |
GMO Internet, Inc. | 388,500 | | 3,423,862 |
Hitachi Ltd. | 638,000 | | 4,536,861 |
Hoya Corp. | 110,200 | | 3,248,817 |
Japan Tobacco, Inc. | 144,100 | | 4,730,274 |
Kansai Paint Co. Ltd. | 222,000 | | 3,107,370 |
Keyence Corp. | 10,470 | | 4,033,462 |
Miraca Holdings, Inc. | 73,800 | | 3,197,868 |
Nakanishi, Inc. | 86,500 | | 2,952,854 |
Nippon Paint Co. Ltd. | 201,000 | | 3,106,373 |
OBIC Co. Ltd. | 92,600 | | 2,776,143 |
Olympus Corp. (a) | 111,400 | | 3,399,697 |
OMRON Corp. | 101,730 | | 3,592,168 |
ORIX Corp. | 278,600 | | 4,024,964 |
Park24 Co. Ltd. | 144,000 | | 2,628,298 |
Rakuten, Inc. | 304,500 | | 3,937,487 |
Ship Healthcare Holdings, Inc. | 73,500 | | 2,501,883 |
SMC Corp. | 14,300 | | 3,395,437 |
SoftBank Corp. | 103,200 | | 7,661,642 |
Tsuruha Holdings, Inc. | 28,100 | | 2,825,529 |
Unicharm Corp. | 57,100 | | 3,094,185 |
USS Co. Ltd. | 187,800 | | 2,735,210 |
TOTAL JAPAN | | 101,180,725 |
Kenya - 0.5% |
Kenya Commercial Bank Ltd. | 4,358,000 | | 2,454,224 |
Safaricom Ltd. | 18,198,100 | | 2,739,859 |
TOTAL KENYA | | 5,194,083 |
Korea (South) - 0.4% |
Naver Corp. | 5,722 | | 4,087,538 |
Luxembourg - 0.1% |
RTL Group SA | 6,403 | | 710,923 |
Mexico - 2.0% |
Banregio Grupo Financiero S.A.B. de CV | 431,200 | | 2,492,063 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 36,880 | | $ 3,347,598 |
Grupo Aeroportuario del Pacifico SA de CV Series B | 439,800 | | 2,644,969 |
Grupo Aeroportuario Norte S.A.B. de CV | 676,700 | | 2,486,401 |
Grupo Financiero Banorte S.A.B. de CV Series O | 523,000 | | 3,467,145 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 110,000 | | 3,609,100 |
Megacable Holdings S.A.B. de CV unit | 618,400 | | 2,452,755 |
TOTAL MEXICO | | 20,500,031 |
Netherlands - 0.8% |
Airbus Group NV | 74,100 | | 5,087,702 |
Yandex NV (a) | 100,300 | | 2,657,950 |
TOTAL NETHERLANDS | | 7,745,652 |
New Zealand - 0.2% |
EBOS Group Ltd. | 311,937 | | 2,528,443 |
Nigeria - 0.3% |
Guaranty Trust Bank PLC | 17,205,206 | | 2,809,166 |
Norway - 0.3% |
Schibsted ASA (B Shares) | 63,200 | | 3,629,776 |
Philippines - 1.1% |
Alliance Global Group, Inc. | 4,079,800 | | 2,851,055 |
GT Capital Holdings, Inc. | 142,960 | | 2,780,624 |
Security Bank Corp. | 1,090,524 | | 2,938,237 |
SM Investments Corp. | 177,773 | | 2,891,428 |
TOTAL PHILIPPINES | | 11,461,344 |
Russia - 0.7% |
Magnit OJSC GDR (Reg. S) | 77,905 | | 3,665,430 |
NOVATEK OAO GDR (Reg. S) | 34,300 | | 3,543,190 |
TOTAL RUSSIA | | 7,208,620 |
South Africa - 2.1% |
Aspen Pharmacare Holdings Ltd. | 112,800 | | 3,001,817 |
Life Healthcare Group Holdings Ltd. | 801,969 | | 3,184,093 |
Mr Price Group Ltd. | 193,600 | | 2,913,063 |
Nampak Ltd. | 837,400 | | 3,120,202 |
Naspers Ltd. Class N | 58,700 | | 5,534,946 |
Shoprite Holdings Ltd. | 187,220 | | 3,126,532 |
TOTAL SOUTH AFRICA | | 20,880,653 |
Spain - 1.1% |
Amadeus IT Holding SA Class A | 82,200 | | 3,416,073 |
Grifols SA ADR | 77,700 | | 3,188,808 |
Inditex SA | 28,625 | | 4,294,949 |
TOTAL SPAIN | | 10,899,830 |
Sweden - 2.4% |
ASSA ABLOY AB (B Shares) | 69,594 | | 3,684,023 |
Atlas Copco AB (A Shares) | 143,500 | | 4,153,471 |
|
| Shares | | Value |
Eniro AB (a) | 287,200 | | $ 2,279,155 |
Hexagon AB (B Shares) | 96,900 | | 3,087,829 |
Investment AB Kinnevik (B Shares) | 104,130 | | 3,659,331 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 128,300 | | 3,593,158 |
Svenska Handelsbanken AB (A Shares) | 72,100 | | 3,618,195 |
TOTAL SWEDEN | | 24,075,162 |
Switzerland - 3.0% |
Compagnie Financiere Richemont SA Series A | 53,291 | | 5,407,211 |
DKSH Holding AG | 31,054 | | 2,558,135 |
Dufry AG (a) | 16,400 | | 2,709,419 |
Partners Group Holding AG | 10,306 | | 2,819,776 |
Schindler Holding AG (Reg.) | 21,590 | | 3,292,101 |
SGS SA (Reg.) | 1,369 | | 3,414,334 |
Sika AG (Bearer) | 788 | | 3,186,561 |
Swatch Group AG (Bearer) | 6,597 | | 4,231,345 |
TE Connectivity Ltd. | 45,400 | | 2,677,692 |
TOTAL SWITZERLAND | | 30,296,574 |
Taiwan - 0.8% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,978,000 | | 7,780,643 |
Thailand - 0.6% |
Airports of Thailand PCL (For. Reg.) | 442,500 | | 2,666,486 |
Kasikornbank PCL (For. Reg.) | 545,300 | | 3,311,231 |
TOTAL THAILAND | | 5,977,717 |
Turkey - 0.3% |
TAV Havalimanlari Holding A/S | 370,000 | | 2,961,332 |
United Kingdom - 16.1% |
Aberdeen Asset Management PLC | 449,800 | | 3,317,244 |
Ashtead Group PLC | 230,760 | | 3,407,185 |
Associated British Foods PLC | 69,600 | | 3,491,301 |
Babcock International Group PLC | 115,600 | | 2,330,438 |
Babcock International Group PLC rights 5/6/14 (a) | 44,461 | | 300,272 |
Berkeley Group Holdings PLC | 75,600 | | 2,928,131 |
British American Tobacco PLC (United Kingdom) | 144,337 | | 8,334,739 |
BT Group PLC | 804,100 | | 5,019,715 |
Bunzl PLC | 117,242 | | 3,327,563 |
Burberry Group PLC | 140,300 | | 3,517,705 |
Capita Group PLC | 188,200 | | 3,447,662 |
Compass Group PLC | 266,600 | | 4,240,201 |
Daily Mail & General Trust PLC Class A | 234,100 | | 3,219,347 |
Diageo PLC sponsored ADR | 53,864 | | 6,613,422 |
Diploma PLC | 265,493 | | 2,951,781 |
easyJet PLC | 108,400 | | 2,996,079 |
Elementis PLC | 608,625 | | 2,849,542 |
Filtrona PLC | 224,300 | | 3,029,665 |
Foxtons Group PLC | 547,000 | | 2,937,828 |
Galiform PLC | 550,790 | | 3,024,210 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Halma PLC | 270,800 | | $ 2,567,283 |
IMI PLC | 107,550 | | 2,723,811 |
InterContinental Hotel Group PLC ADR | 89,940 | | 3,095,735 |
Intertek Group PLC | 61,020 | | 2,993,940 |
ITV PLC | 1,133,046 | | 3,481,723 |
Johnson Matthey PLC | 58,004 | | 3,205,378 |
Liberty Global PLC Class A (a) | 70,100 | | 2,791,382 |
Lloyds Banking Group PLC (a) | 4,775,800 | | 6,090,163 |
Meggitt PLC | 463,200 | | 3,728,113 |
Mondi PLC | 181,600 | | 3,012,477 |
Next PLC | 32,600 | | 3,588,728 |
Persimmon PLC | 159,100 | | 3,524,353 |
Prudential PLC | 255,184 | | 5,866,460 |
Reckitt Benckiser Group PLC | 64,300 | | 5,183,937 |
Rightmove PLC | 88,984 | | 3,620,798 |
Rolls-Royce Group PLC | 290,134 | | 5,143,554 |
Rotork PLC | 57,900 | | 2,532,919 |
SABMiller PLC | 102,500 | | 5,573,430 |
Schroders PLC | 66,400 | | 2,865,525 |
Senior Engineering Group PLC | 492,000 | | 2,374,120 |
Spectris PLC | 67,300 | | 2,528,252 |
Spirax-Sarco Engineering PLC | 53,131 | | 2,600,588 |
St. James's Place Capital PLC | 177,576 | | 2,308,609 |
Taylor Wimpey PLC | 1,775,800 | | 3,151,172 |
The Restaurant Group PLC | 234,085 | | 2,466,230 |
Whitbread PLC | 47,668 | | 3,283,692 |
TOTAL UNITED KINGDOM | | 161,586,402 |
United States of America - 16.6% |
A.O. Smith Corp. | 59,000 | | 2,758,840 |
Alexion Pharmaceuticals, Inc. (a) | 19,400 | | 3,069,080 |
Amazon.com, Inc. (a) | 8,800 | | 2,676,344 |
American Tower Corp. | 31,700 | | 2,647,584 |
AMETEK, Inc. | 50,100 | | 2,641,272 |
Amphenol Corp. Class A | 28,566 | | 2,723,768 |
AutoZone, Inc. (a) | 4,540 | | 2,423,861 |
Biogen Idec, Inc. (a) | 10,400 | | 2,986,048 |
BorgWarner, Inc. | 44,310 | | 2,753,423 |
Cerner Corp. (a) | 57,300 | | 2,939,490 |
Colgate-Palmolive Co. | 38,600 | | 2,597,780 |
Comcast Corp. Class A | 47,800 | | 2,474,128 |
Cummins, Inc. | 17,200 | | 2,594,620 |
Danaher Corp. | 33,231 | | 2,438,491 |
Discovery Communications, Inc. Class A (a) | 34,203 | | 2,596,008 |
Ecolab, Inc. | 24,020 | | 2,513,453 |
Estee Lauder Companies, Inc. Class A | 36,800 | | 2,670,576 |
Facebook, Inc. Class A (a) | 43,300 | | 2,588,474 |
Fidelity National Information Services, Inc. | 48,430 | | 2,587,615 |
Fiserv, Inc. (a) | 44,855 | | 2,726,287 |
|
| Shares | | Value |
FMC Corp. | 34,099 | | $ 2,625,623 |
Gartner, Inc. Class A (a) | 35,400 | | 2,440,476 |
Gilead Sciences, Inc. (a) | 39,930 | | 3,134,106 |
Google, Inc. Class C (a) | 5,780 | | 3,044,095 |
HEICO Corp. Class A | 24,700 | | 1,006,525 |
Home Depot, Inc. | 36,691 | | 2,917,301 |
Honeywell International, Inc. | 26,100 | | 2,424,690 |
J.B. Hunt Transport Services, Inc. | 36,200 | | 2,754,820 |
Kansas City Southern | 26,750 | | 2,698,540 |
Las Vegas Sands Corp. | 36,826 | | 2,914,041 |
MasterCard, Inc. Class A | 43,200 | | 3,177,360 |
McGraw Hill Financial, Inc. | 41,185 | | 3,044,807 |
McKesson Corp. | 17,800 | | 3,011,582 |
Mead Johnson Nutrition Co. Class A | 30,758 | | 2,714,701 |
Mettler-Toledo International, Inc. (a) | 12,700 | | 2,960,624 |
Moody's Corp. | 39,440 | | 3,096,040 |
NIKE, Inc. Class B | 34,500 | | 2,516,775 |
Pall Corp. | 34,300 | | 2,886,345 |
Philip Morris International, Inc. | 34,858 | | 2,977,919 |
PPG Industries, Inc. | 13,203 | | 2,556,365 |
Precision Castparts Corp. | 9,800 | | 2,480,282 |
priceline.com, Inc. (a) | 2,230 | | 2,581,783 |
QUALCOMM, Inc. | 33,500 | | 2,636,785 |
ResMed, Inc. (d) | 56,700 | | 2,826,495 |
Rockwell Automation, Inc. | 21,554 | | 2,568,806 |
Roper Industries, Inc. | 19,000 | | 2,640,050 |
Sherwin-Williams Co. | 13,260 | | 2,649,878 |
Sigma Aldrich Corp. | 25,500 | | 2,453,355 |
Starbucks Corp. | 33,500 | | 2,365,770 |
Stericycle, Inc. (a) | 22,700 | | 2,643,188 |
Teledyne Technologies, Inc. (a) | 30,400 | | 2,822,944 |
The Walt Disney Co. | 31,967 | | 2,536,262 |
Thermo Fisher Scientific, Inc. | 21,300 | | 2,428,200 |
TransDigm Group, Inc. | 14,800 | | 2,632,476 |
Union Pacific Corp. | 13,800 | | 2,627,934 |
United Technologies Corp. | 22,208 | | 2,627,873 |
Varian Medical Systems, Inc. (a) | 32,500 | | 2,585,375 |
Verisk Analytics, Inc. (a) | 47,200 | | 2,836,248 |
Visa, Inc. Class A | 15,420 | | 3,124,246 |
W.R. Grace & Co. (a) | 28,000 | | 2,578,800 |
Yahoo!, Inc. (a) | 82,400 | | 2,962,280 |
Yum! Brands, Inc. | 35,000 | | 2,694,650 |
TOTAL UNITED STATES OF AMERICA | | 166,613,557 |
TOTAL COMMON STOCKS (Cost $845,457,849) |
992,963,828
|
Nonconvertible Preferred Stocks - 0.3% |
| | | |
Germany - 0.3% |
Sartorius AG (non-vtg.) | 20,613 | | 2,682,440 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 38,877,956 | | $ 65,642 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,914,016) |
2,748,082
|
Money Market Funds - 1.8% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 133,668 | | 133,668 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 17,956,085 | | 17,956,085 |
TOTAL MONEY MARKET FUNDS (Cost $18,089,753) |
18,089,753
|
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $865,461,618) | | 1,013,801,663 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | | (8,877,887) |
NET ASSETS - 100% | $ 1,004,923,776 |
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 | $ 2,986 |
Fidelity Securities Lending Cash Central Fund | 142,094 |
Total | $ 145,080 |
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, 2014, 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 | $ 232,598,862 | $ 225,323,363 | $ 7,275,499 | $ - |
Consumer Staples | 100,844,180 | 85,592,671 | 15,251,509 | - |
Energy | 6,771,816 | 6,771,816 | - | - |
Financials | 104,500,955 | 86,404,040 | 18,096,915 | - |
Health Care | 129,021,624 | 124,068,797 | 4,952,827 | - |
Industrials | 208,471,824 | 208,471,824 | - | - |
Information Technology | 131,656,635 | 123,875,992 | 7,780,643 | - |
Materials | 66,424,798 | 65,849,633 | 575,165 | - |
Telecommunication Services | 15,421,216 | 10,401,501 | 5,019,715 | - |
Money Market Funds | 18,089,753 | 18,089,753 | - | - |
Total Investments in Securities: | $ 1,013,801,663 | $ 954,849,390 | $ 58,952,273 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 7,017,184 |
Level 2 to Level 1 | $ 65,904,956 |
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, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $17,272,265) - See accompanying schedule: Unaffiliated issuers (cost $847,371,865) | $ 995,711,910 | |
Fidelity Central Funds (cost $18,089,753) | 18,089,753 | |
Total Investments (cost $865,461,618) | | $ 1,013,801,663 |
Foreign currency held at value (cost $179,814) | | 179,041 |
Receivable for investments sold | | 26,654,052 |
Receivable for fund shares sold | | 638,402 |
Dividends receivable | | 3,309,940 |
Distributions receivable from Fidelity Central Funds | | 31,699 |
Prepaid expenses | | 789 |
Other receivables | | 290,292 |
Total assets | | 1,044,905,878 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,788,096 | |
Payable for fund shares redeemed | 517,761 | |
Accrued management fee | 708,787 | |
Other affiliated payables | 199,741 | |
Other payables and accrued expenses | 811,632 | |
Collateral on securities loaned, at value | 17,956,085 | |
Total liabilities | | 39,982,102 |
| | |
Net Assets | | $ 1,004,923,776 |
Net Assets consist of: | | |
Paid in capital | | $ 849,017,634 |
Undistributed net investment income | | 2,853,219 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 5,428,379 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 147,624,544 |
Net Assets, for 60,127,763 shares outstanding | | $ 1,004,923,776 |
Net Asset Value, offering price and redemption price per share ($1,004,923,776 ÷ 60,127,763 shares) | | $ 16.71 |
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 9,027,375 |
Interest | | 6 |
Income from Fidelity Central Funds | | 145,080 |
Income before foreign taxes withheld | | 9,172,461 |
Less foreign taxes withheld | | (618,021) |
Total income | | 8,554,440 |
| | |
Expenses | | |
Management fee
Basic fee | $ 3,372,866 | |
Performance adjustment | 742,304 | |
Transfer agent fees | 942,694 | |
Accounting and security lending fees | 226,965 | |
Custodian fees and expenses | 155,017 | |
Independent trustees' compensation | 1,895 | |
Registration fees | 23,314 | |
Audit | 43,342 | |
Legal | 2,165 | |
Interest | 783 | |
Miscellaneous | 3,663 | |
Total expenses before reductions | 5,515,008 | |
Expense reductions | (36,729) | 5,478,279 |
Net investment income (loss) | | 3,076,161 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 35,957,001 | |
Foreign currency transactions | (326,751) | |
Total net realized gain (loss) | | 35,630,250 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $162,585) | (6,414,154) | |
Assets and liabilities in foreign currencies | 97,894 | |
Total change in net unrealized appreciation (depreciation) | | (6,316,260) |
Net gain (loss) | | 29,313,990 |
Net increase (decrease) in net assets resulting from operations | | $ 32,390,151 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Capital Appreciation Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,076,161 | $ 7,456,295 |
Net realized gain (loss) | 35,630,250 | 111,801,726 |
Change in net unrealized appreciation (depreciation) | (6,316,260) | 70,487,474 |
Net increase (decrease) in net assets resulting from operations | 32,390,151 | 189,745,495 |
Distributions to shareholders from net investment income | (6,875,230) | (7,093,102) |
Share transactions
Proceeds from sales of shares | 105,049,223 | 194,490,297 |
Reinvestment of distributions | 5,201,558 | 5,286,278 |
Cost of shares redeemed | (70,791,250) | (173,012,679) |
Net increase (decrease) in net assets resulting from share transactions | 39,459,531 | 26,763,896 |
Redemption fees | 4,146 | 13,934 |
Total increase (decrease) in net assets | 64,978,598 | 209,430,223 |
| | |
Net Assets | | |
Beginning of period | 939,945,178 | 730,514,955 |
End of period (including undistributed net investment income of $2,853,219 and undistributed net investment income of $6,652,288, respectively) | $ 1,004,923,776 | $ 939,945,178 |
Other Information Shares | | |
Sold | 6,350,646 | 13,452,087 |
Issued in reinvestment of distributions | 321,879 | 389,022 |
Redeemed | (4,291,823) | (11,788,439) |
Net increase (decrease) | 2,380,702 | 2,052,670 |
Financial Highlights - Fidelity International Capital Appreciation Fund
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 16.28 | $ 13.12 | $ 11.89 | $ 12.63 | $ 10.78 | $ 7.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .13 | .12 | .13 G | .12 | .13 |
Net realized and unrealized gain (loss) | .50 | 3.16 | 1.24 | (.62) | 1.92 | 3.26 |
Total from investment operations | .55 | 3.29 | 1.36 | (.49) | 2.04 | 3.39 |
Distributions from net investment income | (.12) | (.13) | (.12) | (.15) | (.07) | (.03) |
Distributions from net realized gain | - | - | (.01) | (.10) | (.12) | - |
Total distributions | (.12) | (.13) | (.13) | (.25) | (.19) | (.03) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 16.71 | $ 16.28 | $ 13.12 | $ 11.89 | $ 12.63 | $ 10.78 |
Total Return B, C | 3.40% | 25.24% | 11.57% | (4.03)% | 19.12% | 45.95% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.15% A | 1.17% | 1.22% | 1.16% | 1.04% | .84% |
Expenses net of fee waivers, if any | 1.14% A | 1.17% | 1.22% | 1.16% | 1.04% | .84% |
Expenses net of all reductions | 1.14% A | 1.12% | 1.19% | 1.09% | .87% | .72% |
Net investment income (loss) | .64% A | .87% | 1.01% | 1.02% G | 1.07% | 1.49% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,004,924 | $ 939,945 | $ 730,515 | $ 555,568 | $ 627,129 | $ 456,330 |
Portfolio turnover rate F | 171% A | 136% | 127% | 254% | 480% | 387% |
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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (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. 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Semiannual Report
3. Significant Accounting Policies - continued
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. 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 and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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, 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 on an unconsolidated basis were as follows:
Gross unrealized appreciation | $ 160,899,353 |
Gross unrealized depreciation | (16,428,913) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 144,470,440 |
| |
Tax cost | $ 869,331,223 |
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 | $ (26,930,714) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $852,547,350 and $822,614,379, 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® ACWI® (All Country World Index) 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 .85% 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 $4,048 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (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 | $ 4,073,818 | .31% | $ 783 |
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 $883 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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
Semiannual Report
7. Security Lending - continued
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 $142,094. 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 $32,279 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $4,450.
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 13% 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 32% 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Overseas | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,060.90 | $ 5.47 |
HypotheticalA | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
Class K | .93% | | | |
Actual | | $ 1,000.00 | $ 1,061.70 | $ 4.75 |
HypotheticalA | | $ 1,000.00 | $ 1,020.18 | $ 4.66 |
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, 2014 |
| United Kingdom | 21.6% | |
| Japan | 16.3% | |
| Germany | 10.4% | |
| Switzerland | 8.7% | |
| United States of America* | 8.1% | |
| France | 8.0% | |
| Sweden | 3.9% | |
| Bailiwick of Jersey | 3.2% | |
| Australia | 3.1% | |
| Other | 16.7% | |
* 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, 2013 |
| United Kingdom | 23.6% | |
| Japan | 18.8% | |
| Germany | 11.2% | |
| Switzerland | 9.2% | |
| France | 7.8% | |
| United States of America* | 5.3% | |
| Sweden | 3.3% | |
| Spain | 2.6% | |
| Bailiwick of Jersey | 2.5% | |
| Other | 15.7% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 96.8 | 99.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.2 | 0.7 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.4 | 2.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.2 | 2.3 |
Bayer AG (Germany, Pharmaceuticals) | 1.6 | 1.6 |
Sanofi SA (France, Pharmaceuticals) | 1.6 | 1.7 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.4 | 0.0 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.2 | 1.3 |
BASF AG (Germany, Chemicals) | 1.2 | 1.2 |
Nordea Bank AB (Sweden, Banks) | 1.2 | 1.0 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 1.2 | 1.3 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.1 | 1.3 |
| 15.1 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.1 | 19.7 |
Consumer Discretionary | 17.4 | 17.3 |
Industrials | 14.4 | 14.4 |
Health Care | 13.9 | 11.9 |
Consumer Staples | 11.5 | 12.6 |
Information Technology | 7.8 | 9.4 |
Materials | 7.1 | 7.9 |
Energy | 3.3 | 2.2 |
Telecommunication Services | 3.3 | 3.9 |
Semiannual Report
Fidelity Overseas Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% |
| Shares | | Value |
Australia - 3.1% |
Ansell Ltd. | 516,634 | | $ 8,682,350 |
Australia & New Zealand Banking Group Ltd. | 1,292,838 | | 41,400,073 |
BHP Billiton Ltd. | 759,584 | | 26,749,977 |
Flight Centre Travel Group Ltd. | 337,243 | | 16,839,808 |
Life Healthcare Group Ltd. (a) | 1,346,638 | | 2,814,810 |
Super Cheap Auto Group Ltd. | 1,384,496 | | 13,067,759 |
TOTAL AUSTRALIA | | 109,554,777 |
Austria - 0.5% |
Andritz AG | 262,600 | | 16,297,771 |
Bailiwick of Jersey - 3.2% |
Delphi Automotive PLC | 219,500 | | 14,671,380 |
Experian PLC | 1,284,700 | | 24,640,834 |
Regus PLC | 3,759,070 | | 13,264,841 |
Shire PLC | 446,600 | | 25,541,945 |
WPP PLC | 1,575,333 | | 33,966,710 |
TOTAL BAILIWICK OF JERSEY | | 112,085,710 |
Belgium - 2.2% |
Anheuser-Busch InBev SA NV (d) | 396,712 | | 43,239,979 |
KBC Groupe SA | 596,550 | | 36,340,954 |
TOTAL BELGIUM | | 79,580,933 |
Bermuda - 0.5% |
Signet Jewelers Ltd. | 174,300 | | 17,660,076 |
Canada - 0.9% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 445,700 | | 16,070,493 |
Constellation Software, Inc. | 74,500 | | 16,500,046 |
TOTAL CANADA | | 32,570,539 |
Cayman Islands - 0.7% |
Lifestyle International Holdings Ltd. | 5,066,000 | | 9,919,048 |
Shenzhou International Group Holdings Ltd. | 4,241,000 | | 14,605,370 |
TOTAL CAYMAN ISLANDS | | 24,524,418 |
Denmark - 2.6% |
ISS Holdings A/S (a) | 542,400 | | 18,883,182 |
Novo Nordisk A/S Series B | 880,200 | | 39,948,774 |
Vestas Wind Systems A/S (a) | 720,100 | | 31,962,803 |
TOTAL DENMARK | | 90,794,759 |
Finland - 0.6% |
Caverion Corp. | 1,036,654 | | 11,448,087 |
Tikkurila Oyj | 436,806 | | 10,835,330 |
TOTAL FINLAND | | 22,283,417 |
France - 8.0% |
ALTEN | 245,100 | | 12,508,353 |
AXA SA | 1,031,500 | | 26,867,993 |
BIC SA | 112,300 | | 14,891,307 |
BNP Paribas SA | 400,271 | | 30,048,147 |
Christian Dior SA (d) | 114,097 | | 23,451,030 |
|
| Shares | | Value |
Ipsos SA | 365,457 | | $ 14,166,049 |
Kering SA | 86,200 | | 19,062,578 |
Rexel SA | 693,400 | | 17,508,191 |
Sanofi SA | 509,287 | | 54,962,200 |
Sodexo SA | 179,500 | | 19,349,579 |
Total SA (a) | 686,900 | | 49,143,721 |
TOTAL FRANCE | | 281,959,148 |
Germany - 8.3% |
adidas AG | 272,600 | | 29,094,281 |
BASF AG (d) | 360,117 | | 41,682,322 |
Bayer AG (d) | 406,497 | | 56,395,362 |
Brenntag AG | 149,400 | | 27,017,656 |
CompuGroup Medical AG | 434,400 | | 11,577,192 |
Continental AG | 92,000 | | 21,551,373 |
Deutsche Boerse AG | 244,192 | | 17,884,184 |
Deutsche Post AG | 718,229 | | 27,038,264 |
Fresenius SE & Co. KGaA | 190,600 | | 28,968,187 |
GEA Group AG | 389,724 | | 17,434,343 |
Gerry Weber International AG (Bearer) | 295,800 | | 15,594,369 |
TOTAL GERMANY | | 294,237,533 |
Greece - 0.1% |
Metka SA | 280,983 | | 5,028,701 |
Hong Kong - 0.1% |
City Telecom (HK) Ltd. (CTI) (a) | 8,443,000 | | 2,406,701 |
Ireland - 2.4% |
Accenture PLC Class A | 176,000 | | 14,118,720 |
Actavis PLC (a) | 73,400 | | 14,997,822 |
DCC PLC (United Kingdom) | 307,600 | | 15,751,941 |
Greencore Group PLC | 3,399,500 | | 14,986,398 |
Kerry Group PLC Class A | 329,064 | | 25,976,383 |
TOTAL IRELAND | | 85,831,264 |
Italy - 1.0% |
Pirelli & C. S.p.A. (d) | 1,090,700 | | 18,279,246 |
World Duty Free SpA (a) | 1,302,718 | | 17,449,731 |
TOTAL ITALY | | 35,728,977 |
Japan - 16.3% |
ACOM Co. Ltd. (a)(d) | 3,380,300 | | 11,506,279 |
Aozora Bank Ltd. | 5,679,000 | | 16,886,741 |
Astellas Pharma, Inc. | 2,170,200 | | 24,135,740 |
Credit Saison Co. Ltd. | 394,400 | | 8,386,811 |
Daikin Industries Ltd. | 287,500 | | 16,594,488 |
Dentsu, Inc. | 418,300 | | 17,184,526 |
Don Quijote Holdings Co. Ltd. | 308,600 | | 16,239,722 |
GMO Internet, Inc. | 1,653,600 | | 14,573,224 |
H.I.S. Co. Ltd. | 433,200 | | 12,004,261 |
Honda Motor Co. Ltd. sponsored ADR (d) | 734,700 | | 24,465,510 |
Hoya Corp. | 776,400 | | 22,889,124 |
Iida Group Holdings Co. Ltd. (a) | 681,780 | | 10,136,505 |
Japan Tobacco, Inc. | 894,300 | | 29,356,588 |
Kansai Paint Co. Ltd. | 891,000 | | 12,471,473 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Keyence Corp. | 73,990 | | $ 28,503,899 |
Leopalace21 Corp. (a) | 1,895,300 | | 9,788,413 |
Makita Corp. | 219,500 | | 11,636,817 |
Meitec Corp. | 367,800 | | 9,781,857 |
Miraca Holdings, Inc. | 302,900 | | 13,125,123 |
Misumi Group, Inc. | 349,400 | | 8,496,194 |
Nakanishi, Inc. | 315,500 | | 10,770,235 |
Nihon Nohyaku Co. Ltd. | 640,500 | | 7,975,317 |
Nitori Holdings Co. Ltd. | 208,400 | | 9,550,095 |
OBIC Co. Ltd. | 459,200 | | 13,766,792 |
Olympus Corp. (a) | 604,900 | | 18,460,292 |
OMRON Corp. | 554,400 | | 19,576,309 |
ORIX Corp. | 2,071,800 | | 29,931,517 |
Seven Bank Ltd. | 4,369,600 | | 16,540,668 |
Shinsei Bank Ltd. | 8,163,000 | | 15,889,245 |
Ship Healthcare Holdings, Inc. | 424,500 | | 14,449,650 |
SoftBank Corp. | 395,400 | | 29,354,781 |
Software Service, Inc. | 108,400 | | 3,838,294 |
Toyota Motor Corp. | 470,500 | | 25,420,250 |
Tsuruha Holdings, Inc. | 175,600 | | 17,657,045 |
USS Co. Ltd. | 929,900 | | 13,543,513 |
VT Holdings Co. Ltd. | 2,372,900 | | 13,601,207 |
TOTAL JAPAN | | 578,488,505 |
Luxembourg - 0.8% |
Altice S.A. | 248,329 | | 14,190,748 |
Eurofins Scientific SA | 50,759 | | 14,084,100 |
TOTAL LUXEMBOURG | | 28,274,848 |
New Zealand - 0.4% |
EBOS Group Ltd. | 1,628,762 | | 13,202,126 |
Norway - 0.5% |
Telenor ASA | 759,200 | | 17,816,799 |
South Africa - 0.7% |
Coronation Fund Managers Ltd. | 969,985 | | 9,357,329 |
EOH Holdings Ltd. | 619,000 | | 4,942,351 |
Nampak Ltd. | 1,929,189 | | 7,188,271 |
Pinnacle Technology Holdings Ltd. | 2,928,910 | | 3,619,203 |
TOTAL SOUTH AFRICA | | 25,107,154 |
Spain - 2.7% |
Amadeus IT Holding SA Class A | 705,900 | | 29,335,841 |
Banco Bilbao Vizcaya Argentaria SA | 2,975,747 | | 36,654,492 |
Criteria CaixaCorp SA | 2,649,922 | | 16,139,261 |
Grifols SA ADR | 375,700 | | 15,418,728 |
TOTAL SPAIN | | 97,548,322 |
Sweden - 3.9% |
ASSA ABLOY AB (B Shares) | 395,800 | | 20,952,041 |
Eniro AB (a) | 823,200 | | 6,532,730 |
HEXPOL AB (B Shares) | 105,836 | | 9,994,049 |
Nordea Bank AB | 2,883,200 | | 41,659,229 |
|
| Shares | | Value |
Svenska Cellulosa AB (SCA) (B Shares) | 637,600 | | $ 17,856,565 |
Svenska Handelsbanken AB (A Shares) | 434,700 | | 21,814,557 |
Swedbank AB (A Shares) | 771,400 | | 20,488,570 |
TOTAL SWEDEN | | 139,297,741 |
Switzerland - 8.7% |
Aryzta AG | 256,421 | | 23,672,544 |
Clariant AG (Reg.) | 812,200 | | 15,983,756 |
Nestle SA | 1,080,680 | | 83,519,583 |
Roche Holding AG (participation certificate) | 261,492 | | 76,707,709 |
Schindler Holding AG (participation certificate) | 107,635 | | 16,657,070 |
SGS SA (Reg.) | 10,510 | | 26,212,305 |
Syngenta AG (Switzerland) | 78,285 | | 31,000,207 |
UBS AG | 1,572,446 | | 32,885,947 |
TOTAL SWITZERLAND | | 306,639,121 |
United Kingdom - 21.6% |
Aberdeen Asset Management PLC | 2,438,200 | | 17,981,557 |
AMEC PLC | 1,000,258 | | 20,857,120 |
Barclays PLC | 6,549,680 | | 27,967,457 |
BG Group PLC | 1,618,900 | | 32,745,542 |
BHP Billiton PLC | 1,045,520 | | 33,942,166 |
Brit PLC (a) | 3,051,100 | | 10,959,768 |
British American Tobacco PLC (United Kingdom) | 705,600 | | 40,744,865 |
BT Group PLC | 4,968,100 | | 31,014,108 |
Bunzl PLC | 728,107 | | 20,665,136 |
Cineworld Group PLC | 1,042,983 | | 5,683,539 |
Dechra Pharmaceuticals PLC | 438,095 | | 5,103,789 |
Devro PLC | 1,350,013 | | 4,820,851 |
Diageo PLC | 1,275,102 | | 39,068,893 |
Diploma PLC | 1,482,225 | | 16,479,547 |
Domino Printing Sciences PLC | 1,255,014 | | 16,421,984 |
Elementis PLC | 3,488,900 | | 16,334,797 |
Exova Group Ltd. PLC (a) | 1,082,988 | | 4,027,309 |
Hilton Food Group PLC | 1,120,800 | | 10,095,734 |
IMI PLC | 793,999 | | 20,108,819 |
ITV PLC | 5,841,500 | | 17,950,275 |
Jazztel PLC (a) | 895,800 | | 13,745,237 |
Johnson Matthey PLC | 349,900 | | 19,335,940 |
Kingfisher PLC | 3,167,561 | | 22,360,448 |
London Stock Exchange Group PLC | 666,800 | | 20,399,951 |
Meggitt PLC | 3,044,100 | | 24,500,752 |
Next PLC | 247,100 | | 27,201,677 |
Provident Financial PLC | 441,200 | | 14,801,602 |
Prudential PLC | 1,675,413 | | 38,516,299 |
Reckitt Benckiser Group PLC | 418,100 | | 33,707,682 |
Rolls-Royce Group PLC | 1,274,066 | | 22,586,897 |
Senior Engineering Group PLC | 2,591,100 | | 12,503,216 |
Spectris PLC | 385,000 | | 14,463,257 |
Spirax-Sarco Engineering PLC | 296,707 | | 14,522,833 |
St. James's Place Capital PLC | 1,814,205 | | 23,585,899 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Standard Chartered PLC (United Kingdom) | 1,360,569 | | $ 29,438,422 |
The Restaurant Group PLC | 1,421,100 | | 14,972,164 |
Vodafone Group PLC | 6,235,232 | | 23,672,753 |
TOTAL UNITED KINGDOM | | 763,288,285 |
United States of America - 4.9% |
Computer Sciences Corp. | 259,800 | | 15,374,964 |
CST Brands, Inc. | 445,100 | | 14,523,613 |
Fidelity National Information Services, Inc. | 297,300 | | 15,884,739 |
FMC Corp. | 230,900 | | 17,779,300 |
MasTec, Inc. (a) | 363,200 | | 14,375,456 |
McGraw Hill Financial, Inc. | 261,600 | | 19,340,088 |
Mylan, Inc. (a) | 293,300 | | 14,893,774 |
National Oilwell Varco, Inc. | 167,300 | | 13,138,069 |
PetSmart, Inc. | 226,700 | | 15,343,056 |
ResMed, Inc. | 311,300 | | 15,518,305 |
Total System Services, Inc. | 526,100 | | 16,714,197 |
TOTAL UNITED STATES OF AMERICA | | 172,885,561 |
TOTAL COMMON STOCKS (Cost $2,795,277,265) |
3,353,093,186
|
Nonconvertible Preferred Stocks - 2.1% |
| | | |
Germany - 2.1% |
Henkel AG & Co. KGaA | 258,200 | | 28,753,820 |
Sartorius AG (non-vtg.) | 102,994 | | 13,402,963 |
Volkswagen AG | 115,068 | | 30,986,045 |
TOTAL GERMANY | | 73,142,828 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 170,724,844 | | $ 288,252 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $53,001,659) |
73,431,080
|
Money Market Funds - 8.4% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 91,746,089 | | 91,746,089 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 205,378,905 | | 205,378,905 |
TOTAL MONEY MARKET FUNDS (Cost $297,124,994) |
297,124,994
|
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $3,145,403,918) | | 3,723,649,260 |
NET OTHER ASSETS (LIABILITIES) - (5.2)% | | (183,479,682) |
NET ASSETS - 100% | $ 3,540,169,578 |
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 | $ 29,997 |
Fidelity Securities Lending Cash Central Fund | 688,655 |
Total | $ 718,652 |
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, 2014, 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 | $ 613,024,972 | $ 553,638,012 | $ 59,386,960 | $ - |
Consumer Staples | 413,456,930 | 206,883,610 | 206,573,320 | - |
Energy | 115,884,452 | 66,740,731 | 49,143,721 | - |
Financials | 643,461,453 | 507,437,258 | 136,024,195 | - |
Health Care | 496,999,470 | 299,838,842 | 197,160,628 | - |
Industrials | 501,556,910 | 501,556,910 | - | - |
Information Technology | 275,263,496 | 275,263,496 | - | - |
Materials | 251,272,905 | 159,580,555 | 91,692,350 | - |
Telecommunication Services | 115,603,678 | 60,916,817 | 54,686,861 | - |
Money Market Funds | 297,124,994 | 297,124,994 | - | - |
Total Investments in Securities: | $ 3,723,649,260 | $ 2,928,981,225 | $ 794,668,035 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 79,544,715 |
Level 2 to Level 1 | $ 354,170,970 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $194,917,727) - See accompanying schedule: Unaffiliated issuers (cost $2,848,278,924) | $ 3,426,524,266 | |
Fidelity Central Funds (cost $297,124,994) | 297,124,994 | |
Total Investments (cost $3,145,403,918) | | $ 3,723,649,260 |
Foreign currency held at value (cost $13) | | 13 |
Receivable for investments sold | | 9,990,359 |
Receivable for fund shares sold | | 2,398,620 |
Dividends receivable | | 15,371,412 |
Distributions receivable from Fidelity Central Funds | | 153,433 |
Prepaid expenses | | 2,071 |
Other receivables | | 272,847 |
Total assets | | 3,751,838,015 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,750,505 | |
Payable for fund shares redeemed | 1,464,794 | |
Accrued management fee | 2,181,163 | |
Other affiliated payables | 532,824 | |
Other payables and accrued expenses | 360,246 | |
Collateral on securities loaned, at value | 205,378,905 | |
Total liabilities | | 211,668,437 |
| | |
Net Assets | | $ 3,540,169,578 |
Net Assets consist of: | | |
Paid in capital | | $ 4,352,492,833 |
Undistributed net investment income | | 39,786,428 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,430,516,126) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 578,406,443 |
Net Assets | | $ 3,540,169,578 |
| | |
Overseas:
Net Asset Value, offering price and redemption price per share ($2,977,356,530 ÷ 72,828,800 shares) | | $ 40.88 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($562,813,048 ÷ 13,797,995 shares) | | $ 40.79 |
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 39,361,633 |
Special dividends | | 18,707,991 |
Interest | | 6 |
Income from Fidelity Central Funds | | 718,652 |
Income before foreign taxes withheld | | 58,788,282 |
Less foreign taxes withheld | | (2,912,771) |
Total income | | 55,875,511 |
| | |
Expenses | | |
Management fee Basic fee | $ 9,827,296 | |
Performance adjustment | 1,744,537 | |
Transfer agent fees | 2,192,750 | |
Accounting and security lending fees | 610,621 | |
Custodian fees and expenses | 127,226 | |
Independent trustees' compensation | 5,337 | |
Appreciation in deferred trustee compensation account | 171 | |
Registration fees | 44,383 | |
Audit | 40,451 | |
Legal | 11,588 | |
Interest | 98 | |
Miscellaneous | 9,176 | |
Total expenses before reductions | 14,613,634 | |
Expense reductions | (28,612) | 14,585,022 |
Net investment income (loss) | | 41,290,489 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 69,417,592 | |
Foreign currency transactions | (248,243) | |
Total net realized gain (loss) | | 69,169,349 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 65,931,846 | |
Assets and liabilities in foreign currencies | 107,443 | |
Total change in net unrealized appreciation (depreciation) | | 66,039,289 |
Net gain (loss) | | 135,208,638 |
Net increase (decrease) in net assets resulting from operations | | $ 176,499,127 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 41,290,489 | $ 33,603,374 |
Net realized gain (loss) | 69,169,349 | 100,140,426 |
Change in net unrealized appreciation (depreciation) | 66,039,289 | 397,761,309 |
Net increase (decrease) in net assets resulting from operations | 176,499,127 | 531,505,109 |
Distributions to shareholders from net investment income | (32,103,977) | (46,883,539) |
Distributions to shareholders from net realized gain | (10,805,389) | - |
Total distributions | (42,909,366) | (46,883,539) |
Share transactions - net increase (decrease) | 969,153,368 | 47,557,637 |
Redemption fees | 14,617 | 23,366 |
Total increase (decrease) in net assets | 1,102,757,746 | 532,202,573 |
| | |
Net Assets | | |
Beginning of period | 2,437,411,832 | 1,905,209,259 |
End of period (including undistributed net investment income of $39,786,428 and undistributed net investment income of $30,599,916, respectively) | $ 3,540,169,578 | $ 2,437,411,832 |
Financial Highlights - Overseas
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.22 | $ 31.35 | $ 29.28 | $ 31.56 | $ 30.13 | $ 25.43 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .58 G | .54 | .73 | .47 | .42 | .52 |
Net realized and unrealized gain (loss) | 1.77 | 8.10 | 2.19 | (2.27) | 1.49 | 4.55 |
Total from investment operations | 2.35 | 8.64 | 2.92 | (1.80) | 1.91 | 5.07 |
Distributions from net investment income | (.51) | (.77) | (.83) | (.48) | (.47) | (.37) |
Distributions from net realized gain | (.18) | - | (.02) | - | (.01) | - |
Total distributions | (.69) | (.77) | (.85) | (.48) | (.48) | (.37) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 40.88 | $ 39.22 | $ 31.35 | $ 29.28 | $ 31.56 | $ 30.13 |
Total Return B, C | 6.09% | 28.17% | 10.37% | (5.83)% | 6.33% | 20.44% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.07% A | 1.09% | .69% | .73% | .89% | 1.02% |
Expenses net of fee waivers, if any | 1.07% A | 1.09% | .69% | .73% | .89% | 1.02% |
Expenses net of all reductions | 1.07% A | 1.06% | .67% | .67% | .85% | .98% |
Net investment income (loss) | 2.92% A, G | 1.54% | 2.52% | 1.44% | 1.41% | 2.01% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,977,357 | $ 1,874,922 | $ 1,639,725 | $ 2,215,717 | $ 5,548,689 | $ 6,602,017 |
Portfolio turnover rate F | 31% A | 42% | 90% | 77% | 111% | 115% |
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 large, non-recurring dividends which amounted to $.26 per share. Excluding these non-recurring dividends, 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.17 | $ 31.32 | $ 29.29 | $ 31.59 | $ 30.16 | $ 25.45 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .61 G | .60 | .79 | .52 | .47 | .59 |
Net realized and unrealized gain (loss) | 1.76 | 8.08 | 2.18 | (2.27) | 1.50 | 4.54 |
Total from investment operations | 2.37 | 8.68 | 2.97 | (1.75) | 1.97 | 5.13 |
Distributions from net investment income | (.58) | (.83) | (.92) | (.55) | (.53) | (.42) |
Distributions from net realized gain | (.18) | - | (.02) | - | (.01) | - |
Total distributions | (.75) J | (.83) | (.94) | (.55) | (.54) | (.42) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 40.79 | $ 39.17 | $ 31.32 | $ 29.29 | $ 31.59 | $ 30.16 |
Total Return B, C | 6.17% | 28.37% | 10.59% | (5.67)% | 6.55% | 20.73% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | .93% A | .93% | .51% | .56% | .69% | .78% |
Expenses net of fee waivers, if any | .93% A | .92% | .51% | .55% | .69% | .78% |
Expenses net of all reductions | .93% A | .90% | .48% | .50% | .66% | .74% |
Net investment income (loss) | 3.05% A, G | 1.71% | 2.70% | 1.61% | 1.60% | 2.25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 562,813 | $ 562,490 | $ 265,484 | $ 291,323 | $ 368,004 | $ 383,048 |
Portfolio turnover rate F | 31% A | 42% | 90% | 77% | 111% | 115% |
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 large, non-recurring dividends which amounted to $.26 per share. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.72%. 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
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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, 2014, 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 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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
Notes to Financial Statements (Unaudited) - continued
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 | $ 637,389,273 |
Gross unrealized depreciation | (76,216,775) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 561,172,498 |
| |
Tax cost | $ 3,162,476,762 |
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 | $ (464,379,963) |
2017 | (939,719,765) |
Total with expiration | (1,404,099,728) |
No expiration | |
Short-term | (23,395,688) |
Long-term | (50,388,733) |
Total no expiration | (73,784,421) |
Total capital loss carryforward | $ (1,477,884,149) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,300,473,960 and $431,745,506, 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 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 .82% 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
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
Average
Net Assets* |
Overseas | $ 2,069,412 | .18 |
Class K | 123,338 | .05 |
| $ 2,192,750 | |
* 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 $2,669 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR 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 | $ 11,596,000 | .31% | $ 98 |
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 $2,427 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $688,655, including $36,929 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 $16,810 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $11,802.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Overseas | $ 24,366,946 | $ 39,514,173 |
Class K | 7,737,031 | 7,369,366 |
Total | $ 32,103,977 | $ 46,883,539 |
From net realized gain | | |
Overseas | $ 8,423,730 | $ - |
Class K | 2,381,659 | - |
Total | $ 10,805,389 | $ - |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Overseas | | | | |
Shares sold | 28,355,398 | 4,856,702 | $ 1,123,909,543 | $ 167,166,517 |
Reinvestment of distributions | 829,933 | 1,224,483 | 32,043,709 | 38,681,419 |
Shares redeemed | (4,165,764) | (10,572,300) | (164,662,893) | (364,332,964) |
Net increase (decrease) | 25,019,567 | (4,491,115) | $ 991,290,359 | $ (158,485,028) |
Class K | | | | |
Shares sold | 1,608,694 | 8,204,154 | $ 63,959,336 | $ 286,897,852 |
Reinvestment of distributions | 262,823 | 233,874 | 10,118,691 | 7,369,366 |
Shares redeemed | (2,435,079) | (2,553,449) | (96,215,018) | (88,224,553) |
Net increase (decrease) | (563,562) | 5,884,579 | $ (22,136,991) | $ 206,042,665 |
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, Strategic Advisers International Fund was the owner of record of approximately 19% 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 28% 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.36% | | | |
Actual | | $ 1,000.00 | $ 1,037.90 | $ 6.87 |
Hypothetical A | | $ 1,000.00 | $ 1,018.05 | $ 6.81 |
Class T | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,036.20 | $ 8.23 |
Hypothetical A | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.84 |
Hypothetical A | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.08% | | | |
Actual | | $ 1,000.00 | $ 1,034.10 | $ 10.49 |
Hypothetical A | | $ 1,000.00 | $ 1,014.48 | $ 10.39 |
Worldwide | 1.03% | | | |
Actual | | $ 1,000.00 | $ 1,039.40 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | 1.06% | | | |
Actual | | $ 1,000.00 | $ 1,039.20 | $ 5.36 |
Hypothetical A | | $ 1,000.00 | $ 1,019.54 | $ 5.31 |
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 Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
| United States of America* | 55.3% | |
| Japan | 7.2% | |
| United Kingdom | 6.7% | |
| Germany | 4.5% | |
| France | 3.9% | |
| Switzerland | 3.8% | |
| Ireland | 2.6% | |
| Sweden | 2.3% | |
| Netherlands | 1.9% | |
| Other | 11.8% | |
* 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, 2013 |
| United States of America* | 52.6% | |
| Japan | 8.4% | |
| United Kingdom | 7.2% | |
| France | 4.9% | |
| Germany | 4.0% | |
| Ireland | 3.3% | |
| Switzerland | 3.1% | |
| Sweden | 1.9% | |
| Spain | 1.7% | |
| Other | 12.9% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 94.4 | 97.2 |
Bonds | 0.0 | 0.1 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.5 | 2.7 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) | 3.1 | 2.2 |
Cabot Oil & Gas Corp. (United States of America, Oil, Gas & Consumable Fuels) | 3.0 | 2.3 |
Cummins, Inc. (United States of America, Machinery) | 2.8 | 1.9 |
Adobe Systems, Inc. (United States of America, Software) | 2.3 | 1.0 |
Google, Inc. Class A (United States of America, Internet Software & Services) | 2.2 | 2.0 |
Ameriprise Financial, Inc. (United States of America, Capital Markets) | 1.8 | 1.2 |
American Airlines Group, Inc. (United States of America, Airlines) | 1.8 | 0.0 |
TJX Companies, Inc. (United States of America, Specialty Retail) | 1.6 | 0.9 |
Thermo Fisher Scientific, Inc. (United States of America, Life Sciences Tools & Services) | 1.6 | 0.0 |
Range Resources Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.6 | 0.0 |
| 21.8 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 16.1 | 19.6 |
Industrials | 14.7 | 12.2 |
Information Technology | 14.3 | 15.6 |
Health Care | 12.9 | 14.1 |
Consumer Discretionary | 12.7 | 12.6 |
Energy | 9.3 | 8.9 |
Consumer Staples | 6.5 | 6.3 |
Materials | 3.1 | 5.4 |
Telecommunication Services | 2.5 | 2.0 |
Utilities | 1.4 | 0.2 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value |
Australia - 1.1% |
Ansell Ltd. | 174,223 | | $ 2,927,924 |
Australia & New Zealand Banking Group Ltd. | 392,333 | | 12,563,535 |
Ramsay Health Care Ltd. | 80,656 | | 3,357,588 |
TOTAL AUSTRALIA | | 18,849,047 |
Austria - 0.1% |
Andritz AG | 28,200 | | 1,750,179 |
Bailiwick of Jersey - 0.8% |
Experian PLC | 166,400 | | 3,191,589 |
Shire PLC | 31,241 | | 1,786,735 |
Wolseley PLC | 87,992 | | 5,082,432 |
WPP PLC | 140,700 | | 3,033,718 |
TOTAL BAILIWICK OF JERSEY | | 13,094,474 |
Belgium - 1.1% |
Anheuser-Busch InBev SA NV (d) | 71,611 | | 7,805,305 |
Arseus NV | 14,800 | | 839,791 |
KBC Groupe SA | 155,759 | | 9,488,611 |
TOTAL BELGIUM | | 18,133,707 |
Bermuda - 0.1% |
Nabors Industries Ltd. | 13,000 | | 331,760 |
PAX Global Technology Ltd. (a) | 3,590,000 | | 1,870,720 |
TOTAL BERMUDA | | 2,202,480 |
Canada - 0.9% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 86,100 | | 2,426,558 |
Constellation Software, Inc. | 16,700 | | 3,698,668 |
First Quantum Minerals Ltd. | 105,700 | | 2,105,224 |
Imperial Oil Ltd. | 5,400 | | 263,681 |
Suncor Energy, Inc. | 123,400 | | 4,760,141 |
TransForce, Inc. | 90,200 | | 1,969,332 |
TOTAL CANADA | | 15,223,604 |
Cayman Islands - 0.5% |
Cimc Enric Holdings Ltd. | 788,000 | | 1,140,387 |
ENN Energy Holdings Ltd. | 198,000 | | 1,384,196 |
Greatview Aseptic Pack Co. Ltd. | 1,799,000 | | 1,097,553 |
iKang Healthcare Group, Inc. sponsored ADR | 5,100 | | 70,023 |
Sands China Ltd. | 277,200 | | 2,023,684 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 53,700 | | 1,825,800 |
TOTAL CAYMAN ISLANDS | | 7,541,643 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 31,822 | | 34,655 |
Denmark - 0.9% |
ISS Holdings A/S (a) | 45,600 | | 1,587,524 |
Novo Nordisk A/S Series B | 181,380 | | 8,232,116 |
|
| Shares | | Value |
Pandora A/S | 34,300 | | $ 2,307,281 |
Vestas Wind Systems A/S (a) | 81,200 | | 3,604,193 |
TOTAL DENMARK | | 15,731,114 |
Finland - 0.4% |
Raisio Group PLC (V Shares) | 139,000 | | 908,284 |
Sampo Oyj (A Shares) | 107,000 | | 5,312,898 |
TOTAL FINLAND | | 6,221,182 |
France - 3.9% |
Arkema SA | 29,430 | | 3,281,484 |
Atos Origin SA | 32,799 | | 2,831,695 |
AXA SA | 327,500 | | 8,530,555 |
BNP Paribas SA | 97,830 | | 7,344,050 |
Bureau Veritas SA | 86,700 | | 2,646,231 |
Havas SA | 390,700 | | 3,105,876 |
Iliad SA | 12,793 | | 3,452,058 |
Lafarge SA (Bearer) | 37,800 | | 3,453,295 |
Rexel SA | 224,300 | | 5,663,523 |
Schneider Electric SA | 84,600 | | 7,928,331 |
SR Teleperformance SA | 24,500 | | 1,403,450 |
Total SA (a) | 209,200 | | 14,967,050 |
TOTAL FRANCE | | 64,607,598 |
Germany - 3.9% |
Aareal Bank AG | 63,891 | | 2,896,285 |
adidas AG | 39,500 | | 4,215,789 |
BASF AG | 77,939 | | 9,021,175 |
Bayer AG (d) | 96,600 | | 13,401,801 |
Brenntag AG | 29,700 | | 5,370,980 |
Continental AG | 16,200 | | 3,794,916 |
Drillisch AG | 127,100 | | 4,732,756 |
GEA Group AG | 91,867 | | 4,109,680 |
HeidelbergCement Finance AG | 31,000 | | 2,688,851 |
KION Group AG | 95,589 | | 4,518,207 |
LEG Immobilien AG | 19,100 | | 1,274,042 |
Siemens AG | 73,564 | | 9,704,590 |
TOTAL GERMANY | | 65,729,072 |
Greece - 0.1% |
Folli Follie SA (a) | 59,300 | | 2,056,746 |
Hong Kong - 0.8% |
AIA Group Ltd. | 1,344,000 | | 6,518,087 |
Techtronic Industries Co. Ltd. | 2,334,000 | | 7,435,853 |
TOTAL HONG KONG | | 13,953,940 |
India - 0.6% |
Bharti Infratel Ltd. (a) | 343,664 | | 1,228,735 |
Housing Development Finance Corp. Ltd. | 378,171 | | 5,630,086 |
Lupin Ltd. | 124,317 | | 2,121,281 |
United Spirits Ltd. | 16,241 | | 745,473 |
TOTAL INDIA | | 9,725,575 |
Common Stocks - continued |
| Shares | | Value |
Ireland - 2.5% |
Actavis PLC (a) | 80,000 | | $ 16,346,400 |
Alkermes PLC (a) | 84,000 | | 3,885,840 |
Bank of Ireland (a) | 3,692,100 | | 1,444,862 |
Greencore Group PLC | 2,008,941 | | 8,856,240 |
James Hardie Industries PLC CDI | 365,087 | | 4,653,355 |
Kerry Group PLC Class A | 68,900 | | 5,438,981 |
Trinity Biotech PLC sponsored ADR | 15,000 | | 367,650 |
TOTAL IRELAND | | 40,993,328 |
Italy - 0.6% |
De Longhi SpA | 149,600 | | 3,246,044 |
UniCredit SpA | 560,300 | | 5,006,019 |
World Duty Free SpA (a) | 159,397 | | 2,135,101 |
TOTAL ITALY | | 10,387,164 |
Japan - 7.2% |
ABC-MART, Inc. | 21,800 | | 977,679 |
ACOM Co. Ltd. (a)(d) | 640,600 | | 2,180,553 |
Aozora Bank Ltd. | 983,000 | | 2,922,991 |
Astellas Pharma, Inc. | 610,500 | | 6,789,637 |
Coca-Cola Central Japan Co. Ltd. | 98,800 | | 2,220,789 |
Daikin Industries Ltd. | 67,300 | | 3,884,553 |
Don Quijote Holdings Co. Ltd. | 87,100 | | 4,583,538 |
Harmonic Drive Systems, Inc. | 64,400 | | 1,823,622 |
Hitachi Ltd. | 409,000 | | 2,908,427 |
Hoya Corp. | 131,600 | | 3,879,712 |
Iida Group Holdings Co. Ltd. (a) | 61,690 | | 917,189 |
Japan Exchange Group, Inc. | 159,500 | | 3,148,344 |
Japan Tobacco, Inc. | 238,400 | | 7,825,797 |
Kakaku.com, Inc. | 123,200 | | 1,753,372 |
KDDI Corp. | 87,900 | | 4,678,944 |
Keyence Corp. | 18,460 | | 7,111,528 |
NEC Corp. | 1,438,000 | | 4,036,837 |
Olympus Corp. (a) | 95,600 | | 2,917,514 |
OMRON Corp. | 128,500 | | 4,537,438 |
ORIX Corp. | 554,600 | | 8,012,366 |
Park24 Co. Ltd. | 83,900 | | 1,531,348 |
Rakuten, Inc. | 359,600 | | 4,649,985 |
Santen Pharmaceutical Co. Ltd. | 71,900 | | 3,206,964 |
Seven & i Holdings Co., Ltd. | 171,200 | | 6,750,205 |
Seven Bank Ltd. | 1,114,500 | | 4,218,824 |
Ship Healthcare Holdings, Inc. | 67,000 | | 2,280,628 |
SoftBank Corp. | 129,700 | | 9,629,021 |
Toshiba Plant Systems & Services Corp. | 155,300 | | 2,283,131 |
Toyota Motor Corp. | 139,500 | | 7,536,928 |
Tsuruha Holdings, Inc. | 12,900 | | 1,297,129 |
TOTAL JAPAN | | 120,494,993 |
Kenya - 0.2% |
Safaricom Ltd. | 18,905,500 | | 2,846,363 |
|
| Shares | | Value |
Korea (South) - 0.5% |
Hyundai Motor Co. | 12,766 | | $ 2,842,108 |
Naver Corp. | 6,963 | | 4,974,055 |
TOTAL KOREA (SOUTH) | | 7,816,163 |
Luxembourg - 0.2% |
Altice S.A. | 48,300 | | 2,760,101 |
Netherlands - 1.9% |
AEGON NV | 292,700 | | 2,683,011 |
AerCap Holdings NV (a) | 342,200 | | 14,280,006 |
Airbus Group NV | 24,000 | | 1,647,839 |
Koninklijke KPN NV (a) | 780,491 | | 2,772,985 |
Koninklijke Philips Electronics NV | 214,500 | | 6,866,830 |
Royal DSM NV | 48,000 | | 3,441,516 |
TOTAL NETHERLANDS | | 31,692,187 |
New Zealand - 0.2% |
EBOS Group Ltd. | 34,324 | | 278,217 |
Ryman Healthcare Group Ltd. | 459,616 | | 3,428,227 |
TOTAL NEW ZEALAND | | 3,706,444 |
Philippines - 0.1% |
Alliance Global Group, Inc. | 1,671,800 | | 1,168,291 |
Portugal - 0.1% |
CTT Correios de Portugal SA | 37,774 | | 415,525 |
Espirito Santo Saude SGPS SA | 163,137 | | 787,622 |
TOTAL PORTUGAL | | 1,203,147 |
Singapore - 0.2% |
Ezion Holdings Ltd. | 792,000 | | 1,434,027 |
Global Logistic Properties Ltd. | 1,015,000 | | 2,307,370 |
TOTAL SINGAPORE | | 3,741,397 |
South Africa - 0.3% |
Distell Group Ltd. | 126,410 | | 1,501,949 |
Naspers Ltd. Class N | 41,100 | | 3,875,405 |
TOTAL SOUTH AFRICA | | 5,377,354 |
Spain - 1.3% |
Amadeus IT Holding SA Class A | 91,200 | | 3,790,096 |
Atresmedia Corporacion de Medios de Comunicacion SA | 93,500 | | 1,339,979 |
Banco Bilbao Vizcaya Argentaria SA | 378,631 | | 4,663,880 |
Criteria CaixaCorp SA | 495,883 | | 3,020,159 |
Grifols SA ADR | 112,842 | | 4,631,036 |
Inditex SA | 28,781 | | 4,318,356 |
TOTAL SPAIN | | 21,763,506 |
Sweden - 2.3% |
ASSA ABLOY AB (B Shares) | 132,400 | | 7,008,717 |
Eniro AB (a) | 303,500 | | 2,408,508 |
H&M Hennes & Mauritz AB (B Shares) | 66,882 | | 2,723,748 |
HEXPOL AB (B Shares) | 17,500 | | 1,652,518 |
Intrum Justitia AB | 115,000 | | 3,326,797 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Investment AB Kinnevik (B Shares) | 25,600 | | $ 899,634 |
Nordea Bank AB | 591,800 | | 8,550,892 |
Svenska Cellulosa AB (SCA) (B Shares) | 284,400 | | 7,964,880 |
Svenska Handelsbanken AB (A Shares) | 87,700 | | 4,401,050 |
TOTAL SWEDEN | | 38,936,744 |
Switzerland - 3.8% |
Compagnie Financiere Richemont SA Series A | 14,680 | | 1,489,517 |
Lonza Group AG | 47,211 | | 4,932,453 |
Partners Group Holding AG | 13,818 | | 3,780,678 |
Roche Holding AG (participation certificate) | 56,372 | | 16,536,517 |
Schindler Holding AG (participation certificate) | 11,367 | | 1,759,102 |
Syngenta AG (Switzerland) | 11,110 | | 4,399,467 |
TE Connectivity Ltd. | 380,000 | | 22,412,400 |
UBS AG | 371,406 | | 7,767,540 |
TOTAL SWITZERLAND | | 63,077,674 |
Taiwan - 0.7% |
ECLAT Textile Co. Ltd. | 149,940 | | 1,640,291 |
MediaTek, Inc. | 289,000 | | 4,521,987 |
Merida Industry Co. Ltd. | 295,000 | | 1,975,435 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 801,000 | | 3,150,806 |
TOTAL TAIWAN | | 11,288,519 |
United Kingdom - 6.7% |
Aberdeen Asset Management PLC | 355,842 | | 2,624,310 |
Alabama Noor Hospitals Group PLC | 169,000 | | 2,847,689 |
Associated British Foods PLC | 48,600 | | 2,437,891 |
Barclays PLC | 1,024,038 | | 4,372,693 |
BG Group PLC | 261,200 | | 5,283,301 |
BHP Billiton PLC | 154,101 | | 5,002,794 |
British American Tobacco PLC (United Kingdom) | 67,200 | | 3,880,463 |
Bunzl PLC | 72,900 | | 2,069,048 |
Diageo PLC | 264,983 | | 8,119,031 |
Exova Group Ltd. PLC (a) | 534,277 | | 1,986,816 |
Hikma Pharmaceuticals PLC | 241,212 | | 6,320,712 |
Hilton Food Group PLC | 350,100 | | 3,153,566 |
HSBC Holdings PLC (United Kingdom) | 425,450 | | 4,347,088 |
ITV PLC | 907,700 | | 2,789,260 |
Jazztel PLC (a) | 284,917 | | 4,371,792 |
Legal & General Group PLC | 591,242 | | 2,114,300 |
Liberty Global PLC: | | | |
Class A (a) | 41,200 | | 1,640,584 |
Class C | 41,200 | | 1,583,316 |
London Stock Exchange Group PLC | 168,200 | | 5,145,879 |
Meggitt PLC | 419,676 | | 3,377,805 |
Melrose PLC | 445,600 | | 2,147,962 |
Next PLC | 57,000 | | 6,274,770 |
Ocado Group PLC (a) | 51,000 | | 289,324 |
|
| Shares | | Value |
Persimmon PLC | 129,000 | | $ 2,857,583 |
Poundland Group PLC (a) | 248,394 | | 1,457,375 |
Reckitt Benckiser Group PLC | 48,500 | | 3,910,123 |
Rolls-Royce Group PLC | 271,600 | | 4,814,979 |
Rotork PLC | 44,510 | | 1,947,154 |
St. James's Place Capital PLC | 362,000 | | 4,706,246 |
Sthree PLC | 344,400 | | 2,357,922 |
Taylor Wimpey PLC | 761,900 | | 1,351,998 |
The Restaurant Group PLC | 123,700 | | 1,303,256 |
Ultra Electronics Holdings PLC | 36,900 | | 1,056,641 |
Vodafone Group PLC | 741,209 | | 2,814,083 |
TOTAL UNITED KINGDOM | | 110,757,754 |
United States of America - 48.8% |
Adobe Systems, Inc. (a) | 629,200 | | 38,815,348 |
Alexion Pharmaceuticals, Inc. (a) | 14,800 | | 2,341,360 |
American Airlines Group, Inc. | 843,000 | | 29,564,010 |
American Electric Power Co., Inc. | 13,000 | | 699,530 |
American Express Co. | 72,000 | | 6,294,960 |
Ameriprise Financial, Inc. | 270,400 | | 30,184,752 |
Anadarko Petroleum Corp. | 59,000 | | 5,842,180 |
ANSYS, Inc. (a) | 50,000 | | 3,815,500 |
AutoZone, Inc. (a) | 25,500 | | 13,614,195 |
Baker Hughes, Inc. | 39,000 | | 2,726,100 |
Biogen Idec, Inc. (a) | 31,000 | | 8,900,720 |
Boston Scientific Corp. (a) | 470,200 | | 5,929,222 |
Cabot Oil & Gas Corp. | 1,282,000 | | 50,356,960 |
Caterpillar, Inc. | 38,000 | | 4,005,200 |
CBS Corp. Class B | 26,000 | | 1,501,760 |
Charles Schwab Corp. | 175,000 | | 4,646,250 |
Church & Dwight Co., Inc. | 31,000 | | 2,139,310 |
Comcast Corp. Class A | 452,000 | | 23,395,520 |
Computer Sciences Corp. | 45,000 | | 2,663,100 |
CONSOL Energy, Inc. | 13,000 | | 578,630 |
Continental Resources, Inc. (a) | 5,000 | | 692,600 |
Cummins, Inc. | 304,700 | | 45,963,995 |
CVS Caremark Corp. | 144,000 | | 10,471,680 |
Devon Energy Corp. | 13,000 | | 910,000 |
Dynegy, Inc. (a) | 23,100 | | 657,195 |
Endocyte, Inc. (a) | 24,700 | | 447,317 |
Estee Lauder Companies, Inc. Class A | 144,000 | | 10,450,080 |
Facebook, Inc. Class A (a) | 131,000 | | 7,831,180 |
Fidelity National Information Services, Inc. | 267,000 | | 14,265,810 |
Freeport-McMoRan Copper & Gold, Inc. | 276,000 | | 9,486,120 |
Google, Inc.: | | | |
Class A (a) | 67,800 | | 36,264,864 |
Class C (a) | 5,600 | | 2,949,296 |
Halliburton Co. | 294,000 | | 18,542,580 |
Illumina, Inc. (a) | 168,100 | | 22,836,385 |
inContact, Inc. (a) | 167,000 | | 1,377,750 |
Intercept Pharmaceuticals, Inc. (a) | 35,300 | | 9,323,436 |
InterMune, Inc. (a) | 50,000 | | 1,604,000 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Isis Pharmaceuticals, Inc. (a) | 10,900 | | $ 290,049 |
Johnson & Johnson | 179,000 | | 18,130,910 |
Kate Spade & Co. (a) | 30,800 | | 1,070,916 |
Las Vegas Sands Corp. | 130,900 | | 10,358,117 |
Lumber Liquidators Holdings, Inc. (a) | 13,000 | | 1,133,080 |
Marriott International, Inc. Class A | 238,000 | | 13,787,340 |
MasterCard, Inc. Class A | 166,600 | | 12,253,430 |
McGraw Hill Financial, Inc. | 693,400 | | 51,263,063 |
Moody's Corp. | 104,000 | | 8,164,000 |
Morgan Stanley | 139,000 | | 4,299,270 |
MPLX LP | 1,200 | | 64,956 |
Neurocrine Biosciences, Inc. (a) | 41,600 | | 583,232 |
NextEra Energy, Inc. | 28,000 | | 2,795,800 |
Noble Energy, Inc. | 156,000 | | 11,197,680 |
Norfolk Southern Corp. | 199,900 | | 18,896,547 |
Oceaneering International, Inc. | 76,000 | | 5,569,280 |
Oracle Corp. | 358,000 | | 14,635,040 |
Phillips 66 Partners LP | 7,100 | | 380,702 |
Pioneer Natural Resources Co. | 27,900 | | 5,392,233 |
Prestige Brands Holdings, Inc. (a) | 116,505 | | 3,905,248 |
priceline.com, Inc. (a) | 2,700 | | 3,125,925 |
QUALCOMM, Inc. | 67,000 | | 5,273,570 |
Range Resources Corp. | 285,000 | | 25,778,250 |
Rex Energy Corp. (a) | 25,000 | | 526,500 |
salesforce.com, Inc. (a) | 147,300 | | 7,608,045 |
Sempra Energy | 190,000 | | 18,735,900 |
Spectra Energy Corp. | 13,000 | | 516,230 |
Spirit Airlines, Inc. (a) | 81,900 | | 4,655,196 |
The Coca-Cola Co. | 228,000 | | 9,300,120 |
The Cooper Companies, Inc. | 23,800 | | 3,139,458 |
The Walt Disney Co. | 120,000 | | 9,520,800 |
Thermo Fisher Scientific, Inc. | 231,000 | | 26,334,000 |
TJX Companies, Inc. | 454,900 | | 26,466,082 |
Union Pacific Corp. | 108,400 | | 20,642,612 |
Visa, Inc. Class A | 16,400 | | 3,322,804 |
Web.com Group, Inc. (a) | 77,100 | | 2,367,741 |
Wells Fargo & Co. | 273,000 | | 13,551,720 |
Workday, Inc. Class A (a) | 13,100 | | 957,217 |
Zebra Technologies Corp. Class A (a) | 194,799 | | 13,526,843 |
TOTAL UNITED STATES OF AMERICA | | 811,608,801 |
TOTAL COMMON STOCKS (Cost $1,318,229,538) |
1,544,474,946
|
Nonconvertible Preferred Stocks - 0.6% |
| | | |
Germany - 0.6% |
Volkswagen AG | 39,200 | | 10,555,958 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 36,394,400 | | $ 61,448 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $7,520,304) |
10,617,406
|
Government Obligations - 0.1% |
| Principal Amount (h) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14 (g)
(Cost $994,973) | | $ 995,000 | |
994,988
|
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (e)(f)
(Cost $1,935,053) | EUR | 1,260,000 | |
1,947,054
|
Money Market Funds - 6.3% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 80,440,386 | | 80,440,386 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 24,095,602 | | 24,095,602 |
TOTAL MONEY MARKET FUNDS (Cost $104,535,988) |
104,535,988
|
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $1,433,215,856) | | 1,662,570,382 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | | 1,127,076 |
NET ASSETS - 100% | $ 1,663,697,458 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized
Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
242 CME Nikkei 225 Index Contracts | June 2014 | | $ 17,309,050 | | $ (1,236,567) |
|
The face value of futures purchased as a percentage of net assets is 1.0% |
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) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,947,054 or 0.1% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) 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 $994,988. |
(h) Amount is stated in United States dollars unless otherwise noted. |
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 | $ 29,626 |
Fidelity Securities Lending Cash Central Fund | 120,100 |
Total | $ 149,726 |
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, 2014, 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 | $ 211,470,934 | $ 200,900,288 | $ 10,570,646 | $ - |
Consumer Staples | 107,603,854 | 87,799,055 | 19,804,799 | - |
Energy | 156,114,841 | 141,147,791 | 14,967,050 | - |
Financials | 266,315,508 | 241,036,434 | 25,279,074 | - |
Health Care | 213,885,502 | 185,208,853 | 28,676,649 | - |
Industrials | 249,213,724 | 232,642,304 | 16,571,420 | - |
Information Technology | 238,027,529 | 234,876,723 | 3,150,806 | - |
Materials | 50,283,352 | 40,881,091 | 9,402,261 | - |
Telecommunication Services | 37,904,487 | 32,317,419 | 5,587,068 | - |
Utilities | 24,272,621 | 24,272,621 | - | - |
Government Obligations | 994,988 | - | 994,988 | - |
Preferred Securities | 1,947,054 | - | 1,947,054 | - |
Money Market Funds | 104,535,988 | 104,535,988 | - | - |
Total Investments in Securities: | $ 1,662,570,382 | $ 1,525,618,567 | $ 136,951,815 | $ - |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (1,236,567) | $ (1,236,567) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 19,023,104 |
Level 2 to Level 1 | $ 92,862,143 |
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, 2014. 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) | $ - | $ (1,236,567) |
Total Value of Derivatives | $ - | $ (1,236,567) |
(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 Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $22,555,351) - See accompanying schedule: Unaffiliated issuers (cost $1,328,679,868) | $ 1,558,034,394 | |
Fidelity Central Funds (cost $104,535,988) | 104,535,988 | |
Total Investments (cost $1,433,215,856) | | $ 1,662,570,382 |
Foreign currency held at value (cost $52) | | 52 |
Receivable for investments sold | | 68,415,908 |
Receivable for fund shares sold | | 1,484,763 |
Dividends receivable | | 3,212,936 |
Interest receivable | | 191 |
Distributions receivable from Fidelity Central Funds | | 39,519 |
Prepaid expenses | | 1,261 |
Other receivables | | 253,850 |
Total assets | | 1,735,978,862 |
| | |
Liabilities | | |
Payable for investments purchased | $ 45,159,562 | |
Payable for fund shares redeemed | 1,447,317 | |
Accrued management fee | 952,662 | |
Distribution and service plan fees payable | 25,026 | |
Payable for daily variation margin for derivative instruments | 199,650 | |
Other affiliated payables | 316,712 | |
Other payables and accrued expenses | 84,873 | |
Collateral on securities loaned, at value | 24,095,602 | |
Total liabilities | | 72,281,404 |
| | |
Net Assets | | $ 1,663,697,458 |
Net Assets consist of: | | |
Paid in capital | | $ 1,310,015,718 |
Undistributed net investment income | | 1,479,915 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 124,153,105 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 228,048,720 |
Net Assets | | $ 1,663,697,458 |
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($35,512,784 ÷ 1,476,268 shares) | | $ 24.06 |
| | |
Maximum offering price per share (100/94.25 of $24.06) | | $ 25.53 |
Class T:
Net Asset Value and redemption price per share ($11,898,138 ÷ 497,174 shares) | | $ 23.93 |
| | |
Maximum offering price per share (100/96.50 of $23.93) | | $ 24.80 |
Class B:
Net Asset Value and offering price per share ($677,897 ÷ 28,579 shares)A | | $ 23.72 |
| | |
Class C:
Net Asset Value and offering price per share ($14,391,470 ÷ 609,110 shares)A | | $ 23.63 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,578,956,008 ÷ 65,013,550 shares) | | $ 24.29 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($22,261,161 ÷ 920,566 shares) | | $ 24.18 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 10,543,027 |
Interest | | 1,137 |
Income from Fidelity Central Funds | | 149,726 |
Income before foreign taxes withheld | | 10,693,890 |
Less foreign taxes withheld | | (616,440) |
Total income | | 10,077,450 |
| | |
Expenses | | |
Management fee Basic fee | $ 5,741,879 | |
Performance adjustment | 631,678 | |
Transfer agent fees | 1,566,180 | |
Distribution and service plan fees | 139,482 | |
Accounting and security lending fees | 309,170 | |
Custodian fees and expenses | 90,515 | |
Independent trustees' compensation | 3,242 | |
Registration fees | 92,358 | |
Audit | 33,965 | |
Legal | 3,748 | |
Miscellaneous | 5,683 | |
Total expenses before reductions | 8,617,900 | |
Expense reductions | (17,167) | 8,600,733 |
Net investment income (loss) | | 1,476,717 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 132,730,021 | |
Foreign currency transactions | (120,144) | |
Futures contracts | 372,794 | |
Total net realized gain (loss) | | 132,982,671 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (74,165,213) | |
Assets and liabilities in foreign currencies | 8,373 | |
Futures contracts | (1,484,599) | |
Total change in net unrealized appreciation (depreciation) | | (75,641,439) |
Net gain (loss) | | 57,341,232 |
Net increase (decrease) in net assets resulting from operations | | $ 58,817,949 |
Statement of Changes in Net Assets
| Six months ended April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,476,717 | $ 5,393,168 |
Net realized gain (loss) | 132,982,671 | 127,458,993 |
Change in net unrealized appreciation (depreciation) | (75,641,439) | 200,895,469 |
Net increase (decrease) in net assets resulting from operations | 58,817,949 | 333,747,630 |
Distributions to shareholders from net investment income | (5,150,884) | (8,778,977) |
Distributions to shareholders from net realized gain | (120,193,598) | (4,461,887) |
Total distributions | (125,344,482) | (13,240,864) |
Share transactions - net increase (decrease) | 205,178,991 | 92,658,787 |
Redemption fees | 19,886 | 24,982 |
Total increase (decrease) in net assets | 138,672,344 | 413,190,535 |
| | |
Net Assets | | |
Beginning of period | 1,525,025,114 | 1,111,834,579 |
End of period (including undistributed net investment income of $1,479,915 and undistributed net investment income of $5,154,082, respectively) | $ 1,663,697,458 | $ 1,525,025,114 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.02) | .02 | .10 | .05 | .03 | (.01) |
Net realized and unrealized gain (loss) | .92 | 5.66 | 1.72 | .47 | 2.63 | 4.09 |
Total from investment operations | .90 | 5.68 | 1.82 | .52 | 2.66 | 4.08 |
Distributions from net investment income | (.04) | (.11) | (.02) | (.08) | (.10) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.02) | (.19) | (.02) | (.13) | (.12) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 24.06 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 |
Total Return B, C, D | 3.79% | 29.10% | 10.20% | 2.94% | 17.85% | 37.50% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 1.36% A | 1.45% | 1.43% | 1.41% | 1.43% | 1.52% A |
Expenses net of fee waivers, if any | 1.36% A | 1.45% | 1.43% | 1.40% | 1.43% | 1.52% A |
Expenses net of all reductions | 1.36% A | 1.42% | 1.41% | 1.38% | 1.41% | 1.49% A |
Net investment income (loss) | (.13)% A | .09% | .52% | .28% | .21% | (.06)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 35,513 | $ 28,661 | $ 18,723 | $ 13,153 | $ 7,530 | $ 993 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.05) | (.04) | .05 | .01 | (.01) | (.01) |
Net realized and unrealized gain (loss) | .91 | 5.63 | 1.73 | .45 | 2.62 | 4.07 |
Total from investment operations | .86 | 5.59 | 1.78 | .46 | 2.61 | 4.06 |
Distributions from net investment income | - | (.07) | - | (.04) | (.08) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (1.98) | (.15) | - | (.09) | (.09) K | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.93 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 |
Total Return B, C, D | 3.62% | 28.73% | 9.98% | 2.61% | 17.53% | 37.32% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 1.63% A | 1.71% | 1.68% | 1.66% | 1.70% | 1.73% A |
Expenses net of fee waivers, if any | 1.63% A | 1.70% | 1.68% | 1.65% | 1.70% | 1.73% A |
Expenses net of all reductions | 1.63% A | 1.68% | 1.66% | 1.63% | 1.68% | 1.70% A |
Net investment income (loss) | (.40)% A | (.16)% | .26% | .03% | (.05)% | (.08)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,898 | $ 9,822 | $ 5,550 | $ 2,187 | $ 1,120 | $ 458 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.11) | (.14) | (.04) | (.09) | (.09) | (.03) |
Net realized and unrealized gain (loss) | .90 | 5.59 | 1.71 | .47 | 2.61 | 4.04 |
Total from investment operations | .79 | 5.45 | 1.67 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (1.89) | (.07) | - | - | (.01) | - |
Total distributions | (1.89) | (.07) | - | - | (.02) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.72 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 |
Total Return B, C, D | 3.36% | 28.13% | 9.40% | 2.19% | 16.92% | 36.86% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.18% | 2.16% | 2.19% | 2.20% A |
Expenses net of fee waivers, if any | 2.15% A | 2.19% | 2.18% | 2.16% | 2.19% | 2.20% A |
Expenses net of all reductions | 2.15% A | 2.17% | 2.16% | 2.13% | 2.17% | 2.17% A |
Net investment income (loss) | (.92)% A | (.65)% | (.23)% | (.47)% | (.55)% | (.30)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 678 | $ 710 | $ 304 | $ 256 | $ 305 | $ 224 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.10) | (.14) | (.04) | (.09) | (.09) | (.04) |
Net realized and unrealized gain (loss) | .90 | 5.58 | 1.71 | .47 | 2.61 | 4.05 |
Total from investment operations | .80 | 5.44 | 1.67 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | - | - | (.03) | - |
Distributions from net realized gain | (1.95) | (.07) | - | - | (.02) | - |
Total distributions | (1.95) | (.07) | - | - | (.05) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.63 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 |
Total Return B, C, D | 3.41% | 28.12% | 9.41% | 2.19% | 16.94% | 36.86% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 2.08% A | 2.15% | 2.18% | 2.16% | 2.19% | 2.18% A |
Expenses net of fee waivers, if any | 2.08% A | 2.14% | 2.18% | 2.15% | 2.19% | 2.18% A |
Expenses net of all reductions | 2.08% A | 2.12% | 2.16% | 2.13% | 2.16% | 2.15% A |
Net investment income (loss) | (.85)% A | (.60)% | (.23)% | (.47)% | (.54)% | (.39)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,391 | $ 10,778 | $ 1,726 | $ 1,297 | $ 710 | $ 335 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 - Worldwide
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .02 | .10 | .16 | .11 | .08 | .12 |
Net realized and unrealized gain (loss) | .93 | 5.70 | 1.74 | .48 | 2.63 | 1.63 |
Total from investment operations | .95 | 5.80 | 1.90 | .59 | 2.71 | 1.75 |
Distributions from net investment income | (.09) | (.16) | (.07) | (.10) | (.10) | (.17) |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.07) | (.24) | (.07) | (.15) | (.11) I | (.17) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 24.29 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 |
Total Return B, C | 3.94% | 29.54% | 10.56% | 3.32% | 18.18% | 13.39% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.03% A | 1.11% | 1.11% | 1.08% | 1.15% | 1.27% |
Expenses net of fee waivers, if any | 1.03% A | 1.11% | 1.11% | 1.08% | 1.15% | 1.27% |
Expenses net of all reductions | 1.03% A | 1.08% | 1.09% | 1.05% | 1.12% | 1.24% |
Net investment income (loss) | .20% A | .43% | .84% | .60% | .50% | .92% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,578,956 | $ 1,464,415 | $ 1,081,240 | $ 1,114,694 | $ 1,087,928 | $ 991,996 |
Portfolio turnover rate F | 175% A | 161% | 186% | 203% | 166% | 224% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .02 | .08 | .14 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .92 | 5.68 | 1.74 | .47 | 2.63 | 4.06 |
Total from investment operations | .94 | 5.76 | 1.88 | .57 | 2.70 | 4.12 |
Distributions from net investment income | (.09) | (.15) | (.08) | (.11) | (.11) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.07) | (.23) | (.08) | (.16) | (.13) | - |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 24.18 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 |
Total Return B, C | 3.92% | 29.44% | 10.49% | 3.23% | 18.08% | 37.87% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.06% A | 1.17% | 1.18% | 1.13% | 1.21% | 1.17% A |
Expenses net of fee waivers, if any | 1.06% A | 1.17% | 1.18% | 1.13% | 1.21% | 1.17% A |
Expenses net of all reductions | 1.05% A | 1.14% | 1.16% | 1.10% | 1.19% | 1.15% A |
Net investment income (loss) | .18% A | .37% | .77% | .56% | .44% | .62% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 22,261 | $ 10,639 | $ 4,291 | $ 3,086 | $ 335 | $ 290 |
Portfolio turnover rate F | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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, 2014, 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. 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 and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ 241,646,852 |
Gross unrealized depreciation | (20,016,802) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 221,630,050 |
| |
Tax cost | $ 1,440,940,332 |
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.
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.
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.
Semiannual Report
4. Derivative Instruments - continued
Futures Contracts - continued
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 $372,794 and a change in net unrealized appreciation (depreciation) of $(1,484,599) 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 $1,398,864,150 and $1,377,954,655, 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 .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 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 .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.
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% | $ 43,846 | $ 1,502 |
Class T | .25% | .25% | 28,078 | 252 |
Class B | .75% | .25% | 3,541 | 2,670 |
Class C | .75% | .25% | 64,017 | 15,319 |
| | | $ 139,482 | $ 19,743 |
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 | $ 6,182 |
Class T | 2,359 |
Class B* | 253 |
Class C* | 493 |
| $ 9,287 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of 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
Average
Net Assets* |
Class A | $ 47,369 | .27 |
Class T | 16,243 | .29 |
Class B | 1,080 | .31 |
Class C | 15,330 | .24 |
Worldwide | 1,468,573 | .19 |
Institutional Class | 17,585 | .21 |
| $ 1,566,180 | |
* 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 $27,574 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 $1,492 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 $120,100, including $224 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 $10,033 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 $36.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $7,098.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 57,793 | $ 102,433 |
Class T | - | 21,836 |
Class B | - | - |
Class C | - | - |
Worldwide | 5,057,505 | 8,622,428 |
Institutional Class | 35,586 | 32,280 |
Total | $ 5,150,884 | $ 8,778,977 |
From net realized gain | | |
Class A | $ 2,599,391 | $ 75,180 |
Class T | 810,701 | 23,606 |
Class B | 53,916 | 1,126 |
Class C | 885,815 | 6,545 |
Worldwide | 115,043,498 | 4,338,328 |
Institutional Class | 800,277 | 17,102 |
Total | $ 120,193,598 | $ 4,461,887 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2014 | Year ended
October 31, 2013 | Six months ended April 30, 2014 | Year ended
October 31, 2013 |
Class A | | | | |
Shares sold | 529,342 | 491,761 | $ 13,076,625 | $ 11,054,215 |
Reinvestment of distributions | 85,788 | 6,945 | 2,012,595 | 138,266 |
Shares redeemed | (276,992) | (311,295) | (6,726,916) | (6,852,432) |
Net increase (decrease) | 338,138 | 187,411 | $ 8,362,304 | $ 4,340,049 |
Class T | | | | |
Shares sold | 107,730 | 169,111 | $ 2,635,638 | $ 3,777,852 |
Reinvestment of distributions | 34,507 | 2,272 | 806,094 | 45,089 |
Shares redeemed | (37,158) | (62,341) | (899,613) | (1,376,268) |
Net increase (decrease) | 105,079 | 109,042 | $ 2,542,119 | $ 2,446,673 |
Class B | | | | |
Shares sold | 1,492 | 20,337 | $ 35,790 | $ 444,905 |
Reinvestment of distributions | 2,096 | 53 | 48,630 | 1,043 |
Shares redeemed | (3,610) | (7,424) | (87,302) | (167,624) |
Net increase (decrease) | (22) | 12,966 | $ (2,882) | $ 278,324 |
Class C | | | | |
Shares sold | 171,404 | 396,584 | $ 4,118,580 | $ 8,655,233 |
Reinvestment of distributions | 37,262 | 325 | 860,745 | 6,404 |
Shares redeemed | (34,478) | (50,941) | (820,094) | (1,138,699) |
Net increase (decrease) | 174,188 | 345,968 | $ 4,159,231 | $ 7,522,938 |
Worldwide | | | | |
Shares sold | 7,738,800 | 11,150,143 | $ 191,914,263 | $ 252,015,125 |
Reinvestment of distributions | 4,935,499 | 628,809 | 116,724,543 | 12,588,791 |
Shares redeemed | (5,296,247) | (8,612,327) | (130,587,528) | (191,232,967) |
Net increase (decrease) | 7,378,052 | 3,166,625 | $ 178,051,278 | $ 73,370,949 |
Institutional Class | | | | |
Shares sold | 652,128 | 275,603 | $ 15,896,134 | $ 6,347,280 |
Reinvestment of distributions | 32,218 | 2,425 | 758,744 | 48,393 |
Shares redeemed | (184,087) | (74,630) | (4,587,937) | (1,695,819) |
Net increase (decrease) | 500,259 | 203,398 | $ 12,066,941 | $ 4,699,854 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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
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
IBD-USAN-0614
1.784910.111
Fidelity®
Emerging Europe,
Middle East, Africa (EMEA)
Fund
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 967.40 | $ 8.05 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 966.50 | $ 9.26 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 963.00 | $ 11.68 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 963.00 | $ 11.68 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 967.90 | $ 6.83 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.32% | | | |
Actual | | $ 1,000.00 | $ 969.10 | $ 6.44 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.61 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | South Africa 39.1% | |
 | Russia 21.1% | |
 | Poland 6.6% | |
 | United Arab Emirates 5.2% | |
 | United Kingdom 4.4% | |
 | Qatar 2.5% | |
 | United States of America* 2.3% | |
 | Czech Republic 2.3% | |
 | Turkey 2.3% | |
 | 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. |
As of October 31, 2013 |
| South Africa 36.6% | |
 | Russia 31.9% | |
 | Poland 5.6% | |
| United Arab Emirates 4.5% | |
| Turkey 3.7% | |
| Czech Republic 2.8% | |
| United Kingdom 2.6% | |
| Kenya 2.1% | |
| Qatar 1.8% | |
| Other* 8.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.7 | 99.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.3 | 0.9 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 6.2 | 5.7 |
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) | 5.1 | 5.4 |
Naspers Ltd. Class N (South Africa, Media) | 4.4 | 4.3 |
LUKOIL Oil Co. (Russia, Oil, Gas & Consumable Fuels) | 4.3 | 6.7 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Banks) | 3.6 | 7.1 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 3.4 | 2.7 |
Bank Polska Kasa Opieki SA (Poland, Banks) | 3.1 | 2.7 |
Standard Bank Group Ltd. (South Africa, Banks) | 2.5 | 2.3 |
AngloGold Ashanti Ltd. (South Africa, Metals & Mining) | 2.2 | 1.4 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 2.2 | 2.1 |
| 37.0 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 36.7 | 34.2 |
Energy | 18.7 | 23.2 |
Telecommunication Services | 10.8 | 11.7 |
Consumer Discretionary | 9.6 | 7.1 |
Consumer Staples | 8.4 | 10.0 |
Materials | 8.1 | 6.8 |
Health Care | 2.6 | 2.2 |
Industrials | 2.5 | 2.7 |
Information Technology | 0.3 | 0.4 |
Utilities | 0.0 | 0.8 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.6% |
| Shares | | Value |
Austria - 0.2% |
CA Immobilien Anlagen AG | 14,000 | | $ 266,676 |
Bangladesh - 1.3% |
Grameenphone Ltd. | 249,200 | | 863,529 |
Olympic Industries Ltd. | 115,000 | | 356,115 |
Prime Bank Ltd. | 1,468,750 | | 425,862 |
TOTAL BANGLADESH | | 1,645,506 |
Bermuda - 0.1% |
Aquarius Platinum Ltd. (a) | 194,300 | | 72,951 |
Aquarius Platinum Ltd. rights 5/14/14 (a) | 388,600 | | 55,406 |
TOTAL BERMUDA | | 128,357 |
Botswana - 0.2% |
First National Bank of Botswana Ltd. | 650,000 | | 259,290 |
Canada - 0.3% |
Africa Oil Corp. (a) | 46,600 | | 351,610 |
Croatia - 0.2% |
Ledo d.d. | 163 | | 256,013 |
Czech Republic - 2.3% |
Komercni Banka A/S | 7,391 | | 1,703,069 |
Philip Morris CR A/S | 2,400 | | 1,267,336 |
TOTAL CZECH REPUBLIC | | 2,970,405 |
Estonia - 0.4% |
Tallinna Kaubamaja AS | 70,900 | | 491,816 |
Greece - 1.9% |
Fourlis Holdings SA (a) | 60,000 | | 483,630 |
Intralot SA | 40,400 | | 117,142 |
Jumbo SA | 53,036 | | 857,201 |
Karelia Tobacco Co., Inc. | 1,970 | | 574,083 |
Sarantis SA | 37,800 | | 372,337 |
TOTAL GREECE | | 2,404,393 |
Israel - 0.3% |
Teva Pharmaceutical Industries Ltd. | 8,200 | | 401,964 |
Kenya - 1.8% |
British American Tobacco Kenya Ltd. | 51,700 | | 344,033 |
Kenya Commercial Bank Ltd. | 756,500 | | 426,026 |
Safaricom Ltd. | 8,011,744 | | 1,206,227 |
Uchumi Supermarket Ltd. (a) | 2,137,200 | | 348,790 |
TOTAL KENYA | | 2,325,076 |
Common Stocks - continued |
| Shares | | Value |
Kuwait - 0.9% |
Gulf Bank (a) | 190,000 | | $ 256,848 |
Kuwait Food Co. (Americana) | 86,000 | | 850,516 |
TOTAL KUWAIT | | 1,107,364 |
Lithuania - 0.5% |
Apranga AB | 163,766 | | 631,618 |
Luxembourg - 0.3% |
Pegas NONWOVENS SA | 14,200 | | 427,158 |
Netherlands - 0.4% |
Fortuna Entertainment Group NV | 80,000 | | 532,402 |
Nigeria - 1.0% |
FBN Holdings PLC | 6,000,000 | | 528,852 |
Zenith Bank PLC | 5,170,159 | | 730,548 |
TOTAL NIGERIA | | 1,259,400 |
Oman - 0.6% |
National Bank of Oman (a) | 911,343 | | 691,200 |
Pakistan - 1.0% |
Indus Motor Co. Ltd. | 72,000 | | 347,410 |
MCB Bank Ltd. | 100,000 | | 286,518 |
Pak Suzuki Motors | 167,200 | | 358,467 |
Pakistan Petroleum Ltd. | 120,000 | | 282,125 |
TOTAL PAKISTAN | | 1,274,520 |
Poland - 6.6% |
Amica Wronki SA | 10,200 | | 317,355 |
Bank Handlowy w Warszawie SA | 63,700 | | 2,366,935 |
Bank Polska Kasa Opieki SA | 60,700 | | 3,886,412 |
Colian SA | 171,300 | | 178,788 |
Orbis SA | 20,000 | | 258,947 |
Powszechny Zaklad Ubezpieczen SA | 9,400 | | 1,332,545 |
TOTAL POLAND | | 8,340,982 |
Qatar - 2.5% |
Commercial Bank of Qatar (a) | 47,436 | | 889,869 |
Industries Qatar QSC (a) | 16,528 | | 808,049 |
Qatar National Bank SAQ (a) | 29,310 | | 1,529,560 |
TOTAL QATAR | | 3,227,478 |
Romania - 1.7% |
Banca Transilvania SA (a) | 1,435,000 | | 805,327 |
Common Stocks - continued |
| Shares | | Value |
Romania - continued |
Bursa de Valori Bucuresti | 61,814 | | $ 551,099 |
SNP Petrom SA | 5,713,372 | | 813,209 |
TOTAL ROMANIA | | 2,169,635 |
Russia - 18.0% |
Gazprom OAO | 886,200 | | 3,203,255 |
Gazprom OAO sponsored ADR (Reg. S) | 450,000 | | 3,245,400 |
LUKOIL Oil Co. | 11,000 | | 580,522 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 91,795 | | 4,851,366 |
Magnit OJSC | 6,500 | | 1,289,381 |
Megafon OJSC GDR | 85,200 | | 2,215,200 |
Moscow Exchange MICEX-RTS OAO | 256,900 | | 380,681 |
NOVATEK OAO GDR (Reg. S) | 16,450 | | 1,699,285 |
Sberbank (Savings Bank of the Russian Federation) | 2,244,200 | | 4,567,144 |
Vozrozhdenie Bank | 85,700 | | 876,365 |
TOTAL RUSSIA | | 22,908,599 |
Slovenia - 0.2% |
Krka dd Novo mesto | 3,500 | | 308,581 |
South Africa - 39.1% |
Anglo American Platinum Ltd. (a) | 25,400 | | 1,207,167 |
AngloGold Ashanti Ltd. | 154,900 | | 2,800,149 |
Aspen Pharmacare Holdings Ltd. | 64,400 | | 1,713,803 |
Cashbuild Ltd. | 60,400 | | 720,517 |
Clicks Group Ltd. | 312,786 | | 1,907,250 |
DRDGOLD Ltd. | 3,629,414 | | 1,155,717 |
DRDGOLD Ltd. sponsored ADR (d) | 28,300 | | 91,126 |
FirstRand Ltd. | 757,600 | | 2,783,976 |
Harmony Gold Mining Co. Ltd. (a) | 453,800 | | 1,491,402 |
Holdsport Ltd. | 130,400 | | 484,763 |
Hulamin Ltd. (a) | 876,800 | | 608,397 |
KAP Industrial Holdings Ltd. | 350,000 | | 136,400 |
Metrofile Holdings Ltd. | 789,700 | | 382,821 |
MTN Group Ltd. | 395,650 | | 7,928,043 |
Nampak Ltd. | 719,800 | | 2,682,017 |
Naspers Ltd. Class N | 58,900 | | 5,553,804 |
Pick 'n Pay Stores Ltd. (e) | 23,000 | | 131,151 |
Pioneer Foods Ltd. | 147,900 | | 1,321,477 |
Raubex Group Ltd. | 569,700 | | 1,177,793 |
Remgro Ltd. | 136,200 | | 2,740,053 |
RMB Holdings Ltd. | 178,000 | | 852,904 |
Sasol Ltd. | 78,300 | | 4,388,271 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Shoprite Holdings Ltd. | 114,100 | | $ 1,905,445 |
Standard Bank Group Ltd. | 245,763 | | 3,225,603 |
Telkom SA Ltd. (a) | 180,000 | | 643,315 |
Vodacom Group Ltd. | 86,000 | | 1,025,493 |
Zeder Investments Ltd. | 1,556,380 | | 647,968 |
TOTAL SOUTH AFRICA | | 49,706,825 |
Sri Lanka - 0.9% |
Chevron Lubricants Lanka Ltd. | 200,000 | | 411,819 |
Hatton National Bank PLC | 488,700 | | 590,675 |
People's Leasing & Finance PLC | 1,273,654 | | 149,165 |
TOTAL SRI LANKA | | 1,151,659 |
Turkey - 2.3% |
Koc Holding A/S | 261,850 | | 1,169,399 |
Turkiye Garanti Bankasi A/S | 480,000 | | 1,768,176 |
TOTAL TURKEY | | 2,937,575 |
United Arab Emirates - 5.2% |
Aldar Properties PJSC (a) | 1,049,217 | | 1,148,356 |
Dubai Financial Market PJSC (a) | 1,866,407 | | 1,844,582 |
Emaar Properties PJSC | 372,466 | | 1,105,346 |
First Gulf Bank PJSC | 256,652 | | 1,212,353 |
National Bank of Abu Dhabi PJSC (a) | 63,260 | | 245,431 |
SHUAA Capital PSC (a) | 2,426,172 | | 1,037,066 |
TOTAL UNITED ARAB EMIRATES | | 6,593,134 |
United Kingdom - 4.4% |
Abdullah Al-Othaim Markets Co. (HSBC Warrant Program) warrants 8/13/14 (a) | 24,974 | | 585,720 |
Alabama Noor Hospitals Group PLC | 30,100 | | 507,192 |
Aldrees Petoleum & Transport (HSBC Warrant Program) warrants 2/7/17 (a) | 48,399 | | 656,857 |
Fawaz Abdulaziz Alhokair & Co. (HSBC Warrant Program) warrants 2/23/15 (a) | 10,000 | | 507,886 |
Halwani Bros CO (HSBC Warrant Program) warrants 5/4/15 (a) | 17,726 | | 362,465 |
Herfy Food Services Co. Ltd. (HSBC Warrant Program) warrants 10/8/15 (a) | 18,000 | | 692,317 |
NMC Health PLC | 67,200 | | 499,226 |
Saudi Pharmaceutical Industries & Medical Appliances Corp. (HSBC Warrant Program) warrants 1/7/16 (a) | 12,239 | | 159,675 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Saudi Vitrified Clay Pipe Co. (HSBC Warrant Program) warrants 5/4/15 (a) | 2,800 | | $ 76,151 |
Saudia Dairy & Foodstuff Co. (HSBC Warrant Program) warrants 6/26/15 (a) | 19,000 | | 509,646 |
The Savola Group (HSBC Warrant Program) warrants 2/2/15 (a) | 19,000 | | 354,725 |
United International Transportation CO (HSBC Warrant Program) warrants 2/23/15 (a) | 30,666 | | 637,613 |
TOTAL UNITED KINGDOM | | 5,549,473 |
TOTAL COMMON STOCKS (Cost $109,055,495) |
120,318,709
|
Nonconvertible Preferred Stocks - 3.1% |
| | | |
Russia - 3.1% |
Surgutneftegas | 3,429,300 | | 2,387,274 |
Tatneft OAO | 467,700 | | 1,599,829 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,394,463) |
3,987,103
|
Money Market Funds - 1.7% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 2,111,739 | | 2,111,739 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 61,250 | | 61,250 |
TOTAL MONEY MARKET FUNDS (Cost $2,172,989) |
2,172,989
|
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $114,622,947) | 126,478,801 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | | 768,104 |
NET ASSETS - 100% | $ 127,246,905 |
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 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 | $ 790 |
Fidelity Securities Lending Cash Central Fund | 5,037 |
Total | $ 5,827 |
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, 2014, 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 | $ 11,940,930 | $ 11,940,930 | $ - | $ - |
Consumer Staples | 10,744,015 | 10,744,015 | - | - |
Energy | 23,813,965 | 19,425,694 | 4,388,271 | - |
Financials | 46,655,535 | 40,344,304 | 6,311,231 | - |
Health Care | 3,430,766 | 3,028,802 | 401,964 | - |
Industrials | 3,291,641 | 3,291,641 | - | - |
Information Technology | 382,821 | 382,821 | - | - |
Materials | 10,164,332 | 4,717,064 | 5,447,268 | - |
Telecommunication Services | 13,881,807 | 13,881,807 | - | - |
Money Market Funds | 2,172,989 | 2,172,989 | - | - |
Total Investments in Securities: | $ 126,478,801 | $ 109,930,067 | $ 16,548,734 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 1,965,445 |
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, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $56,350) - See accompanying schedule: Unaffiliated issuers (cost $112,449,958) | $ 124,305,812 | |
Fidelity Central Funds (cost $2,172,989) | 2,172,989 | |
Total Investments (cost $114,622,947) | | $ 126,478,801 |
Foreign currency held at value (cost $344,788) | | 338,940 |
Receivable for investments sold | | 718,346 |
Receivable for fund shares sold | | 549,079 |
Dividends receivable | | 241,577 |
Distributions receivable from Fidelity Central Funds | | 4,884 |
Prepaid expenses | | 88 |
Receivable from investment adviser for expense reductions | | 18,125 |
Other receivables | | 1,893 |
Total assets | | 128,351,733 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 199,549 | |
Delayed delivery | 128,427 | |
Payable for fund shares redeemed | 489,560 | |
Accrued management fee | 85,323 | |
Distribution and service plan fees payable | 8,772 | |
Other affiliated payables | 34,356 | |
Other payables and accrued expenses | 97,591 | |
Collateral on securities loaned, at value | 61,250 | |
Total liabilities | | 1,104,828 |
| | |
Net Assets | | $ 127,246,905 |
Net Assets consist of: | | |
Paid in capital | | $ 121,135,964 |
Undistributed net investment income | | 501,574 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (6,221,805) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 11,831,172 |
Net Assets | | $ 127,246,905 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($10,109,176 ÷ 1,116,218 shares) | | $ 9.06 |
| | |
Maximum offering price per share (100/94.25 of $9.06) | | $ 9.61 |
Class T:
Net Asset Value and redemption price per share ($2,435,234 ÷ 269,482 shares) | | $ 9.04 |
| | |
Maximum offering price per share (100/96.50 of $9.04) | | $ 9.37 |
Class B:
Net Asset Value and offering price per share ($307,035 ÷ 33,735 shares)A | | $ 9.10 |
| | |
Class C:
Net Asset Value and offering price per share ($6,408,650 ÷ 713,313 shares)A | | $ 8.98 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($102,474,211 ÷ 11,280,094 shares) | | $ 9.08 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,512,599 ÷ 607,375 shares) | | $ 9.08 |
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, 2014
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,686,010 |
Income from Fidelity Central Funds | | 5,037 |
Income before foreign taxes withheld | | 1,691,047 |
Less foreign taxes withheld | | (193,507) |
Total income | | 1,497,540 |
| | |
Expenses | | |
Management fee | $ 528,014 | |
Transfer agent fees | 178,613 | |
Distribution and service plan fees | 54,228 | |
Accounting and security lending fees | 34,166 | |
Custodian fees and expenses | 91,258 | |
Independent trustees' compensation | 264 | |
Registration fees | 72,699 | |
Audit | 32,034 | |
Legal | 313 | |
Miscellaneous | 677 | |
Total expenses before reductions | 992,266 | |
Expense reductions | (20,118) | 972,148 |
Net investment income (loss) | | 525,392 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (3,830,893) | |
Foreign currency transactions | (26,474) | |
Total net realized gain (loss) | | (3,857,367) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $25,761) | (1,609,293) | |
Assets and liabilities in foreign currencies | (9,757) | |
Total change in net unrealized appreciation (depreciation) | | (1,619,050) |
Net gain (loss) | | (5,476,417) |
Net increase (decrease) in net assets resulting from operations | | $ (4,951,025) |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 525,392 | $ 2,849,848 |
Net realized gain (loss) | (3,857,367) | 425,876 |
Change in net unrealized appreciation (depreciation) | (1,619,050) | 11,151,522 |
Net increase (decrease) in net assets resulting
from operations | (4,951,025) | 14,427,246 |
Distributions to shareholders from net investment income | (1,921,556) | (2,689,985) |
Distributions to shareholders from net realized gain | - | (1,184,624) |
Total distributions | (1,921,556) | (3,874,609) |
Share transactions - net increase (decrease) | (7,924,158) | (9,097,663) |
Redemption fees | 28,783 | 52,524 |
Total increase (decrease) in net assets | (14,767,956) | 1,507,498 |
| | |
Net Assets | | |
Beginning of period | 142,014,861 | 140,507,363 |
End of period (including undistributed net investment income of $501,574 and undistributed net investment income of $1,897,738, respectively) | $ 127,246,905 | $ 142,014,861 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .16 | .18 | .16 H | .07 | .05 |
Net realized and unrealized gain (loss) | (.34) | .85 | .34 | (.70) | 1.70 | 2.48 |
Total from investment operations | (.31) | 1.01 | .52 | (.54) | 1.77 | 2.53 |
Distributions from net investment income | (.12) | (.15) | (.15) | (.08) | (.04) | (.03) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.12) | (.23) L | (.15) | (.10) | (.07) K | (.03) |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.06 J | $ 9.49 J | $ 8.71 J | $ 8.34 | $ 8.97 | $ 7.26 |
Total Return B,C,D | (3.26)% | 11.75% | 6.38% | (6.05)% | 24.66% | 53.78% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.65% A | 1.64% | 1.62% | 1.60% | 1.69% | 1.87% |
Expenses net of fee waivers, if any | 1.65% A | 1.63% | 1.62% | 1.56% | 1.50% | 1.50% |
Expenses net of all reductions | 1.65% A | 1.62% | 1.60% | 1.51% | 1.38% | 1.39% |
Net investment income (loss) | .62% A | 1.82% | 2.09% | 1.70% H | .95% | .84% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,109 | $ 10,883 | $ 8,934 | $ 10,260 | $ 10,045 | $ 4,817 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .02 | .14 | .15 | .13 H | .06 | .04 |
Net realized and unrealized gain (loss) | (.34) | .84 | .35 | (.71) | 1.69 | 2.47 |
Total from investment operations | (.32) | .98 | .50 | (.58) | 1.75 | 2.51 |
Distributions from net investment income | (.10) | (.12) | (.13) | (.07) | (.03) | (.02) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.10) | (.20) L | (.13) | (.08) K | (.05) | (.02) |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.04 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 |
Total Return B,C,D | (3.35)% | 11.42% | 6.14% | (6.42)% | 24.44% | 53.20% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.98% A | 1.93% | 1.89% | 1.87% | 1.95% | 2.15% |
Expenses net of fee waivers, if any | 1.90% A | 1.90% | 1.89% | 1.84% | 1.75% | 1.75% |
Expenses net of all reductions | 1.90% A | 1.88% | 1.86% | 1.78% | 1.62% | 1.64% |
Net investment income (loss) | .37% A | 1.55% | 1.82% | 1.42% H | .70% | .59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,435 | $ 3,465 | $ 3,336 | $ 3,502 | $ 3,114 | $ 1,560 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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 $.074 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.01) | .09 | .11 | .09 H | .02 | .01 |
Net realized and unrealized gain (loss) | (.34) | .85 | .35 | (.71) | 1.68 | 2.48 |
Total from investment operations | (.35) | .94 | .46 | (.62) | 1.70 | 2.49 |
Distributions from net investment income | (.05) | (.06) | (.06) | (.02) | - | - |
Distributions from net realized gain | - | (.07) | - | (.01) | (.01) | - |
Total distributions | (.05) | (.13) | (.06) | (.03) | (.01) | - |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.10 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 |
Total Return B,C,D | (3.70)% | 10.94% | 5.56% | (6.85)% | 23.72% | 52.85% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.46% A | 2.42% | 2.38% | 2.37% | 2.47% | 2.68% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.38% | 2.33% | 2.25% | 2.25% |
Expenses net of all reductions | 2.40% A | 2.38% | 2.35% | 2.27% | 2.12% | 2.14% |
Net investment income (loss) | (.13)% A | 1.05% | 1.33% | .93% H | .20% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 307 | $ 388 | $ 441 | $ 539 | $ 822 | $ 782 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.01) | .09 | .11 | .08 H | .02 | .01 |
Net realized and unrealized gain (loss) | (.34) | .83 | .35 | (.69) | 1.67 | 2.48 |
Total from investment operations | (.35) | .92 | .46 | (.61) | 1.69 | 2.49 |
Distributions from net investment income | (.06) | (.08) | (.08) | (.05) | (.01) | - |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.06) | (.15) | (.08) | (.06) K | (.03) | - |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 8.98 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 |
Total Return B,C,D | (3.70)% | 10.83% | 5.68% | (6.79)% | 23.61% | 52.85% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.45% A | 2.42% | 2.37% | 2.36% | 2.45% | 2.61% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.37% | 2.33% | 2.25% | 2.25% |
Expenses net of all reductions | 2.40% A | 2.38% | 2.35% | 2.27% | 2.13% | 2.14% |
Net investment income (loss) | (.13)% A | 1.05% | 1.34% | .93% H | .20% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,409 | $ 6,782 | $ 7,770 | $ 6,650 | $ 5,151 | $ 2,677 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .18 | .20 | .18 G | .09 | .07 |
Net realized and unrealized gain (loss) | (.35) | .84 | .35 | (.71) | 1.70 | 2.48 |
Total from investment operations | (.31) | 1.02 | .55 | (.53) | 1.79 | 2.55 |
Distributions from net investment income | (.13) | (.18) | (.17) | (.09) | (.05) | (.04) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.13) | (.25) | (.17) | (.11) | (.08) J | (.04) |
Redemption fees added to paid in capital D | - I | - I | - I | .01 | .01 | .01 |
Net asset value, end of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Total Return B,C | (3.21)% | 11.90% | 6.81% | (5.91)% | 24.92% | 54.15% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.43% A | 1.40% | 1.37% | 1.35% | 1.45% | 1.61% |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.37% | 1.31% | 1.25% | 1.25% |
Expenses net of all reductions | 1.40% A | 1.38% | 1.34% | 1.25% | 1.12% | 1.14% |
Net investment income (loss) | .87% A | 2.05% | 2.34% | 1.95% G | 1.21% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 102,474 | $ 110,265 | $ 111,441 | $ 114,117 | $ 140,270 | $ 104,141 |
Portfolio turnover rate F | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .19 | .21 | .19 G | .09 | .06 |
Net realized and unrealized gain (loss) | (.34) | .84 | .35 | (.72) | 1.70 | 2.49 |
Total from investment operations | (.30) | 1.03 | .56 | (.53) | 1.79 | 2.55 |
Distributions from net investment income | (.14) | (.19) | (.18) | (.09) | (.05) | (.04) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.14) | (.26) | (.18) | (.11) | (.08) J | (.04) |
Redemption fees added to paid in capital D | - I | - I | - I | .01 | .01 | .01 |
Net asset value, end of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Total Return B,C | (3.09)% | 12.05% | 6.93% | (5.91)% | 24.95% | 54.15% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.32% A | 1.30% | 1.28% | 1.26% | 1.34% | 1.60% |
Expenses net of fee waivers, if any | 1.32% A | 1.30% | 1.28% | 1.24% | 1.25% | 1.25% |
Expenses net of all reductions | 1.32% A | 1.28% | 1.25% | 1.19% | 1.13% | 1.14% |
Net investment income (loss) | .95% A | 2.15% | 2.43% | 2.02% G | 1.20% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 5,513 | $ 10,231 | $ 8,586 | $ 7,633 | $ 7,171 | $ 4,235 |
Portfolio turnover rate F | 34% A | 64% | 30% | 53% | 96% | 58% |
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
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) 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, 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 the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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 (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
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, 2014 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. Significant Accounting Policies - continued
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. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 22,835,527 |
Gross unrealized depreciation | (11,351,006) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 11,484,521 |
| |
Tax cost | $ 114,994,280 |
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) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $22,295,589 and $33,864,778, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 12,911 | $ 1,144 |
Class T | .25% | .25% | 6,900 | 77 |
Class B | .75% | .25% | 1,744 | 1,310 |
Class C | .75% | .25% | 32,673 | 5,588 |
| | | $ 54,228 | $ 8,119 |
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 | $ 3,488 |
Class T | 1,102 |
Class B* | 445 |
Class C* | 233 |
| $ 5,268 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 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
Average
Net Assets* |
Class A | $ 12,983 | .25 |
Class T | 4,503 | .33 |
Class B | 530 | .30 |
Class C | 9,889 | .30 |
Emerging Europe, Middle East, Africa (EMEA) | 143,841 | .28 |
Institutional Class | 6,867 | .17 |
| $ 178,613 | |
* 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.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,549.
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 $125 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $5,037. 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% | $ 184 |
Class T | 1.90% | 1,039 |
Class B | 2.40% | 88 |
Class C | 2.40% | 1,794 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 15,282 |
| | $ 18,387 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. 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 $774 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $957.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 138,741 | $ 155,525 |
Class T | 39,254 | 46,756 |
Class B | 1,980 | 2,757 |
Class C | 46,648 | 69,716 |
Emerging Europe, Middle East, Africa (EMEA) | 1,537,065 | 2,222,632 |
Institutional Class | 157,868 | 192,599 |
Total | $ 1,921,556 | $ 2,689,985 |
From net realized gain | | |
Class A | $ - | $ 76,218 |
Class T | - | 28,360 |
Class B | - | 3,579 |
Class C | - | 66,141 |
Emerging Europe, Middle East, Africa (EMEA) | - | 934,516 |
Institutional Class | - | 75,810 |
Total | $ - | $ 1,184,624 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 153,282 | 422,392 | $ 1,380,628 | $ 3,786,551 |
Reinvestment of distributions | 11,698 | 20,821 | 104,929 | 182,599 |
Shares redeemed | (195,564) | (321,728) | (1,735,543) | (2,828,311) |
Net increase (decrease) | (30,584) | 121,485 | $ (249,986) | $ 1,140,839 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class T | | | | |
Shares sold | 70,156 | 88,958 | $ 632,545 | $ 793,473 |
Reinvestment of distributions | 4,323 | 8,485 | 38,735 | 74,325 |
Shares redeemed | (171,167) | (115,399) | (1,541,411) | (1,019,893) |
Net increase (decrease) | (96,688) | (17,956) | $ (870,131) | $ (152,095) |
Class B | | | | |
Shares sold | 2,695 | 10,659 | $ 24,287 | $ 95,440 |
Reinvestment of distributions | 219 | 679 | 1,978 | 5,999 |
Shares redeemed | (10,049) | (21,228) | (90,258) | (189,688) |
Net increase (decrease) | (7,135) | (9,890) | $ (63,993) | $ (88,249) |
Class C | | | | |
Shares sold | 126,456 | 249,509 | $ 1,132,646 | $ 2,176,685 |
Reinvestment of distributions | 3,905 | 12,615 | 34,875 | 110,128 |
Shares redeemed | (139,234) | (441,523) | (1,239,001) | (3,878,247) |
Net increase (decrease) | (8,873) | (179,399) | $ (71,480) | $ (1,591,434) |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 1,802,043 | 4,724,612 | $ 16,246,264 | $ 42,683,733 |
Reinvestment of distributions | 162,803 | 341,639 | 1,463,600 | 2,999,595 |
Shares redeemed | (2,265,243) | (6,228,497) | (20,318,124) | (55,025,066) |
Net increase (decrease) | (300,397) | (1,162,246) | $ (2,608,260) | $ (9,341,738) |
Institutional Class | | | | |
Shares sold | 258,645 | 478,817 | $ 2,334,832 | $ 4,308,546 |
Reinvestment of distributions | 8,639 | 10,415 | 77,579 | 91,338 |
Shares redeemed | (734,528) | (396,145) | (6,472,719) | (3,464,870) |
Net increase (decrease) | (467,244) | 93,087 | $ (4,060,308) | $ 935,014 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management &
Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
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-0614
1.861974.105
(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, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 967.40 | $ 8.05 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 966.50 | $ 9.26 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 963.00 | $ 11.68 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 963.00 | $ 11.68 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 967.90 | $ 6.83 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.32% | | | |
Actual | | $ 1,000.00 | $ 969.10 | $ 6.44 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.61 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | South Africa 39.1% | |
 | Russia 21.1% | |
 | Poland 6.6% | |
 | United Arab Emirates 5.2% | |
 | United Kingdom 4.4% | |
 | Qatar 2.5% | |
 | United States of America* 2.3% | |
 | Czech Republic 2.3% | |
 | Turkey 2.3% | |
 | 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. |
As of October 31, 2013 |
| South Africa 36.6% | |
 | Russia 31.9% | |
| Poland 5.6% | |
| United Arab Emirates 4.5% | |
| Turkey 3.7% | |
| Czech Republic 2.8% | |
| United Kingdom 2.6% | |
| Kenya 2.1% | |
| Qatar 1.8% | |
| Other* 8.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.7 | 99.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.3 | 0.9 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 6.2 | 5.7 |
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) | 5.1 | 5.4 |
Naspers Ltd. Class N (South Africa, Media) | 4.4 | 4.3 |
LUKOIL Oil Co. (Russia, Oil, Gas & Consumable Fuels) | 4.3 | 6.7 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Banks) | 3.6 | 7.1 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 3.4 | 2.7 |
Bank Polska Kasa Opieki SA (Poland, Banks) | 3.1 | 2.7 |
Standard Bank Group Ltd. (South Africa, Banks) | 2.5 | 2.3 |
AngloGold Ashanti Ltd. (South Africa, Metals & Mining) | 2.2 | 1.4 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 2.2 | 2.1 |
| 37.0 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 36.7 | 34.2 |
Energy | 18.7 | 23.2 |
Telecommunication Services | 10.8 | 11.7 |
Consumer Discretionary | 9.6 | 7.1 |
Consumer Staples | 8.4 | 10.0 |
Materials | 8.1 | 6.8 |
Health Care | 2.6 | 2.2 |
Industrials | 2.5 | 2.7 |
Information Technology | 0.3 | 0.4 |
Utilities | 0.0 | 0.8 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.6% |
| Shares | | Value |
Austria - 0.2% |
CA Immobilien Anlagen AG | 14,000 | | $ 266,676 |
Bangladesh - 1.3% |
Grameenphone Ltd. | 249,200 | | 863,529 |
Olympic Industries Ltd. | 115,000 | | 356,115 |
Prime Bank Ltd. | 1,468,750 | | 425,862 |
TOTAL BANGLADESH | | 1,645,506 |
Bermuda - 0.1% |
Aquarius Platinum Ltd. (a) | 194,300 | | 72,951 |
Aquarius Platinum Ltd. rights 5/14/14 (a) | 388,600 | | 55,406 |
TOTAL BERMUDA | | 128,357 |
Botswana - 0.2% |
First National Bank of Botswana Ltd. | 650,000 | | 259,290 |
Canada - 0.3% |
Africa Oil Corp. (a) | 46,600 | | 351,610 |
Croatia - 0.2% |
Ledo d.d. | 163 | | 256,013 |
Czech Republic - 2.3% |
Komercni Banka A/S | 7,391 | | 1,703,069 |
Philip Morris CR A/S | 2,400 | | 1,267,336 |
TOTAL CZECH REPUBLIC | | 2,970,405 |
Estonia - 0.4% |
Tallinna Kaubamaja AS | 70,900 | | 491,816 |
Greece - 1.9% |
Fourlis Holdings SA (a) | 60,000 | | 483,630 |
Intralot SA | 40,400 | | 117,142 |
Jumbo SA | 53,036 | | 857,201 |
Karelia Tobacco Co., Inc. | 1,970 | | 574,083 |
Sarantis SA | 37,800 | | 372,337 |
TOTAL GREECE | | 2,404,393 |
Israel - 0.3% |
Teva Pharmaceutical Industries Ltd. | 8,200 | | 401,964 |
Kenya - 1.8% |
British American Tobacco Kenya Ltd. | 51,700 | | 344,033 |
Kenya Commercial Bank Ltd. | 756,500 | | 426,026 |
Safaricom Ltd. | 8,011,744 | | 1,206,227 |
Uchumi Supermarket Ltd. (a) | 2,137,200 | | 348,790 |
TOTAL KENYA | | 2,325,076 |
Common Stocks - continued |
| Shares | | Value |
Kuwait - 0.9% |
Gulf Bank (a) | 190,000 | | $ 256,848 |
Kuwait Food Co. (Americana) | 86,000 | | 850,516 |
TOTAL KUWAIT | | 1,107,364 |
Lithuania - 0.5% |
Apranga AB | 163,766 | | 631,618 |
Luxembourg - 0.3% |
Pegas NONWOVENS SA | 14,200 | | 427,158 |
Netherlands - 0.4% |
Fortuna Entertainment Group NV | 80,000 | | 532,402 |
Nigeria - 1.0% |
FBN Holdings PLC | 6,000,000 | | 528,852 |
Zenith Bank PLC | 5,170,159 | | 730,548 |
TOTAL NIGERIA | | 1,259,400 |
Oman - 0.6% |
National Bank of Oman (a) | 911,343 | | 691,200 |
Pakistan - 1.0% |
Indus Motor Co. Ltd. | 72,000 | | 347,410 |
MCB Bank Ltd. | 100,000 | | 286,518 |
Pak Suzuki Motors | 167,200 | | 358,467 |
Pakistan Petroleum Ltd. | 120,000 | | 282,125 |
TOTAL PAKISTAN | | 1,274,520 |
Poland - 6.6% |
Amica Wronki SA | 10,200 | | 317,355 |
Bank Handlowy w Warszawie SA | 63,700 | | 2,366,935 |
Bank Polska Kasa Opieki SA | 60,700 | | 3,886,412 |
Colian SA | 171,300 | | 178,788 |
Orbis SA | 20,000 | | 258,947 |
Powszechny Zaklad Ubezpieczen SA | 9,400 | | 1,332,545 |
TOTAL POLAND | | 8,340,982 |
Qatar - 2.5% |
Commercial Bank of Qatar (a) | 47,436 | | 889,869 |
Industries Qatar QSC (a) | 16,528 | | 808,049 |
Qatar National Bank SAQ (a) | 29,310 | | 1,529,560 |
TOTAL QATAR | | 3,227,478 |
Romania - 1.7% |
Banca Transilvania SA (a) | 1,435,000 | | 805,327 |
Common Stocks - continued |
| Shares | | Value |
Romania - continued |
Bursa de Valori Bucuresti | 61,814 | | $ 551,099 |
SNP Petrom SA | 5,713,372 | | 813,209 |
TOTAL ROMANIA | | 2,169,635 |
Russia - 18.0% |
Gazprom OAO | 886,200 | | 3,203,255 |
Gazprom OAO sponsored ADR (Reg. S) | 450,000 | | 3,245,400 |
LUKOIL Oil Co. | 11,000 | | 580,522 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 91,795 | | 4,851,366 |
Magnit OJSC | 6,500 | | 1,289,381 |
Megafon OJSC GDR | 85,200 | | 2,215,200 |
Moscow Exchange MICEX-RTS OAO | 256,900 | | 380,681 |
NOVATEK OAO GDR (Reg. S) | 16,450 | | 1,699,285 |
Sberbank (Savings Bank of the Russian Federation) | 2,244,200 | | 4,567,144 |
Vozrozhdenie Bank | 85,700 | | 876,365 |
TOTAL RUSSIA | | 22,908,599 |
Slovenia - 0.2% |
Krka dd Novo mesto | 3,500 | | 308,581 |
South Africa - 39.1% |
Anglo American Platinum Ltd. (a) | 25,400 | | 1,207,167 |
AngloGold Ashanti Ltd. | 154,900 | | 2,800,149 |
Aspen Pharmacare Holdings Ltd. | 64,400 | | 1,713,803 |
Cashbuild Ltd. | 60,400 | | 720,517 |
Clicks Group Ltd. | 312,786 | | 1,907,250 |
DRDGOLD Ltd. | 3,629,414 | | 1,155,717 |
DRDGOLD Ltd. sponsored ADR (d) | 28,300 | | 91,126 |
FirstRand Ltd. | 757,600 | | 2,783,976 |
Harmony Gold Mining Co. Ltd. (a) | 453,800 | | 1,491,402 |
Holdsport Ltd. | 130,400 | | 484,763 |
Hulamin Ltd. (a) | 876,800 | | 608,397 |
KAP Industrial Holdings Ltd. | 350,000 | | 136,400 |
Metrofile Holdings Ltd. | 789,700 | | 382,821 |
MTN Group Ltd. | 395,650 | | 7,928,043 |
Nampak Ltd. | 719,800 | | 2,682,017 |
Naspers Ltd. Class N | 58,900 | | 5,553,804 |
Pick 'n Pay Stores Ltd. (e) | 23,000 | | 131,151 |
Pioneer Foods Ltd. | 147,900 | | 1,321,477 |
Raubex Group Ltd. | 569,700 | | 1,177,793 |
Remgro Ltd. | 136,200 | | 2,740,053 |
RMB Holdings Ltd. | 178,000 | | 852,904 |
Sasol Ltd. | 78,300 | | 4,388,271 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Shoprite Holdings Ltd. | 114,100 | | $ 1,905,445 |
Standard Bank Group Ltd. | 245,763 | | 3,225,603 |
Telkom SA Ltd. (a) | 180,000 | | 643,315 |
Vodacom Group Ltd. | 86,000 | | 1,025,493 |
Zeder Investments Ltd. | 1,556,380 | | 647,968 |
TOTAL SOUTH AFRICA | | 49,706,825 |
Sri Lanka - 0.9% |
Chevron Lubricants Lanka Ltd. | 200,000 | | 411,819 |
Hatton National Bank PLC | 488,700 | | 590,675 |
People's Leasing & Finance PLC | 1,273,654 | | 149,165 |
TOTAL SRI LANKA | | 1,151,659 |
Turkey - 2.3% |
Koc Holding A/S | 261,850 | | 1,169,399 |
Turkiye Garanti Bankasi A/S | 480,000 | | 1,768,176 |
TOTAL TURKEY | | 2,937,575 |
United Arab Emirates - 5.2% |
Aldar Properties PJSC (a) | 1,049,217 | | 1,148,356 |
Dubai Financial Market PJSC (a) | 1,866,407 | | 1,844,582 |
Emaar Properties PJSC | 372,466 | | 1,105,346 |
First Gulf Bank PJSC | 256,652 | | 1,212,353 |
National Bank of Abu Dhabi PJSC (a) | 63,260 | | 245,431 |
SHUAA Capital PSC (a) | 2,426,172 | | 1,037,066 |
TOTAL UNITED ARAB EMIRATES | | 6,593,134 |
United Kingdom - 4.4% |
Abdullah Al-Othaim Markets Co. (HSBC Warrant Program) warrants 8/13/14 (a) | 24,974 | | 585,720 |
Alabama Noor Hospitals Group PLC | 30,100 | | 507,192 |
Aldrees Petoleum & Transport (HSBC Warrant Program) warrants 2/7/17 (a) | 48,399 | | 656,857 |
Fawaz Abdulaziz Alhokair & Co. (HSBC Warrant Program) warrants 2/23/15 (a) | 10,000 | | 507,886 |
Halwani Bros CO (HSBC Warrant Program) warrants 5/4/15 (a) | 17,726 | | 362,465 |
Herfy Food Services Co. Ltd. (HSBC Warrant Program) warrants 10/8/15 (a) | 18,000 | | 692,317 |
NMC Health PLC | 67,200 | | 499,226 |
Saudi Pharmaceutical Industries & Medical Appliances Corp. (HSBC Warrant Program) warrants 1/7/16 (a) | 12,239 | | 159,675 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Saudi Vitrified Clay Pipe Co. (HSBC Warrant Program) warrants 5/4/15 (a) | 2,800 | | $ 76,151 |
Saudia Dairy & Foodstuff Co. (HSBC Warrant Program) warrants 6/26/15 (a) | 19,000 | | 509,646 |
The Savola Group (HSBC Warrant Program) warrants 2/2/15 (a) | 19,000 | | 354,725 |
United International Transportation CO (HSBC Warrant Program) warrants 2/23/15 (a) | 30,666 | | 637,613 |
TOTAL UNITED KINGDOM | | 5,549,473 |
TOTAL COMMON STOCKS (Cost $109,055,495) |
120,318,709
|
Nonconvertible Preferred Stocks - 3.1% |
| | | |
Russia - 3.1% |
Surgutneftegas | 3,429,300 | | 2,387,274 |
Tatneft OAO | 467,700 | | 1,599,829 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,394,463) |
3,987,103
|
Money Market Funds - 1.7% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 2,111,739 | | 2,111,739 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 61,250 | | 61,250 |
TOTAL MONEY MARKET FUNDS (Cost $2,172,989) |
2,172,989
|
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $114,622,947) | 126,478,801 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | | 768,104 |
NET ASSETS - 100% | $ 127,246,905 |
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 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 | $ 790 |
Fidelity Securities Lending Cash Central Fund | 5,037 |
Total | $ 5,827 |
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, 2014, 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 | $ 11,940,930 | $ 11,940,930 | $ - | $ - |
Consumer Staples | 10,744,015 | 10,744,015 | - | - |
Energy | 23,813,965 | 19,425,694 | 4,388,271 | - |
Financials | 46,655,535 | 40,344,304 | 6,311,231 | - |
Health Care | 3,430,766 | 3,028,802 | 401,964 | - |
Industrials | 3,291,641 | 3,291,641 | - | - |
Information Technology | 382,821 | 382,821 | - | - |
Materials | 10,164,332 | 4,717,064 | 5,447,268 | - |
Telecommunication Services | 13,881,807 | 13,881,807 | - | - |
Money Market Funds | 2,172,989 | 2,172,989 | - | - |
Total Investments in Securities: | $ 126,478,801 | $ 109,930,067 | $ 16,548,734 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 1,965,445 |
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, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $56,350) - See accompanying schedule: Unaffiliated issuers (cost $112,449,958) | $ 124,305,812 | |
Fidelity Central Funds (cost $2,172,989) | 2,172,989 | |
Total Investments (cost $114,622,947) | | $ 126,478,801 |
Foreign currency held at value (cost $344,788) | | 338,940 |
Receivable for investments sold | | 718,346 |
Receivable for fund shares sold | | 549,079 |
Dividends receivable | | 241,577 |
Distributions receivable from Fidelity Central Funds | | 4,884 |
Prepaid expenses | | 88 |
Receivable from investment adviser for expense reductions | | 18,125 |
Other receivables | | 1,893 |
Total assets | | 128,351,733 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 199,549 | |
Delayed delivery | 128,427 | |
Payable for fund shares redeemed | 489,560 | |
Accrued management fee | 85,323 | |
Distribution and service plan fees payable | 8,772 | |
Other affiliated payables | 34,356 | |
Other payables and accrued expenses | 97,591 | |
Collateral on securities loaned, at value | 61,250 | |
Total liabilities | | 1,104,828 |
| | |
Net Assets | | $ 127,246,905 |
Net Assets consist of: | | |
Paid in capital | | $ 121,135,964 |
Undistributed net investment income | | 501,574 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (6,221,805) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 11,831,172 |
Net Assets | | $ 127,246,905 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($10,109,176 ÷ 1,116,218 shares) | | $ 9.06 |
| | |
Maximum offering price per share (100/94.25 of $9.06) | | $ 9.61 |
Class T:
Net Asset Value and redemption price per share ($2,435,234 ÷ 269,482 shares) | | $ 9.04 |
| | |
Maximum offering price per share (100/96.50 of $9.04) | | $ 9.37 |
Class B:
Net Asset Value and offering price per share ($307,035 ÷ 33,735 shares)A | | $ 9.10 |
| | |
Class C:
Net Asset Value and offering price per share ($6,408,650 ÷ 713,313 shares)A | | $ 8.98 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($102,474,211 ÷ 11,280,094 shares) | | $ 9.08 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,512,599 ÷ 607,375 shares) | | $ 9.08 |
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, 2014
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,686,010 |
Income from Fidelity Central Funds | | 5,037 |
Income before foreign taxes withheld | | 1,691,047 |
Less foreign taxes withheld | | (193,507) |
Total income | | 1,497,540 |
| | |
Expenses | | |
Management fee | $ 528,014 | |
Transfer agent fees | 178,613 | |
Distribution and service plan fees | 54,228 | |
Accounting and security lending fees | 34,166 | |
Custodian fees and expenses | 91,258 | |
Independent trustees' compensation | 264 | |
Registration fees | 72,699 | |
Audit | 32,034 | |
Legal | 313 | |
Miscellaneous | 677 | |
Total expenses before reductions | 992,266 | |
Expense reductions | (20,118) | 972,148 |
Net investment income (loss) | | 525,392 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (3,830,893) | |
Foreign currency transactions | (26,474) | |
Total net realized gain (loss) | | (3,857,367) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $25,761) | (1,609,293) | |
Assets and liabilities in foreign currencies | (9,757) | |
Total change in net unrealized appreciation (depreciation) | | (1,619,050) |
Net gain (loss) | | (5,476,417) |
Net increase (decrease) in net assets resulting from operations | | $ (4,951,025) |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 525,392 | $ 2,849,848 |
Net realized gain (loss) | (3,857,367) | 425,876 |
Change in net unrealized appreciation (depreciation) | (1,619,050) | 11,151,522 |
Net increase (decrease) in net assets resulting
from operations | (4,951,025) | 14,427,246 |
Distributions to shareholders from net investment income | (1,921,556) | (2,689,985) |
Distributions to shareholders from net realized gain | - | (1,184,624) |
Total distributions | (1,921,556) | (3,874,609) |
Share transactions - net increase (decrease) | (7,924,158) | (9,097,663) |
Redemption fees | 28,783 | 52,524 |
Total increase (decrease) in net assets | (14,767,956) | 1,507,498 |
| | |
Net Assets | | |
Beginning of period | 142,014,861 | 140,507,363 |
End of period (including undistributed net investment income of $501,574 and undistributed net investment income of $1,897,738, respectively) | $ 127,246,905 | $ 142,014,861 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .16 | .18 | .16 H | .07 | .05 |
Net realized and unrealized gain (loss) | (.34) | .85 | .34 | (.70) | 1.70 | 2.48 |
Total from investment operations | (.31) | 1.01 | .52 | (.54) | 1.77 | 2.53 |
Distributions from net investment income | (.12) | (.15) | (.15) | (.08) | (.04) | (.03) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.12) | (.23) L | (.15) | (.10) | (.07) K | (.03) |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.06 J | $ 9.49 J | $ 8.71 J | $ 8.34 | $ 8.97 | $ 7.26 |
Total Return B,C,D | (3.26)% | 11.75% | 6.38% | (6.05)% | 24.66% | 53.78% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.65% A | 1.64% | 1.62% | 1.60% | 1.69% | 1.87% |
Expenses net of fee waivers, if any | 1.65% A | 1.63% | 1.62% | 1.56% | 1.50% | 1.50% |
Expenses net of all reductions | 1.65% A | 1.62% | 1.60% | 1.51% | 1.38% | 1.39% |
Net investment income (loss) | .62% A | 1.82% | 2.09% | 1.70% H | .95% | .84% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,109 | $ 10,883 | $ 8,934 | $ 10,260 | $ 10,045 | $ 4,817 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .02 | .14 | .15 | .13 H | .06 | .04 |
Net realized and unrealized gain (loss) | (.34) | .84 | .35 | (.71) | 1.69 | 2.47 |
Total from investment operations | (.32) | .98 | .50 | (.58) | 1.75 | 2.51 |
Distributions from net investment income | (.10) | (.12) | (.13) | (.07) | (.03) | (.02) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.10) | (.20) L | (.13) | (.08) K | (.05) | (.02) |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.04 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 |
Total Return B,C,D | (3.35)% | 11.42% | 6.14% | (6.42)% | 24.44% | 53.20% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.98% A | 1.93% | 1.89% | 1.87% | 1.95% | 2.15% |
Expenses net of fee waivers, if any | 1.90% A | 1.90% | 1.89% | 1.84% | 1.75% | 1.75% |
Expenses net of all reductions | 1.90% A | 1.88% | 1.86% | 1.78% | 1.62% | 1.64% |
Net investment income (loss) | .37% A | 1.55% | 1.82% | 1.42% H | .70% | .59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,435 | $ 3,465 | $ 3,336 | $ 3,502 | $ 3,114 | $ 1,560 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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 $.074 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.01) | .09 | .11 | .09 H | .02 | .01 |
Net realized and unrealized gain (loss) | (.34) | .85 | .35 | (.71) | 1.68 | 2.48 |
Total from investment operations | (.35) | .94 | .46 | (.62) | 1.70 | 2.49 |
Distributions from net investment income | (.05) | (.06) | (.06) | (.02) | - | - |
Distributions from net realized gain | - | (.07) | - | (.01) | (.01) | - |
Total distributions | (.05) | (.13) | (.06) | (.03) | (.01) | - |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.10 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 |
Total Return B,C,D | (3.70)% | 10.94% | 5.56% | (6.85)% | 23.72% | 52.85% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.46% A | 2.42% | 2.38% | 2.37% | 2.47% | 2.68% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.38% | 2.33% | 2.25% | 2.25% |
Expenses net of all reductions | 2.40% A | 2.38% | 2.35% | 2.27% | 2.12% | 2.14% |
Net investment income (loss) | (.13)% A | 1.05% | 1.33% | .93% H | .20% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 307 | $ 388 | $ 441 | $ 539 | $ 822 | $ 782 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.01) | .09 | .11 | .08 H | .02 | .01 |
Net realized and unrealized gain (loss) | (.34) | .83 | .35 | (.69) | 1.67 | 2.48 |
Total from investment operations | (.35) | .92 | .46 | (.61) | 1.69 | 2.49 |
Distributions from net investment income | (.06) | (.08) | (.08) | (.05) | (.01) | - |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.06) | (.15) | (.08) | (.06) K | (.03) | - |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 8.98 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 |
Total Return B,C,D | (3.70)% | 10.83% | 5.68% | (6.79)% | 23.61% | 52.85% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.45% A | 2.42% | 2.37% | 2.36% | 2.45% | 2.61% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.37% | 2.33% | 2.25% | 2.25% |
Expenses net of all reductions | 2.40% A | 2.38% | 2.35% | 2.27% | 2.13% | 2.14% |
Net investment income (loss) | (.13)% A | 1.05% | 1.34% | .93% H | .20% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,409 | $ 6,782 | $ 7,770 | $ 6,650 | $ 5,151 | $ 2,677 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .18 | .20 | .18 G | .09 | .07 |
Net realized and unrealized gain (loss) | (.35) | .84 | .35 | (.71) | 1.70 | 2.48 |
Total from investment operations | (.31) | 1.02 | .55 | (.53) | 1.79 | 2.55 |
Distributions from net investment income | (.13) | (.18) | (.17) | (.09) | (.05) | (.04) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.13) | (.25) | (.17) | (.11) | (.08) J | (.04) |
Redemption fees added to paid in capital D | - I | - I | - I | .01 | .01 | .01 |
Net asset value, end of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Total Return B,C | (3.21)% | 11.90% | 6.81% | (5.91)% | 24.92% | 54.15% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.43% A | 1.40% | 1.37% | 1.35% | 1.45% | 1.61% |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.37% | 1.31% | 1.25% | 1.25% |
Expenses net of all reductions | 1.40% A | 1.38% | 1.34% | 1.25% | 1.12% | 1.14% |
Net investment income (loss) | .87% A | 2.05% | 2.34% | 1.95% G | 1.21% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 102,474 | $ 110,265 | $ 111,441 | $ 114,117 | $ 140,270 | $ 104,141 |
Portfolio turnover rate F | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .19 | .21 | .19 G | .09 | .06 |
Net realized and unrealized gain (loss) | (.34) | .84 | .35 | (.72) | 1.70 | 2.49 |
Total from investment operations | (.30) | 1.03 | .56 | (.53) | 1.79 | 2.55 |
Distributions from net investment income | (.14) | (.19) | (.18) | (.09) | (.05) | (.04) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.14) | (.26) | (.18) | (.11) | (.08) J | (.04) |
Redemption fees added to paid in capital D | - I | - I | - I | .01 | .01 | .01 |
Net asset value, end of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Total Return B,C | (3.09)% | 12.05% | 6.93% | (5.91)% | 24.95% | 54.15% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.32% A | 1.30% | 1.28% | 1.26% | 1.34% | 1.60% |
Expenses net of fee waivers, if any | 1.32% A | 1.30% | 1.28% | 1.24% | 1.25% | 1.25% |
Expenses net of all reductions | 1.32% A | 1.28% | 1.25% | 1.19% | 1.13% | 1.14% |
Net investment income (loss) | .95% A | 2.15% | 2.43% | 2.02% G | 1.20% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 5,513 | $ 10,231 | $ 8,586 | $ 7,633 | $ 7,171 | $ 4,235 |
Portfolio turnover rate F | 34% A | 64% | 30% | 53% | 96% | 58% |
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
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) 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, 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 the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
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, 2014 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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.
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 | $ 22,835,527 |
Gross unrealized depreciation | (11,351,006) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 11,484,521 |
| |
Tax cost | $ 114,994,280 |
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) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $22,295,589 and $33,864,778, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 12,911 | $ 1,144 |
Class T | .25% | .25% | 6,900 | 77 |
Class B | .75% | .25% | 1,744 | 1,310 |
Class C | .75% | .25% | 32,673 | 5,588 |
| | | $ 54,228 | $ 8,119 |
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 | $ 3,488 |
Class T | 1,102 |
Class B* | 445 |
Class C* | 233 |
| $ 5,268 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
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 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
Average
Net Assets* |
Class A | $ 12,983 | .25 |
Class T | 4,503 | .33 |
Class B | 530 | .30 |
Class C | 9,889 | .30 |
Emerging Europe, Middle East, Africa (EMEA) | 143,841 | .28 |
Institutional Class | 6,867 | .17 |
| $ 178,613 | |
* 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.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,549.
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 $125 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $5,037. 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% | $ 184 |
Class T | 1.90% | 1,039 |
Class B | 2.40% | 88 |
Class C | 2.40% | 1,794 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 15,282 |
| | $ 18,387 |
Semiannual Report
8. 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 $774 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $957.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 138,741 | $ 155,525 |
Class T | 39,254 | 46,756 |
Class B | 1,980 | 2,757 |
Class C | 46,648 | 69,716 |
Emerging Europe, Middle East, Africa (EMEA) | 1,537,065 | 2,222,632 |
Institutional Class | 157,868 | 192,599 |
Total | $ 1,921,556 | $ 2,689,985 |
From net realized gain | | |
Class A | $ - | $ 76,218 |
Class T | - | 28,360 |
Class B | - | 3,579 |
Class C | - | 66,141 |
Emerging Europe, Middle East, Africa (EMEA) | - | 934,516 |
Institutional Class | - | 75,810 |
Total | $ - | $ 1,184,624 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 153,282 | 422,392 | $ 1,380,628 | $ 3,786,551 |
Reinvestment of distributions | 11,698 | 20,821 | 104,929 | 182,599 |
Shares redeemed | (195,564) | (321,728) | (1,735,543) | (2,828,311) |
Net increase (decrease) | (30,584) | 121,485 | $ (249,986) | $ 1,140,839 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class T | | | | |
Shares sold | 70,156 | 88,958 | $ 632,545 | $ 793,473 |
Reinvestment of distributions | 4,323 | 8,485 | 38,735 | 74,325 |
Shares redeemed | (171,167) | (115,399) | (1,541,411) | (1,019,893) |
Net increase (decrease) | (96,688) | (17,956) | $ (870,131) | $ (152,095) |
Class B | | | | |
Shares sold | 2,695 | 10,659 | $ 24,287 | $ 95,440 |
Reinvestment of distributions | 219 | 679 | 1,978 | 5,999 |
Shares redeemed | (10,049) | (21,228) | (90,258) | (189,688) |
Net increase (decrease) | (7,135) | (9,890) | $ (63,993) | $ (88,249) |
Class C | | | | |
Shares sold | 126,456 | 249,509 | $ 1,132,646 | $ 2,176,685 |
Reinvestment of distributions | 3,905 | 12,615 | 34,875 | 110,128 |
Shares redeemed | (139,234) | (441,523) | (1,239,001) | (3,878,247) |
Net increase (decrease) | (8,873) | (179,399) | $ (71,480) | $ (1,591,434) |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 1,802,043 | 4,724,612 | $ 16,246,264 | $ 42,683,733 |
Reinvestment of distributions | 162,803 | 341,639 | 1,463,600 | 2,999,595 |
Shares redeemed | (2,265,243) | (6,228,497) | (20,318,124) | (55,025,066) |
Net increase (decrease) | (300,397) | (1,162,246) | $ (2,608,260) | $ (9,341,738) |
Institutional Class | | | | |
Shares sold | 258,645 | 478,817 | $ 2,334,832 | $ 4,308,546 |
Reinvestment of distributions | 8,639 | 10,415 | 77,579 | 91,338 |
Shares redeemed | (734,528) | (396,145) | (6,472,719) | (3,464,870) |
Net increase (decrease) | (467,244) | 93,087 | $ (4,060,308) | $ 935,014 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
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)
AEME-USAN-0614
1.861991.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Europe,
Middle East, Africa (EMEA)
Fund - Institutional Class
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 967.40 | $ 8.05 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 966.50 | $ 9.26 |
HypotheticalA | | $ 1,000.00 | $ 1,015.37 | $ 9.49 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 963.00 | $ 11.68 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 963.00 | $ 11.68 |
HypotheticalA | | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 967.90 | $ 6.83 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Institutional Class | 1.32% | | | |
Actual | | $ 1,000.00 | $ 969.10 | $ 6.44 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.61 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | South Africa 39.1% | |
 | Russia 21.1% | |
 | Poland 6.6% | |
 | United Arab Emirates 5.2% | |
 | United Kingdom 4.4% | |
 | Qatar 2.5% | |
 | United States of America* 2.3% | |
 | Czech Republic 2.3% | |
 | Turkey 2.3% | |
 | 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. |
As of October 31, 2013 |
| South Africa 36.6% | |
 | Russia 31.9% | |
| Poland 5.6% | |
| United Arab Emirates 4.5% | |
| Turkey 3.7% | |
| Czech Republic 2.8% | |
| United Kingdom 2.6% | |
| Kenya 2.1% | |
| Qatar 1.8% | |
 | Other* 8.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.7 | 99.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.3 | 0.9 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 6.2 | 5.7 |
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) | 5.1 | 5.4 |
Naspers Ltd. Class N (South Africa, Media) | 4.4 | 4.3 |
LUKOIL Oil Co. (Russia, Oil, Gas & Consumable Fuels) | 4.3 | 6.7 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Banks) | 3.6 | 7.1 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 3.4 | 2.7 |
Bank Polska Kasa Opieki SA (Poland, Banks) | 3.1 | 2.7 |
Standard Bank Group Ltd. (South Africa, Banks) | 2.5 | 2.3 |
AngloGold Ashanti Ltd. (South Africa, Metals & Mining) | 2.2 | 1.4 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 2.2 | 2.1 |
| 37.0 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 36.7 | 34.2 |
Energy | 18.7 | 23.2 |
Telecommunication Services | 10.8 | 11.7 |
Consumer Discretionary | 9.6 | 7.1 |
Consumer Staples | 8.4 | 10.0 |
Materials | 8.1 | 6.8 |
Health Care | 2.6 | 2.2 |
Industrials | 2.5 | 2.7 |
Information Technology | 0.3 | 0.4 |
Utilities | 0.0 | 0.8 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.6% |
| Shares | | Value |
Austria - 0.2% |
CA Immobilien Anlagen AG | 14,000 | | $ 266,676 |
Bangladesh - 1.3% |
Grameenphone Ltd. | 249,200 | | 863,529 |
Olympic Industries Ltd. | 115,000 | | 356,115 |
Prime Bank Ltd. | 1,468,750 | | 425,862 |
TOTAL BANGLADESH | | 1,645,506 |
Bermuda - 0.1% |
Aquarius Platinum Ltd. (a) | 194,300 | | 72,951 |
Aquarius Platinum Ltd. rights 5/14/14 (a) | 388,600 | | 55,406 |
TOTAL BERMUDA | | 128,357 |
Botswana - 0.2% |
First National Bank of Botswana Ltd. | 650,000 | | 259,290 |
Canada - 0.3% |
Africa Oil Corp. (a) | 46,600 | | 351,610 |
Croatia - 0.2% |
Ledo d.d. | 163 | | 256,013 |
Czech Republic - 2.3% |
Komercni Banka A/S | 7,391 | | 1,703,069 |
Philip Morris CR A/S | 2,400 | | 1,267,336 |
TOTAL CZECH REPUBLIC | | 2,970,405 |
Estonia - 0.4% |
Tallinna Kaubamaja AS | 70,900 | | 491,816 |
Greece - 1.9% |
Fourlis Holdings SA (a) | 60,000 | | 483,630 |
Intralot SA | 40,400 | | 117,142 |
Jumbo SA | 53,036 | | 857,201 |
Karelia Tobacco Co., Inc. | 1,970 | | 574,083 |
Sarantis SA | 37,800 | | 372,337 |
TOTAL GREECE | | 2,404,393 |
Israel - 0.3% |
Teva Pharmaceutical Industries Ltd. | 8,200 | | 401,964 |
Kenya - 1.8% |
British American Tobacco Kenya Ltd. | 51,700 | | 344,033 |
Kenya Commercial Bank Ltd. | 756,500 | | 426,026 |
Safaricom Ltd. | 8,011,744 | | 1,206,227 |
Uchumi Supermarket Ltd. (a) | 2,137,200 | | 348,790 |
TOTAL KENYA | | 2,325,076 |
Common Stocks - continued |
| Shares | | Value |
Kuwait - 0.9% |
Gulf Bank (a) | 190,000 | | $ 256,848 |
Kuwait Food Co. (Americana) | 86,000 | | 850,516 |
TOTAL KUWAIT | | 1,107,364 |
Lithuania - 0.5% |
Apranga AB | 163,766 | | 631,618 |
Luxembourg - 0.3% |
Pegas NONWOVENS SA | 14,200 | | 427,158 |
Netherlands - 0.4% |
Fortuna Entertainment Group NV | 80,000 | | 532,402 |
Nigeria - 1.0% |
FBN Holdings PLC | 6,000,000 | | 528,852 |
Zenith Bank PLC | 5,170,159 | | 730,548 |
TOTAL NIGERIA | | 1,259,400 |
Oman - 0.6% |
National Bank of Oman (a) | 911,343 | | 691,200 |
Pakistan - 1.0% |
Indus Motor Co. Ltd. | 72,000 | | 347,410 |
MCB Bank Ltd. | 100,000 | | 286,518 |
Pak Suzuki Motors | 167,200 | | 358,467 |
Pakistan Petroleum Ltd. | 120,000 | | 282,125 |
TOTAL PAKISTAN | | 1,274,520 |
Poland - 6.6% |
Amica Wronki SA | 10,200 | | 317,355 |
Bank Handlowy w Warszawie SA | 63,700 | | 2,366,935 |
Bank Polska Kasa Opieki SA | 60,700 | | 3,886,412 |
Colian SA | 171,300 | | 178,788 |
Orbis SA | 20,000 | | 258,947 |
Powszechny Zaklad Ubezpieczen SA | 9,400 | | 1,332,545 |
TOTAL POLAND | | 8,340,982 |
Qatar - 2.5% |
Commercial Bank of Qatar (a) | 47,436 | | 889,869 |
Industries Qatar QSC (a) | 16,528 | | 808,049 |
Qatar National Bank SAQ (a) | 29,310 | | 1,529,560 |
TOTAL QATAR | | 3,227,478 |
Romania - 1.7% |
Banca Transilvania SA (a) | 1,435,000 | | 805,327 |
Common Stocks - continued |
| Shares | | Value |
Romania - continued |
Bursa de Valori Bucuresti | 61,814 | | $ 551,099 |
SNP Petrom SA | 5,713,372 | | 813,209 |
TOTAL ROMANIA | | 2,169,635 |
Russia - 18.0% |
Gazprom OAO | 886,200 | | 3,203,255 |
Gazprom OAO sponsored ADR (Reg. S) | 450,000 | | 3,245,400 |
LUKOIL Oil Co. | 11,000 | | 580,522 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 91,795 | | 4,851,366 |
Magnit OJSC | 6,500 | | 1,289,381 |
Megafon OJSC GDR | 85,200 | | 2,215,200 |
Moscow Exchange MICEX-RTS OAO | 256,900 | | 380,681 |
NOVATEK OAO GDR (Reg. S) | 16,450 | | 1,699,285 |
Sberbank (Savings Bank of the Russian Federation) | 2,244,200 | | 4,567,144 |
Vozrozhdenie Bank | 85,700 | | 876,365 |
TOTAL RUSSIA | | 22,908,599 |
Slovenia - 0.2% |
Krka dd Novo mesto | 3,500 | | 308,581 |
South Africa - 39.1% |
Anglo American Platinum Ltd. (a) | 25,400 | | 1,207,167 |
AngloGold Ashanti Ltd. | 154,900 | | 2,800,149 |
Aspen Pharmacare Holdings Ltd. | 64,400 | | 1,713,803 |
Cashbuild Ltd. | 60,400 | | 720,517 |
Clicks Group Ltd. | 312,786 | | 1,907,250 |
DRDGOLD Ltd. | 3,629,414 | | 1,155,717 |
DRDGOLD Ltd. sponsored ADR (d) | 28,300 | | 91,126 |
FirstRand Ltd. | 757,600 | | 2,783,976 |
Harmony Gold Mining Co. Ltd. (a) | 453,800 | | 1,491,402 |
Holdsport Ltd. | 130,400 | | 484,763 |
Hulamin Ltd. (a) | 876,800 | | 608,397 |
KAP Industrial Holdings Ltd. | 350,000 | | 136,400 |
Metrofile Holdings Ltd. | 789,700 | | 382,821 |
MTN Group Ltd. | 395,650 | | 7,928,043 |
Nampak Ltd. | 719,800 | | 2,682,017 |
Naspers Ltd. Class N | 58,900 | | 5,553,804 |
Pick 'n Pay Stores Ltd. (e) | 23,000 | | 131,151 |
Pioneer Foods Ltd. | 147,900 | | 1,321,477 |
Raubex Group Ltd. | 569,700 | | 1,177,793 |
Remgro Ltd. | 136,200 | | 2,740,053 |
RMB Holdings Ltd. | 178,000 | | 852,904 |
Sasol Ltd. | 78,300 | | 4,388,271 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Shoprite Holdings Ltd. | 114,100 | | $ 1,905,445 |
Standard Bank Group Ltd. | 245,763 | | 3,225,603 |
Telkom SA Ltd. (a) | 180,000 | | 643,315 |
Vodacom Group Ltd. | 86,000 | | 1,025,493 |
Zeder Investments Ltd. | 1,556,380 | | 647,968 |
TOTAL SOUTH AFRICA | | 49,706,825 |
Sri Lanka - 0.9% |
Chevron Lubricants Lanka Ltd. | 200,000 | | 411,819 |
Hatton National Bank PLC | 488,700 | | 590,675 |
People's Leasing & Finance PLC | 1,273,654 | | 149,165 |
TOTAL SRI LANKA | | 1,151,659 |
Turkey - 2.3% |
Koc Holding A/S | 261,850 | | 1,169,399 |
Turkiye Garanti Bankasi A/S | 480,000 | | 1,768,176 |
TOTAL TURKEY | | 2,937,575 |
United Arab Emirates - 5.2% |
Aldar Properties PJSC (a) | 1,049,217 | | 1,148,356 |
Dubai Financial Market PJSC (a) | 1,866,407 | | 1,844,582 |
Emaar Properties PJSC | 372,466 | | 1,105,346 |
First Gulf Bank PJSC | 256,652 | | 1,212,353 |
National Bank of Abu Dhabi PJSC (a) | 63,260 | | 245,431 |
SHUAA Capital PSC (a) | 2,426,172 | | 1,037,066 |
TOTAL UNITED ARAB EMIRATES | | 6,593,134 |
United Kingdom - 4.4% |
Abdullah Al-Othaim Markets Co. (HSBC Warrant Program) warrants 8/13/14 (a) | 24,974 | | 585,720 |
Alabama Noor Hospitals Group PLC | 30,100 | | 507,192 |
Aldrees Petoleum & Transport (HSBC Warrant Program) warrants 2/7/17 (a) | 48,399 | | 656,857 |
Fawaz Abdulaziz Alhokair & Co. (HSBC Warrant Program) warrants 2/23/15 (a) | 10,000 | | 507,886 |
Halwani Bros CO (HSBC Warrant Program) warrants 5/4/15 (a) | 17,726 | | 362,465 |
Herfy Food Services Co. Ltd. (HSBC Warrant Program) warrants 10/8/15 (a) | 18,000 | | 692,317 |
NMC Health PLC | 67,200 | | 499,226 |
Saudi Pharmaceutical Industries & Medical Appliances Corp. (HSBC Warrant Program) warrants 1/7/16 (a) | 12,239 | | 159,675 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Saudi Vitrified Clay Pipe Co. (HSBC Warrant Program) warrants 5/4/15 (a) | 2,800 | | $ 76,151 |
Saudia Dairy & Foodstuff Co. (HSBC Warrant Program) warrants 6/26/15 (a) | 19,000 | | 509,646 |
The Savola Group (HSBC Warrant Program) warrants 2/2/15 (a) | 19,000 | | 354,725 |
United International Transportation CO (HSBC Warrant Program) warrants 2/23/15 (a) | 30,666 | | 637,613 |
TOTAL UNITED KINGDOM | | 5,549,473 |
TOTAL COMMON STOCKS (Cost $109,055,495) |
120,318,709
|
Nonconvertible Preferred Stocks - 3.1% |
| | | |
Russia - 3.1% |
Surgutneftegas | 3,429,300 | | 2,387,274 |
Tatneft OAO | 467,700 | | 1,599,829 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,394,463) |
3,987,103
|
Money Market Funds - 1.7% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 2,111,739 | | 2,111,739 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 61,250 | | 61,250 |
TOTAL MONEY MARKET FUNDS (Cost $2,172,989) |
2,172,989
|
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $114,622,947) | 126,478,801 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | | 768,104 |
NET ASSETS - 100% | $ 127,246,905 |
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 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 | $ 790 |
Fidelity Securities Lending Cash Central Fund | 5,037 |
Total | $ 5,827 |
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, 2014, 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 | $ 11,940,930 | $ 11,940,930 | $ - | $ - |
Consumer Staples | 10,744,015 | 10,744,015 | - | - |
Energy | 23,813,965 | 19,425,694 | 4,388,271 | - |
Financials | 46,655,535 | 40,344,304 | 6,311,231 | - |
Health Care | 3,430,766 | 3,028,802 | 401,964 | - |
Industrials | 3,291,641 | 3,291,641 | - | - |
Information Technology | 382,821 | 382,821 | - | - |
Materials | 10,164,332 | 4,717,064 | 5,447,268 | - |
Telecommunication Services | 13,881,807 | 13,881,807 | - | - |
Money Market Funds | 2,172,989 | 2,172,989 | - | - |
Total Investments in Securities: | $ 126,478,801 | $ 109,930,067 | $ 16,548,734 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 1,965,445 |
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, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $56,350) - See accompanying schedule: Unaffiliated issuers (cost $112,449,958) | $ 124,305,812 | |
Fidelity Central Funds (cost $2,172,989) | 2,172,989 | |
Total Investments (cost $114,622,947) | | $ 126,478,801 |
Foreign currency held at value (cost $344,788) | | 338,940 |
Receivable for investments sold | | 718,346 |
Receivable for fund shares sold | | 549,079 |
Dividends receivable | | 241,577 |
Distributions receivable from Fidelity Central Funds | | 4,884 |
Prepaid expenses | | 88 |
Receivable from investment adviser for expense reductions | | 18,125 |
Other receivables | | 1,893 |
Total assets | | 128,351,733 |
| | |
Liabilities | | |
Payable for investments purchased | | |
Regular delivery | $ 199,549 | |
Delayed delivery | 128,427 | |
Payable for fund shares redeemed | 489,560 | |
Accrued management fee | 85,323 | |
Distribution and service plan fees payable | 8,772 | |
Other affiliated payables | 34,356 | |
Other payables and accrued expenses | 97,591 | |
Collateral on securities loaned, at value | 61,250 | |
Total liabilities | | 1,104,828 |
| | |
Net Assets | | $ 127,246,905 |
Net Assets consist of: | | |
Paid in capital | | $ 121,135,964 |
Undistributed net investment income | | 501,574 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (6,221,805) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 11,831,172 |
Net Assets | | $ 127,246,905 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($10,109,176 ÷ 1,116,218 shares) | | $ 9.06 |
| | |
Maximum offering price per share (100/94.25 of $9.06) | | $ 9.61 |
Class T:
Net Asset Value and redemption price per share ($2,435,234 ÷ 269,482 shares) | | $ 9.04 |
| | |
Maximum offering price per share (100/96.50 of $9.04) | | $ 9.37 |
Class B:
Net Asset Value and offering price per share ($307,035 ÷ 33,735 shares)A | | $ 9.10 |
| | |
Class C:
Net Asset Value and offering price per share ($6,408,650 ÷ 713,313 shares)A | | $ 8.98 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($102,474,211 ÷ 11,280,094 shares) | | $ 9.08 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,512,599 ÷ 607,375 shares) | | $ 9.08 |
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, 2014
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,686,010 |
Income from Fidelity Central Funds | | 5,037 |
Income before foreign taxes withheld | | 1,691,047 |
Less foreign taxes withheld | | (193,507) |
Total income | | 1,497,540 |
| | |
Expenses | | |
Management fee | $ 528,014 | |
Transfer agent fees | 178,613 | |
Distribution and service plan fees | 54,228 | |
Accounting and security lending fees | 34,166 | |
Custodian fees and expenses | 91,258 | |
Independent trustees' compensation | 264 | |
Registration fees | 72,699 | |
Audit | 32,034 | |
Legal | 313 | |
Miscellaneous | 677 | |
Total expenses before reductions | 992,266 | |
Expense reductions | (20,118) | 972,148 |
Net investment income (loss) | | 525,392 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (3,830,893) | |
Foreign currency transactions | (26,474) | |
Total net realized gain (loss) | | (3,857,367) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $25,761) | (1,609,293) | |
Assets and liabilities in foreign currencies | (9,757) | |
Total change in net unrealized appreciation (depreciation) | | (1,619,050) |
Net gain (loss) | | (5,476,417) |
Net increase (decrease) in net assets resulting from operations | | $ (4,951,025) |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 525,392 | $ 2,849,848 |
Net realized gain (loss) | (3,857,367) | 425,876 |
Change in net unrealized appreciation (depreciation) | (1,619,050) | 11,151,522 |
Net increase (decrease) in net assets resulting
from operations | (4,951,025) | 14,427,246 |
Distributions to shareholders from net investment income | (1,921,556) | (2,689,985) |
Distributions to shareholders from net realized gain | - | (1,184,624) |
Total distributions | (1,921,556) | (3,874,609) |
Share transactions - net increase (decrease) | (7,924,158) | (9,097,663) |
Redemption fees | 28,783 | 52,524 |
Total increase (decrease) in net assets | (14,767,956) | 1,507,498 |
| | |
Net Assets | | |
Beginning of period | 142,014,861 | 140,507,363 |
End of period (including undistributed net investment income of $501,574 and undistributed net investment income of $1,897,738, respectively) | $ 127,246,905 | $ 142,014,861 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.49 | $ 8.71 | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .16 | .18 | .16 H | .07 | .05 |
Net realized and unrealized gain (loss) | (.34) | .85 | .34 | (.70) | 1.70 | 2.48 |
Total from investment operations | (.31) | 1.01 | .52 | (.54) | 1.77 | 2.53 |
Distributions from net investment income | (.12) | (.15) | (.15) | (.08) | (.04) | (.03) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.12) | (.23) L | (.15) | (.10) | (.07) K | (.03) |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.06 J | $ 9.49 J | $ 8.71 J | $ 8.34 | $ 8.97 | $ 7.26 |
Total Return B,C,D | (3.26)% | 11.75% | 6.38% | (6.05)% | 24.66% | 53.78% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.65% A | 1.64% | 1.62% | 1.60% | 1.69% | 1.87% |
Expenses net of fee waivers, if any | 1.65% A | 1.63% | 1.62% | 1.56% | 1.50% | 1.50% |
Expenses net of all reductions | 1.65% A | 1.62% | 1.60% | 1.51% | 1.38% | 1.39% |
Net investment income (loss) | .62% A | 1.82% | 2.09% | 1.70% H | .95% | .84% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,109 | $ 10,883 | $ 8,934 | $ 10,260 | $ 10,045 | $ 4,817 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .02 | .14 | .15 | .13 H | .06 | .04 |
Net realized and unrealized gain (loss) | (.34) | .84 | .35 | (.71) | 1.69 | 2.47 |
Total from investment operations | (.32) | .98 | .50 | (.58) | 1.75 | 2.51 |
Distributions from net investment income | (.10) | (.12) | (.13) | (.07) | (.03) | (.02) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.10) | (.20) L | (.13) | (.08) K | (.05) | (.02) |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.04 | $ 9.46 | $ 8.68 | $ 8.31 | $ 8.96 | $ 7.25 |
Total Return B,C,D | (3.35)% | 11.42% | 6.14% | (6.42)% | 24.44% | 53.20% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.98% A | 1.93% | 1.89% | 1.87% | 1.95% | 2.15% |
Expenses net of fee waivers, if any | 1.90% A | 1.90% | 1.89% | 1.84% | 1.75% | 1.75% |
Expenses net of all reductions | 1.90% A | 1.88% | 1.86% | 1.78% | 1.62% | 1.64% |
Net investment income (loss) | .37% A | 1.55% | 1.82% | 1.42% H | .70% | .59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,435 | $ 3,465 | $ 3,336 | $ 3,502 | $ 3,114 | $ 1,560 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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 $.074 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.01) | .09 | .11 | .09 H | .02 | .01 |
Net realized and unrealized gain (loss) | (.34) | .85 | .35 | (.71) | 1.68 | 2.48 |
Total from investment operations | (.35) | .94 | .46 | (.62) | 1.70 | 2.49 |
Distributions from net investment income | (.05) | (.06) | (.06) | (.02) | - | - |
Distributions from net realized gain | - | (.07) | - | (.01) | (.01) | - |
Total distributions | (.05) | (.13) | (.06) | (.03) | (.01) | - |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 9.10 | $ 9.50 | $ 8.69 | $ 8.29 | $ 8.93 | $ 7.23 |
Total Return B,C,D | (3.70)% | 10.94% | 5.56% | (6.85)% | 23.72% | 52.85% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.46% A | 2.42% | 2.38% | 2.37% | 2.47% | 2.68% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.38% | 2.33% | 2.25% | 2.25% |
Expenses net of all reductions | 2.40% A | 2.38% | 2.35% | 2.27% | 2.12% | 2.14% |
Net investment income (loss) | (.13)% A | 1.05% | 1.33% | .93% H | .20% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 307 | $ 388 | $ 441 | $ 539 | $ 822 | $ 782 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.01) | .09 | .11 | .08 H | .02 | .01 |
Net realized and unrealized gain (loss) | (.34) | .83 | .35 | (.69) | 1.67 | 2.48 |
Total from investment operations | (.35) | .92 | .46 | (.61) | 1.69 | 2.49 |
Distributions from net investment income | (.06) | (.08) | (.08) | (.05) | (.01) | - |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.06) | (.15) | (.08) | (.06) K | (.03) | - |
Redemption fees added to paid in capital E | - J | - J | - J | .01 | .01 | .01 |
Net asset value, end of period | $ 8.98 | $ 9.39 | $ 8.62 | $ 8.24 | $ 8.90 | $ 7.23 |
Total Return B,C,D | (3.70)% | 10.83% | 5.68% | (6.79)% | 23.61% | 52.85% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.45% A | 2.42% | 2.37% | 2.36% | 2.45% | 2.61% |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.37% | 2.33% | 2.25% | 2.25% |
Expenses net of all reductions | 2.40% A | 2.38% | 2.35% | 2.27% | 2.13% | 2.14% |
Net investment income (loss) | (.13)% A | 1.05% | 1.34% | .93% H | .20% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,409 | $ 6,782 | $ 7,770 | $ 6,650 | $ 5,151 | $ 2,677 |
Portfolio turnover rate G | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .18 | .20 | .18 G | .09 | .07 |
Net realized and unrealized gain (loss) | (.35) | .84 | .35 | (.71) | 1.70 | 2.48 |
Total from investment operations | (.31) | 1.02 | .55 | (.53) | 1.79 | 2.55 |
Distributions from net investment income | (.13) | (.18) | (.17) | (.09) | (.05) | (.04) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.13) | (.25) | (.17) | (.11) | (.08) J | (.04) |
Redemption fees added to paid in capital D | - I | - I | - I | .01 | .01 | .01 |
Net asset value, end of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Total Return B,C | (3.21)% | 11.90% | 6.81% | (5.91)% | 24.92% | 54.15% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.43% A | 1.40% | 1.37% | 1.35% | 1.45% | 1.61% |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.37% | 1.31% | 1.25% | 1.25% |
Expenses net of all reductions | 1.40% A | 1.38% | 1.34% | 1.25% | 1.12% | 1.14% |
Net investment income (loss) | .87% A | 2.05% | 2.34% | 1.95% G | 1.21% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 102,474 | $ 110,265 | $ 111,441 | $ 114,117 | $ 140,270 | $ 104,141 |
Portfolio turnover rate F | 34% A | 64% | 30% | 53% | 96% | 58% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .19 | .21 | .19 G | .09 | .06 |
Net realized and unrealized gain (loss) | (.34) | .84 | .35 | (.72) | 1.70 | 2.49 |
Total from investment operations | (.30) | 1.03 | .56 | (.53) | 1.79 | 2.55 |
Distributions from net investment income | (.14) | (.19) | (.18) | (.09) | (.05) | (.04) |
Distributions from net realized gain | - | (.07) | - | (.02) | (.02) | - |
Total distributions | (.14) | (.26) | (.18) | (.11) | (.08) J | (.04) |
Redemption fees added to paid in capital D | - I | - I | - I | .01 | .01 | .01 |
Net asset value, end of period | $ 9.08 | $ 9.52 | $ 8.75 | $ 8.37 | $ 9.00 | $ 7.28 |
Total Return B,C | (3.09)% | 12.05% | 6.93% | (5.91)% | 24.95% | 54.15% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.32% A | 1.30% | 1.28% | 1.26% | 1.34% | 1.60% |
Expenses net of fee waivers, if any | 1.32% A | 1.30% | 1.28% | 1.24% | 1.25% | 1.25% |
Expenses net of all reductions | 1.32% A | 1.28% | 1.25% | 1.19% | 1.13% | 1.14% |
Net investment income (loss) | .95% A | 2.15% | 2.43% | 2.02% G | 1.20% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 5,513 | $ 10,231 | $ 8,586 | $ 7,633 | $ 7,171 | $ 4,235 |
Portfolio turnover rate F | 34% A | 64% | 30% | 53% | 96% | 58% |
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
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) 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, 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 the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
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, 2014 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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.
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 | $ 22,835,527 |
Gross unrealized depreciation | (11,351,006) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 11,484,521 |
| |
Tax cost | $ 114,994,280 |
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) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $22,295,589 and $33,864,778, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 12,911 | $ 1,144 |
Class T | .25% | .25% | 6,900 | 77 |
Class B | .75% | .25% | 1,744 | 1,310 |
Class C | .75% | .25% | 32,673 | 5,588 |
| | | $ 54,228 | $ 8,119 |
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 | $ 3,488 |
Class T | 1,102 |
Class B* | 445 |
Class C* | 233 |
| $ 5,268 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
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 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
Average
Net Assets* |
Class A | $ 12,983 | .25 |
Class T | 4,503 | .33 |
Class B | 530 | .30 |
Class C | 9,889 | .30 |
Emerging Europe, Middle East, Africa (EMEA) | 143,841 | .28 |
Institutional Class | 6,867 | .17 |
| $ 178,613 | |
* 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.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,549.
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 $125 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $5,037. 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% | $ 184 |
Class T | 1.90% | 1,039 |
Class B | 2.40% | 88 |
Class C | 2.40% | 1,794 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 15,282 |
| | $ 18,387 |
Semiannual Report
8. 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 $774 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $957.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 138,741 | $ 155,525 |
Class T | 39,254 | 46,756 |
Class B | 1,980 | 2,757 |
Class C | 46,648 | 69,716 |
Emerging Europe, Middle East, Africa (EMEA) | 1,537,065 | 2,222,632 |
Institutional Class | 157,868 | 192,599 |
Total | $ 1,921,556 | $ 2,689,985 |
From net realized gain | | |
Class A | $ - | $ 76,218 |
Class T | - | 28,360 |
Class B | - | 3,579 |
Class C | - | 66,141 |
Emerging Europe, Middle East, Africa (EMEA) | - | 934,516 |
Institutional Class | - | 75,810 |
Total | $ - | $ 1,184,624 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 153,282 | 422,392 | $ 1,380,628 | $ 3,786,551 |
Reinvestment of distributions | 11,698 | 20,821 | 104,929 | 182,599 |
Shares redeemed | (195,564) | (321,728) | (1,735,543) | (2,828,311) |
Net increase (decrease) | (30,584) | 121,485 | $ (249,986) | $ 1,140,839 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class T | | | | |
Shares sold | 70,156 | 88,958 | $ 632,545 | $ 793,473 |
Reinvestment of distributions | 4,323 | 8,485 | 38,735 | 74,325 |
Shares redeemed | (171,167) | (115,399) | (1,541,411) | (1,019,893) |
Net increase (decrease) | (96,688) | (17,956) | $ (870,131) | $ (152,095) |
Class B | | | | |
Shares sold | 2,695 | 10,659 | $ 24,287 | $ 95,440 |
Reinvestment of distributions | 219 | 679 | 1,978 | 5,999 |
Shares redeemed | (10,049) | (21,228) | (90,258) | (189,688) |
Net increase (decrease) | (7,135) | (9,890) | $ (63,993) | $ (88,249) |
Class C | | | | |
Shares sold | 126,456 | 249,509 | $ 1,132,646 | $ 2,176,685 |
Reinvestment of distributions | 3,905 | 12,615 | 34,875 | 110,128 |
Shares redeemed | (139,234) | (441,523) | (1,239,001) | (3,878,247) |
Net increase (decrease) | (8,873) | (179,399) | $ (71,480) | $ (1,591,434) |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 1,802,043 | 4,724,612 | $ 16,246,264 | $ 42,683,733 |
Reinvestment of distributions | 162,803 | 341,639 | 1,463,600 | 2,999,595 |
Shares redeemed | (2,265,243) | (6,228,497) | (20,318,124) | (55,025,066) |
Net increase (decrease) | (300,397) | (1,162,246) | $ (2,608,260) | $ (9,341,738) |
Institutional Class | | | | |
Shares sold | 258,645 | 478,817 | $ 2,334,832 | $ 4,308,546 |
Reinvestment of distributions | 8,639 | 10,415 | 77,579 | 91,338 |
Shares redeemed | (734,528) | (396,145) | (6,472,719) | (3,464,870) |
Net increase (decrease) | (467,244) | 93,087 | $ (4,060,308) | $ 935,014 |
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
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(Fidelity Investment logo)(registered trademark)
AEMEI-USAN-0614
1.861983.105
Fidelity®
Global Commodity Stock
Fund
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.36% | | | |
Actual | | $ 1,000.00 | $ 1,044.50 | $ 6.89 |
Hypothetical A | | $ 1,000.00 | $ 1,018.05 | $ 6.81 |
Class T | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,043.50 | $ 8.26 |
Hypothetical A | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class B | 2.12% | | | |
Actual | | $ 1,000.00 | $ 1,041.00 | $ 10.73 |
Hypothetical A | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Class C | 2.12% | | | |
Actual | | $ 1,000.00 | $ 1,040.80 | $ 10.73 |
Hypothetical A | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Global Commodity Stock | 1.12% | | | |
Actual | | $ 1,000.00 | $ 1,046.00 | $ 5.68 |
Hypothetical A | | $ 1,000.00 | $ 1,019.24 | $ 5.61 |
Institutional Class | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,046.00 | $ 5.43 |
Hypothetical A | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Monsanto Co. | 7.4 | 6.3 |
BHP Billiton PLC | 7.0 | 5.3 |
Syngenta AG (Switzerland) | 4.0 | 4.4 |
Rio Tinto PLC | 3.6 | 3.3 |
Potash Corp. of Saskatchewan, Inc. | 3.4 | 3.4 |
Bunge Ltd. | 3.3 | 3.1 |
Chevron Corp. | 3.2 | 3.3 |
Peabody Energy Corp. | 3.2 | 3.3 |
Archer Daniels Midland Co. | 3.0 | 3.1 |
Anadarko Petroleum Corp. | 2.4 | 1.2 |
| 40.5 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2014 |
 | Agriculture 33.1% | |
 | Energy 32.2% | |
 | Metals 31.3% | |
 | Other 2.6% | |
 | Short-Term
Investments and
Net Other Assets 0.8% | |
As of October 31, 2013 |
| Energy 33.6% | |
| Agriculture 32.5% | |
| Metals 30.9% | |
| Other 2.5% | |
| Short-Term
Investments and
Net Other Assets 0.5% | |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
CHEMICALS - 22.5% |
Commodity Chemicals - 0.1% |
Axiall Corp. | 2,500 | | $ 116,500 |
Cabot Corp. | 2,800 | | 161,840 |
LyondellBasell Industries NV Class A | 1,300 | | 120,250 |
| | 398,590 |
Diversified Chemicals - 0.4% |
Eastman Chemical Co. | 4,200 | | 366,114 |
Huntsman Corp. | 45,600 | | 1,142,280 |
| | 1,508,394 |
Fertilizers & Agricultural Chemicals - 21.9% |
Agrium, Inc. | 65,100 | | 6,252,522 |
CF Industries Holdings, Inc. | 28,072 | | 6,882,412 |
China BlueChemical Ltd. (H Shares) | 906,000 | | 486,132 |
Intrepid Potash, Inc. (a)(d) | 195,600 | | 3,188,280 |
Israel Corp. Ltd. (Class A) (a) | 1,300 | | 732,929 |
Monsanto Co. | 261,000 | | 28,892,701 |
Potash Corp. of Saskatchewan, Inc. (d) | 367,800 | | 13,295,229 |
Syngenta AG (Switzerland) | 39,812 | | 15,765,220 |
Taiwan Fertilizer Co. Ltd. | 166,000 | | 330,179 |
The Mosaic Co. | 159,759 | | 7,994,340 |
Yara International ASA | 29,700 | | 1,401,985 |
| | 85,221,929 |
Specialty Chemicals - 0.1% |
Chemtura Corp. (a) | 5,000 | | 111,500 |
W.R. Grace & Co. (a) | 1,300 | | 119,730 |
| | 231,230 |
TOTAL CHEMICALS | | 87,360,143 |
CONSTRUCTION & ENGINEERING - 0.2% |
Construction & Engineering - 0.2% |
Boart Longyear Ltd. (d) | 2,775,000 | | 734,723 |
CONSTRUCTION MATERIALS - 0.1% |
Construction Materials - 0.1% |
Grasim Industries Ltd. | 7,900 | | 348,987 |
PT Indocement Tunggal Prakarsa Tbk | 36,500 | | 69,297 |
| | 418,284 |
Common Stocks - continued |
| Shares | | Value |
CONTAINERS & PACKAGING - 0.8% |
Paper Packaging - 0.8% |
Rock-Tenn Co. Class A | 26,400 | | $ 2,524,104 |
Smurfit Kappa Group PLC | 22,800 | | 507,212 |
| | 3,031,316 |
ELECTRICAL EQUIPMENT - 0.0% |
Electrical Components & Equipment - 0.0% |
SolarCity Corp. (a) | 2,000 | | 106,500 |
ENERGY EQUIPMENT & SERVICES - 1.3% |
Oil & Gas Drilling - 0.9% |
Ensco PLC Class A | 22,400 | | 1,130,080 |
Noble Corp. | 18,300 | | 563,823 |
Ocean Rig UDW, Inc. (United States) (a) | 21,947 | | 362,126 |
Odfjell Drilling A/S | 64,398 | | 364,008 |
Vantage Drilling Co. (a) | 697,582 | | 1,164,962 |
| | 3,584,999 |
Oil & Gas Equipment & Services - 0.4% |
Cameron International Corp. (a) | 9,100 | | 591,136 |
Ezion Holdings Ltd. | 129,000 | | 233,573 |
FMC Technologies, Inc. (a) | 1,500 | | 85,050 |
Halliburton Co. | 500 | | 31,535 |
National Oilwell Varco, Inc. | 3,500 | | 274,855 |
Oceaneering International, Inc. | 1,600 | | 117,248 |
Technip SA | 1,300 | | 146,268 |
| | 1,479,665 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 5,064,664 |
FOOD & STAPLES RETAILING - 0.0% |
Food Distributors - 0.0% |
Andersons, Inc. | 1,900 | | 118,351 |
FOOD PRODUCTS - 7.5% |
Agricultural Products - 7.5% |
Archer Daniels Midland Co. | 264,300 | | 11,557,839 |
Bunge Ltd. | 159,600 | | 12,712,140 |
China Agri-Industries Holdings Ltd. | 2,275,300 | | 909,774 |
First Resources Ltd. | 800,000 | | 1,639,946 |
Golden Agri-Resources Ltd. | 3,021,000 | | 1,469,897 |
Common Stocks - continued |
| Shares | | Value |
FOOD PRODUCTS - CONTINUED |
Agricultural Products - continued |
IOI Corp. Bhd | 386,400 | | $ 592,184 |
Kernel Holding SA (a) | 17,300 | | 160,163 |
| | 29,041,943 |
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0% |
Independent Power Producers & Energy Traders - 0.0% |
Dynegy, Inc. (a) | 4,100 | | 116,645 |
MACHINERY - 0.5% |
Construction Machinery & Heavy Trucks - 0.3% |
Caterpillar, Inc. | 4,800 | | 505,920 |
Manitowoc Co., Inc. | 12,000 | | 381,360 |
Samsung Heavy Industries Co. Ltd. | 12,600 | | 343,936 |
| | 1,231,216 |
Industrial Machinery - 0.2% |
Valmont Industries, Inc. | 5,000 | | 744,550 |
TOTAL MACHINERY | | 1,975,766 |
METALS & MINING - 29.4% |
Aluminum - 0.1% |
Alcoa, Inc. | 39,500 | | 532,065 |
Diversified Metals & Mining - 18.7% |
Anglo American PLC (United Kingdom) | 212,651 | | 5,684,828 |
Antofagasta PLC | 21,900 | | 291,001 |
BHP Billiton PLC | 833,564 | | 27,061,144 |
Copper Mountain Mining Corp. (a) | 319,731 | | 679,689 |
First Quantum Minerals Ltd. | 230,424 | | 4,589,349 |
Freeport-McMoRan Copper & Gold, Inc. | 169,700 | | 5,832,589 |
Glencore Xstrata PLC | 1,581,552 | | 8,504,881 |
Grupo Mexico SA de CV Series B | 482,911 | | 1,450,274 |
Iluka Resources Ltd. | 17,814 | | 147,122 |
Ivanhoe Mines Ltd. (a) | 30,000 | | 49,805 |
Korea Zinc Co. Ltd. | 1,494 | | 492,408 |
Mitsubishi Materials Corp. | 224,000 | | 648,545 |
Norilsk Nickel OJSC sponsored ADR | 81,600 | | 1,471,248 |
Rio Tinto PLC | 259,887 | | 14,129,472 |
Teck Resources Ltd. Class B (sub. vtg.) | 76,600 | | 1,745,785 |
| | 72,778,140 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - 6.4% |
Agnico Eagle Mines Ltd. (Canada) | 26,900 | | $ 794,446 |
AngloGold Ashanti Ltd. sponsored ADR | 66,000 | | 1,194,600 |
Argonaut Gold, Inc. (a) | 153,700 | | 567,935 |
B2Gold Corp. (a) | 685,680 | | 1,970,614 |
Barrick Gold Corp. | 136,500 | | 2,382,414 |
Compania de Minas Buenaventura SA sponsored ADR | 32,800 | | 426,400 |
Detour Gold Corp. (a) | 44,600 | | 443,945 |
Eldorado Gold Corp. | 211,150 | | 1,286,877 |
Franco-Nevada Corp. | 29,900 | | 1,441,191 |
Gold Fields Ltd. sponsored ADR | 128,600 | | 543,978 |
Goldcorp, Inc. | 127,510 | | 3,149,214 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 76,500 | | 251,685 |
Kinross Gold Corp. (a) | 156,705 | | 636,228 |
New Gold, Inc. (a) | 225,000 | | 1,137,266 |
Newcrest Mining Ltd. | 140,324 | | 1,363,576 |
Newmont Mining Corp. | 79,300 | | 1,969,019 |
Premier Gold Mines Ltd. (a) | 661,400 | | 1,231,017 |
Pretium Resources, Inc. (a)(d) | 62,300 | | 403,567 |
Randgold Resources Ltd. sponsored ADR | 21,000 | | 1,681,470 |
Romarco Minerals, Inc. (a) | 455,700 | | 365,874 |
Royal Gold, Inc. | 3,000 | | 198,600 |
Torex Gold Resources, Inc. (a) | 374,800 | | 417,185 |
Yamana Gold, Inc. | 118,700 | | 889,126 |
| | 24,746,227 |
Precious Metals & Minerals - 0.4% |
Aquarius Platinum Ltd.: | | | |
rights 5/14/14 (a) | 445,600 | | 55,674 |
(United Kingdom) (a) | 222,800 | | 80,878 |
Fresnillo PLC | 34,100 | | 490,246 |
Impala Platinum Holdings Ltd. (a) | 32,100 | | 361,260 |
Tahoe Resources, Inc. (a) | 17,553 | | 390,600 |
| | 1,378,658 |
Silver - 0.4% |
Silver Wheaton Corp. | 77,500 | | 1,718,922 |
Steel - 3.4% |
African Minerals Ltd. (a) | 181,100 | | 380,683 |
ArcelorMittal SA Class A unit (d) | 152,500 | | 2,478,125 |
Carpenter Technology Corp. | 1,900 | | 119,320 |
Commercial Metals Co. | 3,900 | | 74,880 |
Fortescue Metals Group Ltd. | 221,593 | | 1,039,592 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Hyundai Steel Co. | 7,527 | | $ 491,794 |
JFE Holdings, Inc. | 87,500 | | 1,617,597 |
Jindal Steel & Power Ltd. (a) | 50,655 | | 214,369 |
Kumba Iron Ore Ltd. (f) | 3,500 | | 124,470 |
London Mining PLC (a) | 396,186 | | 387,974 |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 1,694,000 | | 353,966 |
Nippon Steel & Sumitomo Metal Corp. | 178,000 | | 466,611 |
Nucor Corp. | 6,700 | | 346,725 |
POSCO | 9,853 | | 2,911,420 |
SunCoke Energy, Inc. (a) | 5,200 | | 108,524 |
Tata Steel Ltd. | 72,817 | | 483,696 |
Thyssenkrupp AG (a) | 16,800 | | 478,269 |
Walter Energy, Inc. (d) | 23,600 | | 169,920 |
Yamato Kogyo Co. Ltd. | 35,100 | | 1,010,754 |
| | 13,258,689 |
TOTAL METALS & MINING | | 114,412,701 |
OIL, GAS & CONSUMABLE FUELS - 30.4% |
Coal & Consumable Fuels - 3.6% |
Cameco Corp. | 15,800 | | 336,311 |
China Shenhua Energy Co. Ltd. (H Shares) | 197,000 | | 533,603 |
Coal India Ltd. | 43,001 | | 208,072 |
CONSOL Energy, Inc. | 12,400 | | 551,924 |
Peabody Energy Corp. | 643,698 | | 12,236,699 |
Whitehaven Coal Ltd. (a) | 58,500 | | 79,346 |
| | 13,945,955 |
Integrated Oil & Gas - 14.2% |
BG Group PLC | 265,550 | | 5,371,288 |
Cenovus Energy, Inc. | 40,500 | | 1,206,446 |
Chevron Corp. | 98,700 | | 12,388,824 |
China Petroleum & Chemical Corp. (H Shares) | 1,381,000 | | 1,225,991 |
Eni SpA | 8,427 | | 218,254 |
Exxon Mobil Corp. | 50,361 | | 5,157,470 |
Gazprom OAO sponsored ADR | 203,800 | | 1,471,436 |
Hess Corp. | 15,100 | | 1,346,316 |
Imperial Oil Ltd. | 3,700 | | 180,671 |
Occidental Petroleum Corp. | 39,900 | | 3,820,425 |
PetroChina Co. Ltd. (H Shares) | 854,000 | | 985,324 |
PTT PCL (For. Reg.) | 42,600 | | 412,046 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Repsol YPF SA | 29,709 | | $ 799,606 |
Royal Dutch Shell PLC Class A (United Kingdom) (d) | 203,950 | | 8,063,006 |
Statoil ASA | 27,100 | | 826,155 |
Suncor Energy, Inc. | 97,632 | | 3,766,143 |
Total SA (a) | 108,700 | | 7,776,856 |
| | 55,016,257 |
Oil & Gas Exploration & Production - 12.5% |
Anadarko Petroleum Corp. | 95,900 | | 9,496,018 |
Apache Corp. | 20,200 | | 1,753,360 |
Bonanza Creek Energy, Inc. (a) | 8,500 | | 413,270 |
Cabot Oil & Gas Corp. | 136,600 | | 5,365,648 |
Canadian Natural Resources Ltd. | 56,800 | | 2,314,391 |
Chesapeake Energy Corp. | 13,000 | | 373,750 |
Cimarex Energy Co. | 4,600 | | 547,952 |
CNOOC Ltd. sponsored ADR (d) | 6,300 | | 1,040,697 |
Cobalt International Energy, Inc. (a) | 16,900 | | 304,200 |
Concho Resources, Inc. (a) | 5,400 | | 704,430 |
ConocoPhillips Co. | 68,200 | | 5,067,942 |
Continental Resources, Inc. (a) | 2,800 | | 387,856 |
Denbury Resources, Inc. | 27,100 | | 455,822 |
Devon Energy Corp. | 20,400 | | 1,428,000 |
Encana Corp. | 11,400 | | 264,081 |
Energen Corp. | 4,300 | | 335,013 |
EOG Resources, Inc. | 44,200 | | 4,331,600 |
EQT Corp. | 8,000 | | 871,920 |
INPEX Corp. | 61,700 | | 898,025 |
Kosmos Energy Ltd. (a) | 5,000 | | 54,600 |
Marathon Oil Corp. | 40,100 | | 1,449,615 |
Murphy Oil Corp. | 9,500 | | 602,585 |
Noble Energy, Inc. | 26,100 | | 1,873,458 |
Northern Oil & Gas, Inc. (a) | 10,300 | | 158,929 |
NOVATEK OAO GDR (Reg. S) | 4,500 | | 464,850 |
Oil & Natural Gas Corp. Ltd. | 34,000 | | 183,261 |
Oil Search Ltd. ADR | 6,941 | | 57,324 |
Ophir Energy PLC (a) | 117,400 | | 522,503 |
Pacific Rubiales Energy Corp. | 37,874 | | 618,189 |
Painted Pony Petroleum Ltd. (a) | 2,200 | | 22,722 |
Painted Pony Petroleum Ltd. (a)(e) | 15,000 | | 154,920 |
Penn West Petroleum Ltd. | 25,800 | | 233,272 |
Pioneer Natural Resources Co. | 7,200 | | 1,391,544 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
QEP Resources, Inc. | 11,700 | | $ 359,073 |
Range Resources Corp. | 6,600 | | 596,970 |
Rosetta Resources, Inc. (a) | 1,300 | | 61,542 |
SM Energy Co. | 4,500 | | 333,585 |
Southwestern Energy Co. (a) | 17,900 | | 857,052 |
Talisman Energy, Inc. | 55,400 | | 572,676 |
Tullow Oil PLC | 80,400 | | 1,194,577 |
Whiting Petroleum Corp. (a) | 6,500 | | 479,180 |
| | 48,596,402 |
Oil & Gas Refining & Marketing - 0.0% |
Phillips 66 Co. | 1,500 | | 124,830 |
Oil & Gas Storage & Transport - 0.1% |
Access Midstream Partners LP | 1,400 | | 83,090 |
MPLX LP | 400 | | 21,652 |
Phillips 66 Partners LP | 1,100 | | 58,982 |
Valero Energy Partners LP | 2,800 | | 115,388 |
| | 279,112 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 117,962,556 |
PAPER & FOREST PRODUCTS - 3.6% |
Forest Products - 0.3% |
Boise Cascade Co. (a) | 9,600 | | 240,192 |
West Fraser Timber Co. Ltd. | 16,900 | | 755,531 |
| | 995,723 |
Paper Products - 3.3% |
Empresas CMPC SA | 521,159 | | 1,160,071 |
International Paper Co. | 179,800 | | 8,387,670 |
Lee & Man Paper Manufacturing Ltd. | 356,000 | | 193,315 |
Mondi PLC | 47,900 | | 794,591 |
Nine Dragons Paper (Holdings) Ltd. | 771,000 | | 506,180 |
Stora Enso Oyj (R Shares) | 184,200 | | 1,877,014 |
| | 12,918,841 |
TOTAL PAPER & FOREST PRODUCTS | | 13,914,564 |
REAL ESTATE INVESTMENT TRUSTS - 0.0% |
Specialized REITs - 0.0% |
Weyerhaeuser Co. | 5,900 | | 176,115 |
Common Stocks - continued |
| Shares | | Value |
SPECIALTY RETAIL - 0.3% |
Specialty Stores - 0.3% |
Tsutsumi Jewelry Co. Ltd. | 47,300 | | $ 1,071,057 |
TRADING COMPANIES & DISTRIBUTORS - 0.1% |
Trading Companies & Distributors - 0.1% |
Daewoo International Corp. | 4,400 | | 154,390 |
Finning International, Inc. | 4,400 | | 118,827 |
| | 273,217 |
TOTAL COMMON STOCKS (Cost $401,274,429) |
375,778,545
|
Nonconvertible Preferred Stocks - 2.5% |
| | | |
METALS & MINING - 1.9% |
Steel - 1.9% |
Gerdau SA sponsored | 299,000 | | 1,796,990 |
Vale SA (PN-A) sponsored ADR | 467,900 | | 5,553,973 |
| | 7,350,963 |
OIL, GAS & CONSUMABLE FUELS - 0.5% |
Integrated Oil & Gas - 0.5% |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) | 144,700 | | 2,141,560 |
PAPER & FOREST PRODUCTS - 0.1% |
Paper Products - 0.1% |
Fibria Celulose SA sponsored ADR (a)(d) | 20,300 | | 201,579 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $16,124,063) |
9,694,102
|
Money Market Funds - 5.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.11% (b) | 1,537,142 | | $ 1,537,142 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 20,178,104 | | 20,178,104 |
TOTAL MONEY MARKET FUNDS (Cost $21,715,246) |
21,715,246
|
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $439,113,738) | | 407,187,893 |
NET OTHER ASSETS (LIABILITIES) - (4.8)% | | (18,600,095) |
NET ASSETS - 100% | $ 388,587,798 |
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 $154,920 or 0.0% of net assets. |
(f) Security or a portion of the security sold 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 | $ 182 |
Fidelity Securities Lending Cash Central Fund | 103,357 |
Total | $ 103,539 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2014, 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 | $ 375,778,545 | $ 290,781,888 | $ 84,996,657 | $ - |
Nonconvertible Preferred Stocks | 9,694,102 | 9,694,102 | - | - |
Money Market Funds | 21,715,246 | 21,715,246 | - | - |
Total Investments in Securities: | $ 407,187,893 | $ 322,191,236 | $ 84,996,657 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 5,175,234 |
Level 2 to Level 1 | $ 4,614,734 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 42.2% |
United Kingdom | 16.9% |
Canada | 14.4% |
Switzerland | 4.0% |
Bermuda | 3.5% |
Bailiwick of Jersey | 2.6% |
Brazil | 2.5% |
France | 2.0% |
Japan | 1.5% |
Korea (South) | 1.2% |
Others (Individually Less Than 1%) | 9.2% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $19,566,783) - See accompanying schedule: Unaffiliated issuers (cost $417,398,492) | $ 385,472,647 | |
Fidelity Central Funds (cost $21,715,246) | 21,715,246 | |
Total Investments (cost $439,113,738) | | $ 407,187,893 |
Cash | | 52 |
Foreign currency held at value (cost $39,439) | | 39,511 |
Receivable for investments sold
Regular delivery | | 2,676,006 |
Delayed delivery | | 128,674 |
Receivable for fund shares sold | | 1,074,190 |
Dividends receivable | | 899,155 |
Distributions receivable from Fidelity Central Funds | | 33,324 |
Prepaid expenses | | 117 |
Other receivables | | 11,026 |
Total assets | | 412,049,948 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,182,498 | |
Payable for fund shares redeemed | 698,743 | |
Accrued management fee | 224,078 | |
Distribution and service plan fees payable | 37,344 | |
Other affiliated payables | 109,047 | |
Other payables and accrued expenses | 32,336 | |
Collateral on securities loaned, at value | 20,178,104 | |
Total liabilities | | 23,462,150 |
| | |
Net Assets | | $ 388,587,798 |
Net Assets consist of: | | |
Paid in capital | | $ 463,743,525 |
Undistributed net investment income | | 1,514,108 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (44,754,243) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (31,915,592) |
Net Assets | | $ 388,587,798 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A: Net Asset Value and redemption price per share ($63,356,075 ÷ 4,329,327 shares) | | $ 14.63 |
| | |
Maximum offering price per share (100/94.25 of $14.63) | | $ 15.52 |
Class T:
Net Asset Value and redemption price per share ($12,030,248 ÷ 823,431 shares) | | $ 14.61 |
| | |
Maximum offering price per share (100/96.50 of $14.61) | | $ 15.14 |
Class B:
Net Asset Value and offering price per share ($2,004,972 ÷ 137,884 shares)A | | $ 14.54 |
| | |
Class C:
Net Asset Value and offering price per share ($21,138,142 ÷ 1,459,848 shares)A | | $ 14.48 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($263,939,991 ÷ 17,978,155 shares) | | $ 14.68 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($26,118,370 ÷ 1,778,990 shares) | | $ 14.68 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,492,815 |
Income from Fidelity Central Funds | | 103,539 |
Income before foreign taxes withheld | | 4,596,354 |
Less foreign taxes withheld | | (242,975) |
Total income | | 4,353,379 |
| | |
Expenses | | |
Management fee | $ 1,355,066 | |
Transfer agent fees | 569,069 | |
Distribution and service plan fees | 231,084 | |
Accounting and security lending fees | 101,277 | |
Custodian fees and expenses | 32,045 | |
Independent trustees' compensation | 773 | |
Registration fees | 78,858 | |
Audit | 26,016 | |
Legal | 917 | |
Miscellaneous | 1,615 | |
Total expenses before reductions | 2,396,720 | |
Expense reductions | (13,244) | 2,383,476 |
Net investment income (loss) | | 1,969,903 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (2,632,131) | |
Foreign currency transactions | (74,526) | |
Total net realized gain (loss) | | (2,706,657) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 17,260,323 | |
Assets and liabilities in foreign currencies | (711) | |
Total change in net unrealized appreciation (depreciation) | | 17,259,612 |
Net gain (loss) | | 14,552,955 |
Net increase (decrease) in net assets resulting from operations | | $ 16,522,858 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,969,903 | $ 6,058,817 |
Net realized gain (loss) | (2,706,657) | (772,445) |
Change in net unrealized appreciation (depreciation) | 17,259,612 | (21,248,344) |
Net increase (decrease) in net assets resulting
from operations | 16,522,858 | (15,961,972) |
Distributions to shareholders from net investment income | (4,765,261) | (5,697,049) |
Distributions to shareholders from net realized gain | (367,710) | - |
Total distributions | (5,132,971) | (5,697,049) |
Share transactions - net increase (decrease) | (37,872,422) | (152,423,209) |
Redemption fees | 3,819 | 18,199 |
Total increase (decrease) in net assets | (26,478,716) | (174,064,031) |
| | |
Net Assets | | |
Beginning of period | 415,066,514 | 589,130,545 |
End of period (including undistributed net investment income of $1,514,108 and undistributed net investment income of $4,309,466, respectively) | $ 388,587,798 | $ 415,066,514 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .16 | .11 | .12 | .19 H | (.01) |
Net realized and unrealized gain (loss) | .56 | (.45) | (.59) | (.38) | 2.20 | 3.29 |
Total from investment operations | .62 | (.29) | (.48) | (.26) | 2.39 | 3.28 |
Distributions from net investment income | (.15) | (.13) | (.05) | (.13) | - K | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.16) | (.13) | (.07) M | (.20) L | (.08) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.63 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 |
Total Return B, C, D | 4.45% | (2.00)% | (3.19)% | (1.80)% | 18.04% | 32.90% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.37% A | 1.36% | 1.34% | 1.32% | 1.37% | 1.65% A |
Expenses net of fee waivers, if any | 1.36% A | 1.35% | 1.34% | 1.32% | 1.37% | 1.50% A |
Expenses net of all reductions | 1.36% A | 1.34% | 1.33% | 1.31% | 1.36% | 1.48% A |
Net investment income (loss) | .89% A | 1.12% | .80% | .71% | 1.35% H | (.15)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 63,356 | $ 71,293 | $ 99,694 | $ 127,979 | $ 60,370 | $ 15,705 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share. M Total 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .12 | .08 | .07 | .16 H | (.03) |
Net realized and unrealized gain (loss) | .57 | (.45) | (.60) | (.38) | 2.19 | 3.29 |
Total from investment operations | .61 | (.33) | (.52) | (.31) | 2.35 | 3.26 |
Distributions from net investment income | (.11) | (.08) | (.01) | (.10) | - | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.07) | - |
Total distributions | (.13) L | (.08) | (.02) | (.16) | (.07) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.61 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 |
Total Return B, C, D | 4.35% | (2.26)% | (3.43)% | (2.09)% | 17.73% | 32.70% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.63% A | 1.62% | 1.61% | 1.60% | 1.63% | 2.04% A |
Expenses net of fee waivers, if any | 1.63% A | 1.61% | 1.61% | 1.60% | 1.63% | 1.75% A |
Expenses net of all reductions | 1.63% A | 1.60% | 1.60% | 1.59% | 1.61% | 1.73% A |
Net investment income (loss) | .63% A | .86% | .53% | .43% | 1.10% H | (.40)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 12,030 | $ 12,551 | $ 16,692 | $ 20,831 | $ 11,762 | $ 4,665 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .05 | - K | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | .56 | (.45) | (.59) | (.39) | 2.20 | 3.28 |
Total from investment operations | .57 | (.40) | (.59) | (.40) | 2.28 | 3.21 |
Distributions from net investment income | (.03) | - K | - | - | - | - |
Distributions from net realized gain | (.01) | - | - | (.06) | (.04) | - |
Total distributions | (.04) | - K | - | (.06) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.54 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 |
Total Return B, C, D | 4.10% | (2.75)% | (3.93)% | (2.62)% | 17.23% | 32.20% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.13% A | 2.11% | 2.10% | 2.11% | 2.16% | 2.66% A |
Expenses net of fee waivers, if any | 2.12% A | 2.11% | 2.10% | 2.11% | 2.16% | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.10% | 2.10% | 2.10% | 2.15% | 2.23% A |
Net investment income (loss) | .13% A | .36% | .03% | (.09)% | .56% H | (.90)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,005 | $ 2,303 | $ 3,097 | $ 4,324 | $ 4,348 | $ 2,726 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37)%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .05 | .01 | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | .56 | (.44) | (.59) | (.38) | 2.19 | 3.28 |
Total from investment operations | .57 | (.39) | (.58) | (.39) | 2.27 | 3.21 |
Distributions from net investment income | (.03) | (.02) | - | (.05) | - | - |
Distributions from net realized gain | (.01) | - | - | (.06) | (.04) | - |
Total distributions | (.05) L | (.02) | - | (.11) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.48 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 |
Total Return B, C, D | 4.08% | (2.75)% | (3.88)% | (2.58)% | 17.21% | 32.20% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.13% A | 2.11% | 2.10% | 2.09% | 2.14% | 2.53% A |
Expenses net of fee waivers, if any | 2.12% A | 2.11% | 2.10% | 2.09% | 2.14% | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.10% | 2.09% | 2.08% | 2.13% | 2.23% A |
Net investment income (loss) | .13% A | .36% | .03% | (.07)% | .58% H | (.90)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 21,138 | $ 23,830 | $ 31,865 | $ 37,185 | $ 14,338 | $ 4,798 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34)%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.05 per share is comprised of distributions from net investment income of $.033 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 - Global Commodity Stock
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .19 | .15 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | .56 | (.45) | (.60) | (.39) | 2.21 | 3.29 |
Total from investment operations | .64 | (.26) | (.45) | (.23) | 2.44 | 3.30 |
Distributions from net investment income | (.19) | (.16) | (.08) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.20) | (.16) | (.10) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.68 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 |
Total Return B, C | 4.60% | (1.75)% | (2.96)% | (1.59)% | 18.38% | 33.10% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.12% A | 1.11% | 1.10% | 1.08% | 1.10% | 1.42% A |
Expenses net of fee waivers, if any | 1.12% A | 1.11% | 1.10% | 1.08% | 1.10% | 1.25% A |
Expenses net of all reductions | 1.12% A | 1.09% | 1.09% | 1.07% | 1.09% | 1.23% A |
Net investment income (loss) | 1.13% A | 1.37% | 1.04% | .95% | 1.62% G | .10% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 263,940 | $ 273,476 | $ 387,242 | $ 531,224 | $ 310,186 | $ 159,439 |
Portfolio turnover rate F | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%. H For the period March 25, 2009 (commencement of operations) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.10 per share is comprised of distributions from net investment income of $.084 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 - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .20 | .16 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | .56 | (.45) | (.60) | (.38) | 2.21 | 3.29 |
Total from investment operations | .64 | (.25) | (.44) | (.22) | 2.44 | 3.30 |
Distributions from net investment income | (.19) | (.18) | (.09) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.20) | (.18) | (.11) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.68 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 |
Total Return B, C | 4.60% | (1.71)% | (2.90)% | (1.50)% | 18.39% | 33.10% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.07% A | 1.04% | 1.04% | 1.03% | 1.09% | 1.36% A |
Expenses net of fee waivers, if any | 1.07% A | 1.04% | 1.04% | 1.03% | 1.09% | 1.25% A |
Expenses net of all reductions | 1.07% A | 1.03% | 1.03% | 1.03% | 1.07% | 1.23% A |
Net investment income (loss) | 1.18% A | 1.43% | 1.10% | .99% | 1.64% G | .10% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 26,118 | $ 31,613 | $ 50,540 | $ 58,925 | $ 35,739 | $ 9,811 |
Portfolio turnover rate F | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%. H For the period March 25, 2009 (commencement of operations) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
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, 2014, 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. 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 and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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 | $ 31,437,648 |
Gross unrealized depreciation | (68,877,430) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (37,439,782) |
| |
Tax cost | $ 444,627,675 |
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | (22,719,124) |
Long-term | (5,565,253) |
Total no expiration | (28,284,377) |
Total capital loss carryforward | $ (35,236,790) |
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. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $163,882,368 and $205,607,138, 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% | $ 81,484 | $ 1,274 |
Class T | .25% | .25% | 29,860 | 210 |
Class B | .75% | .25% | 10,508 | 7,909 |
Class C | .75% | .25% | 109,232 | 14,241 |
| | | $ 231,084 | $ 23,634 |
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
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 | $ 9,599 |
Class T | 1,210 |
Class B* | 3,036 |
Class C* | 1,580 |
| $ 15,425 |
* 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
Average
Net Assets* |
Class A | $ 94,434 | .29 |
Class T | 18,349 | .31 |
Class B | 3,157 | .30 |
Class C | 32,745 | .30 |
Global Commodity Stock | 387,294 | .30 |
Institutional Class | 33,090 | .25 |
| $ 569,069 | |
* 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 $8,311 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $365 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $103,357. 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 $10,795 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $2,449.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 708,867 | $ 864,701 |
Class T | 98,770 | 89,063 |
Class B | 4,646 | 847 |
Class C | 54,810 | 32,277 |
Global Commodity Stock | 3,531,196 | 4,073,304 |
Institutional Class | 366,972 | 636,857 |
Total | $ 4,765,261 | $ 5,697,049 |
From net realized gain | | |
Class A | $ 63,119 | $ - |
Class T | 11,363 | - |
Class B | 2,083 | - |
Class C | 21,591 | - |
Global Commodity Stock | 244,178 | - |
Institutional Class | 25,376 | - |
Total | $ 367,710 | $ - |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 306,242 | 1,201,755 | $ 4,188,578 | $ 16,769,552 |
Reinvestment of distributions | 49,530 | 52,559 | 677,575 | 744,754 |
Shares redeemed | (1,058,010) | (3,054,897) | (14,670,520) | (42,479,556) |
Net increase (decrease) | (702,238) | (1,800,583) | $ (9,804,367) | $ (24,965,250) |
Class T | | | | |
Shares sold | 31,560 | 130,604 | $ 440,743 | $ 1,791,142 |
Reinvestment of distributions | 7,867 | 5,824 | 107,538 | 82,471 |
Shares redeemed | (104,200) | (396,060) | (1,451,086) | (5,490,961) |
Net increase (decrease) | (64,773) | (259,632) | $ (902,805) | $ (3,617,348) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class B | | | | |
Shares sold | 1,301 | 7,047 | $ 17,395 | $ 98,902 |
Reinvestment of distributions | 453 | 54 | 6,179 | 758 |
Shares redeemed | (28,229) | (57,569) | (390,988) | (793,852) |
Net increase (decrease) | (26,475) | (50,468) | $ (367,414) | $ (694,192) |
Class C | | | | |
Shares sold | 76,995 | 368,295 | $ 1,045,167 | $ 5,059,285 |
Reinvestment of distributions | 4,980 | 1,963 | 67,632 | 27,576 |
Shares redeemed | (329,310) | (880,659) | (4,530,686) | (12,048,987) |
Net increase (decrease) | (247,335) | (510,401) | $ (3,417,887) | $ (6,962,126) |
Global Commodity Stock | | | | |
Shares sold | 1,981,834 | 5,296,700 | $ 27,354,521 | $ 74,369,495 |
Reinvestment of distributions | 246,397 | 264,635 | 3,378,097 | 3,760,465 |
Shares redeemed | (3,454,485) | (12,764,042) | (47,891,262) | (177,408,171) |
Net increase (decrease) | (1,226,254) | (7,202,707) | $ (17,158,644) | $ (99,278,211) |
Institutional Class | | | | |
Shares sold | 365,861 | 1,153,936 | $ 5,114,367 | $ 16,235,437 |
Reinvestment of distributions | 20,652 | 25,953 | 283,140 | 368,529 |
Shares redeemed | (828,027) | (2,405,021) | (11,618,812) | (33,510,048) |
Net increase (decrease) | (441,514) | (1,225,132) | $ (6,221,305) | $ (16,906,082) |
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 12% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management &
Research (U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
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GCS-USAN-0614
1.879382.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Global Commodity Stock
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.36% | | | |
Actual | | $ 1,000.00 | $ 1,044.50 | $ 6.89 |
Hypothetical A | | $ 1,000.00 | $ 1,018.05 | $ 6.81 |
Class T | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,043.50 | $ 8.26 |
Hypothetical A | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class B | 2.12% | | | |
Actual | | $ 1,000.00 | $ 1,041.00 | $ 10.73 |
Hypothetical A | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Class C | 2.12% | | | |
Actual | | $ 1,000.00 | $ 1,040.80 | $ 10.73 |
Hypothetical A | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Global Commodity Stock | 1.12% | | | |
Actual | | $ 1,000.00 | $ 1,046.00 | $ 5.68 |
Hypothetical A | | $ 1,000.00 | $ 1,019.24 | $ 5.61 |
Institutional Class | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,046.00 | $ 5.43 |
Hypothetical A | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Monsanto Co. | 7.4 | 6.3 |
BHP Billiton PLC | 7.0 | 5.3 |
Syngenta AG (Switzerland) | 4.0 | 4.4 |
Rio Tinto PLC | 3.6 | 3.3 |
Potash Corp. of Saskatchewan, Inc. | 3.4 | 3.4 |
Bunge Ltd. | 3.3 | 3.1 |
Chevron Corp. | 3.2 | 3.3 |
Peabody Energy Corp. | 3.2 | 3.3 |
Archer Daniels Midland Co. | 3.0 | 3.1 |
Anadarko Petroleum Corp. | 2.4 | 1.2 |
| 40.5 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2014 |
 | Agriculture 33.1% | |
 | Energy 32.2% | |
 | Metals 31.3% | |
 | Other 2.6% | |
 | Short-Term
Investments and
Net Other Assets 0.8% | |
As of October 31, 2013 |
| Energy 33.6% | |
| Agriculture 32.5% | |
| Metals 30.9% | |
| Other 2.5% | |
| Short-Term
Investments and
Net Other Assets 0.5% | |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
CHEMICALS - 22.5% |
Commodity Chemicals - 0.1% |
Axiall Corp. | 2,500 | | $ 116,500 |
Cabot Corp. | 2,800 | | 161,840 |
LyondellBasell Industries NV Class A | 1,300 | | 120,250 |
| | 398,590 |
Diversified Chemicals - 0.4% |
Eastman Chemical Co. | 4,200 | | 366,114 |
Huntsman Corp. | 45,600 | | 1,142,280 |
| | 1,508,394 |
Fertilizers & Agricultural Chemicals - 21.9% |
Agrium, Inc. | 65,100 | | 6,252,522 |
CF Industries Holdings, Inc. | 28,072 | | 6,882,412 |
China BlueChemical Ltd. (H Shares) | 906,000 | | 486,132 |
Intrepid Potash, Inc. (a)(d) | 195,600 | | 3,188,280 |
Israel Corp. Ltd. (Class A) (a) | 1,300 | | 732,929 |
Monsanto Co. | 261,000 | | 28,892,701 |
Potash Corp. of Saskatchewan, Inc. (d) | 367,800 | | 13,295,229 |
Syngenta AG (Switzerland) | 39,812 | | 15,765,220 |
Taiwan Fertilizer Co. Ltd. | 166,000 | | 330,179 |
The Mosaic Co. | 159,759 | | 7,994,340 |
Yara International ASA | 29,700 | | 1,401,985 |
| | 85,221,929 |
Specialty Chemicals - 0.1% |
Chemtura Corp. (a) | 5,000 | | 111,500 |
W.R. Grace & Co. (a) | 1,300 | | 119,730 |
| | 231,230 |
TOTAL CHEMICALS | | 87,360,143 |
CONSTRUCTION & ENGINEERING - 0.2% |
Construction & Engineering - 0.2% |
Boart Longyear Ltd. (d) | 2,775,000 | | 734,723 |
CONSTRUCTION MATERIALS - 0.1% |
Construction Materials - 0.1% |
Grasim Industries Ltd. | 7,900 | | 348,987 |
PT Indocement Tunggal Prakarsa Tbk | 36,500 | | 69,297 |
| | 418,284 |
Common Stocks - continued |
| Shares | | Value |
CONTAINERS & PACKAGING - 0.8% |
Paper Packaging - 0.8% |
Rock-Tenn Co. Class A | 26,400 | | $ 2,524,104 |
Smurfit Kappa Group PLC | 22,800 | | 507,212 |
| | 3,031,316 |
ELECTRICAL EQUIPMENT - 0.0% |
Electrical Components & Equipment - 0.0% |
SolarCity Corp. (a) | 2,000 | | 106,500 |
ENERGY EQUIPMENT & SERVICES - 1.3% |
Oil & Gas Drilling - 0.9% |
Ensco PLC Class A | 22,400 | | 1,130,080 |
Noble Corp. | 18,300 | | 563,823 |
Ocean Rig UDW, Inc. (United States) (a) | 21,947 | | 362,126 |
Odfjell Drilling A/S | 64,398 | | 364,008 |
Vantage Drilling Co. (a) | 697,582 | | 1,164,962 |
| | 3,584,999 |
Oil & Gas Equipment & Services - 0.4% |
Cameron International Corp. (a) | 9,100 | | 591,136 |
Ezion Holdings Ltd. | 129,000 | | 233,573 |
FMC Technologies, Inc. (a) | 1,500 | | 85,050 |
Halliburton Co. | 500 | | 31,535 |
National Oilwell Varco, Inc. | 3,500 | | 274,855 |
Oceaneering International, Inc. | 1,600 | | 117,248 |
Technip SA | 1,300 | | 146,268 |
| | 1,479,665 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 5,064,664 |
FOOD & STAPLES RETAILING - 0.0% |
Food Distributors - 0.0% |
Andersons, Inc. | 1,900 | | 118,351 |
FOOD PRODUCTS - 7.5% |
Agricultural Products - 7.5% |
Archer Daniels Midland Co. | 264,300 | | 11,557,839 |
Bunge Ltd. | 159,600 | | 12,712,140 |
China Agri-Industries Holdings Ltd. | 2,275,300 | | 909,774 |
First Resources Ltd. | 800,000 | | 1,639,946 |
Golden Agri-Resources Ltd. | 3,021,000 | | 1,469,897 |
Common Stocks - continued |
| Shares | | Value |
FOOD PRODUCTS - CONTINUED |
Agricultural Products - continued |
IOI Corp. Bhd | 386,400 | | $ 592,184 |
Kernel Holding SA (a) | 17,300 | | 160,163 |
| | 29,041,943 |
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0% |
Independent Power Producers & Energy Traders - 0.0% |
Dynegy, Inc. (a) | 4,100 | | 116,645 |
MACHINERY - 0.5% |
Construction Machinery & Heavy Trucks - 0.3% |
Caterpillar, Inc. | 4,800 | | 505,920 |
Manitowoc Co., Inc. | 12,000 | | 381,360 |
Samsung Heavy Industries Co. Ltd. | 12,600 | | 343,936 |
| | 1,231,216 |
Industrial Machinery - 0.2% |
Valmont Industries, Inc. | 5,000 | | 744,550 |
TOTAL MACHINERY | | 1,975,766 |
METALS & MINING - 29.4% |
Aluminum - 0.1% |
Alcoa, Inc. | 39,500 | | 532,065 |
Diversified Metals & Mining - 18.7% |
Anglo American PLC (United Kingdom) | 212,651 | | 5,684,828 |
Antofagasta PLC | 21,900 | | 291,001 |
BHP Billiton PLC | 833,564 | | 27,061,144 |
Copper Mountain Mining Corp. (a) | 319,731 | | 679,689 |
First Quantum Minerals Ltd. | 230,424 | | 4,589,349 |
Freeport-McMoRan Copper & Gold, Inc. | 169,700 | | 5,832,589 |
Glencore Xstrata PLC | 1,581,552 | | 8,504,881 |
Grupo Mexico SA de CV Series B | 482,911 | | 1,450,274 |
Iluka Resources Ltd. | 17,814 | | 147,122 |
Ivanhoe Mines Ltd. (a) | 30,000 | | 49,805 |
Korea Zinc Co. Ltd. | 1,494 | | 492,408 |
Mitsubishi Materials Corp. | 224,000 | | 648,545 |
Norilsk Nickel OJSC sponsored ADR | 81,600 | | 1,471,248 |
Rio Tinto PLC | 259,887 | | 14,129,472 |
Teck Resources Ltd. Class B (sub. vtg.) | 76,600 | | 1,745,785 |
| | 72,778,140 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - 6.4% |
Agnico Eagle Mines Ltd. (Canada) | 26,900 | | $ 794,446 |
AngloGold Ashanti Ltd. sponsored ADR | 66,000 | | 1,194,600 |
Argonaut Gold, Inc. (a) | 153,700 | | 567,935 |
B2Gold Corp. (a) | 685,680 | | 1,970,614 |
Barrick Gold Corp. | 136,500 | | 2,382,414 |
Compania de Minas Buenaventura SA sponsored ADR | 32,800 | | 426,400 |
Detour Gold Corp. (a) | 44,600 | | 443,945 |
Eldorado Gold Corp. | 211,150 | | 1,286,877 |
Franco-Nevada Corp. | 29,900 | | 1,441,191 |
Gold Fields Ltd. sponsored ADR | 128,600 | | 543,978 |
Goldcorp, Inc. | 127,510 | | 3,149,214 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 76,500 | | 251,685 |
Kinross Gold Corp. (a) | 156,705 | | 636,228 |
New Gold, Inc. (a) | 225,000 | | 1,137,266 |
Newcrest Mining Ltd. | 140,324 | | 1,363,576 |
Newmont Mining Corp. | 79,300 | | 1,969,019 |
Premier Gold Mines Ltd. (a) | 661,400 | | 1,231,017 |
Pretium Resources, Inc. (a)(d) | 62,300 | | 403,567 |
Randgold Resources Ltd. sponsored ADR | 21,000 | | 1,681,470 |
Romarco Minerals, Inc. (a) | 455,700 | | 365,874 |
Royal Gold, Inc. | 3,000 | | 198,600 |
Torex Gold Resources, Inc. (a) | 374,800 | | 417,185 |
Yamana Gold, Inc. | 118,700 | | 889,126 |
| | 24,746,227 |
Precious Metals & Minerals - 0.4% |
Aquarius Platinum Ltd.: | | | |
rights 5/14/14 (a) | 445,600 | | 55,674 |
(United Kingdom) (a) | 222,800 | | 80,878 |
Fresnillo PLC | 34,100 | | 490,246 |
Impala Platinum Holdings Ltd. (a) | 32,100 | | 361,260 |
Tahoe Resources, Inc. (a) | 17,553 | | 390,600 |
| | 1,378,658 |
Silver - 0.4% |
Silver Wheaton Corp. | 77,500 | | 1,718,922 |
Steel - 3.4% |
African Minerals Ltd. (a) | 181,100 | | 380,683 |
ArcelorMittal SA Class A unit (d) | 152,500 | | 2,478,125 |
Carpenter Technology Corp. | 1,900 | | 119,320 |
Commercial Metals Co. | 3,900 | | 74,880 |
Fortescue Metals Group Ltd. | 221,593 | | 1,039,592 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Hyundai Steel Co. | 7,527 | | $ 491,794 |
JFE Holdings, Inc. | 87,500 | | 1,617,597 |
Jindal Steel & Power Ltd. (a) | 50,655 | | 214,369 |
Kumba Iron Ore Ltd. (f) | 3,500 | | 124,470 |
London Mining PLC (a) | 396,186 | | 387,974 |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 1,694,000 | | 353,966 |
Nippon Steel & Sumitomo Metal Corp. | 178,000 | | 466,611 |
Nucor Corp. | 6,700 | | 346,725 |
POSCO | 9,853 | | 2,911,420 |
SunCoke Energy, Inc. (a) | 5,200 | | 108,524 |
Tata Steel Ltd. | 72,817 | | 483,696 |
Thyssenkrupp AG (a) | 16,800 | | 478,269 |
Walter Energy, Inc. (d) | 23,600 | | 169,920 |
Yamato Kogyo Co. Ltd. | 35,100 | | 1,010,754 |
| | 13,258,689 |
TOTAL METALS & MINING | | 114,412,701 |
OIL, GAS & CONSUMABLE FUELS - 30.4% |
Coal & Consumable Fuels - 3.6% |
Cameco Corp. | 15,800 | | 336,311 |
China Shenhua Energy Co. Ltd. (H Shares) | 197,000 | | 533,603 |
Coal India Ltd. | 43,001 | | 208,072 |
CONSOL Energy, Inc. | 12,400 | | 551,924 |
Peabody Energy Corp. | 643,698 | | 12,236,699 |
Whitehaven Coal Ltd. (a) | 58,500 | | 79,346 |
| | 13,945,955 |
Integrated Oil & Gas - 14.2% |
BG Group PLC | 265,550 | | 5,371,288 |
Cenovus Energy, Inc. | 40,500 | | 1,206,446 |
Chevron Corp. | 98,700 | | 12,388,824 |
China Petroleum & Chemical Corp. (H Shares) | 1,381,000 | | 1,225,991 |
Eni SpA | 8,427 | | 218,254 |
Exxon Mobil Corp. | 50,361 | | 5,157,470 |
Gazprom OAO sponsored ADR | 203,800 | | 1,471,436 |
Hess Corp. | 15,100 | | 1,346,316 |
Imperial Oil Ltd. | 3,700 | | 180,671 |
Occidental Petroleum Corp. | 39,900 | | 3,820,425 |
PetroChina Co. Ltd. (H Shares) | 854,000 | | 985,324 |
PTT PCL (For. Reg.) | 42,600 | | 412,046 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Repsol YPF SA | 29,709 | | $ 799,606 |
Royal Dutch Shell PLC Class A (United Kingdom) (d) | 203,950 | | 8,063,006 |
Statoil ASA | 27,100 | | 826,155 |
Suncor Energy, Inc. | 97,632 | | 3,766,143 |
Total SA (a) | 108,700 | | 7,776,856 |
| | 55,016,257 |
Oil & Gas Exploration & Production - 12.5% |
Anadarko Petroleum Corp. | 95,900 | | 9,496,018 |
Apache Corp. | 20,200 | | 1,753,360 |
Bonanza Creek Energy, Inc. (a) | 8,500 | | 413,270 |
Cabot Oil & Gas Corp. | 136,600 | | 5,365,648 |
Canadian Natural Resources Ltd. | 56,800 | | 2,314,391 |
Chesapeake Energy Corp. | 13,000 | | 373,750 |
Cimarex Energy Co. | 4,600 | | 547,952 |
CNOOC Ltd. sponsored ADR (d) | 6,300 | | 1,040,697 |
Cobalt International Energy, Inc. (a) | 16,900 | | 304,200 |
Concho Resources, Inc. (a) | 5,400 | | 704,430 |
ConocoPhillips Co. | 68,200 | | 5,067,942 |
Continental Resources, Inc. (a) | 2,800 | | 387,856 |
Denbury Resources, Inc. | 27,100 | | 455,822 |
Devon Energy Corp. | 20,400 | | 1,428,000 |
Encana Corp. | 11,400 | | 264,081 |
Energen Corp. | 4,300 | | 335,013 |
EOG Resources, Inc. | 44,200 | | 4,331,600 |
EQT Corp. | 8,000 | | 871,920 |
INPEX Corp. | 61,700 | | 898,025 |
Kosmos Energy Ltd. (a) | 5,000 | | 54,600 |
Marathon Oil Corp. | 40,100 | | 1,449,615 |
Murphy Oil Corp. | 9,500 | | 602,585 |
Noble Energy, Inc. | 26,100 | | 1,873,458 |
Northern Oil & Gas, Inc. (a) | 10,300 | | 158,929 |
NOVATEK OAO GDR (Reg. S) | 4,500 | | 464,850 |
Oil & Natural Gas Corp. Ltd. | 34,000 | | 183,261 |
Oil Search Ltd. ADR | 6,941 | | 57,324 |
Ophir Energy PLC (a) | 117,400 | | 522,503 |
Pacific Rubiales Energy Corp. | 37,874 | | 618,189 |
Painted Pony Petroleum Ltd. (a) | 2,200 | | 22,722 |
Painted Pony Petroleum Ltd. (a)(e) | 15,000 | | 154,920 |
Penn West Petroleum Ltd. | 25,800 | | 233,272 |
Pioneer Natural Resources Co. | 7,200 | | 1,391,544 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
QEP Resources, Inc. | 11,700 | | $ 359,073 |
Range Resources Corp. | 6,600 | | 596,970 |
Rosetta Resources, Inc. (a) | 1,300 | | 61,542 |
SM Energy Co. | 4,500 | | 333,585 |
Southwestern Energy Co. (a) | 17,900 | | 857,052 |
Talisman Energy, Inc. | 55,400 | | 572,676 |
Tullow Oil PLC | 80,400 | | 1,194,577 |
Whiting Petroleum Corp. (a) | 6,500 | | 479,180 |
| | 48,596,402 |
Oil & Gas Refining & Marketing - 0.0% |
Phillips 66 Co. | 1,500 | | 124,830 |
Oil & Gas Storage & Transport - 0.1% |
Access Midstream Partners LP | 1,400 | | 83,090 |
MPLX LP | 400 | | 21,652 |
Phillips 66 Partners LP | 1,100 | | 58,982 |
Valero Energy Partners LP | 2,800 | | 115,388 |
| | 279,112 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 117,962,556 |
PAPER & FOREST PRODUCTS - 3.6% |
Forest Products - 0.3% |
Boise Cascade Co. (a) | 9,600 | | 240,192 |
West Fraser Timber Co. Ltd. | 16,900 | | 755,531 |
| | 995,723 |
Paper Products - 3.3% |
Empresas CMPC SA | 521,159 | | 1,160,071 |
International Paper Co. | 179,800 | | 8,387,670 |
Lee & Man Paper Manufacturing Ltd. | 356,000 | | 193,315 |
Mondi PLC | 47,900 | | 794,591 |
Nine Dragons Paper (Holdings) Ltd. | 771,000 | | 506,180 |
Stora Enso Oyj (R Shares) | 184,200 | | 1,877,014 |
| | 12,918,841 |
TOTAL PAPER & FOREST PRODUCTS | | 13,914,564 |
REAL ESTATE INVESTMENT TRUSTS - 0.0% |
Specialized REITs - 0.0% |
Weyerhaeuser Co. | 5,900 | | 176,115 |
Common Stocks - continued |
| Shares | | Value |
SPECIALTY RETAIL - 0.3% |
Specialty Stores - 0.3% |
Tsutsumi Jewelry Co. Ltd. | 47,300 | | $ 1,071,057 |
TRADING COMPANIES & DISTRIBUTORS - 0.1% |
Trading Companies & Distributors - 0.1% |
Daewoo International Corp. | 4,400 | | 154,390 |
Finning International, Inc. | 4,400 | | 118,827 |
| | 273,217 |
TOTAL COMMON STOCKS (Cost $401,274,429) |
375,778,545
|
Nonconvertible Preferred Stocks - 2.5% |
| | | |
METALS & MINING - 1.9% |
Steel - 1.9% |
Gerdau SA sponsored | 299,000 | | 1,796,990 |
Vale SA (PN-A) sponsored ADR | 467,900 | | 5,553,973 |
| | 7,350,963 |
OIL, GAS & CONSUMABLE FUELS - 0.5% |
Integrated Oil & Gas - 0.5% |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) | 144,700 | | 2,141,560 |
PAPER & FOREST PRODUCTS - 0.1% |
Paper Products - 0.1% |
Fibria Celulose SA sponsored ADR (a)(d) | 20,300 | | 201,579 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $16,124,063) |
9,694,102
|
Money Market Funds - 5.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.11% (b) | 1,537,142 | | $ 1,537,142 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 20,178,104 | | 20,178,104 |
TOTAL MONEY MARKET FUNDS (Cost $21,715,246) |
21,715,246
|
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $439,113,738) | | 407,187,893 |
NET OTHER ASSETS (LIABILITIES) - (4.8)% | | (18,600,095) |
NET ASSETS - 100% | $ 388,587,798 |
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 $154,920 or 0.0% of net assets. |
(f) Security or a portion of the security sold 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 | $ 182 |
Fidelity Securities Lending Cash Central Fund | 103,357 |
Total | $ 103,539 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2014, 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 | $ 375,778,545 | $ 290,781,888 | $ 84,996,657 | $ - |
Nonconvertible Preferred Stocks | 9,694,102 | 9,694,102 | - | - |
Money Market Funds | 21,715,246 | 21,715,246 | - | - |
Total Investments in Securities: | $ 407,187,893 | $ 322,191,236 | $ 84,996,657 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 5,175,234 |
Level 2 to Level 1 | $ 4,614,734 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 42.2% |
United Kingdom | 16.9% |
Canada | 14.4% |
Switzerland | 4.0% |
Bermuda | 3.5% |
Bailiwick of Jersey | 2.6% |
Brazil | 2.5% |
France | 2.0% |
Japan | 1.5% |
Korea (South) | 1.2% |
Others (Individually Less Than 1%) | 9.2% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $19,566,783) - See accompanying schedule: Unaffiliated issuers (cost $417,398,492) | $ 385,472,647 | |
Fidelity Central Funds (cost $21,715,246) | 21,715,246 | |
Total Investments (cost $439,113,738) | | $ 407,187,893 |
Cash | | 52 |
Foreign currency held at value (cost $39,439) | | 39,511 |
Receivable for investments sold
Regular delivery | | 2,676,006 |
Delayed delivery | | 128,674 |
Receivable for fund shares sold | | 1,074,190 |
Dividends receivable | | 899,155 |
Distributions receivable from Fidelity Central Funds | | 33,324 |
Prepaid expenses | | 117 |
Other receivables | | 11,026 |
Total assets | | 412,049,948 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,182,498 | |
Payable for fund shares redeemed | 698,743 | |
Accrued management fee | 224,078 | |
Distribution and service plan fees payable | 37,344 | |
Other affiliated payables | 109,047 | |
Other payables and accrued expenses | 32,336 | |
Collateral on securities loaned, at value | 20,178,104 | |
Total liabilities | | 23,462,150 |
| | |
Net Assets | | $ 388,587,798 |
Net Assets consist of: | | |
Paid in capital | | $ 463,743,525 |
Undistributed net investment income | | 1,514,108 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (44,754,243) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (31,915,592) |
Net Assets | | $ 388,587,798 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A: Net Asset Value and redemption price per share ($63,356,075 ÷ 4,329,327 shares) | | $ 14.63 |
| | |
Maximum offering price per share (100/94.25 of $14.63) | | $ 15.52 |
Class T:
Net Asset Value and redemption price per share ($12,030,248 ÷ 823,431 shares) | | $ 14.61 |
| | |
Maximum offering price per share (100/96.50 of $14.61) | | $ 15.14 |
Class B:
Net Asset Value and offering price per share ($2,004,972 ÷ 137,884 shares)A | | $ 14.54 |
| | |
Class C:
Net Asset Value and offering price per share ($21,138,142 ÷ 1,459,848 shares)A | | $ 14.48 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($263,939,991 ÷ 17,978,155 shares) | | $ 14.68 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($26,118,370 ÷ 1,778,990 shares) | | $ 14.68 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,492,815 |
Income from Fidelity Central Funds | | 103,539 |
Income before foreign taxes withheld | | 4,596,354 |
Less foreign taxes withheld | | (242,975) |
Total income | | 4,353,379 |
| | |
Expenses | | |
Management fee | $ 1,355,066 | |
Transfer agent fees | 569,069 | |
Distribution and service plan fees | 231,084 | |
Accounting and security lending fees | 101,277 | |
Custodian fees and expenses | 32,045 | |
Independent trustees' compensation | 773 | |
Registration fees | 78,858 | |
Audit | 26,016 | |
Legal | 917 | |
Miscellaneous | 1,615 | |
Total expenses before reductions | 2,396,720 | |
Expense reductions | (13,244) | 2,383,476 |
Net investment income (loss) | | 1,969,903 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (2,632,131) | |
Foreign currency transactions | (74,526) | |
Total net realized gain (loss) | | (2,706,657) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 17,260,323 | |
Assets and liabilities in foreign currencies | (711) | |
Total change in net unrealized appreciation (depreciation) | | 17,259,612 |
Net gain (loss) | | 14,552,955 |
Net increase (decrease) in net assets resulting from operations | | $ 16,522,858 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,969,903 | $ 6,058,817 |
Net realized gain (loss) | (2,706,657) | (772,445) |
Change in net unrealized appreciation (depreciation) | 17,259,612 | (21,248,344) |
Net increase (decrease) in net assets resulting
from operations | 16,522,858 | (15,961,972) |
Distributions to shareholders from net investment income | (4,765,261) | (5,697,049) |
Distributions to shareholders from net realized gain | (367,710) | - |
Total distributions | (5,132,971) | (5,697,049) |
Share transactions - net increase (decrease) | (37,872,422) | (152,423,209) |
Redemption fees | 3,819 | 18,199 |
Total increase (decrease) in net assets | (26,478,716) | (174,064,031) |
| | |
Net Assets | | |
Beginning of period | 415,066,514 | 589,130,545 |
End of period (including undistributed net investment income of $1,514,108 and undistributed net investment income of $4,309,466, respectively) | $ 388,587,798 | $ 415,066,514 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .16 | .11 | .12 | .19 H | (.01) |
Net realized and unrealized gain (loss) | .56 | (.45) | (.59) | (.38) | 2.20 | 3.29 |
Total from investment operations | .62 | (.29) | (.48) | (.26) | 2.39 | 3.28 |
Distributions from net investment income | (.15) | (.13) | (.05) | (.13) | - K | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.16) | (.13) | (.07) M | (.20) L | (.08) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.63 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 |
Total Return B, C, D | 4.45% | (2.00)% | (3.19)% | (1.80)% | 18.04% | 32.90% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.37% A | 1.36% | 1.34% | 1.32% | 1.37% | 1.65% A |
Expenses net of fee waivers, if any | 1.36% A | 1.35% | 1.34% | 1.32% | 1.37% | 1.50% A |
Expenses net of all reductions | 1.36% A | 1.34% | 1.33% | 1.31% | 1.36% | 1.48% A |
Net investment income (loss) | .89% A | 1.12% | .80% | .71% | 1.35% H | (.15)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 63,356 | $ 71,293 | $ 99,694 | $ 127,979 | $ 60,370 | $ 15,705 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share. M Total 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .12 | .08 | .07 | .16 H | (.03) |
Net realized and unrealized gain (loss) | .57 | (.45) | (.60) | (.38) | 2.19 | 3.29 |
Total from investment operations | .61 | (.33) | (.52) | (.31) | 2.35 | 3.26 |
Distributions from net investment income | (.11) | (.08) | (.01) | (.10) | - | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.07) | - |
Total distributions | (.13) L | (.08) | (.02) | (.16) | (.07) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.61 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 |
Total Return B, C, D | 4.35% | (2.26)% | (3.43)% | (2.09)% | 17.73% | 32.70% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.63% A | 1.62% | 1.61% | 1.60% | 1.63% | 2.04% A |
Expenses net of fee waivers, if any | 1.63% A | 1.61% | 1.61% | 1.60% | 1.63% | 1.75% A |
Expenses net of all reductions | 1.63% A | 1.60% | 1.60% | 1.59% | 1.61% | 1.73% A |
Net investment income (loss) | .63% A | .86% | .53% | .43% | 1.10% H | (.40)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 12,030 | $ 12,551 | $ 16,692 | $ 20,831 | $ 11,762 | $ 4,665 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .05 | - K | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | .56 | (.45) | (.59) | (.39) | 2.20 | 3.28 |
Total from investment operations | .57 | (.40) | (.59) | (.40) | 2.28 | 3.21 |
Distributions from net investment income | (.03) | - K | - | - | - | - |
Distributions from net realized gain | (.01) | - | - | (.06) | (.04) | - |
Total distributions | (.04) | - K | - | (.06) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.54 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 |
Total Return B, C, D | 4.10% | (2.75)% | (3.93)% | (2.62)% | 17.23% | 32.20% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.13% A | 2.11% | 2.10% | 2.11% | 2.16% | 2.66% A |
Expenses net of fee waivers, if any | 2.12% A | 2.11% | 2.10% | 2.11% | 2.16% | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.10% | 2.10% | 2.10% | 2.15% | 2.23% A |
Net investment income (loss) | .13% A | .36% | .03% | (.09)% | .56% H | (.90)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,005 | $ 2,303 | $ 3,097 | $ 4,324 | $ 4,348 | $ 2,726 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37)%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .05 | .01 | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | .56 | (.44) | (.59) | (.38) | 2.19 | 3.28 |
Total from investment operations | .57 | (.39) | (.58) | (.39) | 2.27 | 3.21 |
Distributions from net investment income | (.03) | (.02) | - | (.05) | - | - |
Distributions from net realized gain | (.01) | - | - | (.06) | (.04) | - |
Total distributions | (.05) L | (.02) | - | (.11) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.48 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 |
Total Return B, C, D | 4.08% | (2.75)% | (3.88)% | (2.58)% | 17.21% | 32.20% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.13% A | 2.11% | 2.10% | 2.09% | 2.14% | 2.53% A |
Expenses net of fee waivers, if any | 2.12% A | 2.11% | 2.10% | 2.09% | 2.14% | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.10% | 2.09% | 2.08% | 2.13% | 2.23% A |
Net investment income (loss) | .13% A | .36% | .03% | (.07)% | .58% H | (.90)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 21,138 | $ 23,830 | $ 31,865 | $ 37,185 | $ 14,338 | $ 4,798 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34)%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.05 per share is comprised of distributions from net investment income of $.033 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 - Global Commodity Stock
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .19 | .15 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | .56 | (.45) | (.60) | (.39) | 2.21 | 3.29 |
Total from investment operations | .64 | (.26) | (.45) | (.23) | 2.44 | 3.30 |
Distributions from net investment income | (.19) | (.16) | (.08) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.20) | (.16) | (.10) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.68 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 |
Total Return B, C | 4.60% | (1.75)% | (2.96)% | (1.59)% | 18.38% | 33.10% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.12% A | 1.11% | 1.10% | 1.08% | 1.10% | 1.42% A |
Expenses net of fee waivers, if any | 1.12% A | 1.11% | 1.10% | 1.08% | 1.10% | 1.25% A |
Expenses net of all reductions | 1.12% A | 1.09% | 1.09% | 1.07% | 1.09% | 1.23% A |
Net investment income (loss) | 1.13% A | 1.37% | 1.04% | .95% | 1.62% G | .10% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 263,940 | $ 273,476 | $ 387,242 | $ 531,224 | $ 310,186 | $ 159,439 |
Portfolio turnover rate F | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%. H For the period March 25, 2009 (commencement of operations) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.10 per share is comprised of distributions from net investment income of $.084 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 - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .20 | .16 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | .56 | (.45) | (.60) | (.38) | 2.21 | 3.29 |
Total from investment operations | .64 | (.25) | (.44) | (.22) | 2.44 | 3.30 |
Distributions from net investment income | (.19) | (.18) | (.09) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.20) | (.18) | (.11) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.68 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 |
Total Return B, C | 4.60% | (1.71)% | (2.90)% | (1.50)% | 18.39% | 33.10% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.07% A | 1.04% | 1.04% | 1.03% | 1.09% | 1.36% A |
Expenses net of fee waivers, if any | 1.07% A | 1.04% | 1.04% | 1.03% | 1.09% | 1.25% A |
Expenses net of all reductions | 1.07% A | 1.03% | 1.03% | 1.03% | 1.07% | 1.23% A |
Net investment income (loss) | 1.18% A | 1.43% | 1.10% | .99% | 1.64% G | .10% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 26,118 | $ 31,613 | $ 50,540 | $ 58,925 | $ 35,739 | $ 9,811 |
Portfolio turnover rate F | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%. H For the period March 25, 2009 (commencement of operations) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
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, 2014, 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. 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 and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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 | $ 31,437,648 |
Gross unrealized depreciation | (68,877,430) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (37,439,782) |
| |
Tax cost | $ 444,627,675 |
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | (22,719,124) |
Long-term | (5,565,253) |
Total no expiration | (28,284,377) |
Total capital loss carryforward | $ (35,236,790) |
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. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $163,882,368 and $205,607,138, 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% | $ 81,484 | $ 1,274 |
Class T | .25% | .25% | 29,860 | 210 |
Class B | .75% | .25% | 10,508 | 7,909 |
Class C | .75% | .25% | 109,232 | 14,241 |
| | | $ 231,084 | $ 23,634 |
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
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 | $ 9,599 |
Class T | 1,210 |
Class B* | 3,036 |
Class C* | 1,580 |
| $ 15,425 |
* 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
Average
Net Assets* |
Class A | $ 94,434 | .29 |
Class T | 18,349 | .31 |
Class B | 3,157 | .30 |
Class C | 32,745 | .30 |
Global Commodity Stock | 387,294 | .30 |
Institutional Class | 33,090 | .25 |
| $ 569,069 | |
* 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 $8,311 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $365 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $103,357. 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 $10,795 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $2,449.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 708,867 | $ 864,701 |
Class T | 98,770 | 89,063 |
Class B | 4,646 | 847 |
Class C | 54,810 | 32,277 |
Global Commodity Stock | 3,531,196 | 4,073,304 |
Institutional Class | 366,972 | 636,857 |
Total | $ 4,765,261 | $ 5,697,049 |
From net realized gain | | |
Class A | $ 63,119 | $ - |
Class T | 11,363 | - |
Class B | 2,083 | - |
Class C | 21,591 | - |
Global Commodity Stock | 244,178 | - |
Institutional Class | 25,376 | - |
Total | $ 367,710 | $ - |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 306,242 | 1,201,755 | $ 4,188,578 | $ 16,769,552 |
Reinvestment of distributions | 49,530 | 52,559 | 677,575 | 744,754 |
Shares redeemed | (1,058,010) | (3,054,897) | (14,670,520) | (42,479,556) |
Net increase (decrease) | (702,238) | (1,800,583) | $ (9,804,367) | $ (24,965,250) |
Class T | | | | |
Shares sold | 31,560 | 130,604 | $ 440,743 | $ 1,791,142 |
Reinvestment of distributions | 7,867 | 5,824 | 107,538 | 82,471 |
Shares redeemed | (104,200) | (396,060) | (1,451,086) | (5,490,961) |
Net increase (decrease) | (64,773) | (259,632) | $ (902,805) | $ (3,617,348) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class B | | | | |
Shares sold | 1,301 | 7,047 | $ 17,395 | $ 98,902 |
Reinvestment of distributions | 453 | 54 | 6,179 | 758 |
Shares redeemed | (28,229) | (57,569) | (390,988) | (793,852) |
Net increase (decrease) | (26,475) | (50,468) | $ (367,414) | $ (694,192) |
Class C | | | | |
Shares sold | 76,995 | 368,295 | $ 1,045,167 | $ 5,059,285 |
Reinvestment of distributions | 4,980 | 1,963 | 67,632 | 27,576 |
Shares redeemed | (329,310) | (880,659) | (4,530,686) | (12,048,987) |
Net increase (decrease) | (247,335) | (510,401) | $ (3,417,887) | $ (6,962,126) |
Global Commodity Stock | | | | |
Shares sold | 1,981,834 | 5,296,700 | $ 27,354,521 | $ 74,369,495 |
Reinvestment of distributions | 246,397 | 264,635 | 3,378,097 | 3,760,465 |
Shares redeemed | (3,454,485) | (12,764,042) | (47,891,262) | (177,408,171) |
Net increase (decrease) | (1,226,254) | (7,202,707) | $ (17,158,644) | $ (99,278,211) |
Institutional Class | | | | |
Shares sold | 365,861 | 1,153,936 | $ 5,114,367 | $ 16,235,437 |
Reinvestment of distributions | 20,652 | 25,953 | 283,140 | 368,529 |
Shares redeemed | (828,027) | (2,405,021) | (11,618,812) | (33,510,048) |
Net increase (decrease) | (441,514) | (1,225,132) | $ (6,221,305) | $ (16,906,082) |
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 12% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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-0614
1.879398.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Global Commodity Stock
Fund - Institutional Class
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.36% | | | |
Actual | | $ 1,000.00 | $ 1,044.50 | $ 6.89 |
Hypothetical A | | $ 1,000.00 | $ 1,018.05 | $ 6.81 |
Class T | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,043.50 | $ 8.26 |
Hypothetical A | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class B | 2.12% | | | |
Actual | | $ 1,000.00 | $ 1,041.00 | $ 10.73 |
Hypothetical A | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Class C | 2.12% | | | |
Actual | | $ 1,000.00 | $ 1,040.80 | $ 10.73 |
Hypothetical A | | $ 1,000.00 | $ 1,014.28 | $ 10.59 |
Global Commodity Stock | 1.12% | | | |
Actual | | $ 1,000.00 | $ 1,046.00 | $ 5.68 |
Hypothetical A | | $ 1,000.00 | $ 1,019.24 | $ 5.61 |
Institutional Class | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,046.00 | $ 5.43 |
Hypothetical A | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Monsanto Co. | 7.4 | 6.3 |
BHP Billiton PLC | 7.0 | 5.3 |
Syngenta AG (Switzerland) | 4.0 | 4.4 |
Rio Tinto PLC | 3.6 | 3.3 |
Potash Corp. of Saskatchewan, Inc. | 3.4 | 3.4 |
Bunge Ltd. | 3.3 | 3.1 |
Chevron Corp. | 3.2 | 3.3 |
Peabody Energy Corp. | 3.2 | 3.3 |
Archer Daniels Midland Co. | 3.0 | 3.1 |
Anadarko Petroleum Corp. | 2.4 | 1.2 |
| 40.5 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2014 |
 | Agriculture 33.1% | |
 | Energy 32.2% | |
 | Metals 31.3% | |
 | Other 2.6% | |
 | Short-Term
Investments and
Net Other Assets 0.8% | |
As of October 31, 2013 |
| Energy 33.6% | |
| Agriculture 32.5% | |
| Metals 30.9% | |
| Other 2.5% | |
| Short-Term
Investments and
Net Other Assets 0.5% | |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
CHEMICALS - 22.5% |
Commodity Chemicals - 0.1% |
Axiall Corp. | 2,500 | | $ 116,500 |
Cabot Corp. | 2,800 | | 161,840 |
LyondellBasell Industries NV Class A | 1,300 | | 120,250 |
| | 398,590 |
Diversified Chemicals - 0.4% |
Eastman Chemical Co. | 4,200 | | 366,114 |
Huntsman Corp. | 45,600 | | 1,142,280 |
| | 1,508,394 |
Fertilizers & Agricultural Chemicals - 21.9% |
Agrium, Inc. | 65,100 | | 6,252,522 |
CF Industries Holdings, Inc. | 28,072 | | 6,882,412 |
China BlueChemical Ltd. (H Shares) | 906,000 | | 486,132 |
Intrepid Potash, Inc. (a)(d) | 195,600 | | 3,188,280 |
Israel Corp. Ltd. (Class A) (a) | 1,300 | | 732,929 |
Monsanto Co. | 261,000 | | 28,892,701 |
Potash Corp. of Saskatchewan, Inc. (d) | 367,800 | | 13,295,229 |
Syngenta AG (Switzerland) | 39,812 | | 15,765,220 |
Taiwan Fertilizer Co. Ltd. | 166,000 | | 330,179 |
The Mosaic Co. | 159,759 | | 7,994,340 |
Yara International ASA | 29,700 | | 1,401,985 |
| | 85,221,929 |
Specialty Chemicals - 0.1% |
Chemtura Corp. (a) | 5,000 | | 111,500 |
W.R. Grace & Co. (a) | 1,300 | | 119,730 |
| | 231,230 |
TOTAL CHEMICALS | | 87,360,143 |
CONSTRUCTION & ENGINEERING - 0.2% |
Construction & Engineering - 0.2% |
Boart Longyear Ltd. (d) | 2,775,000 | | 734,723 |
CONSTRUCTION MATERIALS - 0.1% |
Construction Materials - 0.1% |
Grasim Industries Ltd. | 7,900 | | 348,987 |
PT Indocement Tunggal Prakarsa Tbk | 36,500 | | 69,297 |
| | 418,284 |
Common Stocks - continued |
| Shares | | Value |
CONTAINERS & PACKAGING - 0.8% |
Paper Packaging - 0.8% |
Rock-Tenn Co. Class A | 26,400 | | $ 2,524,104 |
Smurfit Kappa Group PLC | 22,800 | | 507,212 |
| | 3,031,316 |
ELECTRICAL EQUIPMENT - 0.0% |
Electrical Components & Equipment - 0.0% |
SolarCity Corp. (a) | 2,000 | | 106,500 |
ENERGY EQUIPMENT & SERVICES - 1.3% |
Oil & Gas Drilling - 0.9% |
Ensco PLC Class A | 22,400 | | 1,130,080 |
Noble Corp. | 18,300 | | 563,823 |
Ocean Rig UDW, Inc. (United States) (a) | 21,947 | | 362,126 |
Odfjell Drilling A/S | 64,398 | | 364,008 |
Vantage Drilling Co. (a) | 697,582 | | 1,164,962 |
| | 3,584,999 |
Oil & Gas Equipment & Services - 0.4% |
Cameron International Corp. (a) | 9,100 | | 591,136 |
Ezion Holdings Ltd. | 129,000 | | 233,573 |
FMC Technologies, Inc. (a) | 1,500 | | 85,050 |
Halliburton Co. | 500 | | 31,535 |
National Oilwell Varco, Inc. | 3,500 | | 274,855 |
Oceaneering International, Inc. | 1,600 | | 117,248 |
Technip SA | 1,300 | | 146,268 |
| | 1,479,665 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 5,064,664 |
FOOD & STAPLES RETAILING - 0.0% |
Food Distributors - 0.0% |
Andersons, Inc. | 1,900 | | 118,351 |
FOOD PRODUCTS - 7.5% |
Agricultural Products - 7.5% |
Archer Daniels Midland Co. | 264,300 | | 11,557,839 |
Bunge Ltd. | 159,600 | | 12,712,140 |
China Agri-Industries Holdings Ltd. | 2,275,300 | | 909,774 |
First Resources Ltd. | 800,000 | | 1,639,946 |
Golden Agri-Resources Ltd. | 3,021,000 | | 1,469,897 |
Common Stocks - continued |
| Shares | | Value |
FOOD PRODUCTS - CONTINUED |
Agricultural Products - continued |
IOI Corp. Bhd | 386,400 | | $ 592,184 |
Kernel Holding SA (a) | 17,300 | | 160,163 |
| | 29,041,943 |
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0% |
Independent Power Producers & Energy Traders - 0.0% |
Dynegy, Inc. (a) | 4,100 | | 116,645 |
MACHINERY - 0.5% |
Construction Machinery & Heavy Trucks - 0.3% |
Caterpillar, Inc. | 4,800 | | 505,920 |
Manitowoc Co., Inc. | 12,000 | | 381,360 |
Samsung Heavy Industries Co. Ltd. | 12,600 | | 343,936 |
| | 1,231,216 |
Industrial Machinery - 0.2% |
Valmont Industries, Inc. | 5,000 | | 744,550 |
TOTAL MACHINERY | | 1,975,766 |
METALS & MINING - 29.4% |
Aluminum - 0.1% |
Alcoa, Inc. | 39,500 | | 532,065 |
Diversified Metals & Mining - 18.7% |
Anglo American PLC (United Kingdom) | 212,651 | | 5,684,828 |
Antofagasta PLC | 21,900 | | 291,001 |
BHP Billiton PLC | 833,564 | | 27,061,144 |
Copper Mountain Mining Corp. (a) | 319,731 | | 679,689 |
First Quantum Minerals Ltd. | 230,424 | | 4,589,349 |
Freeport-McMoRan Copper & Gold, Inc. | 169,700 | | 5,832,589 |
Glencore Xstrata PLC | 1,581,552 | | 8,504,881 |
Grupo Mexico SA de CV Series B | 482,911 | | 1,450,274 |
Iluka Resources Ltd. | 17,814 | | 147,122 |
Ivanhoe Mines Ltd. (a) | 30,000 | | 49,805 |
Korea Zinc Co. Ltd. | 1,494 | | 492,408 |
Mitsubishi Materials Corp. | 224,000 | | 648,545 |
Norilsk Nickel OJSC sponsored ADR | 81,600 | | 1,471,248 |
Rio Tinto PLC | 259,887 | | 14,129,472 |
Teck Resources Ltd. Class B (sub. vtg.) | 76,600 | | 1,745,785 |
| | 72,778,140 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - 6.4% |
Agnico Eagle Mines Ltd. (Canada) | 26,900 | | $ 794,446 |
AngloGold Ashanti Ltd. sponsored ADR | 66,000 | | 1,194,600 |
Argonaut Gold, Inc. (a) | 153,700 | | 567,935 |
B2Gold Corp. (a) | 685,680 | | 1,970,614 |
Barrick Gold Corp. | 136,500 | | 2,382,414 |
Compania de Minas Buenaventura SA sponsored ADR | 32,800 | | 426,400 |
Detour Gold Corp. (a) | 44,600 | | 443,945 |
Eldorado Gold Corp. | 211,150 | | 1,286,877 |
Franco-Nevada Corp. | 29,900 | | 1,441,191 |
Gold Fields Ltd. sponsored ADR | 128,600 | | 543,978 |
Goldcorp, Inc. | 127,510 | | 3,149,214 |
Harmony Gold Mining Co. Ltd. sponsored ADR (a) | 76,500 | | 251,685 |
Kinross Gold Corp. (a) | 156,705 | | 636,228 |
New Gold, Inc. (a) | 225,000 | | 1,137,266 |
Newcrest Mining Ltd. | 140,324 | | 1,363,576 |
Newmont Mining Corp. | 79,300 | | 1,969,019 |
Premier Gold Mines Ltd. (a) | 661,400 | | 1,231,017 |
Pretium Resources, Inc. (a)(d) | 62,300 | | 403,567 |
Randgold Resources Ltd. sponsored ADR | 21,000 | | 1,681,470 |
Romarco Minerals, Inc. (a) | 455,700 | | 365,874 |
Royal Gold, Inc. | 3,000 | | 198,600 |
Torex Gold Resources, Inc. (a) | 374,800 | | 417,185 |
Yamana Gold, Inc. | 118,700 | | 889,126 |
| | 24,746,227 |
Precious Metals & Minerals - 0.4% |
Aquarius Platinum Ltd.: | | | |
rights 5/14/14 (a) | 445,600 | | 55,674 |
(United Kingdom) (a) | 222,800 | | 80,878 |
Fresnillo PLC | 34,100 | | 490,246 |
Impala Platinum Holdings Ltd. (a) | 32,100 | | 361,260 |
Tahoe Resources, Inc. (a) | 17,553 | | 390,600 |
| | 1,378,658 |
Silver - 0.4% |
Silver Wheaton Corp. | 77,500 | | 1,718,922 |
Steel - 3.4% |
African Minerals Ltd. (a) | 181,100 | | 380,683 |
ArcelorMittal SA Class A unit (d) | 152,500 | | 2,478,125 |
Carpenter Technology Corp. | 1,900 | | 119,320 |
Commercial Metals Co. | 3,900 | | 74,880 |
Fortescue Metals Group Ltd. | 221,593 | | 1,039,592 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Hyundai Steel Co. | 7,527 | | $ 491,794 |
JFE Holdings, Inc. | 87,500 | | 1,617,597 |
Jindal Steel & Power Ltd. (a) | 50,655 | | 214,369 |
Kumba Iron Ore Ltd. (f) | 3,500 | | 124,470 |
London Mining PLC (a) | 396,186 | | 387,974 |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 1,694,000 | | 353,966 |
Nippon Steel & Sumitomo Metal Corp. | 178,000 | | 466,611 |
Nucor Corp. | 6,700 | | 346,725 |
POSCO | 9,853 | | 2,911,420 |
SunCoke Energy, Inc. (a) | 5,200 | | 108,524 |
Tata Steel Ltd. | 72,817 | | 483,696 |
Thyssenkrupp AG (a) | 16,800 | | 478,269 |
Walter Energy, Inc. (d) | 23,600 | | 169,920 |
Yamato Kogyo Co. Ltd. | 35,100 | | 1,010,754 |
| | 13,258,689 |
TOTAL METALS & MINING | | 114,412,701 |
OIL, GAS & CONSUMABLE FUELS - 30.4% |
Coal & Consumable Fuels - 3.6% |
Cameco Corp. | 15,800 | | 336,311 |
China Shenhua Energy Co. Ltd. (H Shares) | 197,000 | | 533,603 |
Coal India Ltd. | 43,001 | | 208,072 |
CONSOL Energy, Inc. | 12,400 | | 551,924 |
Peabody Energy Corp. | 643,698 | | 12,236,699 |
Whitehaven Coal Ltd. (a) | 58,500 | | 79,346 |
| | 13,945,955 |
Integrated Oil & Gas - 14.2% |
BG Group PLC | 265,550 | | 5,371,288 |
Cenovus Energy, Inc. | 40,500 | | 1,206,446 |
Chevron Corp. | 98,700 | | 12,388,824 |
China Petroleum & Chemical Corp. (H Shares) | 1,381,000 | | 1,225,991 |
Eni SpA | 8,427 | | 218,254 |
Exxon Mobil Corp. | 50,361 | | 5,157,470 |
Gazprom OAO sponsored ADR | 203,800 | | 1,471,436 |
Hess Corp. | 15,100 | | 1,346,316 |
Imperial Oil Ltd. | 3,700 | | 180,671 |
Occidental Petroleum Corp. | 39,900 | | 3,820,425 |
PetroChina Co. Ltd. (H Shares) | 854,000 | | 985,324 |
PTT PCL (For. Reg.) | 42,600 | | 412,046 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Repsol YPF SA | 29,709 | | $ 799,606 |
Royal Dutch Shell PLC Class A (United Kingdom) (d) | 203,950 | | 8,063,006 |
Statoil ASA | 27,100 | | 826,155 |
Suncor Energy, Inc. | 97,632 | | 3,766,143 |
Total SA (a) | 108,700 | | 7,776,856 |
| | 55,016,257 |
Oil & Gas Exploration & Production - 12.5% |
Anadarko Petroleum Corp. | 95,900 | | 9,496,018 |
Apache Corp. | 20,200 | | 1,753,360 |
Bonanza Creek Energy, Inc. (a) | 8,500 | | 413,270 |
Cabot Oil & Gas Corp. | 136,600 | | 5,365,648 |
Canadian Natural Resources Ltd. | 56,800 | | 2,314,391 |
Chesapeake Energy Corp. | 13,000 | | 373,750 |
Cimarex Energy Co. | 4,600 | | 547,952 |
CNOOC Ltd. sponsored ADR (d) | 6,300 | | 1,040,697 |
Cobalt International Energy, Inc. (a) | 16,900 | | 304,200 |
Concho Resources, Inc. (a) | 5,400 | | 704,430 |
ConocoPhillips Co. | 68,200 | | 5,067,942 |
Continental Resources, Inc. (a) | 2,800 | | 387,856 |
Denbury Resources, Inc. | 27,100 | | 455,822 |
Devon Energy Corp. | 20,400 | | 1,428,000 |
Encana Corp. | 11,400 | | 264,081 |
Energen Corp. | 4,300 | | 335,013 |
EOG Resources, Inc. | 44,200 | | 4,331,600 |
EQT Corp. | 8,000 | | 871,920 |
INPEX Corp. | 61,700 | | 898,025 |
Kosmos Energy Ltd. (a) | 5,000 | | 54,600 |
Marathon Oil Corp. | 40,100 | | 1,449,615 |
Murphy Oil Corp. | 9,500 | | 602,585 |
Noble Energy, Inc. | 26,100 | | 1,873,458 |
Northern Oil & Gas, Inc. (a) | 10,300 | | 158,929 |
NOVATEK OAO GDR (Reg. S) | 4,500 | | 464,850 |
Oil & Natural Gas Corp. Ltd. | 34,000 | | 183,261 |
Oil Search Ltd. ADR | 6,941 | | 57,324 |
Ophir Energy PLC (a) | 117,400 | | 522,503 |
Pacific Rubiales Energy Corp. | 37,874 | | 618,189 |
Painted Pony Petroleum Ltd. (a) | 2,200 | | 22,722 |
Painted Pony Petroleum Ltd. (a)(e) | 15,000 | | 154,920 |
Penn West Petroleum Ltd. | 25,800 | | 233,272 |
Pioneer Natural Resources Co. | 7,200 | | 1,391,544 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
QEP Resources, Inc. | 11,700 | | $ 359,073 |
Range Resources Corp. | 6,600 | | 596,970 |
Rosetta Resources, Inc. (a) | 1,300 | | 61,542 |
SM Energy Co. | 4,500 | | 333,585 |
Southwestern Energy Co. (a) | 17,900 | | 857,052 |
Talisman Energy, Inc. | 55,400 | | 572,676 |
Tullow Oil PLC | 80,400 | | 1,194,577 |
Whiting Petroleum Corp. (a) | 6,500 | | 479,180 |
| | 48,596,402 |
Oil & Gas Refining & Marketing - 0.0% |
Phillips 66 Co. | 1,500 | | 124,830 |
Oil & Gas Storage & Transport - 0.1% |
Access Midstream Partners LP | 1,400 | | 83,090 |
MPLX LP | 400 | | 21,652 |
Phillips 66 Partners LP | 1,100 | | 58,982 |
Valero Energy Partners LP | 2,800 | | 115,388 |
| | 279,112 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 117,962,556 |
PAPER & FOREST PRODUCTS - 3.6% |
Forest Products - 0.3% |
Boise Cascade Co. (a) | 9,600 | | 240,192 |
West Fraser Timber Co. Ltd. | 16,900 | | 755,531 |
| | 995,723 |
Paper Products - 3.3% |
Empresas CMPC SA | 521,159 | | 1,160,071 |
International Paper Co. | 179,800 | | 8,387,670 |
Lee & Man Paper Manufacturing Ltd. | 356,000 | | 193,315 |
Mondi PLC | 47,900 | | 794,591 |
Nine Dragons Paper (Holdings) Ltd. | 771,000 | | 506,180 |
Stora Enso Oyj (R Shares) | 184,200 | | 1,877,014 |
| | 12,918,841 |
TOTAL PAPER & FOREST PRODUCTS | | 13,914,564 |
REAL ESTATE INVESTMENT TRUSTS - 0.0% |
Specialized REITs - 0.0% |
Weyerhaeuser Co. | 5,900 | | 176,115 |
Common Stocks - continued |
| Shares | | Value |
SPECIALTY RETAIL - 0.3% |
Specialty Stores - 0.3% |
Tsutsumi Jewelry Co. Ltd. | 47,300 | | $ 1,071,057 |
TRADING COMPANIES & DISTRIBUTORS - 0.1% |
Trading Companies & Distributors - 0.1% |
Daewoo International Corp. | 4,400 | | 154,390 |
Finning International, Inc. | 4,400 | | 118,827 |
| | 273,217 |
TOTAL COMMON STOCKS (Cost $401,274,429) |
375,778,545
|
Nonconvertible Preferred Stocks - 2.5% |
| | | |
METALS & MINING - 1.9% |
Steel - 1.9% |
Gerdau SA sponsored | 299,000 | | 1,796,990 |
Vale SA (PN-A) sponsored ADR | 467,900 | | 5,553,973 |
| | 7,350,963 |
OIL, GAS & CONSUMABLE FUELS - 0.5% |
Integrated Oil & Gas - 0.5% |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) | 144,700 | | 2,141,560 |
PAPER & FOREST PRODUCTS - 0.1% |
Paper Products - 0.1% |
Fibria Celulose SA sponsored ADR (a)(d) | 20,300 | | 201,579 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $16,124,063) |
9,694,102
|
Money Market Funds - 5.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.11% (b) | 1,537,142 | | $ 1,537,142 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 20,178,104 | | 20,178,104 |
TOTAL MONEY MARKET FUNDS (Cost $21,715,246) |
21,715,246
|
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $439,113,738) | | 407,187,893 |
NET OTHER ASSETS (LIABILITIES) - (4.8)% | | (18,600,095) |
NET ASSETS - 100% | $ 388,587,798 |
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 $154,920 or 0.0% of net assets. |
(f) Security or a portion of the security sold 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 | $ 182 |
Fidelity Securities Lending Cash Central Fund | 103,357 |
Total | $ 103,539 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2014, 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 | $ 375,778,545 | $ 290,781,888 | $ 84,996,657 | $ - |
Nonconvertible Preferred Stocks | 9,694,102 | 9,694,102 | - | - |
Money Market Funds | 21,715,246 | 21,715,246 | - | - |
Total Investments in Securities: | $ 407,187,893 | $ 322,191,236 | $ 84,996,657 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 5,175,234 |
Level 2 to Level 1 | $ 4,614,734 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 42.2% |
United Kingdom | 16.9% |
Canada | 14.4% |
Switzerland | 4.0% |
Bermuda | 3.5% |
Bailiwick of Jersey | 2.6% |
Brazil | 2.5% |
France | 2.0% |
Japan | 1.5% |
Korea (South) | 1.2% |
Others (Individually Less Than 1%) | 9.2% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $19,566,783) - See accompanying schedule: Unaffiliated issuers (cost $417,398,492) | $ 385,472,647 | |
Fidelity Central Funds (cost $21,715,246) | 21,715,246 | |
Total Investments (cost $439,113,738) | | $ 407,187,893 |
Cash | | 52 |
Foreign currency held at value (cost $39,439) | | 39,511 |
Receivable for investments sold
Regular delivery | | 2,676,006 |
Delayed delivery | | 128,674 |
Receivable for fund shares sold | | 1,074,190 |
Dividends receivable | | 899,155 |
Distributions receivable from Fidelity Central Funds | | 33,324 |
Prepaid expenses | | 117 |
Other receivables | | 11,026 |
Total assets | | 412,049,948 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,182,498 | |
Payable for fund shares redeemed | 698,743 | |
Accrued management fee | 224,078 | |
Distribution and service plan fees payable | 37,344 | |
Other affiliated payables | 109,047 | |
Other payables and accrued expenses | 32,336 | |
Collateral on securities loaned, at value | 20,178,104 | |
Total liabilities | | 23,462,150 |
| | |
Net Assets | | $ 388,587,798 |
Net Assets consist of: | | |
Paid in capital | | $ 463,743,525 |
Undistributed net investment income | | 1,514,108 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (44,754,243) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (31,915,592) |
Net Assets | | $ 388,587,798 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A: Net Asset Value and redemption price per share ($63,356,075 ÷ 4,329,327 shares) | | $ 14.63 |
| | |
Maximum offering price per share (100/94.25 of $14.63) | | $ 15.52 |
Class T:
Net Asset Value and redemption price per share ($12,030,248 ÷ 823,431 shares) | | $ 14.61 |
| | |
Maximum offering price per share (100/96.50 of $14.61) | | $ 15.14 |
Class B:
Net Asset Value and offering price per share ($2,004,972 ÷ 137,884 shares)A | | $ 14.54 |
| | |
Class C:
Net Asset Value and offering price per share ($21,138,142 ÷ 1,459,848 shares)A | | $ 14.48 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($263,939,991 ÷ 17,978,155 shares) | | $ 14.68 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($26,118,370 ÷ 1,778,990 shares) | | $ 14.68 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,492,815 |
Income from Fidelity Central Funds | | 103,539 |
Income before foreign taxes withheld | | 4,596,354 |
Less foreign taxes withheld | | (242,975) |
Total income | | 4,353,379 |
| | |
Expenses | | |
Management fee | $ 1,355,066 | |
Transfer agent fees | 569,069 | |
Distribution and service plan fees | 231,084 | |
Accounting and security lending fees | 101,277 | |
Custodian fees and expenses | 32,045 | |
Independent trustees' compensation | 773 | |
Registration fees | 78,858 | |
Audit | 26,016 | |
Legal | 917 | |
Miscellaneous | 1,615 | |
Total expenses before reductions | 2,396,720 | |
Expense reductions | (13,244) | 2,383,476 |
Net investment income (loss) | | 1,969,903 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (2,632,131) | |
Foreign currency transactions | (74,526) | |
Total net realized gain (loss) | | (2,706,657) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 17,260,323 | |
Assets and liabilities in foreign currencies | (711) | |
Total change in net unrealized appreciation (depreciation) | | 17,259,612 |
Net gain (loss) | | 14,552,955 |
Net increase (decrease) in net assets resulting from operations | | $ 16,522,858 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,969,903 | $ 6,058,817 |
Net realized gain (loss) | (2,706,657) | (772,445) |
Change in net unrealized appreciation (depreciation) | 17,259,612 | (21,248,344) |
Net increase (decrease) in net assets resulting
from operations | 16,522,858 | (15,961,972) |
Distributions to shareholders from net investment income | (4,765,261) | (5,697,049) |
Distributions to shareholders from net realized gain | (367,710) | - |
Total distributions | (5,132,971) | (5,697,049) |
Share transactions - net increase (decrease) | (37,872,422) | (152,423,209) |
Redemption fees | 3,819 | 18,199 |
Total increase (decrease) in net assets | (26,478,716) | (174,064,031) |
| | |
Net Assets | | |
Beginning of period | 415,066,514 | 589,130,545 |
End of period (including undistributed net investment income of $1,514,108 and undistributed net investment income of $4,309,466, respectively) | $ 388,587,798 | $ 415,066,514 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .16 | .11 | .12 | .19 H | (.01) |
Net realized and unrealized gain (loss) | .56 | (.45) | (.59) | (.38) | 2.20 | 3.29 |
Total from investment operations | .62 | (.29) | (.48) | (.26) | 2.39 | 3.28 |
Distributions from net investment income | (.15) | (.13) | (.05) | (.13) | - K | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.16) | (.13) | (.07) M | (.20) L | (.08) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.63 | $ 14.17 | $ 14.59 | $ 15.14 | $ 15.60 | $ 13.29 |
Total Return B, C, D | 4.45% | (2.00)% | (3.19)% | (1.80)% | 18.04% | 32.90% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.37% A | 1.36% | 1.34% | 1.32% | 1.37% | 1.65% A |
Expenses net of fee waivers, if any | 1.36% A | 1.35% | 1.34% | 1.32% | 1.37% | 1.50% A |
Expenses net of all reductions | 1.36% A | 1.34% | 1.33% | 1.31% | 1.36% | 1.48% A |
Net investment income (loss) | .89% A | 1.12% | .80% | .71% | 1.35% H | (.15)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 63,356 | $ 71,293 | $ 99,694 | $ 127,979 | $ 60,370 | $ 15,705 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share. M Total 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .12 | .08 | .07 | .16 H | (.03) |
Net realized and unrealized gain (loss) | .57 | (.45) | (.60) | (.38) | 2.19 | 3.29 |
Total from investment operations | .61 | (.33) | (.52) | (.31) | 2.35 | 3.26 |
Distributions from net investment income | (.11) | (.08) | (.01) | (.10) | - | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.07) | - |
Total distributions | (.13) L | (.08) | (.02) | (.16) | (.07) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.61 | $ 14.13 | $ 14.54 | $ 15.08 | $ 15.55 | $ 13.27 |
Total Return B, C, D | 4.35% | (2.26)% | (3.43)% | (2.09)% | 17.73% | 32.70% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.63% A | 1.62% | 1.61% | 1.60% | 1.63% | 2.04% A |
Expenses net of fee waivers, if any | 1.63% A | 1.61% | 1.61% | 1.60% | 1.63% | 1.75% A |
Expenses net of all reductions | 1.63% A | 1.60% | 1.60% | 1.59% | 1.61% | 1.73% A |
Net investment income (loss) | .63% A | .86% | .53% | .43% | 1.10% H | (.40)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 12,030 | $ 12,551 | $ 16,692 | $ 20,831 | $ 11,762 | $ 4,665 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .05 | - K | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | .56 | (.45) | (.59) | (.39) | 2.20 | 3.28 |
Total from investment operations | .57 | (.40) | (.59) | (.40) | 2.28 | 3.21 |
Distributions from net investment income | (.03) | - K | - | - | - | - |
Distributions from net realized gain | (.01) | - | - | (.06) | (.04) | - |
Total distributions | (.04) | - K | - | (.06) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.54 | $ 14.01 | $ 14.41 | $ 15.00 | $ 15.46 | $ 13.22 |
Total Return B, C, D | 4.10% | (2.75)% | (3.93)% | (2.62)% | 17.23% | 32.20% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.13% A | 2.11% | 2.10% | 2.11% | 2.16% | 2.66% A |
Expenses net of fee waivers, if any | 2.12% A | 2.11% | 2.10% | 2.11% | 2.16% | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.10% | 2.10% | 2.10% | 2.15% | 2.23% A |
Net investment income (loss) | .13% A | .36% | .03% | (.09)% | .56% H | (.90)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,005 | $ 2,303 | $ 3,097 | $ 4,324 | $ 4,348 | $ 2,726 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37)%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .05 | .01 | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | .56 | (.44) | (.59) | (.38) | 2.19 | 3.28 |
Total from investment operations | .57 | (.39) | (.58) | (.39) | 2.27 | 3.21 |
Distributions from net investment income | (.03) | (.02) | - | (.05) | - | - |
Distributions from net realized gain | (.01) | - | - | (.06) | (.04) | - |
Total distributions | (.05) L | (.02) | - | (.11) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.48 | $ 13.96 | $ 14.37 | $ 14.95 | $ 15.45 | $ 13.22 |
Total Return B, C, D | 4.08% | (2.75)% | (3.88)% | (2.58)% | 17.21% | 32.20% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.13% A | 2.11% | 2.10% | 2.09% | 2.14% | 2.53% A |
Expenses net of fee waivers, if any | 2.12% A | 2.11% | 2.10% | 2.09% | 2.14% | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.10% | 2.09% | 2.08% | 2.13% | 2.23% A |
Net investment income (loss) | .13% A | .36% | .03% | (.07)% | .58% H | (.90)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 21,138 | $ 23,830 | $ 31,865 | $ 37,185 | $ 14,338 | $ 4,798 |
Portfolio turnover rate G | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34)%. I For the period March 25, 2009 (commencement of operations) to October 31, 2009. 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 $.05 per share is comprised of distributions from net investment income of $.033 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 - Global Commodity Stock
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .19 | .15 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | .56 | (.45) | (.60) | (.39) | 2.21 | 3.29 |
Total from investment operations | .64 | (.26) | (.45) | (.23) | 2.44 | 3.30 |
Distributions from net investment income | (.19) | (.16) | (.08) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.20) | (.16) | (.10) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.68 | $ 14.24 | $ 14.66 | $ 15.21 | $ 15.66 | $ 13.31 |
Total Return B, C | 4.60% | (1.75)% | (2.96)% | (1.59)% | 18.38% | 33.10% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.12% A | 1.11% | 1.10% | 1.08% | 1.10% | 1.42% A |
Expenses net of fee waivers, if any | 1.12% A | 1.11% | 1.10% | 1.08% | 1.10% | 1.25% A |
Expenses net of all reductions | 1.12% A | 1.09% | 1.09% | 1.07% | 1.09% | 1.23% A |
Net investment income (loss) | 1.13% A | 1.37% | 1.04% | .95% | 1.62% G | .10% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 263,940 | $ 273,476 | $ 387,242 | $ 531,224 | $ 310,186 | $ 159,439 |
Portfolio turnover rate F | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%. H For the period March 25, 2009 (commencement of operations) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.10 per share is comprised of distributions from net investment income of $.084 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 - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .20 | .16 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | .56 | (.45) | (.60) | (.38) | 2.21 | 3.29 |
Total from investment operations | .64 | (.25) | (.44) | (.22) | 2.44 | 3.30 |
Distributions from net investment income | (.19) | (.18) | (.09) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | - | (.01) | (.06) | (.08) | - |
Total distributions | (.20) | (.18) | (.11) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.68 | $ 14.24 | $ 14.67 | $ 15.22 | $ 15.66 | $ 13.31 |
Total Return B, C | 4.60% | (1.71)% | (2.90)% | (1.50)% | 18.39% | 33.10% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.07% A | 1.04% | 1.04% | 1.03% | 1.09% | 1.36% A |
Expenses net of fee waivers, if any | 1.07% A | 1.04% | 1.04% | 1.03% | 1.09% | 1.25% A |
Expenses net of all reductions | 1.07% A | 1.03% | 1.03% | 1.03% | 1.07% | 1.23% A |
Net investment income (loss) | 1.18% A | 1.43% | 1.10% | .99% | 1.64% G | .10% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 26,118 | $ 31,613 | $ 50,540 | $ 58,925 | $ 35,739 | $ 9,811 |
Portfolio turnover rate F | 84% A | 65% | 91% | 71% | 54% | 25% A |
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 $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%. H For the period March 25, 2009 (commencement of operations) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
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, 2014, 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. 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 and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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 | $ 31,437,648 |
Gross unrealized depreciation | (68,877,430) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (37,439,782) |
| |
Tax cost | $ 444,627,675 |
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | (22,719,124) |
Long-term | (5,565,253) |
Total no expiration | (28,284,377) |
Total capital loss carryforward | $ (35,236,790) |
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. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $163,882,368 and $205,607,138, 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% | $ 81,484 | $ 1,274 |
Class T | .25% | .25% | 29,860 | 210 |
Class B | .75% | .25% | 10,508 | 7,909 |
Class C | .75% | .25% | 109,232 | 14,241 |
| | | $ 231,084 | $ 23,634 |
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
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 | $ 9,599 |
Class T | 1,210 |
Class B* | 3,036 |
Class C* | 1,580 |
| $ 15,425 |
* 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
Average
Net Assets* |
Class A | $ 94,434 | .29 |
Class T | 18,349 | .31 |
Class B | 3,157 | .30 |
Class C | 32,745 | .30 |
Global Commodity Stock | 387,294 | .30 |
Institutional Class | 33,090 | .25 |
| $ 569,069 | |
* 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 $8,311 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $365 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $103,357. 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 $10,795 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $2,449.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 708,867 | $ 864,701 |
Class T | 98,770 | 89,063 |
Class B | 4,646 | 847 |
Class C | 54,810 | 32,277 |
Global Commodity Stock | 3,531,196 | 4,073,304 |
Institutional Class | 366,972 | 636,857 |
Total | $ 4,765,261 | $ 5,697,049 |
From net realized gain | | |
Class A | $ 63,119 | $ - |
Class T | 11,363 | - |
Class B | 2,083 | - |
Class C | 21,591 | - |
Global Commodity Stock | 244,178 | - |
Institutional Class | 25,376 | - |
Total | $ 367,710 | $ - |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 306,242 | 1,201,755 | $ 4,188,578 | $ 16,769,552 |
Reinvestment of distributions | 49,530 | 52,559 | 677,575 | 744,754 |
Shares redeemed | (1,058,010) | (3,054,897) | (14,670,520) | (42,479,556) |
Net increase (decrease) | (702,238) | (1,800,583) | $ (9,804,367) | $ (24,965,250) |
Class T | | | | |
Shares sold | 31,560 | 130,604 | $ 440,743 | $ 1,791,142 |
Reinvestment of distributions | 7,867 | 5,824 | 107,538 | 82,471 |
Shares redeemed | (104,200) | (396,060) | (1,451,086) | (5,490,961) |
Net increase (decrease) | (64,773) | (259,632) | $ (902,805) | $ (3,617,348) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class B | | | | |
Shares sold | 1,301 | 7,047 | $ 17,395 | $ 98,902 |
Reinvestment of distributions | 453 | 54 | 6,179 | 758 |
Shares redeemed | (28,229) | (57,569) | (390,988) | (793,852) |
Net increase (decrease) | (26,475) | (50,468) | $ (367,414) | $ (694,192) |
Class C | | | | |
Shares sold | 76,995 | 368,295 | $ 1,045,167 | $ 5,059,285 |
Reinvestment of distributions | 4,980 | 1,963 | 67,632 | 27,576 |
Shares redeemed | (329,310) | (880,659) | (4,530,686) | (12,048,987) |
Net increase (decrease) | (247,335) | (510,401) | $ (3,417,887) | $ (6,962,126) |
Global Commodity Stock | | | | |
Shares sold | 1,981,834 | 5,296,700 | $ 27,354,521 | $ 74,369,495 |
Reinvestment of distributions | 246,397 | 264,635 | 3,378,097 | 3,760,465 |
Shares redeemed | (3,454,485) | (12,764,042) | (47,891,262) | (177,408,171) |
Net increase (decrease) | (1,226,254) | (7,202,707) | $ (17,158,644) | $ (99,278,211) |
Institutional Class | | | | |
Shares sold | 365,861 | 1,153,936 | $ 5,114,367 | $ 16,235,437 |
Reinvestment of distributions | 20,652 | 25,953 | 283,140 | 368,529 |
Shares redeemed | (828,027) | (2,405,021) | (11,618,812) | (33,510,048) |
Net increase (decrease) | (441,514) | (1,225,132) | $ (6,221,305) | $ (16,906,082) |
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 12% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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-0614
1.879391.105
Fidelity®
Global Equity Income
Fund
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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 RatioB | Beginning
Account Value
November 1, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Actual | 1.20% | $ 1,000.00 | $ 1,064.70 | $ 6.14 |
HypotheticalA | | $ 1,000.00 | $ 1,018.84 | $ 6.01 |
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, 2014 |
 | United States of America* 44.7% | |
 | United Kingdom 9.7% | |
 | Japan 6.7% | |
 | Sweden 5.2% | |
 | Switzerland 3.9% | |
 | Canada 3.9% | |
 | South Africa 3.1% | |
 | Ireland 3.0% | |
 | Netherlands 2.6% | |
 | 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, 2013 |
| United States of America* 41.2% | |
| United Kingdom 11.2% | |
 | Japan 5.7% | |
| Sweden 4.8% | |
| Canada 3.7% | |
| Germany 3.6% | |
| Ireland 3.1% | |
| France 3.1% | |
| Switzerland 2.7% | |
| Other 20.9% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 96.6 | 96.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.4 | 3.7 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
JPMorgan Chase & Co. (United States of America, Banks) | 2.1 | 1.1 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.1 | 1.8 |
Wells Fargo & Co. (United States of America, Banks) | 2.0 | 1.9 |
Chevron Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.9 | 1.6 |
Microsoft Corp. (United States of America, Software) | 1.9 | 1.4 |
Nordea Bank AB (Sweden, Banks) | 1.6 | 1.3 |
Svenska Handelsbanken AB (A Shares) (Sweden, Banks) | 1.5 | 1.7 |
Japan Tobacco, Inc. (Japan, Tobacco) | 1.5 | 1.6 |
ConocoPhillips Co. (United States of America, Oil, Gas & Consumable Fuels) | 1.5 | 0.9 |
Amgen, Inc. (United States of America, Biotechnology) | 1.4 | 1.2 |
| 17.5 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.6 | 19.9 |
Consumer Discretionary | 12.2 | 12.7 |
Industrials | 11.6 | 14.6 |
Information Technology | 11.5 | 8.5 |
Consumer Staples | 11.0 | 14.1 |
Health Care | 9.7 | 10.4 |
Energy | 8.3 | 5.8 |
Telecommunication Services | 6.5 | 6.9 |
Materials | 2.5 | 0.7 |
Utilities | 0.7 | 2.7 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.6% |
| Shares | | Value |
Australia - 1.0% |
Telstra Corp. Ltd. | 92,996 | | $ 450,973 |
Bailiwick of Jersey - 0.9% |
Wolseley PLC | 6,949 | | 401,375 |
Belgium - 0.9% |
Anheuser-Busch InBev SA NV (d) | 3,700 | | 403,285 |
Canada - 3.9% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 11,100 | | 312,832 |
Constellation Software, Inc. | 1,400 | | 310,068 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 641 | | 279,489 |
Potash Corp. of Saskatchewan, Inc. (d) | 11,300 | | 408,472 |
Suncor Energy, Inc. | 11,100 | | 428,181 |
TOTAL CANADA | | 1,739,042 |
Denmark - 0.3% |
Spar Nord Bank A/S | 14,100 | | 158,559 |
France - 2.3% |
Bureau Veritas SA | 14,700 | | 448,669 |
Total SA (a) | 8,200 | | 586,663 |
TOTAL FRANCE | | 1,035,332 |
Germany - 1.3% |
AURELIUS AG | 4,099 | | 152,177 |
CompuGroup Medical AG | 600 | | 15,991 |
Siemens AG | 3,250 | | 428,741 |
TOTAL GERMANY | | 596,909 |
Greece - 0.3% |
Greek Organization of Football Prognostics SA | 9,400 | | 149,973 |
Hong Kong - 1.1% |
HKT Trust/HKT Ltd. unit | 470,000 | | 491,645 |
Ireland - 3.0% |
Accenture PLC Class A | 4,390 | | 352,166 |
FBD Holdings PLC | 12,720 | | 306,089 |
Greencore Group PLC | 102,486 | | 451,801 |
Irish Continental Group PLC unit | 6,005 | | 241,308 |
TOTAL IRELAND | | 1,351,364 |
Israel - 1.5% |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | 6,296 | | 325,671 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 6,800 | | 332,248 |
TOTAL ISRAEL | | 657,919 |
Common Stocks - continued |
| Shares | | Value |
Italy - 0.4% |
Lottomatica SpA (d) | 6,900 | | $ 202,367 |
Japan - 6.7% |
Aozora Bank Ltd. | 114,000 | | 338,984 |
Astellas Pharma, Inc. | 33,100 | | 368,120 |
Hoya Corp. | 10,300 | | 303,655 |
Japan Tobacco, Inc. | 20,400 | | 669,657 |
KDDI Corp. | 5,000 | | 266,152 |
Leopalace21 Corp. (a) | 27,600 | | 142,542 |
Monex Group, Inc. (d) | 97,200 | | 325,157 |
Nippon Telegraph & Telephone Corp. | 6,500 | | 360,703 |
Workman Co. Ltd. | 5,500 | | 221,108 |
TOTAL JAPAN | | 2,996,078 |
Kenya - 0.5% |
Safaricom Ltd. | 1,534,200 | | 230,985 |
Korea (South) - 0.5% |
Coway Co. Ltd. | 2,681 | | 211,501 |
Luxembourg - 0.7% |
Altice S.A. (d) | 5,400 | | 308,583 |
Netherlands - 2.6% |
Exact Holdings NV | 9,400 | | 331,244 |
Koninklijke Philips Electronics NV | 14,116 | | 451,898 |
LyondellBasell Industries NV Class A | 4,100 | | 379,250 |
TOTAL NETHERLANDS | | 1,162,392 |
Norway - 0.5% |
Gjensidige Forsikring ASA | 13,400 | | 247,067 |
Singapore - 1.2% |
United Overseas Bank Ltd. | 32,000 | | 555,412 |
South Africa - 3.1% |
Astral Foods Ltd. | 37,060 | | 336,413 |
Lewis Group Ltd. | 73,800 | | 437,728 |
Nampak Ltd. | 47,700 | | 177,733 |
Reunert Ltd. | 68,000 | | 445,986 |
TOTAL SOUTH AFRICA | | 1,397,860 |
Spain - 0.6% |
Atresmedia Corporacion de Medios de Comunicacion SA | 18,315 | | 262,478 |
Sweden - 5.2% |
Eniro AB (a) | 7,634 | | 60,582 |
Intrum Justitia AB (d) | 20,683 | | 598,332 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Nordea Bank AB | 50,690 | | $ 732,418 |
Svenska Cellulosa AB (SCA) (B Shares) | 10,000 | | 280,059 |
Svenska Handelsbanken AB (A Shares) | 13,480 | | 676,467 |
TOTAL SWEDEN | | 2,347,858 |
Switzerland - 3.9% |
Roche Holding AG (participation certificate) | 3,164 | | 928,148 |
TE Connectivity Ltd. | 6,000 | | 353,880 |
UBS AG | 15,463 | | 323,391 |
Vontobel Holdings AG | 3,926 | | 153,677 |
TOTAL SWITZERLAND | | 1,759,096 |
Taiwan - 2.2% |
MediaTek, Inc. | 21,000 | | 328,587 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 163,000 | | 641,175 |
TOTAL TAIWAN | | 969,762 |
United Kingdom - 9.7% |
Brit PLC (a) | 37,100 | | 133,266 |
British American Tobacco PLC (United Kingdom) | 11,200 | | 646,744 |
Direct Line Insurance Group PLC | 73,700 | | 311,461 |
Dunelm Group PLC | 8,900 | | 140,726 |
Ensco PLC Class A | 6,073 | | 306,383 |
Exova Group Ltd. PLC (a) | 9,200 | | 34,212 |
GlaxoSmithKline PLC | 19,900 | | 549,848 |
Hilton Food Group PLC | 56,200 | | 506,228 |
ITV PLC | 72,100 | | 221,555 |
Reckitt Benckiser Group PLC | 3,552 | | 286,366 |
Royal Dutch Shell PLC Class A (United Kingdom) | 1 | | 40 |
Taylor Wimpey PLC | 143,900 | | 255,352 |
The Restaurant Group PLC | 27,978 | | 294,765 |
Vodafone Group PLC | 96,600 | | 366,753 |
WH Smith PLC | 17,052 | | 314,969 |
TOTAL UNITED KINGDOM | | 4,368,668 |
United States of America - 41.3% |
AbbVie, Inc. | 6,220 | | 323,938 |
Access Midstream Partners LP | 5,400 | | 320,490 |
American Tower Corp. | 4,100 | | 342,432 |
Amgen, Inc. | 5,800 | | 648,150 |
ARAMARK Holdings Corp. | 5,004 | | 141,063 |
Bank of America Corp. | 35,000 | | 529,900 |
Booz Allen Hamilton Holding Corp. Class A | 9,900 | | 230,076 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Capital One Financial Corp. | 5,400 | | $ 399,060 |
Chevron Corp. | 6,835 | | 857,929 |
Comcast Corp. Class A | 9,050 | | 468,428 |
Community Trust Bancorp, Inc. | 7,180 | | 264,727 |
ConocoPhillips Co. | 8,800 | | 653,928 |
CVB Financial Corp. | 21,580 | | 312,047 |
Danaher Corp. | 3,700 | | 271,506 |
Darden Restaurants, Inc. | 3,200 | | 159,072 |
Dr. Pepper Snapple Group, Inc. | 7,861 | | 435,657 |
Dun & Bradstreet Corp. | 2,750 | | 304,590 |
Eli Lilly & Co. | 10 | | 591 |
FedEx Corp. | 2,481 | | 338,036 |
H&R Block, Inc. | 11,310 | | 321,430 |
Hubbell, Inc. Class B | 1,902 | | 223,903 |
Johnson & Johnson | 5,900 | | 597,611 |
Johnson Controls, Inc. | 7,900 | | 356,606 |
JPMorgan Chase & Co. | 17,080 | | 956,135 |
Lakeland Financial Corp. | 7,688 | | 281,381 |
Lorillard, Inc. | 5,900 | | 350,578 |
MasterCard, Inc. Class A | 4,500 | | 330,975 |
McGraw Hill Financial, Inc. | 4,200 | | 310,506 |
Merck & Co., Inc. | 8,800 | | 515,328 |
Microsoft Corp. | 20,764 | | 838,866 |
MPLX LP | 5,600 | | 303,128 |
National Penn Bancshares, Inc. | 26,670 | | 260,566 |
Oracle Corp. | 10,426 | | 426,215 |
Psychemedics Corp. | 5,167 | | 81,432 |
QUALCOMM, Inc. | 4,200 | | 330,582 |
Sempra Energy | 3,220 | | 317,524 |
SunTrust Banks, Inc. | 6,400 | | 244,864 |
The Boeing Co. | 3,200 | | 412,864 |
U.S. Bancorp | 15,880 | | 647,586 |
United Technologies Corp. | 5,050 | | 597,567 |
Verizon Communications, Inc. | 11,500 | | 537,395 |
Verizon Communications, Inc. CDI | 4,657 | | 217,668 |
VF Corp. | 7,660 | | 467,949 |
Visa, Inc. Class A | 1,760 | | 356,594 |
W.R. Grace & Co. (a) | 1,500 | | 138,150 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Wells Fargo & Co. | 18,337 | | $ 910,249 |
Western Gas Partners LP | 3,470 | | 235,960 |
TOTAL UNITED STATES OF AMERICA | | 18,571,232 |
TOTAL COMMON STOCKS (Cost $37,219,477) |
43,027,715
|
Nonconvertible Preferred Stocks - 1.0% |
| | | |
Germany - 1.0% |
Volkswagen AG
(Cost $426,627) | 1,600 | |
430,855
|
Money Market Funds - 6.6% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 1,037,804 | | 1,037,804 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 1,952,268 | | 1,952,268 |
TOTAL MONEY MARKET FUNDS (Cost $2,990,072) |
2,990,072
|
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $40,636,176) | | 46,448,642 |
NET OTHER ASSETS (LIABILITIES) - (3.2)% | | (1,448,108) |
NET ASSETS - 100% | $ 45,000,534 |
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 | $ 746 |
Fidelity Securities Lending Cash Central Fund | 9,798 |
Total | $ 10,544 |
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, 2014, 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 | $ 5,427,090 | $ 5,427,090 | $ - | $ - |
Consumer Staples | 5,005,291 | 3,955,262 | 1,050,029 | - |
Energy | 3,692,702 | 3,105,999 | 586,703 | - |
Financials | 10,295,609 | 9,972,218 | 323,391 | - |
Health Care | 4,361,405 | 2,883,409 | 1,477,996 | - |
Industrials | 5,198,987 | 4,318,348 | 880,639 | - |
Information Technology | 5,134,083 | 4,492,908 | 641,175 | - |
Materials | 1,103,605 | 1,103,605 | - | - |
Telecommunication Services | 2,922,274 | 2,194,818 | 727,456 | - |
Utilities | 317,524 | 317,524 | - | - |
Money Market Funds | 2,990,072 | 2,990,072 | - | - |
Total Investments in Securities: | $ 46,448,642 | $ 40,761,253 | $ 5,687,389 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period endedApril 30, 2014. 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 | $ 771,304 |
Level 2 to Level 1 | $ 1,411,098 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $1,849,562) - See accompanying schedule: Unaffiliated issuers (cost $37,646,104) | $ 43,458,570 | |
Fidelity Central Funds (cost $2,990,072) | 2,990,072 | |
Total Investments (cost $40,636,176) | | $ 46,448,642 |
Cash | | 40,952 |
Foreign currency held at value (cost $44,134) | | 28,041 |
Receivable for investments sold | | 267,779 |
Receivable for fund shares sold | | 99,834 |
Dividends receivable | | 197,663 |
Distributions receivable from Fidelity Central Funds | | 1,629 |
Prepaid expenses | | 49 |
Receivable from investment adviser for expense reductions | | 6,586 |
Other receivables | | 5,730 |
Total assets | | 47,096,905 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 80,199 | |
Accrued management fee | 25,761 | |
Other affiliated payables | 9,129 | |
Other payables and accrued expenses | 29,014 | |
Collateral on securities loaned, at value | 1,952,268 | |
Total liabilities | | 2,096,371 |
| | |
Net Assets | | $ 45,000,534 |
Net Assets consist of: | | |
Paid in capital | | $ 36,488,703 |
Undistributed net investment income | | 132,737 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 2,580,901 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,798,193 |
Net Assets, for 3,591,809 shares outstanding | | $ 45,000,534 |
Net Asset Value, offering price and redemption price per share ($45,000,534 ÷ 3,591,809 shares) | | $ 12.53 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 684,767 |
Special dividends | | 308,483 |
Income from Fidelity Central Funds | | 10,544 |
Income before foreign taxes withheld | | 1,003,794 |
Less foreign taxes withheld | | (49,371) |
Total income | | 954,423 |
| | |
Expenses | | |
Management fee | $ 153,436 | |
Transfer agent fees | 42,440 | |
Accounting and security lending fees | 11,397 | |
Custodian fees and expenses | 5,952 | |
Independent trustees' compensation | 85 | |
Registration fees | 19,528 | |
Audit | 36,108 | |
Legal | 86 | |
Miscellaneous | 354 | |
Total expenses before reductions | 269,386 | |
Expense reductions | (7,301) | 262,085 |
Net investment income (loss) | | 692,338 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 2,662,276 | |
Foreign currency transactions | 12,198 | |
Total net realized gain (loss) | | 2,674,474 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (602,167) | |
Assets and liabilities in foreign currencies | (14,848) | |
Total change in net unrealized appreciation (depreciation) | | (617,015) |
Net gain (loss) | | 2,057,459 |
Net increase (decrease) in net assets resulting from operations | | $ 2,749,797 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 692,338 | $ 673,718 |
Net realized gain (loss) | 2,674,474 | 1,081,466 |
Change in net unrealized appreciation (depreciation) | (617,015) | 5,341,911 |
Net increase (decrease) in net assets resulting
from operations | 2,749,797 | 7,097,095 |
Distributions to shareholders from net investment income | (559,601) | (655,660) |
Distributions to shareholders from net realized gain | (995,008) | (75,040) |
Total distributions | (1,554,609) | (730,700) |
Share transactions
Proceeds from sales of shares | 9,903,246 | 22,544,863 |
Reinvestment of distributions | 1,434,591 | 683,107 |
Cost of shares redeemed | (9,806,431) | (14,167,602) |
Net increase (decrease) in net assets resulting from share transactions | 1,531,406 | 9,060,368 |
Redemption fees | 2,740 | 6,232 |
Total increase (decrease) in net assets | 2,729,334 | 15,432,995 |
| | |
Net Assets | | |
Beginning of period | 42,271,200 | 26,838,205 |
End of period (including undistributed net investment income of $132,737 and $0, respectively) | $ 45,000,534 | $ 42,271,200 |
Other Information Shares | | |
Sold | 804,771 | 2,028,428 |
Issued in reinvestment of distributions | 118,050 | 62,848 |
Redeemed | (796,754) | (1,267,633) |
Net increase (decrease) | 126,067 | 823,643 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.20 | $ 10.16 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .19G | .22 | .08 |
Net realized and unrealized gain (loss) | .58 | 2.06 | .15 |
Total from investment operations | .77 | 2.28 | .23 |
Distributions from net investment income | (.16) | (.21) | (.07) |
Distributions from net realized gain | (.28) | (.03) | - |
Total distributions | (.44) | (.24) | (.07) |
Redemption fees added to paid in capital D, J | - | - | - |
Net asset value, end of period | $ 12.53 | $ 12.20 | $ 10.16 |
Total Return B, C | 6.47% | 22.73% | 2.25% |
Ratios to Average Net Assets E, I | | | |
Expenses before reductions | 1.23%A | 1.28% | 2.18%A |
Expenses net of fee waivers, if any | 1.20%A | 1.20% | 1.20%A |
Expenses net of all reductions | 1.20% A | 1.19% | 1.17%A |
Net investment income (loss) | 3.16% A, G | 1.94% | 1.62%A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 45,001 | $ 42,271 | $ 26,838 |
Portfolio turnover rate F | 97% A | 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 large, non-recurring dividends which amounted to $.09 per share. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.75%.
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
Notes to Financial Statements
For the period ended April 30, 2014 (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. 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management &
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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, 2014, 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Expenses. 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, equity-debt classifications, passive foreign investment companies (PFIC), partnerships 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 | $ 6,478,076 |
Gross unrealized depreciation | (686,458) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 5,791,618 |
| |
Tax cost | $ 40,657,024 |
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.
Semiannual Report
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated 21,167,076 and $20,480,469, 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.
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 .19% 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 $110 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Committed Line of Credit - continued
of credit, which amounted to $40 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 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 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 $9,798. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded 1.20% of average net assets. This reimbursement will remain in place through December 31, 2014. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $6,586.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $384.
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 $331 for the period.
Semiannual Report
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(Hong Kong) Limited
FIL Investment Advisors (FIA)
FIL Investment Advisors (UK) Limited
(FIA(UK))
FIL Investments (Japan) Limited (FIJ)
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
Citibank, N.A.
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-0614
1.938165.101
Fidelity®
International Discovery
Fund
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.29% | | | |
Actual | | $ 1,000.00 | $ 1,015.70 | $ 6.45 |
HypotheticalA | | $ 1,000.00 | $ 1,018.40 | $ 6.46 |
Class T | 1.52% | | | |
Actual | | $ 1,000.00 | $ 1,014.40 | $ 7.59 |
HypotheticalA | | $ 1,000.00 | $ 1,017.26 | $ 7.60 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,012.00 | $ 10.28 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.03% | | | |
Actual | | $ 1,000.00 | $ 1,012.10 | $ 10.13 |
HypotheticalA | | $ 1,000.00 | $ 1,014.73 | $ 10.14 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class K | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.50 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Institutional Class | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class Z | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.10 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
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, 2014 |
 | Japan 16.3% | |
 | United Kingdom 14.4% | |
 | Germany 10.3% | |
 | United States of America* 9.5% | |
 | France 8.9% | |
 | Switzerland 5.5% | |
 | Sweden 5.2% | |
 | Spain 3.0% | |
 | Netherlands 2.7% | |
 | Other 24.2% | |
* 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, 2013 |
| Japan 18.2% | |
| United Kingdom 15.9% | |
| France 10.9% | |
| Germany 8.7% | |
| Switzerland 6.4% | |
| United States of America* 5.5% | |
| Sweden 4.1% | |
| Spain 3.6% | |
| Netherlands 3.3% | |
| Other 23.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 96.0 | 97.2 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9 | 2.8 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 2.0 |
Total SA (France, Oil, Gas & Consumable Fuels) | 2.0 | 1.5 |
Bayer AG (Germany, Pharmaceuticals) | 1.8 | 1.6 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 1.8 | 1.8 |
Volkswagen AG (Germany, Automobiles) | 1.5 | 1.5 |
Siemens AG (Germany, Industrial Conglomerates) | 1.3 | 1.3 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.3 | 1.4 |
BASF AG (Germany, Chemicals) | 1.3 | 1.2 |
KBC Groupe SA (Belgium, Banks) | 1.2 | 1.0 |
AXA SA (France, Insurance) | 1.2 | 1.2 |
| 15.7 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.1 | 24.8 |
Consumer Discretionary | 14.8 | 16.4 |
Industrials | 14.6 | 13.0 |
Health Care | 12.4 | 9.5 |
Consumer Staples | 8.4 | 10.1 |
Information Technology | 8.3 | 7.7 |
Materials | 5.4 | 5.2 |
Telecommunication Services | 5.1 | 5.1 |
Energy | 3.5 | 3.8 |
Utilities | 0.2 | 0.6 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.2% |
| Shares | | Value (000s) |
Australia - 2.5% |
Ansell Ltd. | 2,499,254 | | $ 42,001 |
Australia & New Zealand Banking Group Ltd. | 6,493,040 | | 207,924 |
Ramsay Health Care Ltd. | 1,215,729 | | 50,609 |
TOTAL AUSTRALIA | | 300,534 |
Austria - 0.2% |
Andritz AG | 455,300 | | 28,257 |
Bailiwick of Jersey - 1.7% |
Experian PLC | 2,900,800 | | 55,638 |
Shire PLC | 222,100 | | 12,702 |
Wolseley PLC | 1,459,649 | | 84,310 |
WPP PLC | 2,319,800 | | 50,019 |
TOTAL BAILIWICK OF JERSEY | | 202,669 |
Belgium - 2.4% |
Anheuser-Busch InBev SA NV (d) | 1,183,927 | | 129,043 |
Arseus NV | 235,000 | | 13,335 |
KBC Groupe SA | 2,342,738 | | 142,716 |
TOTAL BELGIUM | | 285,094 |
Bermuda - 0.1% |
PAX Global Technology Ltd. (a) | 25,931,000 | | 13,512 |
Canada - 2.0% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,346,700 | | 37,954 |
Constellation Software, Inc. | 266,500 | | 59,024 |
First Quantum Minerals Ltd. | 1,680,600 | | 33,472 |
Imperial Oil Ltd. | 38,100 | | 1,860 |
Suncor Energy, Inc. | 2,012,600 | | 77,636 |
TransForce, Inc. | 1,412,400 | | 30,837 |
TOTAL CANADA | | 240,783 |
Cayman Islands - 1.0% |
Cimc Enric Holdings Ltd. | 12,718,000 | | 18,405 |
ENN Energy Holdings Ltd. | 3,266,000 | | 22,832 |
Greatview Aseptic Pack Co. Ltd. | 26,392,000 | | 16,102 |
iKang Healthcare Group, Inc. sponsored ADR | 80,200 | | 1,101 |
Sands China Ltd. | 4,548,600 | | 33,207 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 841,400 | | 28,608 |
TOTAL CAYMAN ISLANDS | | 120,255 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 529,830 | | 577 |
Common Stocks - continued |
| Shares | | Value (000s) |
Denmark - 2.1% |
ISS Holdings A/S (a) | 384,000 | | $ 13,369 |
Novo Nordisk A/S Series B (d) | 3,046,345 | | 138,261 |
Pandora A/S | 514,000 | | 34,576 |
Vestas Wind Systems A/S (a) | 1,263,600 | | 56,087 |
TOTAL DENMARK | | 242,293 |
Finland - 0.7% |
Sampo Oyj (A Shares) (d) | 1,739,800 | | 86,387 |
France - 8.9% |
Arkema SA | 487,670 | | 54,376 |
Atos Origin SA | 525,695 | | 45,386 |
AXA SA (d) | 5,364,600 | | 139,734 |
BNP Paribas SA | 1,617,645 | | 121,436 |
Bureau Veritas SA | 1,413,000 | | 43,127 |
Havas SA | 5,933,668 | | 47,170 |
Iliad SA | 213,972 | | 57,738 |
Lafarge SA (Bearer) | 605,900 | | 55,353 |
Rexel SA | 3,421,500 | | 86,392 |
Schneider Electric SA | 1,383,800 | | 129,683 |
SR Teleperformance SA | 385,700 | | 22,094 |
Total SA (a) | 3,397,200 | | 243,050 |
TOTAL FRANCE | | 1,045,539 |
Germany - 8.8% |
Aareal Bank AG | 1,044,895 | | 47,367 |
adidas AG | 638,000 | | 68,093 |
BASF AG (d) | 1,265,455 | | 146,472 |
Bayer AG (d) | 1,557,600 | | 216,094 |
Brenntag AG | 477,800 | | 86,406 |
Continental AG (d) | 255,300 | | 59,805 |
Drillisch AG | 2,022,600 | | 75,314 |
GEA Group AG | 1,508,060 | | 67,463 |
HeidelbergCement Finance AG (d) | 494,100 | | 42,857 |
KION Group AG | 1,166,749 | | 55,149 |
LEG Immobilien AG | 184,948 | | 12,337 |
Siemens AG | 1,197,644 | | 157,994 |
TOTAL GERMANY | | 1,035,351 |
Hong Kong - 2.0% |
AIA Group Ltd. | 22,053,600 | | 106,955 |
Techtronic Industries Co. Ltd. | 39,683,000 | | 126,425 |
TOTAL HONG KONG | | 233,380 |
Common Stocks - continued |
| Shares | | Value (000s) |
India - 1.3% |
Bharti Infratel Ltd. (a) | 5,356,336 | | $ 19,151 |
Housing Development Finance Corp. Ltd. | 6,075,663 | | 90,452 |
Lupin Ltd. | 1,963,215 | | 33,499 |
United Spirits Ltd. | 273,323 | | 12,546 |
TOTAL INDIA | | 155,648 |
Ireland - 2.1% |
Actavis PLC (a) | 305,900 | | 62,505 |
Bank of Ireland (a) | 63,590,200 | | 24,885 |
James Hardie Industries PLC CDI | 6,070,470 | | 77,373 |
Kerry Group PLC Class A | 1,114,800 | | 88,003 |
TOTAL IRELAND | | 252,766 |
Italy - 1.4% |
De Longhi SpA | 2,375,100 | | 51,535 |
UniCredit SpA | 9,028,600 | | 80,666 |
World Duty Free SpA (a) | 2,253,904 | | 30,191 |
TOTAL ITALY | | 162,392 |
Japan - 16.3% |
ABC-MART, Inc. | 398,400 | | 17,867 |
ACOM Co. Ltd. (a)(d) | 10,332,400 | | 35,171 |
Aozora Bank Ltd. | 16,056,000 | | 47,743 |
Astellas Pharma, Inc. | 9,796,000 | | 108,946 |
Coca-Cola Central Japan Co. Ltd. | 1,597,500 | | 35,908 |
Daikin Industries Ltd. | 1,089,400 | | 62,880 |
Don Quijote Holdings Co. Ltd. | 1,454,900 | | 76,562 |
Hitachi Ltd. | 6,659,000 | | 47,353 |
Hoya Corp. | 2,101,900 | | 61,966 |
Iida Group Holdings Co. Ltd. (a) | 464,778 | | 6,910 |
Japan Exchange Group, Inc. | 2,589,500 | | 51,114 |
Japan Tobacco, Inc. | 3,948,700 | | 129,621 |
Kakaku.com, Inc. | 1,903,000 | | 27,083 |
KDDI Corp. | 1,426,300 | | 75,922 |
Keyence Corp. | 304,060 | | 117,136 |
NEC Corp. | 23,010,000 | | 64,595 |
Olympus Corp. (a) | 1,501,000 | | 45,807 |
OMRON Corp. | 2,083,000 | | 73,552 |
ORIX Corp. | 9,072,900 | | 131,077 |
Park24 Co. Ltd. | 1,342,800 | | 24,509 |
Rakuten, Inc. | 5,927,100 | | 76,643 |
Santen Pharmaceutical Co. Ltd. | 1,166,900 | | 52,047 |
Seven & i Holdings Co., Ltd. | 2,748,600 | | 108,374 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Seven Bank Ltd. | 17,781,300 | | $ 67,309 |
Ship Healthcare Holdings, Inc. | 1,076,700 | | 36,650 |
SoftBank Corp. | 2,099,300 | | 155,854 |
Toshiba Plant Systems & Services Corp. | 2,449,100 | | 36,005 |
Toyota Motor Corp. | 2,257,200 | | 121,952 |
Tsuruha Holdings, Inc. | 260,900 | | 26,234 |
TOTAL JAPAN | | 1,922,790 |
Korea (South) - 1.1% |
Hyundai Motor Co. | 206,848 | | 46,051 |
Naver Corp. | 112,967 | | 80,699 |
TOTAL KOREA (SOUTH) | | 126,750 |
Luxembourg - 0.2% |
Altice S.A. | 344,100 | | 19,664 |
Netherlands - 2.7% |
AEGON NV | 5,028,800 | | 46,096 |
AerCap Holdings NV (a) | 1,180,100 | | 49,246 |
Airbus Group NV | 176,700 | | 12,132 |
Koninklijke KPN NV (a) | 12,577,385 | | 44,686 |
Koninklijke Philips Electronics NV | 3,436,200 | | 110,004 |
Royal DSM NV | 778,500 | | 55,817 |
TOTAL NETHERLANDS | | 317,981 |
New Zealand - 0.5% |
EBOS Group Ltd. | 243,590 | | 1,974 |
Ryman Healthcare Group Ltd. | 7,311,565 | | 54,536 |
TOTAL NEW ZEALAND | | 56,510 |
Philippines - 0.2% |
Alliance Global Group, Inc. | 26,741,800 | | 18,688 |
Portugal - 0.1% |
CTT Correios de Portugal SA | 609,064 | | 6,700 |
Espirito Santo Saude SGPS SA | 1,982,181 | | 9,570 |
TOTAL PORTUGAL | | 16,270 |
Singapore - 0.5% |
Ezion Holdings Ltd. | 12,606,000 | | 22,825 |
Global Logistic Properties Ltd. | 16,214,205 | | 36,859 |
TOTAL SINGAPORE | | 59,684 |
Common Stocks - continued |
| Shares | | Value (000s) |
South Africa - 0.5% |
Naspers Ltd. Class N | 668,700 | | $ 63,053 |
Spain - 3.0% |
Amadeus IT Holding SA Class A | 1,462,100 | | 60,762 |
Atresmedia Corporacion de Medios de Comunicacion SA | 1,515,400 | | 21,718 |
Banco Bilbao Vizcaya Argentaria SA | 5,747,024 | | 70,790 |
Criteria CaixaCorp SA | 8,029,913 | | 48,906 |
Grifols SA ADR (d) | 1,796,450 | | 73,726 |
Inditex SA | 481,679 | | 72,272 |
TOTAL SPAIN | | 348,174 |
Sweden - 5.2% |
ASSA ABLOY AB (B Shares) | 2,128,600 | | 112,679 |
Eniro AB (a) | 4,832,900 | | 38,353 |
H&M Hennes & Mauritz AB (B Shares) (d) | 1,057,821 | | 43,079 |
HEXPOL AB (B Shares) | 143,001 | | 13,504 |
Intrum Justitia AB | 1,835,800 | | 53,107 |
Investment AB Kinnevik (B Shares) | 460,600 | | 16,186 |
Nordea Bank AB | 9,576,600 | | 138,372 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 4,579,600 | | 128,256 |
Svenska Handelsbanken AB (A Shares) | 1,425,600 | | 71,541 |
TOTAL SWEDEN | | 615,077 |
Switzerland - 5.5% |
Compagnie Financiere Richemont SA Series A | 244,608 | | 24,819 |
Lonza Group AG | 521,951 | | 54,532 |
Partners Group Holding AG | 230,056 | | 62,945 |
Roche Holding AG (participation certificate) | 926,232 | | 271,714 |
Schindler Holding AG (participation certificate) | 194,920 | | 30,165 |
Syngenta AG (Switzerland) | 179,374 | | 71,031 |
UBS AG | 6,126,361 | | 128,126 |
TOTAL SWITZERLAND | | 643,332 |
Taiwan - 1.5% |
ECLAT Textile Co. Ltd. | 2,457,180 | | 26,881 |
MediaTek, Inc. | 4,532,000 | | 70,912 |
Merida Industry Co. Ltd. | 4,758,000 | | 31,861 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 12,576,000 | | 49,469 |
TOTAL TAIWAN | | 179,123 |
United Kingdom - 14.4% |
Aberdeen Asset Management PLC | 5,975,132 | | 44,066 |
Alabama Noor Hospitals Group PLC | 1,829,400 | | 30,826 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Associated British Foods PLC | 791,000 | | $ 39,678 |
Barclays PLC | 16,433,040 | | 70,170 |
BG Group PLC | 4,257,800 | | 86,123 |
BHP Billiton PLC | 2,080,582 | | 67,545 |
British American Tobacco PLC (United Kingdom) | 1,050,600 | | 60,667 |
Bunzl PLC | 1,143,100 | | 32,443 |
Diageo PLC | 4,394,219 | | 134,638 |
Exova Group Ltd. PLC (a) | 3,912,500 | | 14,549 |
Hikma Pharmaceuticals PLC | 3,907,835 | | 102,401 |
HSBC Holdings PLC (United Kingdom) | 7,007,393 | | 71,599 |
ITV PLC | 14,738,700 | | 45,290 |
Jazztel PLC (a) | 4,681,964 | | 71,840 |
Legal & General Group PLC | 11,058,689 | | 39,546 |
Liberty Global PLC: | | | |
Class A (a) | 677,800 | | 26,990 |
Class C | 677,800 | | 26,048 |
London Stock Exchange Group PLC | 2,683,400 | | 82,095 |
Meggitt PLC | 6,842,366 | | 55,071 |
Melrose PLC | 6,971,000 | | 33,603 |
Next PLC | 781,744 | | 86,057 |
Ocado Group PLC (a) | 799,632 | | 4,536 |
Persimmon PLC | 2,082,200 | | 46,124 |
Poundland Group PLC (a) | 3,906,035 | | 22,917 |
Reckitt Benckiser Group PLC | 788,600 | | 63,578 |
Rolls-Royce Group PLC | 4,197,715 | | 74,418 |
Rotork PLC | 717,800 | | 31,401 |
St. James's Place Capital PLC | 5,676,000 | | 73,792 |
Taylor Wimpey PLC | 12,002,700 | | 21,299 |
The Restaurant Group PLC | 1,992,100 | | 20,988 |
Ultra Electronics Holdings PLC | 614,667 | | 17,601 |
Vodafone Group PLC | 28,009,396 | | 106,341 |
TOTAL UNITED KINGDOM | | 1,704,240 |
United States of America - 3.3% |
Google, Inc.: | | | |
Class A (a) | 90,700 | | 48,514 |
Class C (a) | 90,700 | | 47,768 |
Illumina, Inc. (a) | 222,300 | | 30,199 |
Las Vegas Sands Corp. | 726,600 | | 57,496 |
MasterCard, Inc. Class A | 806,900 | | 59,347 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
McGraw Hill Financial, Inc. | 1,269,000 | | $ 93,817 |
Visa, Inc. Class A | 273,600 | | 55,434 |
TOTAL UNITED STATES OF AMERICA | | 392,575 |
TOTAL COMMON STOCKS (Cost $8,927,377) |
10,889,348
|
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.5% |
Volkswagen AG | 650,200 | | 175,089 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 562,493,810 | | 950 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $133,978) |
176,039
|
Government Obligations - 0.1% |
| Principal Amount (000s) (h) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14 (g)
(Cost $15,570) | | $ 15,570 | |
15,570
|
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (e)(f)
(Cost $14,037) | EUR | 9,140 | |
14,125
|
Money Market Funds - 9.5% |
| Shares | | Value (000s) |
Fidelity Cash Central Fund, 0.11% (b) | 611,309,213 | | $ 611,309 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 511,177,090 | | 511,177 |
TOTAL MONEY MARKET FUNDS (Cost $1,122,486) |
1,122,486
|
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $10,213,448) | 12,217,568 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (402,287) |
NET ASSETS - 100% | $ 11,815,281 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
3,792 CME Nikkei 225 Index Contracts | June 2014 | | $ 271,223 | | $ (19,376) |
|
The face value of futures purchased as a percentage of net assets is 2.3% |
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 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 $14,125,000 or 0.1% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) 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 $14,065,000. |
(h) Amount is stated in United States dollars unless otherwise noted. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 312 |
Fidelity Securities Lending Cash Central Fund | 2,699 |
Total | $ 3,011 |
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, 2014, 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
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,721,540 | $ 1,549,569 | $ 171,971 | $ - |
Consumer Staples | 994,500 | 670,152 | 324,348 | - |
Energy | 431,494 | 188,444 | 243,050 | - |
Financials | 2,488,756 | 2,077,090 | 411,666 | - |
Health Care | 1,471,643 | 1,015,467 | 456,176 | - |
Industrials | 1,711,362 | 1,443,364 | 267,998 | - |
Information Technology | 982,512 | 933,043 | 49,469 | - |
Materials | 633,902 | 495,326 | 138,576 | - |
Telecommunication Services | 606,846 | 455,819 | 151,027 | - |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Utilities | $ 22,832 | $ 22,832 | $ - | $ - |
Government Obligations | 15,570 | - | 15,570 | - |
Preferred Securities | 14,125 | - | 14,125 | - |
Money Market Funds | 1,122,486 | 1,122,486 | - | - |
Total Investments in Securities: | $ 12,217,568 | $ 9,973,592 | $ 2,243,976 | $ - |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (19,376) | $ (19,376) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 (000s) |
Level 1 to Level 2 | $ 312,418 |
Level 2 to Level 1 | $ 1,472,156 |
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, 2014. 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 (000s) |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ - | $ (19,376) |
Total Value of Derivatives | $ - | $ (19,376) |
(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
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $484,808) - See accompanying schedule: Unaffiliated issuers (cost $9,090,962) | $ 11,095,082 | |
Fidelity Central Funds (cost $1,122,486) | 1,122,486 | |
Total Investments (cost $10,213,448) | | $ 12,217,568 |
Foreign currency held at value (cost $6,181) | | 6,184 |
Receivable for investments sold | | 111,261 |
Receivable for fund shares sold | | 12,993 |
Dividends receivable | | 42,603 |
Distributions receivable from Fidelity Central Funds | | 900 |
Prepaid expenses | | 9 |
Other receivables | | 3,877 |
Total assets | | 12,395,395 |
| | |
Liabilities | | |
Payable for investments purchased | $ 44,205 | |
Payable for fund shares redeemed | 11,662 | |
Accrued management fee | 6,656 | |
Distribution and service plan fees payable | 128 | |
Payable for daily variation margin for derivative instruments | 3,128 | |
Other affiliated payables | 1,677 | |
Other payables and accrued expenses | 1,481 | |
Collateral on securities loaned, at value | 511,177 | |
Total liabilities | | 580,114 |
| | |
Net Assets | | $ 11,815,281 |
Net Assets consist of: | | |
Paid in capital | | $ 10,415,376 |
Undistributed net investment income | | 114,183 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (697,402) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,983,124 |
Net Assets | | $ 11,815,281 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($331,128 ÷ 8,392.9 shares) | | $ 39.45 |
| | |
Maximum offering price per share (100/94.25 of $39.45) | | $ 41.86 |
Class T:
Net Asset Value and redemption price per share ($50,909 ÷ 1,297.9 shares) | | $ 39.22 |
| | |
Maximum offering price per share (100/96.50 of $39.22) | | $ 40.64 |
Class B:
Net Asset Value and offering price per share ($5,848 ÷ 149.1 shares)A | | $ 39.22 |
| | |
Class C:
Net Asset Value and offering price per share ($39,763 ÷ 1,015.9 shares)A | | $ 39.14 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($8,069,092 ÷ 203,149.3 shares) | | $ 39.72 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($2,679,042 ÷ 67,586.0 shares) | | $ 39.64 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($622,000 ÷ 15,688.4 shares) | | $ 39.65 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($17,499 ÷ 441.7 shares) | | $ 39.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 116,352 |
Special dividends | | 63,816 |
Interest | | 2 |
Income from Fidelity Central Funds | | 3,011 |
Income before foreign taxes withheld | | 183,181 |
Less foreign taxes withheld | | (10,085) |
Total income | | 173,096 |
| | |
Expenses | | |
Management fee
Basic fee | $ 40,933 | |
Performance adjustment | 1,565 | |
Transfer agent fees | 8,918 | |
Distribution and service plan fees | 772 | |
Accounting and security lending fees | 927 | |
Custodian fees and expenses | 708 | |
Independent trustees' compensation | 23 | |
Registration fees | 167 | |
Audit | 60 | |
Legal | 25 | |
Miscellaneous | 41 | |
Total expenses before reductions | 54,139 | |
Expense reductions | (122) | 54,017 |
Net investment income (loss) | | 119,079 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 363,543 | |
Foreign currency transactions | (1,353) | |
Futures contracts | 8,004 | |
Total net realized gain (loss) | | 370,194 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $721) | (269,054) | |
Assets and liabilities in foreign currencies | 255 | |
Futures contracts | (23,614) | |
Total change in net unrealized appreciation (depreciation) | | (292,413) |
Net gain (loss) | | 77,781 |
Net increase (decrease) in net assets resulting from operations | | $ 196,860 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 119,079 | $ 129,203 |
Net realized gain (loss) | 370,194 | 725,376 |
Change in net unrealized appreciation (depreciation) | (292,413) | 1,463,372 |
Net increase (decrease) in net assets resulting from operations | 196,860 | 2,317,951 |
Distributions to shareholders from net investment income | (136,326) | (146,031) |
Distributions to shareholders from net realized gain | (88,586) | (8,413) |
Total distributions | (224,912) | (154,444) |
Share transactions - net increase (decrease) | 548,372 | 714,712 |
Redemption fees | 75 | 128 |
Total increase (decrease) in net assets | 520,395 | 2,878,347 |
| | |
Net Assets | | |
Beginning of period | 11,294,886 | 8,416,539 |
End of period (including undistributed net investment income of $114,183 and undistributed net investment income of $131,430, respectively) | $ 11,815,281 | $ 11,294,886 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .33 K | .34 | .41 | .42 | .31 | .31 |
Net realized and unrealized gain (loss) | .28 | 7.97 | 2.11 | (2.52) | 3.51 | 4.84 |
Total from investment operations | .61 | 8.31 | 2.52 | (2.10) | 3.82 | 5.15 |
Distributions from net investment income | (.33) | (.45) | (.29) | (.38) | (.28) | (.26) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.65) J | (.48) | (.29) | (.54) | (.32) | (.26) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.45 | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 |
Total Return B,C,D | 1.57% | 26.59% | 8.70% | (6.71)% | 13.43% | 22.14% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.29% A | 1.35% | 1.34% | 1.30% | 1.33% | 1.37% |
Expenses net of fee waivers, if any | 1.29% A | 1.35% | 1.34% | 1.29% | 1.33% | 1.37% |
Expenses net of all reductions | 1.29% A | 1.33% | 1.31% | 1.25% | 1.28% | 1.32% |
Net investment income (loss) | 1.68% A,K | .97% | 1.41% | 1.31% | 1.06% | 1.28% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 331 | $ 347 | $ 299 | $ 320 | $ 392 | $ 414 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .28 J | .26 | .34 | .34 | .23 | .24 |
Net realized and unrealized gain (loss) | .27 | 7.92 | 2.09 | (2.51) | 3.48 | 4.81 |
Total from investment operations | .55 | 8.18 | 2.43 | (2.17) | 3.71 | 5.05 |
Distributions from net investment income | (.25) | (.34) | (.19) | (.30) | (.21) | (.19) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.56) | (.37) | (.19) | (.46) | (.25) | (.19) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 |
Total Return B,C,D | 1.44% | 26.31% | 8.41% | (6.96)% | 13.14% | 21.79% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.52% A | 1.59% | 1.59% | 1.56% | 1.60% | 1.65% |
Expenses net of fee waivers, if any | 1.52% A | 1.59% | 1.59% | 1.55% | 1.60% | 1.65% |
Expenses net of all reductions | 1.52% A | 1.57% | 1.56% | 1.51% | 1.56% | 1.60% |
Net investment income (loss) | 1.44% A,J | .73% | 1.16% | 1.05% | .79% | 1.00% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 51 | $ 53 | $ 46 | $ 61 | $ 92 | $ 83 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .17 | .08 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.48) | 3.44 | 4.81 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.52 | 4.93 |
Distributions from net investment income | (.01) | (.15) | (.02) | (.12) | (.06) | - |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.32) | (.18) | (.02) | (.27) J | (.10) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 |
Total Return B,C,D | 1.20% | 25.64% | 7.85% | (7.39)% | 12.52% | 21.20% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of fee waivers, if any | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of all reductions | 2.06% A | 2.08% | 2.06% | 2.02% | 2.08% | 2.11% |
Net investment income (loss) | .90% A,K | .22% | .66% | .54% | .27% | .49% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 6 | $ 7 | $ 8 | $ 10 | $ 14 | $ 16 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .18 | .09 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.49) | 3.45 | 4.82 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.54 | 4.94 |
Distributions from net investment income | (.08) | (.20) | (.04) | (.14) | (.05) | (.02) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.39) | (.23) | (.04) | (.29) J | (.09) | (.02) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.14 | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 |
Total Return B,C,D | 1.21% | 25.65% | 7.86% | (7.37)% | 12.54% | 21.22% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.03% A | 2.10% | 2.09% | 2.05% | 2.09% | 2.14% |
Expenses net of fee waivers, if any | 2.03% A | 2.09% | 2.09% | 2.04% | 2.09% | 2.14% |
Expenses net of all reductions | 2.03% A | 2.07% | 2.06% | 2.00% | 2.05% | 2.09% |
Net investment income (loss) | .93% A,K | .23% | .66% | .56% | .30% | .51% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 40 | $ 36 | $ 30 | $ 33 | $ 44 | $ 43 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.16)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 I | .47 | .51 | .53 | .40 | .37 |
Net realized and unrealized gain (loss) | .28 | 8.02 | 2.12 | (2.54) | 3.54 | 4.88 |
Total from investment operations | .68 | 8.49 | 2.63 | (2.01) | 3.94 | 5.25 |
Distributions from net investment income | (.47) | (.55) | (.41) | (.48) | (.35) | (.34) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.78) | (.58) | (.41) | (.64) | (.39) | (.34) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.72 | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 |
Total Return B,C | 1.76% | 27.03% | 9.03% | (6.39)% | 13.76% | 22.47% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.01% | .97% | 1.05% | 1.12% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.01% | .96% | 1.05% | 1.12% |
Expenses net of all reductions | .94% A | .98% | .98% | .92% | 1.00% | 1.07% |
Net investment income (loss) | 2.03% A,I | 1.32% | 1.73% | 1.64% | 1.35% | 1.53% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 8,069 | $ 7,800 | $ 5,965 | $ 6,806 | $ 8,133 | $ 8,114 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .43 J | .52 | .57 | .58 | .46 | .44 |
Net realized and unrealized gain (loss) | .29 | 8.01 | 2.11 | (2.54) | 3.53 | 4.86 |
Total from investment operations | .72 | 8.53 | 2.68 | (1.96) | 3.99 | 5.30 |
Distributions from net investment income | (.53) | (.61) | (.47) | (.55) | (.41) | (.42) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.84) | (.64) | (.47) | (.70) I | (.45) | (.42) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.64 | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 |
Total Return B,C | 1.85% | 27.23% | 9.24% | (6.24)% | 13.96% | 22.80% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .81% A | .85% | .83% | .80% | .84% | .88% |
Expenses net of fee waivers, if any | .81% A | .85% | .83% | .79% | .84% | .88% |
Expenses net of all reductions | .80% A | .83% | .80% | .75% | .79% | .83% |
Net investment income (loss) | 2.16% A,J | 1.47% | 1.91% | 1.81% | 1.55% | 1.77% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 2,679 | $ 2,576 | $ 1,776 | $ 1,245 | $ 1,078 | $ 674 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 J | .47 | .52 | .54 | .41 | .39 |
Net realized and unrealized gain (loss) | .28 | 8.01 | 2.11 | (2.55) | 3.55 | 4.86 |
Total from investment operations | .68 | 8.48 | 2.63 | (2.01) | 3.96 | 5.25 |
Distributions from net investment income | (.48) | (.56) | (.41) | (.50) | (.38) | (.39) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.79) | (.59) | (.41) | (.65) I | (.42) | (.39) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.65 | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 |
Total Return B,C | 1.76% | 27.03% | 9.07% | (6.39)% | 13.84% | 22.52% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.00% | .95% | .99% | 1.05% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.00% | .94% | .99% | 1.05% |
Expenses net of all reductions | .94% A | .97% | .97% | .90% | .95% | 1.00% |
Net investment income (loss) | 2.02% A,J | 1.33% | 1.75% | 1.66% | 1.40% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 622 | $ 476 | $ 294 | $ 278 | $ 319 | $ 267 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended April 30, 2014 | Year ended October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 39.77 | $ 37.22 |
Income from Investment Operations | | |
Net investment income (loss) D | .42 J | .07 |
Net realized and unrealized gain (loss) | .28 | 2.48 |
Total from investment operations | .70 | 2.55 |
Distributions from net investment income | (.54) | - |
Distributions from net realized gain | (.31) | - |
Total distributions | (.85) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 39.62 | $ 39.77 |
Total Return B,C | 1.81% | 6.85% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .81% A | .85% A |
Expenses net of fee waivers, if any | .81% A | .85% A |
Expenses net of all reductions | .81% A | .83% A |
Net investment income (loss) | 2.16% A,J | .76% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 17 | $ 107 |
Portfolio turnover rate F | 54% A | 65% |
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 August 13, 2013 (commencement of sale of shares) to October 31, 2013.
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Discovery, Class K, Institutional Class and Class Z 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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. 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, 2014, 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 2,148,794 |
Gross unrealized depreciation | (226,912) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 1,921,882 |
| |
Tax cost | $ 10,295,686 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ (950,903) |
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.
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 return 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 risks:
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
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 $8,004 and a change in net unrealized appreciation (depreciation) of $(23,614) 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 $3,130,499 and $3,016,413, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 .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 relative investment performance of International Discovery 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 .73% 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% | $ 417 | $ 6 |
Class T | .25% | .25% | 131 | 2 |
Class B | .75% | .25% | 32 | 24 |
Class C | .75% | .25% | 192 | 22 |
| | | $ 772 | $ 54 |
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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 31 |
Class T | 4 |
Class B* | 2 |
Class C* | 1 |
| $ 38 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 463 | .28 |
Class T | 68 | .26 |
Class B | 10 | .30 |
Class C | 52 | .27 |
International Discovery | 7,248 | .18 |
Class K | 597 | .05 |
Institutional Class | 478 | .18 |
Class Z | 2 | .05 |
| $ 8,918 | |
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
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 $8,214 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 $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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
Semiannual Report
8. Security Lending - continued
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 income from Fidelity Central Funds. Total security lending income during the period amounted to $2,699, including $7 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 $97 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $25.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 2,857 | $ 4,138 |
Class T | 344 | 492 |
Class B | 2 | 34 |
Class C | 79 | 186 |
International Discovery | 93,065 | 101,466 |
Class K | 33,983 | 34,651 |
Institutional Class | 5,936 | 5,064 |
Class Z | 60 | - |
Total | $ 136,326 | $ 146,031 |
From net realized gain | | |
Class A | $ 2,660 | $ 297 |
Class T | 423 | 46 |
Class B | 52 | 7 |
Class C | 295 | 30 |
International Discovery | 61,190 | 5,914 |
Class K | 20,093 | 1,827 |
Institutional Class | 3,838 | 292 |
Class Z | 35 | - |
Total | $ 88,586 | $ 8,413 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013A | Six months ended April 30,
2014 | Year ended
October 31,
2013A |
Class A | | | | |
Shares sold | 838 | 1,772 | $ 33,014 | $ 62,186 |
Reinvestment of distributions | 137 | 132 | 5,280 | 4,249 |
Shares redeemed | (1,362) | (2,553) | (53,759) | (88,988) |
Net increase (decrease) | (387) | (649) | $ (15,465) | $ (22,553) |
Class T | | | | |
Shares sold | 97 | 227 | $ 3,819 | $ 7,911 |
Reinvestment of distributions | 19 | 16 | 736 | 512 |
Shares redeemed | (174) | (347) | (6,774) | (11,997) |
Net increase (decrease) | (58) | (104) | $ (2,219) | $ (3,574) |
Class B | | | | |
Shares sold | 4 | 4 | $ 149 | $ 137 |
Reinvestment of distributions | 1 | 1 | 51 | 39 |
Shares redeemed | (27) | (75) | (1,059) | (2,570) |
Net increase (decrease) | (22) | (70) | $ (859) | $ (2,394) |
Class C | | | | |
Shares sold | 153 | 184 | $ 5,958 | $ 6,532 |
Reinvestment of distributions | 9 | 6 | 337 | 193 |
Shares redeemed | (79) | (207) | (3,097) | (7,250) |
Net increase (decrease) | 83 | (17) | $ 3,198 | $ (525) |
International Discovery | | | | |
Shares sold | 21,319 | 37,338 | $ 845,660 | $ 1,332,523 |
Reinvestment of distributions | 3,813 | 3,176 | 148,138 | 102,608 |
Shares redeemed | (17,836) | (31,569) | (705,578) | (1,103,313) |
Net increase (decrease) | 7,296 | 8,945 | $ 288,220 | $ 331,818 |
Class K | | | | |
Shares sold | 8,356 | 19,989 | $ 332,299 | $ 699,723 |
Reinvestment of distributions | 1,396 | 1,132 | 54,076 | 36,478 |
Shares redeemed | (6,953) | (12,053) | (275,437) | (423,712) |
Net increase (decrease) | 2,799 | 9,068 | $ 110,938 | $ 312,489 |
Institutional Class | | | | |
Shares sold | 5,352 | 4,893 | $ 211,862 | $ 175,669 |
Reinvestment of distributions | 91 | 68 | 3,529 | 2,182 |
Shares redeemed | (1,730) | (2,219) | (67,783) | (78,500) |
Net increase (decrease) | 3,713 | 2,742 | $ 147,608 | $ 99,351 |
Class Z | | | | |
Shares sold | 463 | 3 | $ 17,869 | $ 100 |
Reinvestment of distributions | 2 | - | 95 | - |
Shares redeemed | (26) | - | (1,013) | - |
Net increase (decrease) | 439 | 3 | $ 16,951 | $ 100 |
A Share transactions for class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 14% 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 20% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
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
IGI-USAN-0614
1.807260.109
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Discovery
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are classes of Fidelity® International 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 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.29% | | | |
Actual | | $ 1,000.00 | $ 1,015.70 | $ 6.45 |
HypotheticalA | | $ 1,000.00 | $ 1,018.40 | $ 6.46 |
Class T | 1.52% | | | |
Actual | | $ 1,000.00 | $ 1,014.40 | $ 7.59 |
HypotheticalA | | $ 1,000.00 | $ 1,017.26 | $ 7.60 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,012.00 | $ 10.28 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.03% | | | |
Actual | | $ 1,000.00 | $ 1,012.10 | $ 10.13 |
HypotheticalA | | $ 1,000.00 | $ 1,014.73 | $ 10.14 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class K | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.50 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Institutional Class | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class Z | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.10 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
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, 2014 |
 | Japan 16.3% | |
 | United Kingdom 14.4% | |
 | Germany 10.3% | |
 | United States of America* 9.5% | |
 | France 8.9% | |
 | Switzerland 5.5% | |
 | Sweden 5.2% | |
 | Spain 3.0% | |
 | Netherlands 2.7% | |
 | Other 24.2% | |
* 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, 2013 |
| Japan 18.2% | |
| United Kingdom 15.9% | |
| France 10.9% | |
| Germany 8.7% | |
| Switzerland 6.4% | |
| United States of America* 5.5% | |
| Sweden 4.1% | |
| Spain 3.6% | |
| Netherlands 3.3% | |
| Other 23.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 96.0 | 97.2 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9 | 2.8 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 2.0 |
Total SA (France, Oil, Gas & Consumable Fuels) | 2.0 | 1.5 |
Bayer AG (Germany, Pharmaceuticals) | 1.8 | 1.6 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 1.8 | 1.8 |
Volkswagen AG (Germany, Automobiles) | 1.5 | 1.5 |
Siemens AG (Germany, Industrial Conglomerates) | 1.3 | 1.3 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.3 | 1.4 |
BASF AG (Germany, Chemicals) | 1.3 | 1.2 |
KBC Groupe SA (Belgium, Banks) | 1.2 | 1.0 |
AXA SA (France, Insurance) | 1.2 | 1.2 |
| 15.7 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.1 | 24.8 |
Consumer Discretionary | 14.8 | 16.4 |
Industrials | 14.6 | 13.0 |
Health Care | 12.4 | 9.5 |
Consumer Staples | 8.4 | 10.1 |
Information Technology | 8.3 | 7.7 |
Materials | 5.4 | 5.2 |
Telecommunication Services | 5.1 | 5.1 |
Energy | 3.5 | 3.8 |
Utilities | 0.2 | 0.6 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.2% |
| Shares | | Value (000s) |
Australia - 2.5% |
Ansell Ltd. | 2,499,254 | | $ 42,001 |
Australia & New Zealand Banking Group Ltd. | 6,493,040 | | 207,924 |
Ramsay Health Care Ltd. | 1,215,729 | | 50,609 |
TOTAL AUSTRALIA | | 300,534 |
Austria - 0.2% |
Andritz AG | 455,300 | | 28,257 |
Bailiwick of Jersey - 1.7% |
Experian PLC | 2,900,800 | | 55,638 |
Shire PLC | 222,100 | | 12,702 |
Wolseley PLC | 1,459,649 | | 84,310 |
WPP PLC | 2,319,800 | | 50,019 |
TOTAL BAILIWICK OF JERSEY | | 202,669 |
Belgium - 2.4% |
Anheuser-Busch InBev SA NV (d) | 1,183,927 | | 129,043 |
Arseus NV | 235,000 | | 13,335 |
KBC Groupe SA | 2,342,738 | | 142,716 |
TOTAL BELGIUM | | 285,094 |
Bermuda - 0.1% |
PAX Global Technology Ltd. (a) | 25,931,000 | | 13,512 |
Canada - 2.0% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,346,700 | | 37,954 |
Constellation Software, Inc. | 266,500 | | 59,024 |
First Quantum Minerals Ltd. | 1,680,600 | | 33,472 |
Imperial Oil Ltd. | 38,100 | | 1,860 |
Suncor Energy, Inc. | 2,012,600 | | 77,636 |
TransForce, Inc. | 1,412,400 | | 30,837 |
TOTAL CANADA | | 240,783 |
Cayman Islands - 1.0% |
Cimc Enric Holdings Ltd. | 12,718,000 | | 18,405 |
ENN Energy Holdings Ltd. | 3,266,000 | | 22,832 |
Greatview Aseptic Pack Co. Ltd. | 26,392,000 | | 16,102 |
iKang Healthcare Group, Inc. sponsored ADR | 80,200 | | 1,101 |
Sands China Ltd. | 4,548,600 | | 33,207 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 841,400 | | 28,608 |
TOTAL CAYMAN ISLANDS | | 120,255 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 529,830 | | 577 |
Common Stocks - continued |
| Shares | | Value (000s) |
Denmark - 2.1% |
ISS Holdings A/S (a) | 384,000 | | $ 13,369 |
Novo Nordisk A/S Series B (d) | 3,046,345 | | 138,261 |
Pandora A/S | 514,000 | | 34,576 |
Vestas Wind Systems A/S (a) | 1,263,600 | | 56,087 |
TOTAL DENMARK | | 242,293 |
Finland - 0.7% |
Sampo Oyj (A Shares) (d) | 1,739,800 | | 86,387 |
France - 8.9% |
Arkema SA | 487,670 | | 54,376 |
Atos Origin SA | 525,695 | | 45,386 |
AXA SA (d) | 5,364,600 | | 139,734 |
BNP Paribas SA | 1,617,645 | | 121,436 |
Bureau Veritas SA | 1,413,000 | | 43,127 |
Havas SA | 5,933,668 | | 47,170 |
Iliad SA | 213,972 | | 57,738 |
Lafarge SA (Bearer) | 605,900 | | 55,353 |
Rexel SA | 3,421,500 | | 86,392 |
Schneider Electric SA | 1,383,800 | | 129,683 |
SR Teleperformance SA | 385,700 | | 22,094 |
Total SA (a) | 3,397,200 | | 243,050 |
TOTAL FRANCE | | 1,045,539 |
Germany - 8.8% |
Aareal Bank AG | 1,044,895 | | 47,367 |
adidas AG | 638,000 | | 68,093 |
BASF AG (d) | 1,265,455 | | 146,472 |
Bayer AG (d) | 1,557,600 | | 216,094 |
Brenntag AG | 477,800 | | 86,406 |
Continental AG (d) | 255,300 | | 59,805 |
Drillisch AG | 2,022,600 | | 75,314 |
GEA Group AG | 1,508,060 | | 67,463 |
HeidelbergCement Finance AG (d) | 494,100 | | 42,857 |
KION Group AG | 1,166,749 | | 55,149 |
LEG Immobilien AG | 184,948 | | 12,337 |
Siemens AG | 1,197,644 | | 157,994 |
TOTAL GERMANY | | 1,035,351 |
Hong Kong - 2.0% |
AIA Group Ltd. | 22,053,600 | | 106,955 |
Techtronic Industries Co. Ltd. | 39,683,000 | | 126,425 |
TOTAL HONG KONG | | 233,380 |
Common Stocks - continued |
| Shares | | Value (000s) |
India - 1.3% |
Bharti Infratel Ltd. (a) | 5,356,336 | | $ 19,151 |
Housing Development Finance Corp. Ltd. | 6,075,663 | | 90,452 |
Lupin Ltd. | 1,963,215 | | 33,499 |
United Spirits Ltd. | 273,323 | | 12,546 |
TOTAL INDIA | | 155,648 |
Ireland - 2.1% |
Actavis PLC (a) | 305,900 | | 62,505 |
Bank of Ireland (a) | 63,590,200 | | 24,885 |
James Hardie Industries PLC CDI | 6,070,470 | | 77,373 |
Kerry Group PLC Class A | 1,114,800 | | 88,003 |
TOTAL IRELAND | | 252,766 |
Italy - 1.4% |
De Longhi SpA | 2,375,100 | | 51,535 |
UniCredit SpA | 9,028,600 | | 80,666 |
World Duty Free SpA (a) | 2,253,904 | | 30,191 |
TOTAL ITALY | | 162,392 |
Japan - 16.3% |
ABC-MART, Inc. | 398,400 | | 17,867 |
ACOM Co. Ltd. (a)(d) | 10,332,400 | | 35,171 |
Aozora Bank Ltd. | 16,056,000 | | 47,743 |
Astellas Pharma, Inc. | 9,796,000 | | 108,946 |
Coca-Cola Central Japan Co. Ltd. | 1,597,500 | | 35,908 |
Daikin Industries Ltd. | 1,089,400 | | 62,880 |
Don Quijote Holdings Co. Ltd. | 1,454,900 | | 76,562 |
Hitachi Ltd. | 6,659,000 | | 47,353 |
Hoya Corp. | 2,101,900 | | 61,966 |
Iida Group Holdings Co. Ltd. (a) | 464,778 | | 6,910 |
Japan Exchange Group, Inc. | 2,589,500 | | 51,114 |
Japan Tobacco, Inc. | 3,948,700 | | 129,621 |
Kakaku.com, Inc. | 1,903,000 | | 27,083 |
KDDI Corp. | 1,426,300 | | 75,922 |
Keyence Corp. | 304,060 | | 117,136 |
NEC Corp. | 23,010,000 | | 64,595 |
Olympus Corp. (a) | 1,501,000 | | 45,807 |
OMRON Corp. | 2,083,000 | | 73,552 |
ORIX Corp. | 9,072,900 | | 131,077 |
Park24 Co. Ltd. | 1,342,800 | | 24,509 |
Rakuten, Inc. | 5,927,100 | | 76,643 |
Santen Pharmaceutical Co. Ltd. | 1,166,900 | | 52,047 |
Seven & i Holdings Co., Ltd. | 2,748,600 | | 108,374 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Seven Bank Ltd. | 17,781,300 | | $ 67,309 |
Ship Healthcare Holdings, Inc. | 1,076,700 | | 36,650 |
SoftBank Corp. | 2,099,300 | | 155,854 |
Toshiba Plant Systems & Services Corp. | 2,449,100 | | 36,005 |
Toyota Motor Corp. | 2,257,200 | | 121,952 |
Tsuruha Holdings, Inc. | 260,900 | | 26,234 |
TOTAL JAPAN | | 1,922,790 |
Korea (South) - 1.1% |
Hyundai Motor Co. | 206,848 | | 46,051 |
Naver Corp. | 112,967 | | 80,699 |
TOTAL KOREA (SOUTH) | | 126,750 |
Luxembourg - 0.2% |
Altice S.A. | 344,100 | | 19,664 |
Netherlands - 2.7% |
AEGON NV | 5,028,800 | | 46,096 |
AerCap Holdings NV (a) | 1,180,100 | | 49,246 |
Airbus Group NV | 176,700 | | 12,132 |
Koninklijke KPN NV (a) | 12,577,385 | | 44,686 |
Koninklijke Philips Electronics NV | 3,436,200 | | 110,004 |
Royal DSM NV | 778,500 | | 55,817 |
TOTAL NETHERLANDS | | 317,981 |
New Zealand - 0.5% |
EBOS Group Ltd. | 243,590 | | 1,974 |
Ryman Healthcare Group Ltd. | 7,311,565 | | 54,536 |
TOTAL NEW ZEALAND | | 56,510 |
Philippines - 0.2% |
Alliance Global Group, Inc. | 26,741,800 | | 18,688 |
Portugal - 0.1% |
CTT Correios de Portugal SA | 609,064 | | 6,700 |
Espirito Santo Saude SGPS SA | 1,982,181 | | 9,570 |
TOTAL PORTUGAL | | 16,270 |
Singapore - 0.5% |
Ezion Holdings Ltd. | 12,606,000 | | 22,825 |
Global Logistic Properties Ltd. | 16,214,205 | | 36,859 |
TOTAL SINGAPORE | | 59,684 |
Common Stocks - continued |
| Shares | | Value (000s) |
South Africa - 0.5% |
Naspers Ltd. Class N | 668,700 | | $ 63,053 |
Spain - 3.0% |
Amadeus IT Holding SA Class A | 1,462,100 | | 60,762 |
Atresmedia Corporacion de Medios de Comunicacion SA | 1,515,400 | | 21,718 |
Banco Bilbao Vizcaya Argentaria SA | 5,747,024 | | 70,790 |
Criteria CaixaCorp SA | 8,029,913 | | 48,906 |
Grifols SA ADR (d) | 1,796,450 | | 73,726 |
Inditex SA | 481,679 | | 72,272 |
TOTAL SPAIN | | 348,174 |
Sweden - 5.2% |
ASSA ABLOY AB (B Shares) | 2,128,600 | | 112,679 |
Eniro AB (a) | 4,832,900 | | 38,353 |
H&M Hennes & Mauritz AB (B Shares) (d) | 1,057,821 | | 43,079 |
HEXPOL AB (B Shares) | 143,001 | | 13,504 |
Intrum Justitia AB | 1,835,800 | | 53,107 |
Investment AB Kinnevik (B Shares) | 460,600 | | 16,186 |
Nordea Bank AB | 9,576,600 | | 138,372 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 4,579,600 | | 128,256 |
Svenska Handelsbanken AB (A Shares) | 1,425,600 | | 71,541 |
TOTAL SWEDEN | | 615,077 |
Switzerland - 5.5% |
Compagnie Financiere Richemont SA Series A | 244,608 | | 24,819 |
Lonza Group AG | 521,951 | | 54,532 |
Partners Group Holding AG | 230,056 | | 62,945 |
Roche Holding AG (participation certificate) | 926,232 | | 271,714 |
Schindler Holding AG (participation certificate) | 194,920 | | 30,165 |
Syngenta AG (Switzerland) | 179,374 | | 71,031 |
UBS AG | 6,126,361 | | 128,126 |
TOTAL SWITZERLAND | | 643,332 |
Taiwan - 1.5% |
ECLAT Textile Co. Ltd. | 2,457,180 | | 26,881 |
MediaTek, Inc. | 4,532,000 | | 70,912 |
Merida Industry Co. Ltd. | 4,758,000 | | 31,861 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 12,576,000 | | 49,469 |
TOTAL TAIWAN | | 179,123 |
United Kingdom - 14.4% |
Aberdeen Asset Management PLC | 5,975,132 | | 44,066 |
Alabama Noor Hospitals Group PLC | 1,829,400 | | 30,826 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Associated British Foods PLC | 791,000 | | $ 39,678 |
Barclays PLC | 16,433,040 | | 70,170 |
BG Group PLC | 4,257,800 | | 86,123 |
BHP Billiton PLC | 2,080,582 | | 67,545 |
British American Tobacco PLC (United Kingdom) | 1,050,600 | | 60,667 |
Bunzl PLC | 1,143,100 | | 32,443 |
Diageo PLC | 4,394,219 | | 134,638 |
Exova Group Ltd. PLC (a) | 3,912,500 | | 14,549 |
Hikma Pharmaceuticals PLC | 3,907,835 | | 102,401 |
HSBC Holdings PLC (United Kingdom) | 7,007,393 | | 71,599 |
ITV PLC | 14,738,700 | | 45,290 |
Jazztel PLC (a) | 4,681,964 | | 71,840 |
Legal & General Group PLC | 11,058,689 | | 39,546 |
Liberty Global PLC: | | | |
Class A (a) | 677,800 | | 26,990 |
Class C | 677,800 | | 26,048 |
London Stock Exchange Group PLC | 2,683,400 | | 82,095 |
Meggitt PLC | 6,842,366 | | 55,071 |
Melrose PLC | 6,971,000 | | 33,603 |
Next PLC | 781,744 | | 86,057 |
Ocado Group PLC (a) | 799,632 | | 4,536 |
Persimmon PLC | 2,082,200 | | 46,124 |
Poundland Group PLC (a) | 3,906,035 | | 22,917 |
Reckitt Benckiser Group PLC | 788,600 | | 63,578 |
Rolls-Royce Group PLC | 4,197,715 | | 74,418 |
Rotork PLC | 717,800 | | 31,401 |
St. James's Place Capital PLC | 5,676,000 | | 73,792 |
Taylor Wimpey PLC | 12,002,700 | | 21,299 |
The Restaurant Group PLC | 1,992,100 | | 20,988 |
Ultra Electronics Holdings PLC | 614,667 | | 17,601 |
Vodafone Group PLC | 28,009,396 | | 106,341 |
TOTAL UNITED KINGDOM | | 1,704,240 |
United States of America - 3.3% |
Google, Inc.: | | | |
Class A (a) | 90,700 | | 48,514 |
Class C (a) | 90,700 | | 47,768 |
Illumina, Inc. (a) | 222,300 | | 30,199 |
Las Vegas Sands Corp. | 726,600 | | 57,496 |
MasterCard, Inc. Class A | 806,900 | | 59,347 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
McGraw Hill Financial, Inc. | 1,269,000 | | $ 93,817 |
Visa, Inc. Class A | 273,600 | | 55,434 |
TOTAL UNITED STATES OF AMERICA | | 392,575 |
TOTAL COMMON STOCKS (Cost $8,927,377) |
10,889,348
|
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.5% |
Volkswagen AG | 650,200 | | 175,089 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 562,493,810 | | 950 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $133,978) |
176,039
|
Government Obligations - 0.1% |
| Principal Amount (000s) (h) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14 (g)
(Cost $15,570) | | $ 15,570 | |
15,570
|
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (e)(f)
(Cost $14,037) | EUR | 9,140 | |
14,125
|
Money Market Funds - 9.5% |
| Shares | | Value (000s) |
Fidelity Cash Central Fund, 0.11% (b) | 611,309,213 | | $ 611,309 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 511,177,090 | | 511,177 |
TOTAL MONEY MARKET FUNDS (Cost $1,122,486) |
1,122,486
|
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $10,213,448) | 12,217,568 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (402,287) |
NET ASSETS - 100% | $ 11,815,281 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
3,792 CME Nikkei 225 Index Contracts | June 2014 | | $ 271,223 | | $ (19,376) |
|
The face value of futures purchased as a percentage of net assets is 2.3% |
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 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 $14,125,000 or 0.1% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) 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 $14,065,000. |
(h) Amount is stated in United States dollars unless otherwise noted. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 312 |
Fidelity Securities Lending Cash Central Fund | 2,699 |
Total | $ 3,011 |
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, 2014, 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
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,721,540 | $ 1,549,569 | $ 171,971 | $ - |
Consumer Staples | 994,500 | 670,152 | 324,348 | - |
Energy | 431,494 | 188,444 | 243,050 | - |
Financials | 2,488,756 | 2,077,090 | 411,666 | - |
Health Care | 1,471,643 | 1,015,467 | 456,176 | - |
Industrials | 1,711,362 | 1,443,364 | 267,998 | - |
Information Technology | 982,512 | 933,043 | 49,469 | - |
Materials | 633,902 | 495,326 | 138,576 | - |
Telecommunication Services | 606,846 | 455,819 | 151,027 | - |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Utilities | $ 22,832 | $ 22,832 | $ - | $ - |
Government Obligations | 15,570 | - | 15,570 | - |
Preferred Securities | 14,125 | - | 14,125 | - |
Money Market Funds | 1,122,486 | 1,122,486 | - | - |
Total Investments in Securities: | $ 12,217,568 | $ 9,973,592 | $ 2,243,976 | $ - |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (19,376) | $ (19,376) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 (000s) |
Level 1 to Level 2 | $ 312,418 |
Level 2 to Level 1 | $ 1,472,156 |
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, 2014. 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 (000s) |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ - | $ (19,376) |
Total Value of Derivatives | $ - | $ (19,376) |
(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
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $484,808) - See accompanying schedule: Unaffiliated issuers (cost $9,090,962) | $ 11,095,082 | |
Fidelity Central Funds (cost $1,122,486) | 1,122,486 | |
Total Investments (cost $10,213,448) | | $ 12,217,568 |
Foreign currency held at value (cost $6,181) | | 6,184 |
Receivable for investments sold | | 111,261 |
Receivable for fund shares sold | | 12,993 |
Dividends receivable | | 42,603 |
Distributions receivable from Fidelity Central Funds | | 900 |
Prepaid expenses | | 9 |
Other receivables | | 3,877 |
Total assets | | 12,395,395 |
| | |
Liabilities | | |
Payable for investments purchased | $ 44,205 | |
Payable for fund shares redeemed | 11,662 | |
Accrued management fee | 6,656 | |
Distribution and service plan fees payable | 128 | |
Payable for daily variation margin for derivative instruments | 3,128 | |
Other affiliated payables | 1,677 | |
Other payables and accrued expenses | 1,481 | |
Collateral on securities loaned, at value | 511,177 | |
Total liabilities | | 580,114 |
| | |
Net Assets | | $ 11,815,281 |
Net Assets consist of: | | |
Paid in capital | | $ 10,415,376 |
Undistributed net investment income | | 114,183 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (697,402) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,983,124 |
Net Assets | | $ 11,815,281 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($331,128 ÷ 8,392.9 shares) | | $ 39.45 |
| | |
Maximum offering price per share (100/94.25 of $39.45) | | $ 41.86 |
Class T:
Net Asset Value and redemption price per share ($50,909 ÷ 1,297.9 shares) | | $ 39.22 |
| | |
Maximum offering price per share (100/96.50 of $39.22) | | $ 40.64 |
Class B:
Net Asset Value and offering price per share ($5,848 ÷ 149.1 shares)A | | $ 39.22 |
| | |
Class C:
Net Asset Value and offering price per share ($39,763 ÷ 1,015.9 shares)A | | $ 39.14 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($8,069,092 ÷ 203,149.3 shares) | | $ 39.72 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($2,679,042 ÷ 67,586.0 shares) | | $ 39.64 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($622,000 ÷ 15,688.4 shares) | | $ 39.65 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($17,499 ÷ 441.7 shares) | | $ 39.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 116,352 |
Special dividends | | 63,816 |
Interest | | 2 |
Income from Fidelity Central Funds | | 3,011 |
Income before foreign taxes withheld | | 183,181 |
Less foreign taxes withheld | | (10,085) |
Total income | | 173,096 |
| | |
Expenses | | |
Management fee
Basic fee | $ 40,933 | |
Performance adjustment | 1,565 | |
Transfer agent fees | 8,918 | |
Distribution and service plan fees | 772 | |
Accounting and security lending fees | 927 | |
Custodian fees and expenses | 708 | |
Independent trustees' compensation | 23 | |
Registration fees | 167 | |
Audit | 60 | |
Legal | 25 | |
Miscellaneous | 41 | |
Total expenses before reductions | 54,139 | |
Expense reductions | (122) | 54,017 |
Net investment income (loss) | | 119,079 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 363,543 | |
Foreign currency transactions | (1,353) | |
Futures contracts | 8,004 | |
Total net realized gain (loss) | | 370,194 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $721) | (269,054) | |
Assets and liabilities in foreign currencies | 255 | |
Futures contracts | (23,614) | |
Total change in net unrealized appreciation (depreciation) | | (292,413) |
Net gain (loss) | | 77,781 |
Net increase (decrease) in net assets resulting from operations | | $ 196,860 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 119,079 | $ 129,203 |
Net realized gain (loss) | 370,194 | 725,376 |
Change in net unrealized appreciation (depreciation) | (292,413) | 1,463,372 |
Net increase (decrease) in net assets resulting from operations | 196,860 | 2,317,951 |
Distributions to shareholders from net investment income | (136,326) | (146,031) |
Distributions to shareholders from net realized gain | (88,586) | (8,413) |
Total distributions | (224,912) | (154,444) |
Share transactions - net increase (decrease) | 548,372 | 714,712 |
Redemption fees | 75 | 128 |
Total increase (decrease) in net assets | 520,395 | 2,878,347 |
| | |
Net Assets | | |
Beginning of period | 11,294,886 | 8,416,539 |
End of period (including undistributed net investment income of $114,183 and undistributed net investment income of $131,430, respectively) | $ 11,815,281 | $ 11,294,886 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .33 K | .34 | .41 | .42 | .31 | .31 |
Net realized and unrealized gain (loss) | .28 | 7.97 | 2.11 | (2.52) | 3.51 | 4.84 |
Total from investment operations | .61 | 8.31 | 2.52 | (2.10) | 3.82 | 5.15 |
Distributions from net investment income | (.33) | (.45) | (.29) | (.38) | (.28) | (.26) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.65) J | (.48) | (.29) | (.54) | (.32) | (.26) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.45 | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 |
Total Return B,C,D | 1.57% | 26.59% | 8.70% | (6.71)% | 13.43% | 22.14% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.29% A | 1.35% | 1.34% | 1.30% | 1.33% | 1.37% |
Expenses net of fee waivers, if any | 1.29% A | 1.35% | 1.34% | 1.29% | 1.33% | 1.37% |
Expenses net of all reductions | 1.29% A | 1.33% | 1.31% | 1.25% | 1.28% | 1.32% |
Net investment income (loss) | 1.68% A,K | .97% | 1.41% | 1.31% | 1.06% | 1.28% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 331 | $ 347 | $ 299 | $ 320 | $ 392 | $ 414 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .28 J | .26 | .34 | .34 | .23 | .24 |
Net realized and unrealized gain (loss) | .27 | 7.92 | 2.09 | (2.51) | 3.48 | 4.81 |
Total from investment operations | .55 | 8.18 | 2.43 | (2.17) | 3.71 | 5.05 |
Distributions from net investment income | (.25) | (.34) | (.19) | (.30) | (.21) | (.19) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.56) | (.37) | (.19) | (.46) | (.25) | (.19) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 |
Total Return B,C,D | 1.44% | 26.31% | 8.41% | (6.96)% | 13.14% | 21.79% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.52% A | 1.59% | 1.59% | 1.56% | 1.60% | 1.65% |
Expenses net of fee waivers, if any | 1.52% A | 1.59% | 1.59% | 1.55% | 1.60% | 1.65% |
Expenses net of all reductions | 1.52% A | 1.57% | 1.56% | 1.51% | 1.56% | 1.60% |
Net investment income (loss) | 1.44% A,J | .73% | 1.16% | 1.05% | .79% | 1.00% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 51 | $ 53 | $ 46 | $ 61 | $ 92 | $ 83 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .17 | .08 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.48) | 3.44 | 4.81 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.52 | 4.93 |
Distributions from net investment income | (.01) | (.15) | (.02) | (.12) | (.06) | - |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.32) | (.18) | (.02) | (.27) J | (.10) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 |
Total Return B,C,D | 1.20% | 25.64% | 7.85% | (7.39)% | 12.52% | 21.20% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of fee waivers, if any | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of all reductions | 2.06% A | 2.08% | 2.06% | 2.02% | 2.08% | 2.11% |
Net investment income (loss) | .90% A,K | .22% | .66% | .54% | .27% | .49% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 6 | $ 7 | $ 8 | $ 10 | $ 14 | $ 16 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .18 | .09 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.49) | 3.45 | 4.82 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.54 | 4.94 |
Distributions from net investment income | (.08) | (.20) | (.04) | (.14) | (.05) | (.02) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.39) | (.23) | (.04) | (.29) J | (.09) | (.02) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.14 | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 |
Total Return B,C,D | 1.21% | 25.65% | 7.86% | (7.37)% | 12.54% | 21.22% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.03% A | 2.10% | 2.09% | 2.05% | 2.09% | 2.14% |
Expenses net of fee waivers, if any | 2.03% A | 2.09% | 2.09% | 2.04% | 2.09% | 2.14% |
Expenses net of all reductions | 2.03% A | 2.07% | 2.06% | 2.00% | 2.05% | 2.09% |
Net investment income (loss) | .93% A,K | .23% | .66% | .56% | .30% | .51% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 40 | $ 36 | $ 30 | $ 33 | $ 44 | $ 43 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.16)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 I | .47 | .51 | .53 | .40 | .37 |
Net realized and unrealized gain (loss) | .28 | 8.02 | 2.12 | (2.54) | 3.54 | 4.88 |
Total from investment operations | .68 | 8.49 | 2.63 | (2.01) | 3.94 | 5.25 |
Distributions from net investment income | (.47) | (.55) | (.41) | (.48) | (.35) | (.34) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.78) | (.58) | (.41) | (.64) | (.39) | (.34) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.72 | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 |
Total Return B,C | 1.76% | 27.03% | 9.03% | (6.39)% | 13.76% | 22.47% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.01% | .97% | 1.05% | 1.12% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.01% | .96% | 1.05% | 1.12% |
Expenses net of all reductions | .94% A | .98% | .98% | .92% | 1.00% | 1.07% |
Net investment income (loss) | 2.03% A,I | 1.32% | 1.73% | 1.64% | 1.35% | 1.53% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 8,069 | $ 7,800 | $ 5,965 | $ 6,806 | $ 8,133 | $ 8,114 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .43 J | .52 | .57 | .58 | .46 | .44 |
Net realized and unrealized gain (loss) | .29 | 8.01 | 2.11 | (2.54) | 3.53 | 4.86 |
Total from investment operations | .72 | 8.53 | 2.68 | (1.96) | 3.99 | 5.30 |
Distributions from net investment income | (.53) | (.61) | (.47) | (.55) | (.41) | (.42) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.84) | (.64) | (.47) | (.70) I | (.45) | (.42) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.64 | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 |
Total Return B,C | 1.85% | 27.23% | 9.24% | (6.24)% | 13.96% | 22.80% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .81% A | .85% | .83% | .80% | .84% | .88% |
Expenses net of fee waivers, if any | .81% A | .85% | .83% | .79% | .84% | .88% |
Expenses net of all reductions | .80% A | .83% | .80% | .75% | .79% | .83% |
Net investment income (loss) | 2.16% A,J | 1.47% | 1.91% | 1.81% | 1.55% | 1.77% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 2,679 | $ 2,576 | $ 1,776 | $ 1,245 | $ 1,078 | $ 674 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 J | .47 | .52 | .54 | .41 | .39 |
Net realized and unrealized gain (loss) | .28 | 8.01 | 2.11 | (2.55) | 3.55 | 4.86 |
Total from investment operations | .68 | 8.48 | 2.63 | (2.01) | 3.96 | 5.25 |
Distributions from net investment income | (.48) | (.56) | (.41) | (.50) | (.38) | (.39) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.79) | (.59) | (.41) | (.65) I | (.42) | (.39) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.65 | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 |
Total Return B,C | 1.76% | 27.03% | 9.07% | (6.39)% | 13.84% | 22.52% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.00% | .95% | .99% | 1.05% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.00% | .94% | .99% | 1.05% |
Expenses net of all reductions | .94% A | .97% | .97% | .90% | .95% | 1.00% |
Net investment income (loss) | 2.02% A,J | 1.33% | 1.75% | 1.66% | 1.40% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 622 | $ 476 | $ 294 | $ 278 | $ 319 | $ 267 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended April 30, 2014 | Year ended October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 39.77 | $ 37.22 |
Income from Investment Operations | | |
Net investment income (loss) D | .42 J | .07 |
Net realized and unrealized gain (loss) | .28 | 2.48 |
Total from investment operations | .70 | 2.55 |
Distributions from net investment income | (.54) | - |
Distributions from net realized gain | (.31) | - |
Total distributions | (.85) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 39.62 | $ 39.77 |
Total Return B,C | 1.81% | 6.85% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .81% A | .85% A |
Expenses net of fee waivers, if any | .81% A | .85% A |
Expenses net of all reductions | .81% A | .83% A |
Net investment income (loss) | 2.16% A,J | .76% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 17 | $ 107 |
Portfolio turnover rate F | 54% A | 65% |
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 August 13, 2013 (commencement of sale of shares) to October 31, 2013.
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Discovery, Class K, Institutional Class and Class Z 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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. 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, 2014, 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 2,148,794 |
Gross unrealized depreciation | (226,912) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 1,921,882 |
| |
Tax cost | $ 10,295,686 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ (950,903) |
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.
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 return 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 risks:
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
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 $8,004 and a change in net unrealized appreciation (depreciation) of $(23,614) 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 $3,130,499 and $3,016,413, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 .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 relative investment performance of International Discovery 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 .73% 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% | $ 417 | $ 6 |
Class T | .25% | .25% | 131 | 2 |
Class B | .75% | .25% | 32 | 24 |
Class C | .75% | .25% | 192 | 22 |
| | | $ 772 | $ 54 |
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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 31 |
Class T | 4 |
Class B* | 2 |
Class C* | 1 |
| $ 38 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 463 | .28 |
Class T | 68 | .26 |
Class B | 10 | .30 |
Class C | 52 | .27 |
International Discovery | 7,248 | .18 |
Class K | 597 | .05 |
Institutional Class | 478 | .18 |
Class Z | 2 | .05 |
| $ 8,918 | |
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
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 $8,214 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 $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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
Semiannual Report
8. Security Lending - continued
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 income from Fidelity Central Funds. Total security lending income during the period amounted to $2,699, including $7 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 $97 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $25.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 2,857 | $ 4,138 |
Class T | 344 | 492 |
Class B | 2 | 34 |
Class C | 79 | 186 |
International Discovery | 93,065 | 101,466 |
Class K | 33,983 | 34,651 |
Institutional Class | 5,936 | 5,064 |
Class Z | 60 | - |
Total | $ 136,326 | $ 146,031 |
From net realized gain | | |
Class A | $ 2,660 | $ 297 |
Class T | 423 | 46 |
Class B | 52 | 7 |
Class C | 295 | 30 |
International Discovery | 61,190 | 5,914 |
Class K | 20,093 | 1,827 |
Institutional Class | 3,838 | 292 |
Class Z | 35 | - |
Total | $ 88,586 | $ 8,413 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013A | Six months ended April 30,
2014 | Year ended
October 31,
2013A |
Class A | | | | |
Shares sold | 838 | 1,772 | $ 33,014 | $ 62,186 |
Reinvestment of distributions | 137 | 132 | 5,280 | 4,249 |
Shares redeemed | (1,362) | (2,553) | (53,759) | (88,988) |
Net increase (decrease) | (387) | (649) | $ (15,465) | $ (22,553) |
Class T | | | | |
Shares sold | 97 | 227 | $ 3,819 | $ 7,911 |
Reinvestment of distributions | 19 | 16 | 736 | 512 |
Shares redeemed | (174) | (347) | (6,774) | (11,997) |
Net increase (decrease) | (58) | (104) | $ (2,219) | $ (3,574) |
Class B | | | | |
Shares sold | 4 | 4 | $ 149 | $ 137 |
Reinvestment of distributions | 1 | 1 | 51 | 39 |
Shares redeemed | (27) | (75) | (1,059) | (2,570) |
Net increase (decrease) | (22) | (70) | $ (859) | $ (2,394) |
Class C | | | | |
Shares sold | 153 | 184 | $ 5,958 | $ 6,532 |
Reinvestment of distributions | 9 | 6 | 337 | 193 |
Shares redeemed | (79) | (207) | (3,097) | (7,250) |
Net increase (decrease) | 83 | (17) | $ 3,198 | $ (525) |
International Discovery | | | | |
Shares sold | 21,319 | 37,338 | $ 845,660 | $ 1,332,523 |
Reinvestment of distributions | 3,813 | 3,176 | 148,138 | 102,608 |
Shares redeemed | (17,836) | (31,569) | (705,578) | (1,103,313) |
Net increase (decrease) | 7,296 | 8,945 | $ 288,220 | $ 331,818 |
Class K | | | | |
Shares sold | 8,356 | 19,989 | $ 332,299 | $ 699,723 |
Reinvestment of distributions | 1,396 | 1,132 | 54,076 | 36,478 |
Shares redeemed | (6,953) | (12,053) | (275,437) | (423,712) |
Net increase (decrease) | 2,799 | 9,068 | $ 110,938 | $ 312,489 |
Institutional Class | | | | |
Shares sold | 5,352 | 4,893 | $ 211,862 | $ 175,669 |
Reinvestment of distributions | 91 | 68 | 3,529 | 2,182 |
Shares redeemed | (1,730) | (2,219) | (67,783) | (78,500) |
Net increase (decrease) | 3,713 | 2,742 | $ 147,608 | $ 99,351 |
Class Z | | | | |
Shares sold | 463 | 3 | $ 17,869 | $ 100 |
Reinvestment of distributions | 2 | - | 95 | - |
Shares redeemed | (26) | - | (1,013) | - |
Net increase (decrease) | 439 | 3 | $ 16,951 | $ 100 |
A Share transactions for class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 14% 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 20% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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)
AID-USAN-0614
1.806663.109
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Discovery
Fund - Institutional Class
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
International 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 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.
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the fund's 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.29% | | | |
Actual | | $ 1,000.00 | $ 1,015.70 | $ 6.45 |
HypotheticalA | | $ 1,000.00 | $ 1,018.40 | $ 6.46 |
Class T | 1.52% | | | |
Actual | | $ 1,000.00 | $ 1,014.40 | $ 7.59 |
HypotheticalA | | $ 1,000.00 | $ 1,017.26 | $ 7.60 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,012.00 | $ 10.28 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.03% | | | |
Actual | | $ 1,000.00 | $ 1,012.10 | $ 10.13 |
HypotheticalA | | $ 1,000.00 | $ 1,014.73 | $ 10.14 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class K | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.50 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Institutional Class | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class Z | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.10 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
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, 2014 |
 | Japan 16.3% | |
 | United Kingdom 14.4% | |
 | Germany 10.3% | |
 | United States of America* 9.5% | |
 | France 8.9% | |
 | Switzerland 5.5% | |
 | Sweden 5.2% | |
 | Spain 3.0% | |
 | Netherlands 2.7% | |
 | Other 24.2% | |
* 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, 2013 |
| Japan 18.2% | |
| United Kingdom 15.9% | |
| France 10.9% | |
| Germany 8.7% | |
| Switzerland 6.4% | |
| United States of America* 5.5% | |
| Sweden 4.1% | |
| Spain 3.6% | |
| Netherlands 3.3% | |
| Other 23.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 96.0 | 97.2 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9 | 2.8 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 2.0 |
Total SA (France, Oil, Gas & Consumable Fuels) | 2.0 | 1.5 |
Bayer AG (Germany, Pharmaceuticals) | 1.8 | 1.6 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 1.8 | 1.8 |
Volkswagen AG (Germany, Automobiles) | 1.5 | 1.5 |
Siemens AG (Germany, Industrial Conglomerates) | 1.3 | 1.3 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.3 | 1.4 |
BASF AG (Germany, Chemicals) | 1.3 | 1.2 |
KBC Groupe SA (Belgium, Banks) | 1.2 | 1.0 |
AXA SA (France, Insurance) | 1.2 | 1.2 |
| 15.7 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.1 | 24.8 |
Consumer Discretionary | 14.8 | 16.4 |
Industrials | 14.6 | 13.0 |
Health Care | 12.4 | 9.5 |
Consumer Staples | 8.4 | 10.1 |
Information Technology | 8.3 | 7.7 |
Materials | 5.4 | 5.2 |
Telecommunication Services | 5.1 | 5.1 |
Energy | 3.5 | 3.8 |
Utilities | 0.2 | 0.6 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.2% |
| Shares | | Value (000s) |
Australia - 2.5% |
Ansell Ltd. | 2,499,254 | | $ 42,001 |
Australia & New Zealand Banking Group Ltd. | 6,493,040 | | 207,924 |
Ramsay Health Care Ltd. | 1,215,729 | | 50,609 |
TOTAL AUSTRALIA | | 300,534 |
Austria - 0.2% |
Andritz AG | 455,300 | | 28,257 |
Bailiwick of Jersey - 1.7% |
Experian PLC | 2,900,800 | | 55,638 |
Shire PLC | 222,100 | | 12,702 |
Wolseley PLC | 1,459,649 | | 84,310 |
WPP PLC | 2,319,800 | | 50,019 |
TOTAL BAILIWICK OF JERSEY | | 202,669 |
Belgium - 2.4% |
Anheuser-Busch InBev SA NV (d) | 1,183,927 | | 129,043 |
Arseus NV | 235,000 | | 13,335 |
KBC Groupe SA | 2,342,738 | | 142,716 |
TOTAL BELGIUM | | 285,094 |
Bermuda - 0.1% |
PAX Global Technology Ltd. (a) | 25,931,000 | | 13,512 |
Canada - 2.0% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,346,700 | | 37,954 |
Constellation Software, Inc. | 266,500 | | 59,024 |
First Quantum Minerals Ltd. | 1,680,600 | | 33,472 |
Imperial Oil Ltd. | 38,100 | | 1,860 |
Suncor Energy, Inc. | 2,012,600 | | 77,636 |
TransForce, Inc. | 1,412,400 | | 30,837 |
TOTAL CANADA | | 240,783 |
Cayman Islands - 1.0% |
Cimc Enric Holdings Ltd. | 12,718,000 | | 18,405 |
ENN Energy Holdings Ltd. | 3,266,000 | | 22,832 |
Greatview Aseptic Pack Co. Ltd. | 26,392,000 | | 16,102 |
iKang Healthcare Group, Inc. sponsored ADR | 80,200 | | 1,101 |
Sands China Ltd. | 4,548,600 | | 33,207 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 841,400 | | 28,608 |
TOTAL CAYMAN ISLANDS | | 120,255 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 529,830 | | 577 |
Common Stocks - continued |
| Shares | | Value (000s) |
Denmark - 2.1% |
ISS Holdings A/S (a) | 384,000 | | $ 13,369 |
Novo Nordisk A/S Series B (d) | 3,046,345 | | 138,261 |
Pandora A/S | 514,000 | | 34,576 |
Vestas Wind Systems A/S (a) | 1,263,600 | | 56,087 |
TOTAL DENMARK | | 242,293 |
Finland - 0.7% |
Sampo Oyj (A Shares) (d) | 1,739,800 | | 86,387 |
France - 8.9% |
Arkema SA | 487,670 | | 54,376 |
Atos Origin SA | 525,695 | | 45,386 |
AXA SA (d) | 5,364,600 | | 139,734 |
BNP Paribas SA | 1,617,645 | | 121,436 |
Bureau Veritas SA | 1,413,000 | | 43,127 |
Havas SA | 5,933,668 | | 47,170 |
Iliad SA | 213,972 | | 57,738 |
Lafarge SA (Bearer) | 605,900 | | 55,353 |
Rexel SA | 3,421,500 | | 86,392 |
Schneider Electric SA | 1,383,800 | | 129,683 |
SR Teleperformance SA | 385,700 | | 22,094 |
Total SA (a) | 3,397,200 | | 243,050 |
TOTAL FRANCE | | 1,045,539 |
Germany - 8.8% |
Aareal Bank AG | 1,044,895 | | 47,367 |
adidas AG | 638,000 | | 68,093 |
BASF AG (d) | 1,265,455 | | 146,472 |
Bayer AG (d) | 1,557,600 | | 216,094 |
Brenntag AG | 477,800 | | 86,406 |
Continental AG (d) | 255,300 | | 59,805 |
Drillisch AG | 2,022,600 | | 75,314 |
GEA Group AG | 1,508,060 | | 67,463 |
HeidelbergCement Finance AG (d) | 494,100 | | 42,857 |
KION Group AG | 1,166,749 | | 55,149 |
LEG Immobilien AG | 184,948 | | 12,337 |
Siemens AG | 1,197,644 | | 157,994 |
TOTAL GERMANY | | 1,035,351 |
Hong Kong - 2.0% |
AIA Group Ltd. | 22,053,600 | | 106,955 |
Techtronic Industries Co. Ltd. | 39,683,000 | | 126,425 |
TOTAL HONG KONG | | 233,380 |
Common Stocks - continued |
| Shares | | Value (000s) |
India - 1.3% |
Bharti Infratel Ltd. (a) | 5,356,336 | | $ 19,151 |
Housing Development Finance Corp. Ltd. | 6,075,663 | | 90,452 |
Lupin Ltd. | 1,963,215 | | 33,499 |
United Spirits Ltd. | 273,323 | | 12,546 |
TOTAL INDIA | | 155,648 |
Ireland - 2.1% |
Actavis PLC (a) | 305,900 | | 62,505 |
Bank of Ireland (a) | 63,590,200 | | 24,885 |
James Hardie Industries PLC CDI | 6,070,470 | | 77,373 |
Kerry Group PLC Class A | 1,114,800 | | 88,003 |
TOTAL IRELAND | | 252,766 |
Italy - 1.4% |
De Longhi SpA | 2,375,100 | | 51,535 |
UniCredit SpA | 9,028,600 | | 80,666 |
World Duty Free SpA (a) | 2,253,904 | | 30,191 |
TOTAL ITALY | | 162,392 |
Japan - 16.3% |
ABC-MART, Inc. | 398,400 | | 17,867 |
ACOM Co. Ltd. (a)(d) | 10,332,400 | | 35,171 |
Aozora Bank Ltd. | 16,056,000 | | 47,743 |
Astellas Pharma, Inc. | 9,796,000 | | 108,946 |
Coca-Cola Central Japan Co. Ltd. | 1,597,500 | | 35,908 |
Daikin Industries Ltd. | 1,089,400 | | 62,880 |
Don Quijote Holdings Co. Ltd. | 1,454,900 | | 76,562 |
Hitachi Ltd. | 6,659,000 | | 47,353 |
Hoya Corp. | 2,101,900 | | 61,966 |
Iida Group Holdings Co. Ltd. (a) | 464,778 | | 6,910 |
Japan Exchange Group, Inc. | 2,589,500 | | 51,114 |
Japan Tobacco, Inc. | 3,948,700 | | 129,621 |
Kakaku.com, Inc. | 1,903,000 | | 27,083 |
KDDI Corp. | 1,426,300 | | 75,922 |
Keyence Corp. | 304,060 | | 117,136 |
NEC Corp. | 23,010,000 | | 64,595 |
Olympus Corp. (a) | 1,501,000 | | 45,807 |
OMRON Corp. | 2,083,000 | | 73,552 |
ORIX Corp. | 9,072,900 | | 131,077 |
Park24 Co. Ltd. | 1,342,800 | | 24,509 |
Rakuten, Inc. | 5,927,100 | | 76,643 |
Santen Pharmaceutical Co. Ltd. | 1,166,900 | | 52,047 |
Seven & i Holdings Co., Ltd. | 2,748,600 | | 108,374 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Seven Bank Ltd. | 17,781,300 | | $ 67,309 |
Ship Healthcare Holdings, Inc. | 1,076,700 | | 36,650 |
SoftBank Corp. | 2,099,300 | | 155,854 |
Toshiba Plant Systems & Services Corp. | 2,449,100 | | 36,005 |
Toyota Motor Corp. | 2,257,200 | | 121,952 |
Tsuruha Holdings, Inc. | 260,900 | | 26,234 |
TOTAL JAPAN | | 1,922,790 |
Korea (South) - 1.1% |
Hyundai Motor Co. | 206,848 | | 46,051 |
Naver Corp. | 112,967 | | 80,699 |
TOTAL KOREA (SOUTH) | | 126,750 |
Luxembourg - 0.2% |
Altice S.A. | 344,100 | | 19,664 |
Netherlands - 2.7% |
AEGON NV | 5,028,800 | | 46,096 |
AerCap Holdings NV (a) | 1,180,100 | | 49,246 |
Airbus Group NV | 176,700 | | 12,132 |
Koninklijke KPN NV (a) | 12,577,385 | | 44,686 |
Koninklijke Philips Electronics NV | 3,436,200 | | 110,004 |
Royal DSM NV | 778,500 | | 55,817 |
TOTAL NETHERLANDS | | 317,981 |
New Zealand - 0.5% |
EBOS Group Ltd. | 243,590 | | 1,974 |
Ryman Healthcare Group Ltd. | 7,311,565 | | 54,536 |
TOTAL NEW ZEALAND | | 56,510 |
Philippines - 0.2% |
Alliance Global Group, Inc. | 26,741,800 | | 18,688 |
Portugal - 0.1% |
CTT Correios de Portugal SA | 609,064 | | 6,700 |
Espirito Santo Saude SGPS SA | 1,982,181 | | 9,570 |
TOTAL PORTUGAL | | 16,270 |
Singapore - 0.5% |
Ezion Holdings Ltd. | 12,606,000 | | 22,825 |
Global Logistic Properties Ltd. | 16,214,205 | | 36,859 |
TOTAL SINGAPORE | | 59,684 |
Common Stocks - continued |
| Shares | | Value (000s) |
South Africa - 0.5% |
Naspers Ltd. Class N | 668,700 | | $ 63,053 |
Spain - 3.0% |
Amadeus IT Holding SA Class A | 1,462,100 | | 60,762 |
Atresmedia Corporacion de Medios de Comunicacion SA | 1,515,400 | | 21,718 |
Banco Bilbao Vizcaya Argentaria SA | 5,747,024 | | 70,790 |
Criteria CaixaCorp SA | 8,029,913 | | 48,906 |
Grifols SA ADR (d) | 1,796,450 | | 73,726 |
Inditex SA | 481,679 | | 72,272 |
TOTAL SPAIN | | 348,174 |
Sweden - 5.2% |
ASSA ABLOY AB (B Shares) | 2,128,600 | | 112,679 |
Eniro AB (a) | 4,832,900 | | 38,353 |
H&M Hennes & Mauritz AB (B Shares) (d) | 1,057,821 | | 43,079 |
HEXPOL AB (B Shares) | 143,001 | | 13,504 |
Intrum Justitia AB | 1,835,800 | | 53,107 |
Investment AB Kinnevik (B Shares) | 460,600 | | 16,186 |
Nordea Bank AB | 9,576,600 | | 138,372 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 4,579,600 | | 128,256 |
Svenska Handelsbanken AB (A Shares) | 1,425,600 | | 71,541 |
TOTAL SWEDEN | | 615,077 |
Switzerland - 5.5% |
Compagnie Financiere Richemont SA Series A | 244,608 | | 24,819 |
Lonza Group AG | 521,951 | | 54,532 |
Partners Group Holding AG | 230,056 | | 62,945 |
Roche Holding AG (participation certificate) | 926,232 | | 271,714 |
Schindler Holding AG (participation certificate) | 194,920 | | 30,165 |
Syngenta AG (Switzerland) | 179,374 | | 71,031 |
UBS AG | 6,126,361 | | 128,126 |
TOTAL SWITZERLAND | | 643,332 |
Taiwan - 1.5% |
ECLAT Textile Co. Ltd. | 2,457,180 | | 26,881 |
MediaTek, Inc. | 4,532,000 | | 70,912 |
Merida Industry Co. Ltd. | 4,758,000 | | 31,861 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 12,576,000 | | 49,469 |
TOTAL TAIWAN | | 179,123 |
United Kingdom - 14.4% |
Aberdeen Asset Management PLC | 5,975,132 | | 44,066 |
Alabama Noor Hospitals Group PLC | 1,829,400 | | 30,826 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Associated British Foods PLC | 791,000 | | $ 39,678 |
Barclays PLC | 16,433,040 | | 70,170 |
BG Group PLC | 4,257,800 | | 86,123 |
BHP Billiton PLC | 2,080,582 | | 67,545 |
British American Tobacco PLC (United Kingdom) | 1,050,600 | | 60,667 |
Bunzl PLC | 1,143,100 | | 32,443 |
Diageo PLC | 4,394,219 | | 134,638 |
Exova Group Ltd. PLC (a) | 3,912,500 | | 14,549 |
Hikma Pharmaceuticals PLC | 3,907,835 | | 102,401 |
HSBC Holdings PLC (United Kingdom) | 7,007,393 | | 71,599 |
ITV PLC | 14,738,700 | | 45,290 |
Jazztel PLC (a) | 4,681,964 | | 71,840 |
Legal & General Group PLC | 11,058,689 | | 39,546 |
Liberty Global PLC: | | | |
Class A (a) | 677,800 | | 26,990 |
Class C | 677,800 | | 26,048 |
London Stock Exchange Group PLC | 2,683,400 | | 82,095 |
Meggitt PLC | 6,842,366 | | 55,071 |
Melrose PLC | 6,971,000 | | 33,603 |
Next PLC | 781,744 | | 86,057 |
Ocado Group PLC (a) | 799,632 | | 4,536 |
Persimmon PLC | 2,082,200 | | 46,124 |
Poundland Group PLC (a) | 3,906,035 | | 22,917 |
Reckitt Benckiser Group PLC | 788,600 | | 63,578 |
Rolls-Royce Group PLC | 4,197,715 | | 74,418 |
Rotork PLC | 717,800 | | 31,401 |
St. James's Place Capital PLC | 5,676,000 | | 73,792 |
Taylor Wimpey PLC | 12,002,700 | | 21,299 |
The Restaurant Group PLC | 1,992,100 | | 20,988 |
Ultra Electronics Holdings PLC | 614,667 | | 17,601 |
Vodafone Group PLC | 28,009,396 | | 106,341 |
TOTAL UNITED KINGDOM | | 1,704,240 |
United States of America - 3.3% |
Google, Inc.: | | | |
Class A (a) | 90,700 | | 48,514 |
Class C (a) | 90,700 | | 47,768 |
Illumina, Inc. (a) | 222,300 | | 30,199 |
Las Vegas Sands Corp. | 726,600 | | 57,496 |
MasterCard, Inc. Class A | 806,900 | | 59,347 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
McGraw Hill Financial, Inc. | 1,269,000 | | $ 93,817 |
Visa, Inc. Class A | 273,600 | | 55,434 |
TOTAL UNITED STATES OF AMERICA | | 392,575 |
TOTAL COMMON STOCKS (Cost $8,927,377) |
10,889,348
|
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.5% |
Volkswagen AG | 650,200 | | 175,089 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 562,493,810 | | 950 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $133,978) |
176,039
|
Government Obligations - 0.1% |
| Principal Amount (000s) (h) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14 (g)
(Cost $15,570) | | $ 15,570 | |
15,570
|
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (e)(f)
(Cost $14,037) | EUR | 9,140 | |
14,125
|
Money Market Funds - 9.5% |
| Shares | | Value (000s) |
Fidelity Cash Central Fund, 0.11% (b) | 611,309,213 | | $ 611,309 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 511,177,090 | | 511,177 |
TOTAL MONEY MARKET FUNDS (Cost $1,122,486) |
1,122,486
|
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $10,213,448) | 12,217,568 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (402,287) |
NET ASSETS - 100% | $ 11,815,281 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
3,792 CME Nikkei 225 Index Contracts | June 2014 | | $ 271,223 | | $ (19,376) |
|
The face value of futures purchased as a percentage of net assets is 2.3% |
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 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 $14,125,000 or 0.1% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) 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 $14,065,000. |
(h) Amount is stated in United States dollars unless otherwise noted. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 312 |
Fidelity Securities Lending Cash Central Fund | 2,699 |
Total | $ 3,011 |
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, 2014, 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
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,721,540 | $ 1,549,569 | $ 171,971 | $ - |
Consumer Staples | 994,500 | 670,152 | 324,348 | - |
Energy | 431,494 | 188,444 | 243,050 | - |
Financials | 2,488,756 | 2,077,090 | 411,666 | - |
Health Care | 1,471,643 | 1,015,467 | 456,176 | - |
Industrials | 1,711,362 | 1,443,364 | 267,998 | - |
Information Technology | 982,512 | 933,043 | 49,469 | - |
Materials | 633,902 | 495,326 | 138,576 | - |
Telecommunication Services | 606,846 | 455,819 | 151,027 | - |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Utilities | $ 22,832 | $ 22,832 | $ - | $ - |
Government Obligations | 15,570 | - | 15,570 | - |
Preferred Securities | 14,125 | - | 14,125 | - |
Money Market Funds | 1,122,486 | 1,122,486 | - | - |
Total Investments in Securities: | $ 12,217,568 | $ 9,973,592 | $ 2,243,976 | $ - |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (19,376) | $ (19,376) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 (000s) |
Level 1 to Level 2 | $ 312,418 |
Level 2 to Level 1 | $ 1,472,156 |
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, 2014. 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 (000s) |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ - | $ (19,376) |
Total Value of Derivatives | $ - | $ (19,376) |
(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
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $484,808) - See accompanying schedule: Unaffiliated issuers (cost $9,090,962) | $ 11,095,082 | |
Fidelity Central Funds (cost $1,122,486) | 1,122,486 | |
Total Investments (cost $10,213,448) | | $ 12,217,568 |
Foreign currency held at value (cost $6,181) | | 6,184 |
Receivable for investments sold | | 111,261 |
Receivable for fund shares sold | | 12,993 |
Dividends receivable | | 42,603 |
Distributions receivable from Fidelity Central Funds | | 900 |
Prepaid expenses | | 9 |
Other receivables | | 3,877 |
Total assets | | 12,395,395 |
| | |
Liabilities | | |
Payable for investments purchased | $ 44,205 | |
Payable for fund shares redeemed | 11,662 | |
Accrued management fee | 6,656 | |
Distribution and service plan fees payable | 128 | |
Payable for daily variation margin for derivative instruments | 3,128 | |
Other affiliated payables | 1,677 | |
Other payables and accrued expenses | 1,481 | |
Collateral on securities loaned, at value | 511,177 | |
Total liabilities | | 580,114 |
| | |
Net Assets | | $ 11,815,281 |
Net Assets consist of: | | |
Paid in capital | | $ 10,415,376 |
Undistributed net investment income | | 114,183 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (697,402) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,983,124 |
Net Assets | | $ 11,815,281 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($331,128 ÷ 8,392.9 shares) | | $ 39.45 |
| | |
Maximum offering price per share (100/94.25 of $39.45) | | $ 41.86 |
Class T:
Net Asset Value and redemption price per share ($50,909 ÷ 1,297.9 shares) | | $ 39.22 |
| | |
Maximum offering price per share (100/96.50 of $39.22) | | $ 40.64 |
Class B:
Net Asset Value and offering price per share ($5,848 ÷ 149.1 shares)A | | $ 39.22 |
| | |
Class C:
Net Asset Value and offering price per share ($39,763 ÷ 1,015.9 shares)A | | $ 39.14 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($8,069,092 ÷ 203,149.3 shares) | | $ 39.72 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($2,679,042 ÷ 67,586.0 shares) | | $ 39.64 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($622,000 ÷ 15,688.4 shares) | | $ 39.65 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($17,499 ÷ 441.7 shares) | | $ 39.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 116,352 |
Special dividends | | 63,816 |
Interest | | 2 |
Income from Fidelity Central Funds | | 3,011 |
Income before foreign taxes withheld | | 183,181 |
Less foreign taxes withheld | | (10,085) |
Total income | | 173,096 |
| | |
Expenses | | |
Management fee
Basic fee | $ 40,933 | |
Performance adjustment | 1,565 | |
Transfer agent fees | 8,918 | |
Distribution and service plan fees | 772 | |
Accounting and security lending fees | 927 | |
Custodian fees and expenses | 708 | |
Independent trustees' compensation | 23 | |
Registration fees | 167 | |
Audit | 60 | |
Legal | 25 | |
Miscellaneous | 41 | |
Total expenses before reductions | 54,139 | |
Expense reductions | (122) | 54,017 |
Net investment income (loss) | | 119,079 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 363,543 | |
Foreign currency transactions | (1,353) | |
Futures contracts | 8,004 | |
Total net realized gain (loss) | | 370,194 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $721) | (269,054) | |
Assets and liabilities in foreign currencies | 255 | |
Futures contracts | (23,614) | |
Total change in net unrealized appreciation (depreciation) | | (292,413) |
Net gain (loss) | | 77,781 |
Net increase (decrease) in net assets resulting from operations | | $ 196,860 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 119,079 | $ 129,203 |
Net realized gain (loss) | 370,194 | 725,376 |
Change in net unrealized appreciation (depreciation) | (292,413) | 1,463,372 |
Net increase (decrease) in net assets resulting from operations | 196,860 | 2,317,951 |
Distributions to shareholders from net investment income | (136,326) | (146,031) |
Distributions to shareholders from net realized gain | (88,586) | (8,413) |
Total distributions | (224,912) | (154,444) |
Share transactions - net increase (decrease) | 548,372 | 714,712 |
Redemption fees | 75 | 128 |
Total increase (decrease) in net assets | 520,395 | 2,878,347 |
| | |
Net Assets | | |
Beginning of period | 11,294,886 | 8,416,539 |
End of period (including undistributed net investment income of $114,183 and undistributed net investment income of $131,430, respectively) | $ 11,815,281 | $ 11,294,886 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .33 K | .34 | .41 | .42 | .31 | .31 |
Net realized and unrealized gain (loss) | .28 | 7.97 | 2.11 | (2.52) | 3.51 | 4.84 |
Total from investment operations | .61 | 8.31 | 2.52 | (2.10) | 3.82 | 5.15 |
Distributions from net investment income | (.33) | (.45) | (.29) | (.38) | (.28) | (.26) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.65) J | (.48) | (.29) | (.54) | (.32) | (.26) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.45 | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 |
Total Return B,C,D | 1.57% | 26.59% | 8.70% | (6.71)% | 13.43% | 22.14% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.29% A | 1.35% | 1.34% | 1.30% | 1.33% | 1.37% |
Expenses net of fee waivers, if any | 1.29% A | 1.35% | 1.34% | 1.29% | 1.33% | 1.37% |
Expenses net of all reductions | 1.29% A | 1.33% | 1.31% | 1.25% | 1.28% | 1.32% |
Net investment income (loss) | 1.68% A,K | .97% | 1.41% | 1.31% | 1.06% | 1.28% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 331 | $ 347 | $ 299 | $ 320 | $ 392 | $ 414 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .28 J | .26 | .34 | .34 | .23 | .24 |
Net realized and unrealized gain (loss) | .27 | 7.92 | 2.09 | (2.51) | 3.48 | 4.81 |
Total from investment operations | .55 | 8.18 | 2.43 | (2.17) | 3.71 | 5.05 |
Distributions from net investment income | (.25) | (.34) | (.19) | (.30) | (.21) | (.19) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.56) | (.37) | (.19) | (.46) | (.25) | (.19) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 |
Total Return B,C,D | 1.44% | 26.31% | 8.41% | (6.96)% | 13.14% | 21.79% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.52% A | 1.59% | 1.59% | 1.56% | 1.60% | 1.65% |
Expenses net of fee waivers, if any | 1.52% A | 1.59% | 1.59% | 1.55% | 1.60% | 1.65% |
Expenses net of all reductions | 1.52% A | 1.57% | 1.56% | 1.51% | 1.56% | 1.60% |
Net investment income (loss) | 1.44% A,J | .73% | 1.16% | 1.05% | .79% | 1.00% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 51 | $ 53 | $ 46 | $ 61 | $ 92 | $ 83 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .17 | .08 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.48) | 3.44 | 4.81 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.52 | 4.93 |
Distributions from net investment income | (.01) | (.15) | (.02) | (.12) | (.06) | - |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.32) | (.18) | (.02) | (.27) J | (.10) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 |
Total Return B,C,D | 1.20% | 25.64% | 7.85% | (7.39)% | 12.52% | 21.20% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of fee waivers, if any | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of all reductions | 2.06% A | 2.08% | 2.06% | 2.02% | 2.08% | 2.11% |
Net investment income (loss) | .90% A,K | .22% | .66% | .54% | .27% | .49% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 6 | $ 7 | $ 8 | $ 10 | $ 14 | $ 16 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .18 | .09 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.49) | 3.45 | 4.82 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.54 | 4.94 |
Distributions from net investment income | (.08) | (.20) | (.04) | (.14) | (.05) | (.02) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.39) | (.23) | (.04) | (.29) J | (.09) | (.02) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.14 | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 |
Total Return B,C,D | 1.21% | 25.65% | 7.86% | (7.37)% | 12.54% | 21.22% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.03% A | 2.10% | 2.09% | 2.05% | 2.09% | 2.14% |
Expenses net of fee waivers, if any | 2.03% A | 2.09% | 2.09% | 2.04% | 2.09% | 2.14% |
Expenses net of all reductions | 2.03% A | 2.07% | 2.06% | 2.00% | 2.05% | 2.09% |
Net investment income (loss) | .93% A,K | .23% | .66% | .56% | .30% | .51% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 40 | $ 36 | $ 30 | $ 33 | $ 44 | $ 43 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.16)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 I | .47 | .51 | .53 | .40 | .37 |
Net realized and unrealized gain (loss) | .28 | 8.02 | 2.12 | (2.54) | 3.54 | 4.88 |
Total from investment operations | .68 | 8.49 | 2.63 | (2.01) | 3.94 | 5.25 |
Distributions from net investment income | (.47) | (.55) | (.41) | (.48) | (.35) | (.34) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.78) | (.58) | (.41) | (.64) | (.39) | (.34) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.72 | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 |
Total Return B,C | 1.76% | 27.03% | 9.03% | (6.39)% | 13.76% | 22.47% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.01% | .97% | 1.05% | 1.12% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.01% | .96% | 1.05% | 1.12% |
Expenses net of all reductions | .94% A | .98% | .98% | .92% | 1.00% | 1.07% |
Net investment income (loss) | 2.03% A,I | 1.32% | 1.73% | 1.64% | 1.35% | 1.53% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 8,069 | $ 7,800 | $ 5,965 | $ 6,806 | $ 8,133 | $ 8,114 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .43 J | .52 | .57 | .58 | .46 | .44 |
Net realized and unrealized gain (loss) | .29 | 8.01 | 2.11 | (2.54) | 3.53 | 4.86 |
Total from investment operations | .72 | 8.53 | 2.68 | (1.96) | 3.99 | 5.30 |
Distributions from net investment income | (.53) | (.61) | (.47) | (.55) | (.41) | (.42) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.84) | (.64) | (.47) | (.70) I | (.45) | (.42) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.64 | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 |
Total Return B,C | 1.85% | 27.23% | 9.24% | (6.24)% | 13.96% | 22.80% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .81% A | .85% | .83% | .80% | .84% | .88% |
Expenses net of fee waivers, if any | .81% A | .85% | .83% | .79% | .84% | .88% |
Expenses net of all reductions | .80% A | .83% | .80% | .75% | .79% | .83% |
Net investment income (loss) | 2.16% A,J | 1.47% | 1.91% | 1.81% | 1.55% | 1.77% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 2,679 | $ 2,576 | $ 1,776 | $ 1,245 | $ 1,078 | $ 674 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 J | .47 | .52 | .54 | .41 | .39 |
Net realized and unrealized gain (loss) | .28 | 8.01 | 2.11 | (2.55) | 3.55 | 4.86 |
Total from investment operations | .68 | 8.48 | 2.63 | (2.01) | 3.96 | 5.25 |
Distributions from net investment income | (.48) | (.56) | (.41) | (.50) | (.38) | (.39) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.79) | (.59) | (.41) | (.65) I | (.42) | (.39) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.65 | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 |
Total Return B,C | 1.76% | 27.03% | 9.07% | (6.39)% | 13.84% | 22.52% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.00% | .95% | .99% | 1.05% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.00% | .94% | .99% | 1.05% |
Expenses net of all reductions | .94% A | .97% | .97% | .90% | .95% | 1.00% |
Net investment income (loss) | 2.02% A,J | 1.33% | 1.75% | 1.66% | 1.40% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 622 | $ 476 | $ 294 | $ 278 | $ 319 | $ 267 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended April 30, 2014 | Year ended October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 39.77 | $ 37.22 |
Income from Investment Operations | | |
Net investment income (loss) D | .42 J | .07 |
Net realized and unrealized gain (loss) | .28 | 2.48 |
Total from investment operations | .70 | 2.55 |
Distributions from net investment income | (.54) | - |
Distributions from net realized gain | (.31) | - |
Total distributions | (.85) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 39.62 | $ 39.77 |
Total Return B,C | 1.81% | 6.85% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .81% A | .85% A |
Expenses net of fee waivers, if any | .81% A | .85% A |
Expenses net of all reductions | .81% A | .83% A |
Net investment income (loss) | 2.16% A,J | .76% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 17 | $ 107 |
Portfolio turnover rate F | 54% A | 65% |
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 August 13, 2013 (commencement of sale of shares) to October 31, 2013.
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Discovery, Class K, Institutional Class and Class Z 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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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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. 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, 2014, 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 2,148,794 |
Gross unrealized depreciation | (226,912) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 1,921,882 |
| |
Tax cost | $ 10,295,686 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ (950,903) |
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.
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 return 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 risks:
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
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 $8,004 and a change in net unrealized appreciation (depreciation) of $(23,614) 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 $3,130,499 and $3,016,413, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 .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 relative investment performance of International Discovery 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 .73% 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% | $ 417 | $ 6 |
Class T | .25% | .25% | 131 | 2 |
Class B | .75% | .25% | 32 | 24 |
Class C | .75% | .25% | 192 | 22 |
| | | $ 772 | $ 54 |
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
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6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 31 |
Class T | 4 |
Class B* | 2 |
Class C* | 1 |
| $ 38 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 463 | .28 |
Class T | 68 | .26 |
Class B | 10 | .30 |
Class C | 52 | .27 |
International Discovery | 7,248 | .18 |
Class K | 597 | .05 |
Institutional Class | 478 | .18 |
Class Z | 2 | .05 |
| $ 8,918 | |
* Annualized
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Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
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 $8,214 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 $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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
Semiannual Report
8. Security Lending - continued
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 income from Fidelity Central Funds. Total security lending income during the period amounted to $2,699, including $7 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 $97 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $25.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 2,857 | $ 4,138 |
Class T | 344 | 492 |
Class B | 2 | 34 |
Class C | 79 | 186 |
International Discovery | 93,065 | 101,466 |
Class K | 33,983 | 34,651 |
Institutional Class | 5,936 | 5,064 |
Class Z | 60 | - |
Total | $ 136,326 | $ 146,031 |
From net realized gain | | |
Class A | $ 2,660 | $ 297 |
Class T | 423 | 46 |
Class B | 52 | 7 |
Class C | 295 | 30 |
International Discovery | 61,190 | 5,914 |
Class K | 20,093 | 1,827 |
Institutional Class | 3,838 | 292 |
Class Z | 35 | - |
Total | $ 88,586 | $ 8,413 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013A | Six months ended April 30,
2014 | Year ended
October 31,
2013A |
Class A | | | | |
Shares sold | 838 | 1,772 | $ 33,014 | $ 62,186 |
Reinvestment of distributions | 137 | 132 | 5,280 | 4,249 |
Shares redeemed | (1,362) | (2,553) | (53,759) | (88,988) |
Net increase (decrease) | (387) | (649) | $ (15,465) | $ (22,553) |
Class T | | | | |
Shares sold | 97 | 227 | $ 3,819 | $ 7,911 |
Reinvestment of distributions | 19 | 16 | 736 | 512 |
Shares redeemed | (174) | (347) | (6,774) | (11,997) |
Net increase (decrease) | (58) | (104) | $ (2,219) | $ (3,574) |
Class B | | | | |
Shares sold | 4 | 4 | $ 149 | $ 137 |
Reinvestment of distributions | 1 | 1 | 51 | 39 |
Shares redeemed | (27) | (75) | (1,059) | (2,570) |
Net increase (decrease) | (22) | (70) | $ (859) | $ (2,394) |
Class C | | | | |
Shares sold | 153 | 184 | $ 5,958 | $ 6,532 |
Reinvestment of distributions | 9 | 6 | 337 | 193 |
Shares redeemed | (79) | (207) | (3,097) | (7,250) |
Net increase (decrease) | 83 | (17) | $ 3,198 | $ (525) |
International Discovery | | | | |
Shares sold | 21,319 | 37,338 | $ 845,660 | $ 1,332,523 |
Reinvestment of distributions | 3,813 | 3,176 | 148,138 | 102,608 |
Shares redeemed | (17,836) | (31,569) | (705,578) | (1,103,313) |
Net increase (decrease) | 7,296 | 8,945 | $ 288,220 | $ 331,818 |
Class K | | | | |
Shares sold | 8,356 | 19,989 | $ 332,299 | $ 699,723 |
Reinvestment of distributions | 1,396 | 1,132 | 54,076 | 36,478 |
Shares redeemed | (6,953) | (12,053) | (275,437) | (423,712) |
Net increase (decrease) | 2,799 | 9,068 | $ 110,938 | $ 312,489 |
Institutional Class | | | | |
Shares sold | 5,352 | 4,893 | $ 211,862 | $ 175,669 |
Reinvestment of distributions | 91 | 68 | 3,529 | 2,182 |
Shares redeemed | (1,730) | (2,219) | (67,783) | (78,500) |
Net increase (decrease) | 3,713 | 2,742 | $ 147,608 | $ 99,351 |
Class Z | | | | |
Shares sold | 463 | 3 | $ 17,869 | $ 100 |
Reinvestment of distributions | 2 | - | 95 | - |
Shares redeemed | (26) | - | (1,013) | - |
Net increase (decrease) | 439 | 3 | $ 16,951 | $ 100 |
A Share transactions for class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 14% 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 20% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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)
AIDI-USAN-0614
1.806664.109
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Discovery
Fund - Class Z
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Class Z is
a class of Fidelity®
International 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 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. © 2014 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 fund's 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.29% | | | |
Actual | | $ 1,000.00 | $ 1,015.70 | $ 6.45 |
HypotheticalA | | $ 1,000.00 | $ 1,018.40 | $ 6.46 |
Class T | 1.52% | | | |
Actual | | $ 1,000.00 | $ 1,014.40 | $ 7.59 |
HypotheticalA | | $ 1,000.00 | $ 1,017.26 | $ 7.60 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,012.00 | $ 10.28 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.03% | | | |
Actual | | $ 1,000.00 | $ 1,012.10 | $ 10.13 |
HypotheticalA | | $ 1,000.00 | $ 1,014.73 | $ 10.14 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class K | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.50 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Institutional Class | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class Z | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.10 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
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, 2014 |
 | Japan 16.3% | |
 | United Kingdom 14.4% | |
 | Germany 10.3% | |
 | United States of America* 9.5% | |
 | France 8.9% | |
 | Switzerland 5.5% | |
 | Sweden 5.2% | |
 | Spain 3.0% | |
 | Netherlands 2.7% | |
 | Other 24.2% | |
* 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, 2013 |
| Japan 18.2% | |
| United Kingdom 15.9% | |
| France 10.9% | |
| Germany 8.7% | |
| Switzerland 6.4% | |
| United States of America* 5.5% | |
| Sweden 4.1% | |
| Spain 3.6% | |
| Netherlands 3.3% | |
| Other 23.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 96.0 | 97.2 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9 | 2.8 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 2.0 |
Total SA (France, Oil, Gas & Consumable Fuels) | 2.0 | 1.5 |
Bayer AG (Germany, Pharmaceuticals) | 1.8 | 1.6 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 1.8 | 1.8 |
Volkswagen AG (Germany, Automobiles) | 1.5 | 1.5 |
Siemens AG (Germany, Industrial Conglomerates) | 1.3 | 1.3 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.3 | 1.4 |
BASF AG (Germany, Chemicals) | 1.3 | 1.2 |
KBC Groupe SA (Belgium, Banks) | 1.2 | 1.0 |
AXA SA (France, Insurance) | 1.2 | 1.2 |
| 15.7 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.1 | 24.8 |
Consumer Discretionary | 14.8 | 16.4 |
Industrials | 14.6 | 13.0 |
Health Care | 12.4 | 9.5 |
Consumer Staples | 8.4 | 10.1 |
Information Technology | 8.3 | 7.7 |
Materials | 5.4 | 5.2 |
Telecommunication Services | 5.1 | 5.1 |
Energy | 3.5 | 3.8 |
Utilities | 0.2 | 0.6 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.2% |
| Shares | | Value (000s) |
Australia - 2.5% |
Ansell Ltd. | 2,499,254 | | $ 42,001 |
Australia & New Zealand Banking Group Ltd. | 6,493,040 | | 207,924 |
Ramsay Health Care Ltd. | 1,215,729 | | 50,609 |
TOTAL AUSTRALIA | | 300,534 |
Austria - 0.2% |
Andritz AG | 455,300 | | 28,257 |
Bailiwick of Jersey - 1.7% |
Experian PLC | 2,900,800 | | 55,638 |
Shire PLC | 222,100 | | 12,702 |
Wolseley PLC | 1,459,649 | | 84,310 |
WPP PLC | 2,319,800 | | 50,019 |
TOTAL BAILIWICK OF JERSEY | | 202,669 |
Belgium - 2.4% |
Anheuser-Busch InBev SA NV (d) | 1,183,927 | | 129,043 |
Arseus NV | 235,000 | | 13,335 |
KBC Groupe SA | 2,342,738 | | 142,716 |
TOTAL BELGIUM | | 285,094 |
Bermuda - 0.1% |
PAX Global Technology Ltd. (a) | 25,931,000 | | 13,512 |
Canada - 2.0% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,346,700 | | 37,954 |
Constellation Software, Inc. | 266,500 | | 59,024 |
First Quantum Minerals Ltd. | 1,680,600 | | 33,472 |
Imperial Oil Ltd. | 38,100 | | 1,860 |
Suncor Energy, Inc. | 2,012,600 | | 77,636 |
TransForce, Inc. | 1,412,400 | | 30,837 |
TOTAL CANADA | | 240,783 |
Cayman Islands - 1.0% |
Cimc Enric Holdings Ltd. | 12,718,000 | | 18,405 |
ENN Energy Holdings Ltd. | 3,266,000 | | 22,832 |
Greatview Aseptic Pack Co. Ltd. | 26,392,000 | | 16,102 |
iKang Healthcare Group, Inc. sponsored ADR | 80,200 | | 1,101 |
Sands China Ltd. | 4,548,600 | | 33,207 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 841,400 | | 28,608 |
TOTAL CAYMAN ISLANDS | | 120,255 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 529,830 | | 577 |
Common Stocks - continued |
| Shares | | Value (000s) |
Denmark - 2.1% |
ISS Holdings A/S (a) | 384,000 | | $ 13,369 |
Novo Nordisk A/S Series B (d) | 3,046,345 | | 138,261 |
Pandora A/S | 514,000 | | 34,576 |
Vestas Wind Systems A/S (a) | 1,263,600 | | 56,087 |
TOTAL DENMARK | | 242,293 |
Finland - 0.7% |
Sampo Oyj (A Shares) (d) | 1,739,800 | | 86,387 |
France - 8.9% |
Arkema SA | 487,670 | | 54,376 |
Atos Origin SA | 525,695 | | 45,386 |
AXA SA (d) | 5,364,600 | | 139,734 |
BNP Paribas SA | 1,617,645 | | 121,436 |
Bureau Veritas SA | 1,413,000 | | 43,127 |
Havas SA | 5,933,668 | | 47,170 |
Iliad SA | 213,972 | | 57,738 |
Lafarge SA (Bearer) | 605,900 | | 55,353 |
Rexel SA | 3,421,500 | | 86,392 |
Schneider Electric SA | 1,383,800 | | 129,683 |
SR Teleperformance SA | 385,700 | | 22,094 |
Total SA (a) | 3,397,200 | | 243,050 |
TOTAL FRANCE | | 1,045,539 |
Germany - 8.8% |
Aareal Bank AG | 1,044,895 | | 47,367 |
adidas AG | 638,000 | | 68,093 |
BASF AG (d) | 1,265,455 | | 146,472 |
Bayer AG (d) | 1,557,600 | | 216,094 |
Brenntag AG | 477,800 | | 86,406 |
Continental AG (d) | 255,300 | | 59,805 |
Drillisch AG | 2,022,600 | | 75,314 |
GEA Group AG | 1,508,060 | | 67,463 |
HeidelbergCement Finance AG (d) | 494,100 | | 42,857 |
KION Group AG | 1,166,749 | | 55,149 |
LEG Immobilien AG | 184,948 | | 12,337 |
Siemens AG | 1,197,644 | | 157,994 |
TOTAL GERMANY | | 1,035,351 |
Hong Kong - 2.0% |
AIA Group Ltd. | 22,053,600 | | 106,955 |
Techtronic Industries Co. Ltd. | 39,683,000 | | 126,425 |
TOTAL HONG KONG | | 233,380 |
Common Stocks - continued |
| Shares | | Value (000s) |
India - 1.3% |
Bharti Infratel Ltd. (a) | 5,356,336 | | $ 19,151 |
Housing Development Finance Corp. Ltd. | 6,075,663 | | 90,452 |
Lupin Ltd. | 1,963,215 | | 33,499 |
United Spirits Ltd. | 273,323 | | 12,546 |
TOTAL INDIA | | 155,648 |
Ireland - 2.1% |
Actavis PLC (a) | 305,900 | | 62,505 |
Bank of Ireland (a) | 63,590,200 | | 24,885 |
James Hardie Industries PLC CDI | 6,070,470 | | 77,373 |
Kerry Group PLC Class A | 1,114,800 | | 88,003 |
TOTAL IRELAND | | 252,766 |
Italy - 1.4% |
De Longhi SpA | 2,375,100 | | 51,535 |
UniCredit SpA | 9,028,600 | | 80,666 |
World Duty Free SpA (a) | 2,253,904 | | 30,191 |
TOTAL ITALY | | 162,392 |
Japan - 16.3% |
ABC-MART, Inc. | 398,400 | | 17,867 |
ACOM Co. Ltd. (a)(d) | 10,332,400 | | 35,171 |
Aozora Bank Ltd. | 16,056,000 | | 47,743 |
Astellas Pharma, Inc. | 9,796,000 | | 108,946 |
Coca-Cola Central Japan Co. Ltd. | 1,597,500 | | 35,908 |
Daikin Industries Ltd. | 1,089,400 | | 62,880 |
Don Quijote Holdings Co. Ltd. | 1,454,900 | | 76,562 |
Hitachi Ltd. | 6,659,000 | | 47,353 |
Hoya Corp. | 2,101,900 | | 61,966 |
Iida Group Holdings Co. Ltd. (a) | 464,778 | | 6,910 |
Japan Exchange Group, Inc. | 2,589,500 | | 51,114 |
Japan Tobacco, Inc. | 3,948,700 | | 129,621 |
Kakaku.com, Inc. | 1,903,000 | | 27,083 |
KDDI Corp. | 1,426,300 | | 75,922 |
Keyence Corp. | 304,060 | | 117,136 |
NEC Corp. | 23,010,000 | | 64,595 |
Olympus Corp. (a) | 1,501,000 | | 45,807 |
OMRON Corp. | 2,083,000 | | 73,552 |
ORIX Corp. | 9,072,900 | | 131,077 |
Park24 Co. Ltd. | 1,342,800 | | 24,509 |
Rakuten, Inc. | 5,927,100 | | 76,643 |
Santen Pharmaceutical Co. Ltd. | 1,166,900 | | 52,047 |
Seven & i Holdings Co., Ltd. | 2,748,600 | | 108,374 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Seven Bank Ltd. | 17,781,300 | | $ 67,309 |
Ship Healthcare Holdings, Inc. | 1,076,700 | | 36,650 |
SoftBank Corp. | 2,099,300 | | 155,854 |
Toshiba Plant Systems & Services Corp. | 2,449,100 | | 36,005 |
Toyota Motor Corp. | 2,257,200 | | 121,952 |
Tsuruha Holdings, Inc. | 260,900 | | 26,234 |
TOTAL JAPAN | | 1,922,790 |
Korea (South) - 1.1% |
Hyundai Motor Co. | 206,848 | | 46,051 |
Naver Corp. | 112,967 | | 80,699 |
TOTAL KOREA (SOUTH) | | 126,750 |
Luxembourg - 0.2% |
Altice S.A. | 344,100 | | 19,664 |
Netherlands - 2.7% |
AEGON NV | 5,028,800 | | 46,096 |
AerCap Holdings NV (a) | 1,180,100 | | 49,246 |
Airbus Group NV | 176,700 | | 12,132 |
Koninklijke KPN NV (a) | 12,577,385 | | 44,686 |
Koninklijke Philips Electronics NV | 3,436,200 | | 110,004 |
Royal DSM NV | 778,500 | | 55,817 |
TOTAL NETHERLANDS | | 317,981 |
New Zealand - 0.5% |
EBOS Group Ltd. | 243,590 | | 1,974 |
Ryman Healthcare Group Ltd. | 7,311,565 | | 54,536 |
TOTAL NEW ZEALAND | | 56,510 |
Philippines - 0.2% |
Alliance Global Group, Inc. | 26,741,800 | | 18,688 |
Portugal - 0.1% |
CTT Correios de Portugal SA | 609,064 | | 6,700 |
Espirito Santo Saude SGPS SA | 1,982,181 | | 9,570 |
TOTAL PORTUGAL | | 16,270 |
Singapore - 0.5% |
Ezion Holdings Ltd. | 12,606,000 | | 22,825 |
Global Logistic Properties Ltd. | 16,214,205 | | 36,859 |
TOTAL SINGAPORE | | 59,684 |
Common Stocks - continued |
| Shares | | Value (000s) |
South Africa - 0.5% |
Naspers Ltd. Class N | 668,700 | | $ 63,053 |
Spain - 3.0% |
Amadeus IT Holding SA Class A | 1,462,100 | | 60,762 |
Atresmedia Corporacion de Medios de Comunicacion SA | 1,515,400 | | 21,718 |
Banco Bilbao Vizcaya Argentaria SA | 5,747,024 | | 70,790 |
Criteria CaixaCorp SA | 8,029,913 | | 48,906 |
Grifols SA ADR (d) | 1,796,450 | | 73,726 |
Inditex SA | 481,679 | | 72,272 |
TOTAL SPAIN | | 348,174 |
Sweden - 5.2% |
ASSA ABLOY AB (B Shares) | 2,128,600 | | 112,679 |
Eniro AB (a) | 4,832,900 | | 38,353 |
H&M Hennes & Mauritz AB (B Shares) (d) | 1,057,821 | | 43,079 |
HEXPOL AB (B Shares) | 143,001 | | 13,504 |
Intrum Justitia AB | 1,835,800 | | 53,107 |
Investment AB Kinnevik (B Shares) | 460,600 | | 16,186 |
Nordea Bank AB | 9,576,600 | | 138,372 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 4,579,600 | | 128,256 |
Svenska Handelsbanken AB (A Shares) | 1,425,600 | | 71,541 |
TOTAL SWEDEN | | 615,077 |
Switzerland - 5.5% |
Compagnie Financiere Richemont SA Series A | 244,608 | | 24,819 |
Lonza Group AG | 521,951 | | 54,532 |
Partners Group Holding AG | 230,056 | | 62,945 |
Roche Holding AG (participation certificate) | 926,232 | | 271,714 |
Schindler Holding AG (participation certificate) | 194,920 | | 30,165 |
Syngenta AG (Switzerland) | 179,374 | | 71,031 |
UBS AG | 6,126,361 | | 128,126 |
TOTAL SWITZERLAND | | 643,332 |
Taiwan - 1.5% |
ECLAT Textile Co. Ltd. | 2,457,180 | | 26,881 |
MediaTek, Inc. | 4,532,000 | | 70,912 |
Merida Industry Co. Ltd. | 4,758,000 | | 31,861 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 12,576,000 | | 49,469 |
TOTAL TAIWAN | | 179,123 |
United Kingdom - 14.4% |
Aberdeen Asset Management PLC | 5,975,132 | | 44,066 |
Alabama Noor Hospitals Group PLC | 1,829,400 | | 30,826 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Associated British Foods PLC | 791,000 | | $ 39,678 |
Barclays PLC | 16,433,040 | | 70,170 |
BG Group PLC | 4,257,800 | | 86,123 |
BHP Billiton PLC | 2,080,582 | | 67,545 |
British American Tobacco PLC (United Kingdom) | 1,050,600 | | 60,667 |
Bunzl PLC | 1,143,100 | | 32,443 |
Diageo PLC | 4,394,219 | | 134,638 |
Exova Group Ltd. PLC (a) | 3,912,500 | | 14,549 |
Hikma Pharmaceuticals PLC | 3,907,835 | | 102,401 |
HSBC Holdings PLC (United Kingdom) | 7,007,393 | | 71,599 |
ITV PLC | 14,738,700 | | 45,290 |
Jazztel PLC (a) | 4,681,964 | | 71,840 |
Legal & General Group PLC | 11,058,689 | | 39,546 |
Liberty Global PLC: | | | |
Class A (a) | 677,800 | | 26,990 |
Class C | 677,800 | | 26,048 |
London Stock Exchange Group PLC | 2,683,400 | | 82,095 |
Meggitt PLC | 6,842,366 | | 55,071 |
Melrose PLC | 6,971,000 | | 33,603 |
Next PLC | 781,744 | | 86,057 |
Ocado Group PLC (a) | 799,632 | | 4,536 |
Persimmon PLC | 2,082,200 | | 46,124 |
Poundland Group PLC (a) | 3,906,035 | | 22,917 |
Reckitt Benckiser Group PLC | 788,600 | | 63,578 |
Rolls-Royce Group PLC | 4,197,715 | | 74,418 |
Rotork PLC | 717,800 | | 31,401 |
St. James's Place Capital PLC | 5,676,000 | | 73,792 |
Taylor Wimpey PLC | 12,002,700 | | 21,299 |
The Restaurant Group PLC | 1,992,100 | | 20,988 |
Ultra Electronics Holdings PLC | 614,667 | | 17,601 |
Vodafone Group PLC | 28,009,396 | | 106,341 |
TOTAL UNITED KINGDOM | | 1,704,240 |
United States of America - 3.3% |
Google, Inc.: | | | |
Class A (a) | 90,700 | | 48,514 |
Class C (a) | 90,700 | | 47,768 |
Illumina, Inc. (a) | 222,300 | | 30,199 |
Las Vegas Sands Corp. | 726,600 | | 57,496 |
MasterCard, Inc. Class A | 806,900 | | 59,347 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
McGraw Hill Financial, Inc. | 1,269,000 | | $ 93,817 |
Visa, Inc. Class A | 273,600 | | 55,434 |
TOTAL UNITED STATES OF AMERICA | | 392,575 |
TOTAL COMMON STOCKS (Cost $8,927,377) |
10,889,348
|
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.5% |
Volkswagen AG | 650,200 | | 175,089 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 562,493,810 | | 950 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $133,978) |
176,039
|
Government Obligations - 0.1% |
| Principal Amount (000s) (h) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14 (g)
(Cost $15,570) | | $ 15,570 | |
15,570
|
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (e)(f)
(Cost $14,037) | EUR | 9,140 | |
14,125
|
Money Market Funds - 9.5% |
| Shares | | Value (000s) |
Fidelity Cash Central Fund, 0.11% (b) | 611,309,213 | | $ 611,309 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 511,177,090 | | 511,177 |
TOTAL MONEY MARKET FUNDS (Cost $1,122,486) |
1,122,486
|
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $10,213,448) | 12,217,568 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (402,287) |
NET ASSETS - 100% | $ 11,815,281 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
3,792 CME Nikkei 225 Index Contracts | June 2014 | | $ 271,223 | | $ (19,376) |
|
The face value of futures purchased as a percentage of net assets is 2.3% |
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 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 $14,125,000 or 0.1% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) 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 $14,065,000. |
(h) Amount is stated in United States dollars unless otherwise noted. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 312 |
Fidelity Securities Lending Cash Central Fund | 2,699 |
Total | $ 3,011 |
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, 2014, 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
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,721,540 | $ 1,549,569 | $ 171,971 | $ - |
Consumer Staples | 994,500 | 670,152 | 324,348 | - |
Energy | 431,494 | 188,444 | 243,050 | - |
Financials | 2,488,756 | 2,077,090 | 411,666 | - |
Health Care | 1,471,643 | 1,015,467 | 456,176 | - |
Industrials | 1,711,362 | 1,443,364 | 267,998 | - |
Information Technology | 982,512 | 933,043 | 49,469 | - |
Materials | 633,902 | 495,326 | 138,576 | - |
Telecommunication Services | 606,846 | 455,819 | 151,027 | - |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Utilities | $ 22,832 | $ 22,832 | $ - | $ - |
Government Obligations | 15,570 | - | 15,570 | - |
Preferred Securities | 14,125 | - | 14,125 | - |
Money Market Funds | 1,122,486 | 1,122,486 | - | - |
Total Investments in Securities: | $ 12,217,568 | $ 9,973,592 | $ 2,243,976 | $ - |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (19,376) | $ (19,376) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 (000s) |
Level 1 to Level 2 | $ 312,418 |
Level 2 to Level 1 | $ 1,472,156 |
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, 2014. 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 (000s) |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ - | $ (19,376) |
Total Value of Derivatives | $ - | $ (19,376) |
(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
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $484,808) - See accompanying schedule: Unaffiliated issuers (cost $9,090,962) | $ 11,095,082 | |
Fidelity Central Funds (cost $1,122,486) | 1,122,486 | |
Total Investments (cost $10,213,448) | | $ 12,217,568 |
Foreign currency held at value (cost $6,181) | | 6,184 |
Receivable for investments sold | | 111,261 |
Receivable for fund shares sold | | 12,993 |
Dividends receivable | | 42,603 |
Distributions receivable from Fidelity Central Funds | | 900 |
Prepaid expenses | | 9 |
Other receivables | | 3,877 |
Total assets | | 12,395,395 |
| | |
Liabilities | | |
Payable for investments purchased | $ 44,205 | |
Payable for fund shares redeemed | 11,662 | |
Accrued management fee | 6,656 | |
Distribution and service plan fees payable | 128 | |
Payable for daily variation margin for derivative instruments | 3,128 | |
Other affiliated payables | 1,677 | |
Other payables and accrued expenses | 1,481 | |
Collateral on securities loaned, at value | 511,177 | |
Total liabilities | | 580,114 |
| | |
Net Assets | | $ 11,815,281 |
Net Assets consist of: | | |
Paid in capital | | $ 10,415,376 |
Undistributed net investment income | | 114,183 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (697,402) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,983,124 |
Net Assets | | $ 11,815,281 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($331,128 ÷ 8,392.9 shares) | | $ 39.45 |
| | |
Maximum offering price per share (100/94.25 of $39.45) | | $ 41.86 |
Class T:
Net Asset Value and redemption price per share ($50,909 ÷ 1,297.9 shares) | | $ 39.22 |
| | |
Maximum offering price per share (100/96.50 of $39.22) | | $ 40.64 |
Class B:
Net Asset Value and offering price per share ($5,848 ÷ 149.1 shares)A | | $ 39.22 |
| | |
Class C:
Net Asset Value and offering price per share ($39,763 ÷ 1,015.9 shares)A | | $ 39.14 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($8,069,092 ÷ 203,149.3 shares) | | $ 39.72 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($2,679,042 ÷ 67,586.0 shares) | | $ 39.64 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($622,000 ÷ 15,688.4 shares) | | $ 39.65 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($17,499 ÷ 441.7 shares) | | $ 39.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 116,352 |
Special dividends | | 63,816 |
Interest | | 2 |
Income from Fidelity Central Funds | | 3,011 |
Income before foreign taxes withheld | | 183,181 |
Less foreign taxes withheld | | (10,085) |
Total income | | 173,096 |
| | |
Expenses | | |
Management fee
Basic fee | $ 40,933 | |
Performance adjustment | 1,565 | |
Transfer agent fees | 8,918 | |
Distribution and service plan fees | 772 | |
Accounting and security lending fees | 927 | |
Custodian fees and expenses | 708 | |
Independent trustees' compensation | 23 | |
Registration fees | 167 | |
Audit | 60 | |
Legal | 25 | |
Miscellaneous | 41 | |
Total expenses before reductions | 54,139 | |
Expense reductions | (122) | 54,017 |
Net investment income (loss) | | 119,079 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 363,543 | |
Foreign currency transactions | (1,353) | |
Futures contracts | 8,004 | |
Total net realized gain (loss) | | 370,194 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $721) | (269,054) | |
Assets and liabilities in foreign currencies | 255 | |
Futures contracts | (23,614) | |
Total change in net unrealized appreciation (depreciation) | | (292,413) |
Net gain (loss) | | 77,781 |
Net increase (decrease) in net assets resulting from operations | | $ 196,860 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 119,079 | $ 129,203 |
Net realized gain (loss) | 370,194 | 725,376 |
Change in net unrealized appreciation (depreciation) | (292,413) | 1,463,372 |
Net increase (decrease) in net assets resulting from operations | 196,860 | 2,317,951 |
Distributions to shareholders from net investment income | (136,326) | (146,031) |
Distributions to shareholders from net realized gain | (88,586) | (8,413) |
Total distributions | (224,912) | (154,444) |
Share transactions - net increase (decrease) | 548,372 | 714,712 |
Redemption fees | 75 | 128 |
Total increase (decrease) in net assets | 520,395 | 2,878,347 |
| | |
Net Assets | | |
Beginning of period | 11,294,886 | 8,416,539 |
End of period (including undistributed net investment income of $114,183 and undistributed net investment income of $131,430, respectively) | $ 11,815,281 | $ 11,294,886 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .33 K | .34 | .41 | .42 | .31 | .31 |
Net realized and unrealized gain (loss) | .28 | 7.97 | 2.11 | (2.52) | 3.51 | 4.84 |
Total from investment operations | .61 | 8.31 | 2.52 | (2.10) | 3.82 | 5.15 |
Distributions from net investment income | (.33) | (.45) | (.29) | (.38) | (.28) | (.26) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.65) J | (.48) | (.29) | (.54) | (.32) | (.26) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.45 | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 |
Total Return B,C,D | 1.57% | 26.59% | 8.70% | (6.71)% | 13.43% | 22.14% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.29% A | 1.35% | 1.34% | 1.30% | 1.33% | 1.37% |
Expenses net of fee waivers, if any | 1.29% A | 1.35% | 1.34% | 1.29% | 1.33% | 1.37% |
Expenses net of all reductions | 1.29% A | 1.33% | 1.31% | 1.25% | 1.28% | 1.32% |
Net investment income (loss) | 1.68% A,K | .97% | 1.41% | 1.31% | 1.06% | 1.28% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 331 | $ 347 | $ 299 | $ 320 | $ 392 | $ 414 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .28 J | .26 | .34 | .34 | .23 | .24 |
Net realized and unrealized gain (loss) | .27 | 7.92 | 2.09 | (2.51) | 3.48 | 4.81 |
Total from investment operations | .55 | 8.18 | 2.43 | (2.17) | 3.71 | 5.05 |
Distributions from net investment income | (.25) | (.34) | (.19) | (.30) | (.21) | (.19) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.56) | (.37) | (.19) | (.46) | (.25) | (.19) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 |
Total Return B,C,D | 1.44% | 26.31% | 8.41% | (6.96)% | 13.14% | 21.79% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.52% A | 1.59% | 1.59% | 1.56% | 1.60% | 1.65% |
Expenses net of fee waivers, if any | 1.52% A | 1.59% | 1.59% | 1.55% | 1.60% | 1.65% |
Expenses net of all reductions | 1.52% A | 1.57% | 1.56% | 1.51% | 1.56% | 1.60% |
Net investment income (loss) | 1.44% A,J | .73% | 1.16% | 1.05% | .79% | 1.00% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 51 | $ 53 | $ 46 | $ 61 | $ 92 | $ 83 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .17 | .08 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.48) | 3.44 | 4.81 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.52 | 4.93 |
Distributions from net investment income | (.01) | (.15) | (.02) | (.12) | (.06) | - |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.32) | (.18) | (.02) | (.27) J | (.10) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 |
Total Return B,C,D | 1.20% | 25.64% | 7.85% | (7.39)% | 12.52% | 21.20% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of fee waivers, if any | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of all reductions | 2.06% A | 2.08% | 2.06% | 2.02% | 2.08% | 2.11% |
Net investment income (loss) | .90% A,K | .22% | .66% | .54% | .27% | .49% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 6 | $ 7 | $ 8 | $ 10 | $ 14 | $ 16 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .18 | .09 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.49) | 3.45 | 4.82 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.54 | 4.94 |
Distributions from net investment income | (.08) | (.20) | (.04) | (.14) | (.05) | (.02) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.39) | (.23) | (.04) | (.29) J | (.09) | (.02) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.14 | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 |
Total Return B,C,D | 1.21% | 25.65% | 7.86% | (7.37)% | 12.54% | 21.22% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.03% A | 2.10% | 2.09% | 2.05% | 2.09% | 2.14% |
Expenses net of fee waivers, if any | 2.03% A | 2.09% | 2.09% | 2.04% | 2.09% | 2.14% |
Expenses net of all reductions | 2.03% A | 2.07% | 2.06% | 2.00% | 2.05% | 2.09% |
Net investment income (loss) | .93% A,K | .23% | .66% | .56% | .30% | .51% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 40 | $ 36 | $ 30 | $ 33 | $ 44 | $ 43 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.16)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 I | .47 | .51 | .53 | .40 | .37 |
Net realized and unrealized gain (loss) | .28 | 8.02 | 2.12 | (2.54) | 3.54 | 4.88 |
Total from investment operations | .68 | 8.49 | 2.63 | (2.01) | 3.94 | 5.25 |
Distributions from net investment income | (.47) | (.55) | (.41) | (.48) | (.35) | (.34) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.78) | (.58) | (.41) | (.64) | (.39) | (.34) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.72 | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 |
Total Return B,C | 1.76% | 27.03% | 9.03% | (6.39)% | 13.76% | 22.47% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.01% | .97% | 1.05% | 1.12% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.01% | .96% | 1.05% | 1.12% |
Expenses net of all reductions | .94% A | .98% | .98% | .92% | 1.00% | 1.07% |
Net investment income (loss) | 2.03% A,I | 1.32% | 1.73% | 1.64% | 1.35% | 1.53% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 8,069 | $ 7,800 | $ 5,965 | $ 6,806 | $ 8,133 | $ 8,114 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .43 J | .52 | .57 | .58 | .46 | .44 |
Net realized and unrealized gain (loss) | .29 | 8.01 | 2.11 | (2.54) | 3.53 | 4.86 |
Total from investment operations | .72 | 8.53 | 2.68 | (1.96) | 3.99 | 5.30 |
Distributions from net investment income | (.53) | (.61) | (.47) | (.55) | (.41) | (.42) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.84) | (.64) | (.47) | (.70) I | (.45) | (.42) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.64 | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 |
Total Return B,C | 1.85% | 27.23% | 9.24% | (6.24)% | 13.96% | 22.80% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .81% A | .85% | .83% | .80% | .84% | .88% |
Expenses net of fee waivers, if any | .81% A | .85% | .83% | .79% | .84% | .88% |
Expenses net of all reductions | .80% A | .83% | .80% | .75% | .79% | .83% |
Net investment income (loss) | 2.16% A,J | 1.47% | 1.91% | 1.81% | 1.55% | 1.77% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 2,679 | $ 2,576 | $ 1,776 | $ 1,245 | $ 1,078 | $ 674 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 J | .47 | .52 | .54 | .41 | .39 |
Net realized and unrealized gain (loss) | .28 | 8.01 | 2.11 | (2.55) | 3.55 | 4.86 |
Total from investment operations | .68 | 8.48 | 2.63 | (2.01) | 3.96 | 5.25 |
Distributions from net investment income | (.48) | (.56) | (.41) | (.50) | (.38) | (.39) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.79) | (.59) | (.41) | (.65) I | (.42) | (.39) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.65 | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 |
Total Return B,C | 1.76% | 27.03% | 9.07% | (6.39)% | 13.84% | 22.52% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.00% | .95% | .99% | 1.05% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.00% | .94% | .99% | 1.05% |
Expenses net of all reductions | .94% A | .97% | .97% | .90% | .95% | 1.00% |
Net investment income (loss) | 2.02% A,J | 1.33% | 1.75% | 1.66% | 1.40% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 622 | $ 476 | $ 294 | $ 278 | $ 319 | $ 267 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended April 30, 2014 | Year ended October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 39.77 | $ 37.22 |
Income from Investment Operations | | |
Net investment income (loss) D | .42 J | .07 |
Net realized and unrealized gain (loss) | .28 | 2.48 |
Total from investment operations | .70 | 2.55 |
Distributions from net investment income | (.54) | - |
Distributions from net realized gain | (.31) | - |
Total distributions | (.85) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 39.62 | $ 39.77 |
Total Return B,C | 1.81% | 6.85% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .81% A | .85% A |
Expenses net of fee waivers, if any | .81% A | .85% A |
Expenses net of all reductions | .81% A | .83% A |
Net investment income (loss) | 2.16% A,J | .76% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 17 | $ 107 |
Portfolio turnover rate F | 54% A | 65% |
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 August 13, 2013 (commencement of sale of shares) to October 31, 2013.
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Discovery, Class K, Institutional Class and Class Z 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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. 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, 2014, 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 2,148,794 |
Gross unrealized depreciation | (226,912) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 1,921,882 |
| |
Tax cost | $ 10,295,686 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ (950,903) |
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.
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 return 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 risks:
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
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 $8,004 and a change in net unrealized appreciation (depreciation) of $(23,614) 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 $3,130,499 and $3,016,413, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 .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 relative investment performance of International Discovery 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 .73% 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% | $ 417 | $ 6 |
Class T | .25% | .25% | 131 | 2 |
Class B | .75% | .25% | 32 | 24 |
Class C | .75% | .25% | 192 | 22 |
| | | $ 772 | $ 54 |
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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 31 |
Class T | 4 |
Class B* | 2 |
Class C* | 1 |
| $ 38 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 463 | .28 |
Class T | 68 | .26 |
Class B | 10 | .30 |
Class C | 52 | .27 |
International Discovery | 7,248 | .18 |
Class K | 597 | .05 |
Institutional Class | 478 | .18 |
Class Z | 2 | .05 |
| $ 8,918 | |
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
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 $8,214 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 $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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
Semiannual Report
8. Security Lending - continued
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 income from Fidelity Central Funds. Total security lending income during the period amounted to $2,699, including $7 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 $97 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $25.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 2,857 | $ 4,138 |
Class T | 344 | 492 |
Class B | 2 | 34 |
Class C | 79 | 186 |
International Discovery | 93,065 | 101,466 |
Class K | 33,983 | 34,651 |
Institutional Class | 5,936 | 5,064 |
Class Z | 60 | - |
Total | $ 136,326 | $ 146,031 |
From net realized gain | | |
Class A | $ 2,660 | $ 297 |
Class T | 423 | 46 |
Class B | 52 | 7 |
Class C | 295 | 30 |
International Discovery | 61,190 | 5,914 |
Class K | 20,093 | 1,827 |
Institutional Class | 3,838 | 292 |
Class Z | 35 | - |
Total | $ 88,586 | $ 8,413 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013A | Six months ended April 30,
2014 | Year ended
October 31,
2013A |
Class A | | | | |
Shares sold | 838 | 1,772 | $ 33,014 | $ 62,186 |
Reinvestment of distributions | 137 | 132 | 5,280 | 4,249 |
Shares redeemed | (1,362) | (2,553) | (53,759) | (88,988) |
Net increase (decrease) | (387) | (649) | $ (15,465) | $ (22,553) |
Class T | | | | |
Shares sold | 97 | 227 | $ 3,819 | $ 7,911 |
Reinvestment of distributions | 19 | 16 | 736 | 512 |
Shares redeemed | (174) | (347) | (6,774) | (11,997) |
Net increase (decrease) | (58) | (104) | $ (2,219) | $ (3,574) |
Class B | | | | |
Shares sold | 4 | 4 | $ 149 | $ 137 |
Reinvestment of distributions | 1 | 1 | 51 | 39 |
Shares redeemed | (27) | (75) | (1,059) | (2,570) |
Net increase (decrease) | (22) | (70) | $ (859) | $ (2,394) |
Class C | | | | |
Shares sold | 153 | 184 | $ 5,958 | $ 6,532 |
Reinvestment of distributions | 9 | 6 | 337 | 193 |
Shares redeemed | (79) | (207) | (3,097) | (7,250) |
Net increase (decrease) | 83 | (17) | $ 3,198 | $ (525) |
International Discovery | | | | |
Shares sold | 21,319 | 37,338 | $ 845,660 | $ 1,332,523 |
Reinvestment of distributions | 3,813 | 3,176 | 148,138 | 102,608 |
Shares redeemed | (17,836) | (31,569) | (705,578) | (1,103,313) |
Net increase (decrease) | 7,296 | 8,945 | $ 288,220 | $ 331,818 |
Class K | | | | |
Shares sold | 8,356 | 19,989 | $ 332,299 | $ 699,723 |
Reinvestment of distributions | 1,396 | 1,132 | 54,076 | 36,478 |
Shares redeemed | (6,953) | (12,053) | (275,437) | (423,712) |
Net increase (decrease) | 2,799 | 9,068 | $ 110,938 | $ 312,489 |
Institutional Class | | | | |
Shares sold | 5,352 | 4,893 | $ 211,862 | $ 175,669 |
Reinvestment of distributions | 91 | 68 | 3,529 | 2,182 |
Shares redeemed | (1,730) | (2,219) | (67,783) | (78,500) |
Net increase (decrease) | 3,713 | 2,742 | $ 147,608 | $ 99,351 |
Class Z | | | | |
Shares sold | 463 | 3 | $ 17,869 | $ 100 |
Reinvestment of distributions | 2 | - | 95 | - |
Shares redeemed | (26) | - | (1,013) | - |
Net increase (decrease) | 439 | 3 | $ 16,951 | $ 100 |
A Share transactions for class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 14% 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 20% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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)
AIDZ-USAN-0614
1.9585033.100
Fidelity®
International Discovery
Fund -
Class K
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.29% | | | |
Actual | | $ 1,000.00 | $ 1,015.70 | $ 6.45 |
HypotheticalA | | $ 1,000.00 | $ 1,018.40 | $ 6.46 |
Class T | 1.52% | | | |
Actual | | $ 1,000.00 | $ 1,014.40 | $ 7.59 |
HypotheticalA | | $ 1,000.00 | $ 1,017.26 | $ 7.60 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,012.00 | $ 10.28 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.03% | | | |
Actual | | $ 1,000.00 | $ 1,012.10 | $ 10.13 |
HypotheticalA | | $ 1,000.00 | $ 1,014.73 | $ 10.14 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class K | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.50 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Institutional Class | .94% | | | |
Actual | | $ 1,000.00 | $ 1,017.60 | $ 4.70 |
HypotheticalA | | $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class Z | .81% | | | |
Actual | | $ 1,000.00 | $ 1,018.10 | $ 4.05 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
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, 2014 |
 | Japan 16.3% | |
 | United Kingdom 14.4% | |
 | Germany 10.3% | |
 | United States of America* 9.5% | |
 | France 8.9% | |
 | Switzerland 5.5% | |
 | Sweden 5.2% | |
 | Spain 3.0% | |
 | Netherlands 2.7% | |
 | Other 24.2% | |
* 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, 2013 |
| Japan 18.2% | |
| United Kingdom 15.9% | |
| France 10.9% | |
| Germany 8.7% | |
| Switzerland 6.4% | |
| United States of America* 5.5% | |
| Sweden 4.1% | |
| Spain 3.6% | |
| Netherlands 3.3% | |
| Other 23.4% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 96.0 | 97.2 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9 | 2.8 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 | 2.0 |
Total SA (France, Oil, Gas & Consumable Fuels) | 2.0 | 1.5 |
Bayer AG (Germany, Pharmaceuticals) | 1.8 | 1.6 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 1.8 | 1.8 |
Volkswagen AG (Germany, Automobiles) | 1.5 | 1.5 |
Siemens AG (Germany, Industrial Conglomerates) | 1.3 | 1.3 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.3 | 1.4 |
BASF AG (Germany, Chemicals) | 1.3 | 1.2 |
KBC Groupe SA (Belgium, Banks) | 1.2 | 1.0 |
AXA SA (France, Insurance) | 1.2 | 1.2 |
| 15.7 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.1 | 24.8 |
Consumer Discretionary | 14.8 | 16.4 |
Industrials | 14.6 | 13.0 |
Health Care | 12.4 | 9.5 |
Consumer Staples | 8.4 | 10.1 |
Information Technology | 8.3 | 7.7 |
Materials | 5.4 | 5.2 |
Telecommunication Services | 5.1 | 5.1 |
Energy | 3.5 | 3.8 |
Utilities | 0.2 | 0.6 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.2% |
| Shares | | Value (000s) |
Australia - 2.5% |
Ansell Ltd. | 2,499,254 | | $ 42,001 |
Australia & New Zealand Banking Group Ltd. | 6,493,040 | | 207,924 |
Ramsay Health Care Ltd. | 1,215,729 | | 50,609 |
TOTAL AUSTRALIA | | 300,534 |
Austria - 0.2% |
Andritz AG | 455,300 | | 28,257 |
Bailiwick of Jersey - 1.7% |
Experian PLC | 2,900,800 | | 55,638 |
Shire PLC | 222,100 | | 12,702 |
Wolseley PLC | 1,459,649 | | 84,310 |
WPP PLC | 2,319,800 | | 50,019 |
TOTAL BAILIWICK OF JERSEY | | 202,669 |
Belgium - 2.4% |
Anheuser-Busch InBev SA NV (d) | 1,183,927 | | 129,043 |
Arseus NV | 235,000 | | 13,335 |
KBC Groupe SA | 2,342,738 | | 142,716 |
TOTAL BELGIUM | | 285,094 |
Bermuda - 0.1% |
PAX Global Technology Ltd. (a) | 25,931,000 | | 13,512 |
Canada - 2.0% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,346,700 | | 37,954 |
Constellation Software, Inc. | 266,500 | | 59,024 |
First Quantum Minerals Ltd. | 1,680,600 | | 33,472 |
Imperial Oil Ltd. | 38,100 | | 1,860 |
Suncor Energy, Inc. | 2,012,600 | | 77,636 |
TransForce, Inc. | 1,412,400 | | 30,837 |
TOTAL CANADA | | 240,783 |
Cayman Islands - 1.0% |
Cimc Enric Holdings Ltd. | 12,718,000 | | 18,405 |
ENN Energy Holdings Ltd. | 3,266,000 | | 22,832 |
Greatview Aseptic Pack Co. Ltd. | 26,392,000 | | 16,102 |
iKang Healthcare Group, Inc. sponsored ADR | 80,200 | | 1,101 |
Sands China Ltd. | 4,548,600 | | 33,207 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 841,400 | | 28,608 |
TOTAL CAYMAN ISLANDS | | 120,255 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 529,830 | | 577 |
Common Stocks - continued |
| Shares | | Value (000s) |
Denmark - 2.1% |
ISS Holdings A/S (a) | 384,000 | | $ 13,369 |
Novo Nordisk A/S Series B (d) | 3,046,345 | | 138,261 |
Pandora A/S | 514,000 | | 34,576 |
Vestas Wind Systems A/S (a) | 1,263,600 | | 56,087 |
TOTAL DENMARK | | 242,293 |
Finland - 0.7% |
Sampo Oyj (A Shares) (d) | 1,739,800 | | 86,387 |
France - 8.9% |
Arkema SA | 487,670 | | 54,376 |
Atos Origin SA | 525,695 | | 45,386 |
AXA SA (d) | 5,364,600 | | 139,734 |
BNP Paribas SA | 1,617,645 | | 121,436 |
Bureau Veritas SA | 1,413,000 | | 43,127 |
Havas SA | 5,933,668 | | 47,170 |
Iliad SA | 213,972 | | 57,738 |
Lafarge SA (Bearer) | 605,900 | | 55,353 |
Rexel SA | 3,421,500 | | 86,392 |
Schneider Electric SA | 1,383,800 | | 129,683 |
SR Teleperformance SA | 385,700 | | 22,094 |
Total SA (a) | 3,397,200 | | 243,050 |
TOTAL FRANCE | | 1,045,539 |
Germany - 8.8% |
Aareal Bank AG | 1,044,895 | | 47,367 |
adidas AG | 638,000 | | 68,093 |
BASF AG (d) | 1,265,455 | | 146,472 |
Bayer AG (d) | 1,557,600 | | 216,094 |
Brenntag AG | 477,800 | | 86,406 |
Continental AG (d) | 255,300 | | 59,805 |
Drillisch AG | 2,022,600 | | 75,314 |
GEA Group AG | 1,508,060 | | 67,463 |
HeidelbergCement Finance AG (d) | 494,100 | | 42,857 |
KION Group AG | 1,166,749 | | 55,149 |
LEG Immobilien AG | 184,948 | | 12,337 |
Siemens AG | 1,197,644 | | 157,994 |
TOTAL GERMANY | | 1,035,351 |
Hong Kong - 2.0% |
AIA Group Ltd. | 22,053,600 | | 106,955 |
Techtronic Industries Co. Ltd. | 39,683,000 | | 126,425 |
TOTAL HONG KONG | | 233,380 |
Common Stocks - continued |
| Shares | | Value (000s) |
India - 1.3% |
Bharti Infratel Ltd. (a) | 5,356,336 | | $ 19,151 |
Housing Development Finance Corp. Ltd. | 6,075,663 | | 90,452 |
Lupin Ltd. | 1,963,215 | | 33,499 |
United Spirits Ltd. | 273,323 | | 12,546 |
TOTAL INDIA | | 155,648 |
Ireland - 2.1% |
Actavis PLC (a) | 305,900 | | 62,505 |
Bank of Ireland (a) | 63,590,200 | | 24,885 |
James Hardie Industries PLC CDI | 6,070,470 | | 77,373 |
Kerry Group PLC Class A | 1,114,800 | | 88,003 |
TOTAL IRELAND | | 252,766 |
Italy - 1.4% |
De Longhi SpA | 2,375,100 | | 51,535 |
UniCredit SpA | 9,028,600 | | 80,666 |
World Duty Free SpA (a) | 2,253,904 | | 30,191 |
TOTAL ITALY | | 162,392 |
Japan - 16.3% |
ABC-MART, Inc. | 398,400 | | 17,867 |
ACOM Co. Ltd. (a)(d) | 10,332,400 | | 35,171 |
Aozora Bank Ltd. | 16,056,000 | | 47,743 |
Astellas Pharma, Inc. | 9,796,000 | | 108,946 |
Coca-Cola Central Japan Co. Ltd. | 1,597,500 | | 35,908 |
Daikin Industries Ltd. | 1,089,400 | | 62,880 |
Don Quijote Holdings Co. Ltd. | 1,454,900 | | 76,562 |
Hitachi Ltd. | 6,659,000 | | 47,353 |
Hoya Corp. | 2,101,900 | | 61,966 |
Iida Group Holdings Co. Ltd. (a) | 464,778 | | 6,910 |
Japan Exchange Group, Inc. | 2,589,500 | | 51,114 |
Japan Tobacco, Inc. | 3,948,700 | | 129,621 |
Kakaku.com, Inc. | 1,903,000 | | 27,083 |
KDDI Corp. | 1,426,300 | | 75,922 |
Keyence Corp. | 304,060 | | 117,136 |
NEC Corp. | 23,010,000 | | 64,595 |
Olympus Corp. (a) | 1,501,000 | | 45,807 |
OMRON Corp. | 2,083,000 | | 73,552 |
ORIX Corp. | 9,072,900 | | 131,077 |
Park24 Co. Ltd. | 1,342,800 | | 24,509 |
Rakuten, Inc. | 5,927,100 | | 76,643 |
Santen Pharmaceutical Co. Ltd. | 1,166,900 | | 52,047 |
Seven & i Holdings Co., Ltd. | 2,748,600 | | 108,374 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Seven Bank Ltd. | 17,781,300 | | $ 67,309 |
Ship Healthcare Holdings, Inc. | 1,076,700 | | 36,650 |
SoftBank Corp. | 2,099,300 | | 155,854 |
Toshiba Plant Systems & Services Corp. | 2,449,100 | | 36,005 |
Toyota Motor Corp. | 2,257,200 | | 121,952 |
Tsuruha Holdings, Inc. | 260,900 | | 26,234 |
TOTAL JAPAN | | 1,922,790 |
Korea (South) - 1.1% |
Hyundai Motor Co. | 206,848 | | 46,051 |
Naver Corp. | 112,967 | | 80,699 |
TOTAL KOREA (SOUTH) | | 126,750 |
Luxembourg - 0.2% |
Altice S.A. | 344,100 | | 19,664 |
Netherlands - 2.7% |
AEGON NV | 5,028,800 | | 46,096 |
AerCap Holdings NV (a) | 1,180,100 | | 49,246 |
Airbus Group NV | 176,700 | | 12,132 |
Koninklijke KPN NV (a) | 12,577,385 | | 44,686 |
Koninklijke Philips Electronics NV | 3,436,200 | | 110,004 |
Royal DSM NV | 778,500 | | 55,817 |
TOTAL NETHERLANDS | | 317,981 |
New Zealand - 0.5% |
EBOS Group Ltd. | 243,590 | | 1,974 |
Ryman Healthcare Group Ltd. | 7,311,565 | | 54,536 |
TOTAL NEW ZEALAND | | 56,510 |
Philippines - 0.2% |
Alliance Global Group, Inc. | 26,741,800 | | 18,688 |
Portugal - 0.1% |
CTT Correios de Portugal SA | 609,064 | | 6,700 |
Espirito Santo Saude SGPS SA | 1,982,181 | | 9,570 |
TOTAL PORTUGAL | | 16,270 |
Singapore - 0.5% |
Ezion Holdings Ltd. | 12,606,000 | | 22,825 |
Global Logistic Properties Ltd. | 16,214,205 | | 36,859 |
TOTAL SINGAPORE | | 59,684 |
Common Stocks - continued |
| Shares | | Value (000s) |
South Africa - 0.5% |
Naspers Ltd. Class N | 668,700 | | $ 63,053 |
Spain - 3.0% |
Amadeus IT Holding SA Class A | 1,462,100 | | 60,762 |
Atresmedia Corporacion de Medios de Comunicacion SA | 1,515,400 | | 21,718 |
Banco Bilbao Vizcaya Argentaria SA | 5,747,024 | | 70,790 |
Criteria CaixaCorp SA | 8,029,913 | | 48,906 |
Grifols SA ADR (d) | 1,796,450 | | 73,726 |
Inditex SA | 481,679 | | 72,272 |
TOTAL SPAIN | | 348,174 |
Sweden - 5.2% |
ASSA ABLOY AB (B Shares) | 2,128,600 | | 112,679 |
Eniro AB (a) | 4,832,900 | | 38,353 |
H&M Hennes & Mauritz AB (B Shares) (d) | 1,057,821 | | 43,079 |
HEXPOL AB (B Shares) | 143,001 | | 13,504 |
Intrum Justitia AB | 1,835,800 | | 53,107 |
Investment AB Kinnevik (B Shares) | 460,600 | | 16,186 |
Nordea Bank AB | 9,576,600 | | 138,372 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 4,579,600 | | 128,256 |
Svenska Handelsbanken AB (A Shares) | 1,425,600 | | 71,541 |
TOTAL SWEDEN | | 615,077 |
Switzerland - 5.5% |
Compagnie Financiere Richemont SA Series A | 244,608 | | 24,819 |
Lonza Group AG | 521,951 | | 54,532 |
Partners Group Holding AG | 230,056 | | 62,945 |
Roche Holding AG (participation certificate) | 926,232 | | 271,714 |
Schindler Holding AG (participation certificate) | 194,920 | | 30,165 |
Syngenta AG (Switzerland) | 179,374 | | 71,031 |
UBS AG | 6,126,361 | | 128,126 |
TOTAL SWITZERLAND | | 643,332 |
Taiwan - 1.5% |
ECLAT Textile Co. Ltd. | 2,457,180 | | 26,881 |
MediaTek, Inc. | 4,532,000 | | 70,912 |
Merida Industry Co. Ltd. | 4,758,000 | | 31,861 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 12,576,000 | | 49,469 |
TOTAL TAIWAN | | 179,123 |
United Kingdom - 14.4% |
Aberdeen Asset Management PLC | 5,975,132 | | 44,066 |
Alabama Noor Hospitals Group PLC | 1,829,400 | | 30,826 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Associated British Foods PLC | 791,000 | | $ 39,678 |
Barclays PLC | 16,433,040 | | 70,170 |
BG Group PLC | 4,257,800 | | 86,123 |
BHP Billiton PLC | 2,080,582 | | 67,545 |
British American Tobacco PLC (United Kingdom) | 1,050,600 | | 60,667 |
Bunzl PLC | 1,143,100 | | 32,443 |
Diageo PLC | 4,394,219 | | 134,638 |
Exova Group Ltd. PLC (a) | 3,912,500 | | 14,549 |
Hikma Pharmaceuticals PLC | 3,907,835 | | 102,401 |
HSBC Holdings PLC (United Kingdom) | 7,007,393 | | 71,599 |
ITV PLC | 14,738,700 | | 45,290 |
Jazztel PLC (a) | 4,681,964 | | 71,840 |
Legal & General Group PLC | 11,058,689 | | 39,546 |
Liberty Global PLC: | | | |
Class A (a) | 677,800 | | 26,990 |
Class C | 677,800 | | 26,048 |
London Stock Exchange Group PLC | 2,683,400 | | 82,095 |
Meggitt PLC | 6,842,366 | | 55,071 |
Melrose PLC | 6,971,000 | | 33,603 |
Next PLC | 781,744 | | 86,057 |
Ocado Group PLC (a) | 799,632 | | 4,536 |
Persimmon PLC | 2,082,200 | | 46,124 |
Poundland Group PLC (a) | 3,906,035 | | 22,917 |
Reckitt Benckiser Group PLC | 788,600 | | 63,578 |
Rolls-Royce Group PLC | 4,197,715 | | 74,418 |
Rotork PLC | 717,800 | | 31,401 |
St. James's Place Capital PLC | 5,676,000 | | 73,792 |
Taylor Wimpey PLC | 12,002,700 | | 21,299 |
The Restaurant Group PLC | 1,992,100 | | 20,988 |
Ultra Electronics Holdings PLC | 614,667 | | 17,601 |
Vodafone Group PLC | 28,009,396 | | 106,341 |
TOTAL UNITED KINGDOM | | 1,704,240 |
United States of America - 3.3% |
Google, Inc.: | | | |
Class A (a) | 90,700 | | 48,514 |
Class C (a) | 90,700 | | 47,768 |
Illumina, Inc. (a) | 222,300 | | 30,199 |
Las Vegas Sands Corp. | 726,600 | | 57,496 |
MasterCard, Inc. Class A | 806,900 | | 59,347 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
McGraw Hill Financial, Inc. | 1,269,000 | | $ 93,817 |
Visa, Inc. Class A | 273,600 | | 55,434 |
TOTAL UNITED STATES OF AMERICA | | 392,575 |
TOTAL COMMON STOCKS (Cost $8,927,377) |
10,889,348
|
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.5% |
Volkswagen AG | 650,200 | | 175,089 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 562,493,810 | | 950 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $133,978) |
176,039
|
Government Obligations - 0.1% |
| Principal Amount (000s) (h) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14 (g)
(Cost $15,570) | | $ 15,570 | |
15,570
|
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (e)(f)
(Cost $14,037) | EUR | 9,140 | |
14,125
|
Money Market Funds - 9.5% |
| Shares | | Value (000s) |
Fidelity Cash Central Fund, 0.11% (b) | 611,309,213 | | $ 611,309 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 511,177,090 | | 511,177 |
TOTAL MONEY MARKET FUNDS (Cost $1,122,486) |
1,122,486
|
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $10,213,448) | 12,217,568 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (402,287) |
NET ASSETS - 100% | $ 11,815,281 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
3,792 CME Nikkei 225 Index Contracts | June 2014 | | $ 271,223 | | $ (19,376) |
|
The face value of futures purchased as a percentage of net assets is 2.3% |
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 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 $14,125,000 or 0.1% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) 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 $14,065,000. |
(h) Amount is stated in United States dollars unless otherwise noted. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 312 |
Fidelity Securities Lending Cash Central Fund | 2,699 |
Total | $ 3,011 |
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, 2014, 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
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,721,540 | $ 1,549,569 | $ 171,971 | $ - |
Consumer Staples | 994,500 | 670,152 | 324,348 | - |
Energy | 431,494 | 188,444 | 243,050 | - |
Financials | 2,488,756 | 2,077,090 | 411,666 | - |
Health Care | 1,471,643 | 1,015,467 | 456,176 | - |
Industrials | 1,711,362 | 1,443,364 | 267,998 | - |
Information Technology | 982,512 | 933,043 | 49,469 | - |
Materials | 633,902 | 495,326 | 138,576 | - |
Telecommunication Services | 606,846 | 455,819 | 151,027 | - |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Utilities | $ 22,832 | $ 22,832 | $ - | $ - |
Government Obligations | 15,570 | - | 15,570 | - |
Preferred Securities | 14,125 | - | 14,125 | - |
Money Market Funds | 1,122,486 | 1,122,486 | - | - |
Total Investments in Securities: | $ 12,217,568 | $ 9,973,592 | $ 2,243,976 | $ - |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (19,376) | $ (19,376) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 (000s) |
Level 1 to Level 2 | $ 312,418 |
Level 2 to Level 1 | $ 1,472,156 |
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, 2014. 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 (000s) |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ - | $ (19,376) |
Total Value of Derivatives | $ - | $ (19,376) |
(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
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $484,808) - See accompanying schedule: Unaffiliated issuers (cost $9,090,962) | $ 11,095,082 | |
Fidelity Central Funds (cost $1,122,486) | 1,122,486 | |
Total Investments (cost $10,213,448) | | $ 12,217,568 |
Foreign currency held at value (cost $6,181) | | 6,184 |
Receivable for investments sold | | 111,261 |
Receivable for fund shares sold | | 12,993 |
Dividends receivable | | 42,603 |
Distributions receivable from Fidelity Central Funds | | 900 |
Prepaid expenses | | 9 |
Other receivables | | 3,877 |
Total assets | | 12,395,395 |
| | |
Liabilities | | |
Payable for investments purchased | $ 44,205 | |
Payable for fund shares redeemed | 11,662 | |
Accrued management fee | 6,656 | |
Distribution and service plan fees payable | 128 | |
Payable for daily variation margin for derivative instruments | 3,128 | |
Other affiliated payables | 1,677 | |
Other payables and accrued expenses | 1,481 | |
Collateral on securities loaned, at value | 511,177 | |
Total liabilities | | 580,114 |
| | |
Net Assets | | $ 11,815,281 |
Net Assets consist of: | | |
Paid in capital | | $ 10,415,376 |
Undistributed net investment income | | 114,183 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (697,402) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,983,124 |
Net Assets | | $ 11,815,281 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($331,128 ÷ 8,392.9 shares) | | $ 39.45 |
| | |
Maximum offering price per share (100/94.25 of $39.45) | | $ 41.86 |
Class T:
Net Asset Value and redemption price per share ($50,909 ÷ 1,297.9 shares) | | $ 39.22 |
| | |
Maximum offering price per share (100/96.50 of $39.22) | | $ 40.64 |
Class B:
Net Asset Value and offering price per share ($5,848 ÷ 149.1 shares)A | | $ 39.22 |
| | |
Class C:
Net Asset Value and offering price per share ($39,763 ÷ 1,015.9 shares)A | | $ 39.14 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($8,069,092 ÷ 203,149.3 shares) | | $ 39.72 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($2,679,042 ÷ 67,586.0 shares) | | $ 39.64 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($622,000 ÷ 15,688.4 shares) | | $ 39.65 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($17,499 ÷ 441.7 shares) | | $ 39.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 116,352 |
Special dividends | | 63,816 |
Interest | | 2 |
Income from Fidelity Central Funds | | 3,011 |
Income before foreign taxes withheld | | 183,181 |
Less foreign taxes withheld | | (10,085) |
Total income | | 173,096 |
| | |
Expenses | | |
Management fee
Basic fee | $ 40,933 | |
Performance adjustment | 1,565 | |
Transfer agent fees | 8,918 | |
Distribution and service plan fees | 772 | |
Accounting and security lending fees | 927 | |
Custodian fees and expenses | 708 | |
Independent trustees' compensation | 23 | |
Registration fees | 167 | |
Audit | 60 | |
Legal | 25 | |
Miscellaneous | 41 | |
Total expenses before reductions | 54,139 | |
Expense reductions | (122) | 54,017 |
Net investment income (loss) | | 119,079 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 363,543 | |
Foreign currency transactions | (1,353) | |
Futures contracts | 8,004 | |
Total net realized gain (loss) | | 370,194 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $721) | (269,054) | |
Assets and liabilities in foreign currencies | 255 | |
Futures contracts | (23,614) | |
Total change in net unrealized appreciation (depreciation) | | (292,413) |
Net gain (loss) | | 77,781 |
Net increase (decrease) in net assets resulting from operations | | $ 196,860 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 119,079 | $ 129,203 |
Net realized gain (loss) | 370,194 | 725,376 |
Change in net unrealized appreciation (depreciation) | (292,413) | 1,463,372 |
Net increase (decrease) in net assets resulting from operations | 196,860 | 2,317,951 |
Distributions to shareholders from net investment income | (136,326) | (146,031) |
Distributions to shareholders from net realized gain | (88,586) | (8,413) |
Total distributions | (224,912) | (154,444) |
Share transactions - net increase (decrease) | 548,372 | 714,712 |
Redemption fees | 75 | 128 |
Total increase (decrease) in net assets | 520,395 | 2,878,347 |
| | |
Net Assets | | |
Beginning of period | 11,294,886 | 8,416,539 |
End of period (including undistributed net investment income of $114,183 and undistributed net investment income of $131,430, respectively) | $ 11,815,281 | $ 11,294,886 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .33 K | .34 | .41 | .42 | .31 | .31 |
Net realized and unrealized gain (loss) | .28 | 7.97 | 2.11 | (2.52) | 3.51 | 4.84 |
Total from investment operations | .61 | 8.31 | 2.52 | (2.10) | 3.82 | 5.15 |
Distributions from net investment income | (.33) | (.45) | (.29) | (.38) | (.28) | (.26) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.65) J | (.48) | (.29) | (.54) | (.32) | (.26) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.45 | $ 39.49 | $ 31.66 | $ 29.43 | $ 32.07 | $ 28.57 |
Total Return B,C,D | 1.57% | 26.59% | 8.70% | (6.71)% | 13.43% | 22.14% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.29% A | 1.35% | 1.34% | 1.30% | 1.33% | 1.37% |
Expenses net of fee waivers, if any | 1.29% A | 1.35% | 1.34% | 1.29% | 1.33% | 1.37% |
Expenses net of all reductions | 1.29% A | 1.33% | 1.31% | 1.25% | 1.28% | 1.32% |
Net investment income (loss) | 1.68% A,K | .97% | 1.41% | 1.31% | 1.06% | 1.28% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 331 | $ 347 | $ 299 | $ 320 | $ 392 | $ 414 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .28 J | .26 | .34 | .34 | .23 | .24 |
Net realized and unrealized gain (loss) | .27 | 7.92 | 2.09 | (2.51) | 3.48 | 4.81 |
Total from investment operations | .55 | 8.18 | 2.43 | (2.17) | 3.71 | 5.05 |
Distributions from net investment income | (.25) | (.34) | (.19) | (.30) | (.21) | (.19) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.56) | (.37) | (.19) | (.46) | (.25) | (.19) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.23 | $ 31.42 | $ 29.18 | $ 31.81 | $ 28.35 |
Total Return B,C,D | 1.44% | 26.31% | 8.41% | (6.96)% | 13.14% | 21.79% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.52% A | 1.59% | 1.59% | 1.56% | 1.60% | 1.65% |
Expenses net of fee waivers, if any | 1.52% A | 1.59% | 1.59% | 1.55% | 1.60% | 1.65% |
Expenses net of all reductions | 1.52% A | 1.57% | 1.56% | 1.51% | 1.56% | 1.60% |
Net investment income (loss) | 1.44% A,J | .73% | 1.16% | 1.05% | .79% | 1.00% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 51 | $ 53 | $ 46 | $ 61 | $ 92 | $ 83 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .17 | .08 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.48) | 3.44 | 4.81 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.52 | 4.93 |
Distributions from net investment income | (.01) | (.15) | (.02) | (.12) | (.06) | - |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.32) | (.18) | (.02) | (.27) J | (.10) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.22 | $ 39.08 | $ 31.28 | $ 29.02 | $ 31.60 | $ 28.18 |
Total Return B,C,D | 1.20% | 25.64% | 7.85% | (7.39)% | 12.52% | 21.20% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of fee waivers, if any | 2.06% A | 2.10% | 2.09% | 2.06% | 2.12% | 2.16% |
Expenses net of all reductions | 2.06% A | 2.08% | 2.06% | 2.02% | 2.08% | 2.11% |
Net investment income (loss) | .90% A,K | .22% | .66% | .54% | .27% | .49% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 6 | $ 7 | $ 8 | $ 10 | $ 14 | $ 16 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 K | .08 | .19 | .18 | .09 | .12 |
Net realized and unrealized gain (loss) | .28 | 7.90 | 2.09 | (2.49) | 3.45 | 4.82 |
Total from investment operations | .46 | 7.98 | 2.28 | (2.31) | 3.54 | 4.94 |
Distributions from net investment income | (.08) | (.20) | (.04) | (.14) | (.05) | (.02) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.39) | (.23) | (.04) | (.29) J | (.09) | (.02) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.14 | $ 39.07 | $ 31.32 | $ 29.08 | $ 31.68 | $ 28.23 |
Total Return B,C,D | 1.21% | 25.65% | 7.86% | (7.37)% | 12.54% | 21.22% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 2.03% A | 2.10% | 2.09% | 2.05% | 2.09% | 2.14% |
Expenses net of fee waivers, if any | 2.03% A | 2.09% | 2.09% | 2.04% | 2.09% | 2.14% |
Expenses net of all reductions | 2.03% A | 2.07% | 2.06% | 2.00% | 2.05% | 2.09% |
Net investment income (loss) | .93% A,K | .23% | .66% | .56% | .30% | .51% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 40 | $ 36 | $ 30 | $ 33 | $ 44 | $ 43 |
Portfolio turnover rate G | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
K Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.16)%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 I | .47 | .51 | .53 | .40 | .37 |
Net realized and unrealized gain (loss) | .28 | 8.02 | 2.12 | (2.54) | 3.54 | 4.88 |
Total from investment operations | .68 | 8.49 | 2.63 | (2.01) | 3.94 | 5.25 |
Distributions from net investment income | (.47) | (.55) | (.41) | (.48) | (.35) | (.34) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.78) | (.58) | (.41) | (.64) | (.39) | (.34) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.72 | $ 39.82 | $ 31.91 | $ 29.69 | $ 32.34 | $ 28.79 |
Total Return B,C | 1.76% | 27.03% | 9.03% | (6.39)% | 13.76% | 22.47% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.01% | .97% | 1.05% | 1.12% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.01% | .96% | 1.05% | 1.12% |
Expenses net of all reductions | .94% A | .98% | .98% | .92% | 1.00% | 1.07% |
Net investment income (loss) | 2.03% A,I | 1.32% | 1.73% | 1.64% | 1.35% | 1.53% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 8,069 | $ 7,800 | $ 5,965 | $ 6,806 | $ 8,133 | $ 8,114 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .43 J | .52 | .57 | .58 | .46 | .44 |
Net realized and unrealized gain (loss) | .29 | 8.01 | 2.11 | (2.54) | 3.53 | 4.86 |
Total from investment operations | .72 | 8.53 | 2.68 | (1.96) | 3.99 | 5.30 |
Distributions from net investment income | (.53) | (.61) | (.47) | (.55) | (.41) | (.42) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.84) | (.64) | (.47) | (.70) I | (.45) | (.42) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.64 | $ 39.76 | $ 31.87 | $ 29.66 | $ 32.32 | $ 28.78 |
Total Return B,C | 1.85% | 27.23% | 9.24% | (6.24)% | 13.96% | 22.80% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .81% A | .85% | .83% | .80% | .84% | .88% |
Expenses net of fee waivers, if any | .81% A | .85% | .83% | .79% | .84% | .88% |
Expenses net of all reductions | .80% A | .83% | .80% | .75% | .79% | .83% |
Net investment income (loss) | 2.16% A,J | 1.47% | 1.91% | 1.81% | 1.55% | 1.77% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 2,679 | $ 2,576 | $ 1,776 | $ 1,245 | $ 1,078 | $ 674 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .40 J | .47 | .52 | .54 | .41 | .39 |
Net realized and unrealized gain (loss) | .28 | 8.01 | 2.11 | (2.55) | 3.55 | 4.86 |
Total from investment operations | .68 | 8.48 | 2.63 | (2.01) | 3.96 | 5.25 |
Distributions from net investment income | (.48) | (.56) | (.41) | (.50) | (.38) | (.39) |
Distributions from net realized gain | (.31) | (.03) | - | (.16) | (.04) | - |
Total distributions | (.79) | (.59) | (.41) | (.65) I | (.42) | (.39) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 39.65 | $ 39.76 | $ 31.87 | $ 29.65 | $ 32.31 | $ 28.77 |
Total Return B,C | 1.76% | 27.03% | 9.07% | (6.39)% | 13.84% | 22.52% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | .94% A | 1.00% | 1.00% | .95% | .99% | 1.05% |
Expenses net of fee waivers, if any | .94% A | 1.00% | 1.00% | .94% | .99% | 1.05% |
Expenses net of all reductions | .94% A | .97% | .97% | .90% | .95% | 1.00% |
Net investment income (loss) | 2.02% A,J | 1.33% | 1.75% | 1.66% | 1.40% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 622 | $ 476 | $ 294 | $ 278 | $ 319 | $ 267 |
Portfolio turnover rate F | 54% A | 65% | 68% | 75% | 82% | 98% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended April 30, 2014 | Year ended October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 39.77 | $ 37.22 |
Income from Investment Operations | | |
Net investment income (loss) D | .42 J | .07 |
Net realized and unrealized gain (loss) | .28 | 2.48 |
Total from investment operations | .70 | 2.55 |
Distributions from net investment income | (.54) | - |
Distributions from net realized gain | (.31) | - |
Total distributions | (.85) | - |
Redemption fees added to paid in capital D,I | - | - |
Net asset value, end of period | $ 39.62 | $ 39.77 |
Total Return B,C | 1.81% | 6.85% |
Ratios to Average Net Assets E,H | | |
Expenses before reductions | .81% A | .85% A |
Expenses net of fee waivers, if any | .81% A | .85% A |
Expenses net of all reductions | .81% A | .83% A |
Net investment income (loss) | 2.16% A,J | .76% A |
Supplemental Data | | |
Net assets, end of period (in millions) | $ 17 | $ 107 |
Portfolio turnover rate F | 54% A | 65% |
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 August 13, 2013 (commencement of sale of shares) to October 31, 2013.
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 Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Discovery, Class K, Institutional Class and Class Z 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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. 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, 2014, 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 2,148,794 |
Gross unrealized depreciation | (226,912) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 1,921,882 |
| |
Tax cost | $ 10,295,686 |
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ (950,903) |
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.
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 return 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 risks:
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
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 $8,004 and a change in net unrealized appreciation (depreciation) of $(23,614) 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 $3,130,499 and $3,016,413, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 .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 relative investment performance of International Discovery 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 .73% 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% | $ 417 | $ 6 |
Class T | .25% | .25% | 131 | 2 |
Class B | .75% | .25% | 32 | 24 |
Class C | .75% | .25% | 192 | 22 |
| | | $ 772 | $ 54 |
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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 31 |
Class T | 4 |
Class B* | 2 |
Class C* | 1 |
| $ 38 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 463 | .28 |
Class T | 68 | .26 |
Class B | 10 | .30 |
Class C | 52 | .27 |
International Discovery | 7,248 | .18 |
Class K | 597 | .05 |
Institutional Class | 478 | .18 |
Class Z | 2 | .05 |
| $ 8,918 | |
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Fees and Other Transactions with Affiliates - continued
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 $8,214 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 $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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
Semiannual Report
8. Security Lending - continued
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 income from Fidelity Central Funds. Total security lending income during the period amounted to $2,699, including $7 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 $97 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $25.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 2,857 | $ 4,138 |
Class T | 344 | 492 |
Class B | 2 | 34 |
Class C | 79 | 186 |
International Discovery | 93,065 | 101,466 |
Class K | 33,983 | 34,651 |
Institutional Class | 5,936 | 5,064 |
Class Z | 60 | - |
Total | $ 136,326 | $ 146,031 |
From net realized gain | | |
Class A | $ 2,660 | $ 297 |
Class T | 423 | 46 |
Class B | 52 | 7 |
Class C | 295 | 30 |
International Discovery | 61,190 | 5,914 |
Class K | 20,093 | 1,827 |
Institutional Class | 3,838 | 292 |
Class Z | 35 | - |
Total | $ 88,586 | $ 8,413 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013A | Six months ended April 30,
2014 | Year ended
October 31,
2013A |
Class A | | | | |
Shares sold | 838 | 1,772 | $ 33,014 | $ 62,186 |
Reinvestment of distributions | 137 | 132 | 5,280 | 4,249 |
Shares redeemed | (1,362) | (2,553) | (53,759) | (88,988) |
Net increase (decrease) | (387) | (649) | $ (15,465) | $ (22,553) |
Class T | | | | |
Shares sold | 97 | 227 | $ 3,819 | $ 7,911 |
Reinvestment of distributions | 19 | 16 | 736 | 512 |
Shares redeemed | (174) | (347) | (6,774) | (11,997) |
Net increase (decrease) | (58) | (104) | $ (2,219) | $ (3,574) |
Class B | | | | |
Shares sold | 4 | 4 | $ 149 | $ 137 |
Reinvestment of distributions | 1 | 1 | 51 | 39 |
Shares redeemed | (27) | (75) | (1,059) | (2,570) |
Net increase (decrease) | (22) | (70) | $ (859) | $ (2,394) |
Class C | | | | |
Shares sold | 153 | 184 | $ 5,958 | $ 6,532 |
Reinvestment of distributions | 9 | 6 | 337 | 193 |
Shares redeemed | (79) | (207) | (3,097) | (7,250) |
Net increase (decrease) | 83 | (17) | $ 3,198 | $ (525) |
International Discovery | | | | |
Shares sold | 21,319 | 37,338 | $ 845,660 | $ 1,332,523 |
Reinvestment of distributions | 3,813 | 3,176 | 148,138 | 102,608 |
Shares redeemed | (17,836) | (31,569) | (705,578) | (1,103,313) |
Net increase (decrease) | 7,296 | 8,945 | $ 288,220 | $ 331,818 |
Class K | | | | |
Shares sold | 8,356 | 19,989 | $ 332,299 | $ 699,723 |
Reinvestment of distributions | 1,396 | 1,132 | 54,076 | 36,478 |
Shares redeemed | (6,953) | (12,053) | (275,437) | (423,712) |
Net increase (decrease) | 2,799 | 9,068 | $ 110,938 | $ 312,489 |
Institutional Class | | | | |
Shares sold | 5,352 | 4,893 | $ 211,862 | $ 175,669 |
Reinvestment of distributions | 91 | 68 | 3,529 | 2,182 |
Shares redeemed | (1,730) | (2,219) | (67,783) | (78,500) |
Net increase (decrease) | 3,713 | 2,742 | $ 147,608 | $ 99,351 |
Class Z | | | | |
Shares sold | 463 | 3 | $ 17,869 | $ 100 |
Reinvestment of distributions | 2 | - | 95 | - |
Shares redeemed | (26) | - | (1,013) | - |
Net increase (decrease) | 439 | 3 | $ 16,951 | $ 100 |
A Share transactions for class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 14% 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 20% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
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)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
IGI-K-USAN-0614
1.863310.105
Fidelity®
International Growth Fund
Semiannual Report
April 30, 2014
(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 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.35% | | | |
Actual | | $ 1,000.00 | $ 1,031.90 | $ 6.80 |
HypotheticalA | | $ 1,000.00 | $ 1,018.10 | $ 6.76 |
Class T | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,030.50 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,027.00 | $ 10.81 |
HypotheticalA | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% | | | |
Actual | | $ 1,000.00 | $ 1,028.00 | $ 10.71 |
HypotheticalA | | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Growth | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,034.20 | $ 5.30 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Institutional Class | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,033.00 | $ 5.29 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Class Z | .88% | | | |
Actual | | $ 1,000.00 | $ 1,034.40 | $ 4.44 |
HypotheticalA | | $ 1,000.00 | $ 1,020.43 | $ 4.41 |
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). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United States of America* 17.7% | |
 | United Kingdom 14.4% | |
 | Japan 13.9% | |
 | Switzerland 13.4% | |
 | Sweden 6.7% | |
 | Belgium 4.7% | |
 | Germany 4.2% | |
 | Australia 3.0% | |
 | Denmark 3.0% | |
 | Other 19.0% | |
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, 2013 |
| United Kingdom 17.6% | |
| Japan 16.6% | |
| United States of America* 14.9% | |
| Switzerland 12.4% | |
| Sweden 5.7% | |
| Belgium 4.8% | |
| Germany 4.4% | |
| Australia 3.2% | |
| France 3.2% | |
| Other 17.2% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 96.7 | 97.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.3 | 2.1 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 4.2 | 3.3 |
Nestle SA (Switzerland, Food Products) | 3.7 | 4.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.2 | 3.5 |
Prudential PLC (United Kingdom, Insurance) | 2.8 | 1.9 |
DENSO Corp. (Japan, Auto Components) | 2.7 | 3.0 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 2.6 | 2.2 |
Linde AG (Germany, Chemicals) | 2.6 | 2.2 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 1.8 |
SABMiller PLC (United Kingdom, Beverages) | 2.1 | 1.8 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 2.1 | 1.5 |
| 28.5 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.2 | 17.1 |
Financials | 15.9 | 15.0 |
Consumer Staples | 15.7 | 19.7 |
Industrials | 14.9 | 14.3 |
Health Care | 12.2 | 11.9 |
Materials | 8.3 | 7.7 |
Information Technology | 7.8 | 7.5 |
Telecommunication Services | 2.4 | 1.7 |
Energy | 2.3 | 3.0 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
Australia - 3.0% |
CSL Ltd. | 252,554 | | $ 16,055,229 |
Sydney Airport unit | 946,281 | | 3,709,781 |
Transurban Group unit | 612,305 | | 4,135,404 |
TOTAL AUSTRALIA | | 23,900,414 |
Austria - 1.2% |
Andritz AG | 147,197 | | 9,135,503 |
Bailiwick of Jersey - 0.5% |
Informa PLC | 448,047 | | 3,648,515 |
Belgium - 4.7% |
Anheuser-Busch InBev SA NV (d) | 230,691 | | 25,144,372 |
KBC Groupe SA | 186,784 | | 11,378,608 |
TOTAL BELGIUM | | 36,522,980 |
Bermuda - 0.5% |
Lazard Ltd. Class A | 83,692 | | 3,937,709 |
Canada - 0.3% |
Canadian Pacific Railway Ltd. | 13,000 | | 2,029,853 |
Cayman Islands - 2.7% |
Sands China Ltd. | 1,274,000 | | 9,300,769 |
Tencent Holdings Ltd. | 64,000 | | 3,988,778 |
Wynn Macau Ltd. | 1,946,000 | | 7,668,088 |
TOTAL CAYMAN ISLANDS | | 20,957,635 |
Denmark - 3.0% |
Jyske Bank A/S (Reg.) (a) | 74,920 | | 4,115,030 |
Novo Nordisk A/S Series B sponsored ADR | 427,200 | | 19,390,608 |
TOTAL DENMARK | | 23,505,638 |
Finland - 0.7% |
Nokian Tyres PLC | 94,908 | | 3,768,413 |
Tikkurila Oyj | 76,400 | | 1,895,165 |
TOTAL FINLAND | | 5,663,578 |
France - 1.4% |
Remy Cointreau SA (d) | 24,687 | | 2,171,076 |
Safran SA | 135,300 | | 9,093,536 |
TOTAL FRANCE | | 11,264,612 |
Common Stocks - continued |
| Shares | | Value |
Germany - 4.2% |
Bayer AG (d) | 91,800 | | $ 12,735,873 |
Linde AG | 97,541 | | 20,224,098 |
TOTAL GERMANY | | 32,959,971 |
India - 0.3% |
Housing Development Finance Corp. Ltd. | 160,176 | | 2,384,648 |
Ireland - 2.7% |
CRH PLC sponsored ADR (d) | 326,566 | | 9,561,852 |
James Hardie Industries PLC: | | | |
CDI | 227,490 | | 2,899,560 |
sponsored ADR (d) | 132,300 | | 8,485,722 |
TOTAL IRELAND | | 20,947,134 |
Israel - 0.2% |
Azrieli Group | 58,600 | | 1,982,968 |
Italy - 1.1% |
Azimut Holding SpA | 67,000 | | 2,086,783 |
Interpump Group SpA | 248,370 | | 3,518,122 |
Prada SpA | 422,600 | | 3,374,063 |
TOTAL ITALY | | 8,978,968 |
Japan - 13.9% |
Aozora Bank Ltd. | 1,198,000 | | 3,562,303 |
Coca-Cola Central Japan Co. Ltd. | 107,100 | | 2,407,354 |
DENSO Corp. | 463,400 | | 21,086,094 |
East Japan Railway Co. | 47,500 | | 3,462,782 |
Fanuc Corp. | 40,600 | | 7,307,087 |
Fast Retailing Co. Ltd. | 22,000 | | 6,836,602 |
Japan Tobacco, Inc. | 108,600 | | 3,564,940 |
Keyence Corp. | 35,162 | | 13,545,805 |
Mitsui Fudosan Co. Ltd. | 374,000 | | 11,051,538 |
Seven Bank Ltd. | 1,044,300 | | 3,953,089 |
SHO-BOND Holdings Co. Ltd. | 95,200 | | 4,288,121 |
SoftBank Corp. | 215,400 | | 15,991,451 |
USS Co. Ltd. | 566,700 | | 8,253,693 |
Yamato Kogyo Co. Ltd. | 114,500 | | 3,297,188 |
TOTAL JAPAN | | 108,608,047 |
Kenya - 0.4% |
Safaricom Ltd. | 18,563,100 | | 2,794,812 |
Korea (South) - 0.5% |
Naver Corp. | 5,277 | | 3,769,651 |
Common Stocks - continued |
| Shares | | Value |
Mexico - 0.4% |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 35,055 | | $ 3,181,942 |
Netherlands - 1.4% |
ING Groep NV (Certificaten Van Aandelen) (a) | 794,764 | | 11,361,045 |
Portugal - 0.6% |
Jeronimo Martins SGPS SA | 270,452 | | 4,729,542 |
South Africa - 0.8% |
Clicks Group Ltd. | 550,597 | | 3,357,331 |
Naspers Ltd. Class N | 32,000 | | 3,017,347 |
TOTAL SOUTH AFRICA | | 6,374,678 |
Spain - 2.1% |
Inditex SA | 97,095 | | 14,568,319 |
Prosegur Compania de Seguridad SA (Reg.) | 328,749 | | 2,202,914 |
TOTAL SPAIN | | 16,771,233 |
Sweden - 6.7% |
ASSA ABLOY AB (B Shares) | 244,361 | | 12,935,477 |
Atlas Copco AB (A Shares) (d) | 282,509 | | 8,176,955 |
Fagerhult AB | 66,284 | | 3,292,690 |
H&M Hennes & Mauritz AB (B Shares) (d) | 248,342 | | 10,113,648 |
Intrum Justitia AB (d) | 99,600 | | 2,881,296 |
SKF AB (B Shares) | 270,717 | | 6,994,626 |
Svenska Handelsbanken AB (A Shares) | 160,940 | | 8,076,454 |
TOTAL SWEDEN | | 52,471,146 |
Switzerland - 13.4% |
Nestle SA | 370,502 | | 28,633,984 |
Novartis AG | 123,183 | | 10,708,615 |
Roche Holding AG (participation certificate) | 111,423 | | 32,685,519 |
Schindler Holding AG: | | | |
(participation certificate) | 40,669 | | 6,293,737 |
(Reg.) | 6,660 | | 1,015,535 |
Swatch Group AG (Bearer) | 7,926 | | 5,083,771 |
UBS AG (NY Shares) | 985,161 | | 20,599,717 |
TOTAL SWITZERLAND | | 105,020,878 |
Taiwan - 0.4% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 744,000 | | 2,926,592 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 0.8% |
Coca-Cola Icecek Sanayi A/S | 157,534 | | $ 3,689,260 |
Turkiye Garanti Bankasi A/S | 653,500 | | 2,407,299 |
TOTAL TURKEY | | 6,096,559 |
United Kingdom - 14.4% |
Babcock International Group PLC | 180,400 | | 3,636,773 |
Babcock International Group PLC rights 5/6/14 (a) | 69,384 | | 468,592 |
Barclays PLC sponsored ADR | 203,866 | | 3,488,147 |
BG Group PLC | 514,195 | | 10,400,639 |
InterContinental Hotel Group PLC ADR (d) | 377,430 | | 12,991,141 |
Johnson Matthey PLC | 146,777 | | 8,111,093 |
Prudential PLC | 971,789 | | 22,340,590 |
Reckitt Benckiser Group PLC | 200,145 | | 16,135,910 |
Rexam PLC | 439,564 | | 3,681,113 |
Rolls-Royce Group PLC | 424,737 | | 7,529,823 |
Rotork PLC | 77,300 | | 3,381,600 |
SABMiller PLC | 298,166 | | 16,212,753 |
Shaftesbury PLC | 228,133 | | 2,547,964 |
Unite Group PLC | 333,376 | | 2,378,134 |
TOTAL UNITED KINGDOM | | 113,304,272 |
United States of America - 14.4% |
Autoliv, Inc. | 82,969 | | 8,461,179 |
Berkshire Hathaway, Inc. Class B (a) | 42,284 | | 5,448,293 |
BorgWarner, Inc. | 174,292 | | 10,830,505 |
Cummins, Inc. | 40,282 | | 6,076,540 |
FMC Technologies, Inc. (a) | 61,952 | | 3,512,678 |
Google, Inc.: | | | |
Class A (a) | 7,633 | | 4,082,739 |
Class C (a) | 7,233 | | 3,809,332 |
JPMorgan Chase & Co. | 34,600 | | 1,936,908 |
Martin Marietta Materials, Inc. (d) | 56,600 | | 7,037,078 |
MasterCard, Inc. Class A | 143,000 | | 10,517,650 |
Mead Johnson Nutrition Co. Class A | 49,744 | | 4,390,405 |
Mohawk Industries, Inc. (a) | 40,200 | | 5,322,882 |
National Oilwell Varco, Inc. | 26,472 | | 2,078,846 |
Oceaneering International, Inc. | 28,713 | | 2,104,089 |
Philip Morris International, Inc. | 70,208 | | 5,997,869 |
PriceSmart, Inc. | 37,100 | | 3,563,084 |
ResMed, Inc. (d) | 76,500 | | 3,813,525 |
Solera Holdings, Inc. | 88,889 | | 5,758,229 |
SS&C Technologies Holdings, Inc. (a) | 88,700 | | 3,452,204 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Union Pacific Corp. | 24,100 | | $ 4,589,363 |
Visa, Inc. Class A | 50,875 | | 10,307,784 |
TOTAL UNITED STATES OF AMERICA | | 113,091,182 |
TOTAL COMMON STOCKS (Cost $661,736,154) |
758,321,705
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series C (a)
(Cost $95,762) | 56,914,758 | |
96,095
|
Money Market Funds - 11.8% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 21,565,902 | | 21,565,902 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 70,673,028 | | 70,673,028 |
TOTAL MONEY MARKET FUNDS (Cost $92,238,930) |
92,238,930
|
TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $754,070,846) | | 850,656,730 |
NET OTHER ASSETS (LIABILITIES) - (8.5)% | | (66,707,716) |
NET ASSETS - 100% | $ 783,949,014 |
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 | $ 8,401 |
Fidelity Securities Lending Cash Central Fund | 156,194 |
Total | $ 164,595 |
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, 2014, 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 | $ 134,325,029 | $ 134,325,029 | $ - | $ - |
Consumer Staples | 123,179,822 | 69,401,466 | 53,778,356 | - |
Energy | 18,096,252 | 18,096,252 | - | - |
Financials | 125,037,227 | 88,928,293 | 36,108,934 | - |
Health Care | 95,389,369 | 51,995,235 | 43,394,134 | - |
Industrials | 116,252,205 | 112,116,801 | - | 4,135,404 |
Information Technology | 62,158,764 | 59,232,172 | 2,926,592 | - |
Materials | 65,192,869 | 65,192,869 | - | - |
Telecommunication Services | 18,786,263 | 18,786,263 | - | - |
Money Market Funds | 92,238,930 | 92,238,930 | - | - |
Total Investments in Securities: | $ 850,656,730 | $ 710,313,310 | $ 136,208,016 | $ 4,135,404 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 22,018,128 |
Level 2 to Level 1 | $ 85,344,442 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $66,487,140) - See accompanying schedule: Unaffiliated issuers (cost $661,831,916) | $ 758,417,800 | |
Fidelity Central Funds (cost $92,238,930) | 92,238,930 | |
Total Investments (cost $754,070,846) | | $ 850,656,730 |
Foreign currency held at value (cost $10,297) | | 10,297 |
Receivable for investments sold | | 171,477 |
Receivable for fund shares sold | | 1,448,424 |
Dividends receivable | | 3,728,955 |
Distributions receivable from Fidelity Central Funds | | 73,396 |
Prepaid expenses | | 530 |
Other receivables | | 4,555 |
Total assets | | 856,094,364 |
| | |
Liabilities | | |
Payable for investments purchased | $ 177,283 | |
Payable for fund shares redeemed | 538,472 | |
Accrued management fee | 470,720 | |
Distribution and service plan fees payable | 57,473 | |
Other affiliated payables | 168,957 | |
Other payables and accrued expenses | 59,417 | |
Collateral on securities loaned, at value | 70,673,028 | |
Total liabilities | | 72,145,350 |
| | |
Net Assets | | $ 783,949,014 |
Net Assets consist of: | | |
Paid in capital | | $ 690,034,466 |
Undistributed net investment income | | 4,253,095 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (6,947,785) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 96,609,238 |
Net Assets | | $ 783,949,014 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($104,963,048 ÷ 9,474,974 shares) | | $ 11.08 |
| | |
Maximum offering price per share (100/94.25 of $11.08) | | $ 11.76 |
Class T:
Net Asset Value and redemption price per share ($27,572,288 ÷ 2,496,229 shares) | | $ 11.05 |
| | |
Maximum offering price per share (100/96.50 of $11.05) | | $ 11.45 |
Class B:
Net Asset Value and offering price per share ($1,623,529 ÷ 147,407 shares)A | | $ 11.01 |
| | |
Class C:
Net Asset Value and offering price per share ($28,980,079 ÷ 2,639,886 shares)A | | $ 10.98 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($541,440,552 ÷ 48,580,071 shares) | | $ 11.15 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($79,260,231 ÷ 7,120,293 shares) | | $ 11.13 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($109,287 ÷ 9,811 shares) | | $ 11.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 9,080,165 |
Income from Fidelity Central Funds | | 164,595 |
Income before foreign taxes withheld | | 9,244,760 |
Less foreign taxes withheld | | (865,794) |
Total income | | 8,378,966 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,443,129 | |
Performance adjustment | 145,567 | |
Transfer agent fees | 777,934 | |
Distribution and service plan fees | 304,910 | |
Accounting and security lending fees | 172,146 | |
Custodian fees and expenses | 59,592 | |
Independent trustees' compensation | 1,291 | |
Registration fees | 73,694 | |
Audit | 35,164 | |
Legal | 1,104 | |
Miscellaneous | 2,188 | |
Total expenses before reductions | 4,016,719 | |
Expense reductions | (6,498) | 4,010,221 |
Net investment income (loss) | | 4,368,745 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (6,583,142) | |
Foreign currency transactions | (61,653) | |
Total net realized gain (loss) | | (6,644,795) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 25,721,221 | |
Assets and liabilities in foreign currencies | 26,426 | |
Total change in net unrealized appreciation (depreciation) | | 25,747,647 |
Net gain (loss) | | 19,102,852 |
Net increase (decrease) in net assets resulting from operations | | $ 23,471,597 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,368,745 | $ 3,493,326 |
Net realized gain (loss) | (6,644,795) | 6,317,113 |
Change in net unrealized appreciation (depreciation) | 25,747,647 | 60,869,889 |
Net increase (decrease) in net assets resulting
from operations | 23,471,597 | 70,680,328 |
Distributions to shareholders from net investment income | (2,592,643) | (2,081,336) |
Distributions to shareholders from net realized gain | (513,441) | (113,769) |
Total distributions | (3,106,084) | (2,195,105) |
Share transactions - net increase (decrease) | 177,272,262 | 324,915,158 |
Redemption fees | 33,371 | 31,216 |
Total increase (decrease) in net assets | 197,671,146 | 393,431,597 |
| | |
Net Assets | | |
Beginning of period | 586,277,868 | 192,846,271 |
End of period (including undistributed net investment income of $4,253,095 and undistributed net investment income of $2,476,993, respectively) | $ 783,949,014 | $ 586,277,868 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.78 | $ 8.91 | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .08 | .08 | .08 | .05 | .05 |
Net realized and unrealized gain (loss) | .28 | 1.88 | .81 | (.31) | 1.39 | 1.55 |
Total from investment operations | .34 | 1.96 | .89 | (.23) | 1.44 | 1.60 |
Distributions from net investment income | (.03) | (.08) | (.06) | (.05) | (.05) | (.05) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.04) | (.09) | (.07) | (.06) | (.07) J | (.05) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.08 | $ 10.78 | $ 8.91 | $ 8.09 | $ 8.38 | $ 7.01 |
Total Return B, C, D | 3.19% | 22.18% | 11.10% | (2.76)% | 20.68% | 29.72% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.36% A | 1.44% | 1.58% | 1.77% | 2.13% | 2.46% |
Expenses net of fee waivers, if any | 1.35% A | 1.43% | 1.45% | 1.45% | 1.50% | 1.50% |
Expenses net of all reductions | 1.35% A | 1.42% | 1.44% | 1.43% | 1.48% | 1.47% |
Net investment income (loss) | 1.05% A | .80% | .99% | .92% | .74% | .85% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 104,963 | $ 74,595 | $ 21,874 | $ 6,352 | $ 3,084 | $ 1,452 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.07 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.025 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.75 | $ 8.89 | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .05 | .06 | .06 | .04 | .03 |
Net realized and unrealized gain (loss) | .29 | 1.88 | .81 | (.31) | 1.39 | 1.55 |
Total from investment operations | .33 | 1.93 | .87 | (.25) | 1.43 | 1.58 |
Distributions from net investment income | (.02) | (.07) | (.05) | (.04) | (.02) | (.03) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.03) | (.07) J | (.06) | (.05) | (.05) | (.03) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.05 | $ 10.75 | $ 8.89 | $ 8.08 | $ 8.38 | $ 7.00 |
Total Return B, C, D | 3.05% | 21.91% | 10.82% | (3.03)% | 20.47% | 29.22% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.66% A | 1.69% | 1.85% | 2.03% | 2.41% | 2.67% |
Expenses net of fee waivers, if any | 1.65% A | 1.69% | 1.70% | 1.70% | 1.75% | 1.75% |
Expenses net of all reductions | 1.65% A | 1.68% | 1.69% | 1.68% | 1.73% | 1.73% |
Net investment income (loss) | .75% A | .54% | .74% | .67% | .49% | .59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 27,572 | $ 23,118 | $ 10,690 | $ 2,917 | $ 1,034 | $ 532 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.07 per share is comprised of distributions from net investment income of $.069 and distributions from net realized gain of $.005 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.73 | $ 8.88 | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | - I | .02 | .01 | - I | .01 |
Net realized and unrealized gain (loss) | .28 | 1.89 | .80 | (.30) | 1.38 | 1.55 |
Total from investment operations | .29 | 1.89 | .82 | (.29) | 1.38 | 1.56 |
Distributions from net investment income | - | (.03) | - | (.01) | - | - |
Distributions from net realized gain | (.01) | (.01) | - | - I | - | - |
Total distributions | (.01) | (.04) | - | (.01) | - | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.01 | $ 10.73 | $ 8.88 | $ 8.06 | $ 8.36 | $ 6.98 |
Total Return B, C, D | 2.70% | 21.35% | 10.17% | (3.47)% | 19.77% | 28.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.35% | 2.55% | 2.87% | 3.17% |
Expenses net of fee waivers, if any | 2.15% A | 2.18% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15% A | 2.17% | 2.19% | 2.18% | 2.23% | 2.23% |
Net investment income (loss) | .25% A | .05% | .24% | .17% | (.01)% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,624 | $ 1,579 | $ 1,116 | $ 473 | $ 581 | $ 328 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.69 | $ 8.84 | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .01 | .02 | .01 | - I | .01 |
Net realized and unrealized gain (loss) | .29 | 1.87 | .80 | (.31) | 1.38 | 1.55 |
Total from investment operations | .30 | 1.88 | .82 | (.30) | 1.38 | 1.56 |
Distributions from net investment income | - | (.02) | (.01) | (.01) | - | - |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.02) | - |
Total distributions | (.01) | (.03) | (.01) K | (.01) J | (.02) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.98 | $ 10.69 | $ 8.84 | $ 8.03 | $ 8.34 | $ 6.98 |
Total Return B, C, D | 2.80% | 21.29% | 10.27% | (3.57)% | 19.82% | 28.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.13% A | 2.19% | 2.33% | 2.52% | 2.89% | 3.21% |
Expenses net of fee waivers, if any | 2.13% A | 2.18% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.13% A | 2.17% | 2.19% | 2.18% | 2.24% | 2.23% |
Net investment income (loss) | .27% A | .05% | .24% | .17% | (.01)% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 28,980 | $ 17,196 | $ 5,648 | $ 2,767 | $ 1,261 | $ 780 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share. KTotal distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.84 | $ 8.95 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .11 | .11 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .30 | 1.88 | .81 | (.30) | 1.39 | 1.54 |
Total from investment operations | .37 | 1.99 | .92 | (.20) | 1.46 | 1.60 |
Distributions from net investment income | (.05) | (.10) | (.08) | (.07) | (.06) | (.06) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.06) | (.10) J | (.09) | (.08) | (.08) I | (.06) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.15 | $ 10.84 | $ 8.95 | $ 8.12 | $ 8.40 | $ 7.02 |
Total Return B, C | 3.42% | 22.48% | 11.41% | (2.47)% | 20.97% | 29.77% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.05% A | 1.13% | 1.28% | 1.52% | 1.89% | 2.19% |
Expenses net of fee waivers, if any | 1.05% A | 1.13% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.05% A | 1.11% | 1.19% | 1.18% | 1.23% | 1.23% |
Net investment income (loss) | 1.35% A | 1.11% | 1.24% | 1.17% | .99% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 541,441 | $ 430,914 | $ 149,526 | $ 53,437 | $ 28,454 | $ 18,254 |
Portfolio turnover rate F | 35% A | 32% | 32% | 68% | 87% | 116% |
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. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. HAmount represents less than $.01 per share. ITotal distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share. JTotal distributions of $.10 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.005 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.84 | $ 8.94 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .11 | .10 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .29 | 1.90 | .81 | (.30) | 1.39 | 1.54 |
Total from investment operations | .36 | 2.01 | .91 | (.20) | 1.46 | 1.60 |
Distributions from net investment income | (.06) | (.10) | (.08) | (.07) | (.06) | (.06) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.07) | (.11) | (.09) | (.08) | (.08) I | (.06) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.13 | $ 10.84 | $ 8.94 | $ 8.12 | $ 8.40 | $ 7.02 |
Total Return B, C | 3.30% | 22.66% | 11.28% | (2.47)% | 20.97% | 29.77% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.05% A | 1.11% | 1.27% | 1.50% | 1.92% | 2.01% |
Expenses net of fee waivers, if any | 1.05% A | 1.11% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.05% A | 1.09% | 1.19% | 1.18% | 1.23% | 1.23% |
Net investment income (loss) | 1.35% A | 1.13% | 1.24% | 1.17% | .99% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 79,260 | $ 38,771 | $ 3,992 | $ 493 | $ 113 | $ 36 |
Portfolio turnover rate F | 35% A | 32% | 32% | 68% | 87% | 116% |
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. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. HAmount represents less than $.01 per share. ITotal distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended
April 30, 2014 | Year ended
October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.84 | $ 10.26 |
Income from Investment Operations | | |
Net investment income (loss) D | .08 | .02 |
Net realized and unrealized gain (loss) | .29 | .56 |
Total from investment operations | .37 | .58 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.01) | - |
Total distributions | (.07) | - |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 11.14 | $ 10.84 |
Total Return B, C | 3.44% | 5.65% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | .89% A | .94% A |
Expenses net of fee waivers, if any | .88% A | .94% A |
Expenses net of all reductions | .88% A | .93% A |
Net investment income (loss) | 1.52% A | .65% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 109 | $ 106 |
Portfolio turnover rate F | 35% A | 32% |
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. GFor the period August 13, 2013 (commencement of sale of shares) to October 31, 2013. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Growth, Institutional Class and Class Z 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014, 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. Significant Accounting Policies - continued
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. 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, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 106,985,707 |
Gross unrealized depreciation | (10,837,420) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 96,148,287 |
| |
Tax cost | $ 754,508,443 |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $283,381,709 and $118,050,582, 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 relative investment performance of International Growth as compared to its benchmark index, the MSCI® EAFE® Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .74% of the Fund's average net assets. The performance adjustment included in the management fee rate
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 112,702 | $ 4,734 |
Class T | .25% | .25% | 64,552 | 527 |
Class B | .75% | .25% | 8,123 | 6,120 |
Class C | .75% | .25% | 119,533 | 43,967 |
| | | $ 304,910 | $ 55,348 |
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 | $ 43,897 |
Class T | 7,523 |
Class B* | 397 |
Class C* | 1,482 |
| $ 53,299 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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
Average
Net Assets* |
Class A | $ 119,493 | .26 |
Class T | 40,530 | .31 |
Class B | 2,513 | .31 |
Class C | 34,880 | .29 |
International Growth | 513,505 | .21 |
Institutional Class | 66,989 | .21 |
Class Z | 24 | .04 |
| $ 777,934 | |
* 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 $1,136 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 $611 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $782,645. 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 $156,194, including $7,790 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 $2,786 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 $29.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $3,683.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 253,092 | $ 226,330 |
Class T | 40,595 | 86,155 |
Class B | - | 4,290 |
Class C | - | 14,481 |
International Growth | 2,051,403 | 1,698,830 |
Institutional Class | 246,949 | 51,250 |
Class Z | 604 | - |
Total | $ 2,592,643 | $ 2,081,336 |
From net realized gain | | |
Class A | $ 66,995 | $ 13,472 |
Class T | 20,298 | 6,243 |
Class B | 1,337 | 631 |
Class C | 16,479 | 3,291 |
International Growth | 369,252 | 87,569 |
Institutional Class | 38,992 | 2,563 |
Class Z | 88 | - |
Total | $ 513,441 | $ 113,769 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 A | Six months ended
April 30,
2014 | Year ended
October 31,
2013 A |
Class A | | | | |
Shares sold | 3,374,643 | 5,907,169 | $ 36,788,261 | $ 58,500,264 |
Reinvestment of distributions | 27,068 | 24,178 | 291,793 | 218,566 |
Shares redeemed | (846,642) | (1,466,703) | (9,236,603) | (14,226,261) |
Net increase (decrease) | 2,555,069 | 4,464,644 | $ 27,843,451 | $ 44,492,569 |
Class T | | | | |
Shares sold | 502,311 | 1,144,706 | $ 5,447,214 | $ 11,429,141 |
Reinvestment of distributions | 5,458 | 10,086 | 58,733 | 91,076 |
Shares redeemed | (162,334) | (206,178) | (1,770,474) | (2,020,899) |
Net increase (decrease) | 345,435 | 948,614 | $ 3,735,473 | $ 9,499,318 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 A | Six months ended
April 30,
2014 | Year ended
October 31,
2013 A |
Class B | | | | |
Shares sold | 21,255 | 70,442 | $ 229,864 | $ 702,618 |
Reinvestment of distributions | 123 | 531 | 1,323 | 4,806 |
Shares redeemed | (21,146) | (49,437) | (229,176) | (483,935) |
Net increase (decrease) | 232 | 21,536 | $ 2,011 | $ 223,489 |
Class C | | | | |
Shares sold | 1,199,632 | 1,392,365 | $ 12,986,187 | $ 13,520,584 |
Reinvestment of distributions | 1,498 | 1,911 | 16,049 | 17,237 |
Shares redeemed | (169,836) | (424,469) | (1,838,698) | (4,120,400) |
Net increase (decrease) | 1,031,294 | 969,807 | $ 11,163,538 | $ 9,417,421 |
International Growth | | | | |
Shares sold | 13,395,988 | 29,198,608 | $ 145,651,286 | $ 290,678,738 |
Reinvestment of distributions | 197,948 | 192,126 | 2,143,780 | 1,742,585 |
Shares redeemed | (4,749,668) | (6,365,570) | (52,065,419) | (62,814,771) |
Net increase (decrease) | 8,844,268 | 23,025,164 | $ 95,729,647 | $ 229,606,552 |
Institutional Class | | | | |
Shares sold | 4,522,024 | 3,568,741 | $ 49,477,683 | $ 35,951,935 |
Reinvestment of distributions | 24,180 | 5,682 | 261,623 | 51,476 |
Shares redeemed | (1,003,243) | (443,392) | (10,941,856) | (4,427,602) |
Net increase (decrease) | 3,542,961 | 3,131,031 | $ 38,797,450 | $ 31,575,809 |
Class Z | | | | |
Shares sold | - | 9,747 | $ - | $ 100,000 |
Reinvestment of distributions | 64 | - | 692 | - |
Net increase (decrease) | 64 | 9,747 | $ 692 | $ 100,000 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agent
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
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
IGF-USAN-0614
1.912352.104
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Growth
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Class A, Class T,
Class B, and Class C are
classes of Fidelity®
International Growth 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 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.35% | | | |
Actual | | $ 1,000.00 | $ 1,031.90 | $ 6.80 |
HypotheticalA | | $ 1,000.00 | $ 1,018.10 | $ 6.76 |
Class T | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,030.50 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,027.00 | $ 10.81 |
HypotheticalA | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% | | | |
Actual | | $ 1,000.00 | $ 1,028.00 | $ 10.71 |
HypotheticalA | | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Growth | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,034.20 | $ 5.30 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Institutional Class | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,033.00 | $ 5.29 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Class Z | .88% | | | |
Actual | | $ 1,000.00 | $ 1,034.40 | $ 4.44 |
HypotheticalA | | $ 1,000.00 | $ 1,020.43 | $ 4.41 |
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). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United States of America* 17.7% | |
 | United Kingdom 14.4% | |
 | Japan 13.9% | |
 | Switzerland 13.4% | |
 | Sweden 6.7% | |
 | Belgium 4.7% | |
 | Germany 4.2% | |
 | Australia 3.0% | |
 | Denmark 3.0% | |
 | Other 19.0% | |
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, 2013 |
| United Kingdom 17.6% | |
| Japan 16.6% | |
| United States of America* 14.9% | |
| Switzerland 12.4% | |
| Sweden 5.7% | |
| Belgium 4.8% | |
| Germany 4.4% | |
| Australia 3.2% | |
| France 3.2% | |
| Other 17.2% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 96.7 | 97.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.3 | 2.1 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 4.2 | 3.3 |
Nestle SA (Switzerland, Food Products) | 3.7 | 4.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.2 | 3.5 |
Prudential PLC (United Kingdom, Insurance) | 2.8 | 1.9 |
DENSO Corp. (Japan, Auto Components) | 2.7 | 3.0 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 2.6 | 2.2 |
Linde AG (Germany, Chemicals) | 2.6 | 2.2 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 1.8 |
SABMiller PLC (United Kingdom, Beverages) | 2.1 | 1.8 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 2.1 | 1.5 |
| 28.5 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.2 | 17.1 |
Financials | 15.9 | 15.0 |
Consumer Staples | 15.7 | 19.7 |
Industrials | 14.9 | 14.3 |
Health Care | 12.2 | 11.9 |
Materials | 8.3 | 7.7 |
Information Technology | 7.8 | 7.5 |
Telecommunication Services | 2.4 | 1.7 |
Energy | 2.3 | 3.0 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
Australia - 3.0% |
CSL Ltd. | 252,554 | | $ 16,055,229 |
Sydney Airport unit | 946,281 | | 3,709,781 |
Transurban Group unit | 612,305 | | 4,135,404 |
TOTAL AUSTRALIA | | 23,900,414 |
Austria - 1.2% |
Andritz AG | 147,197 | | 9,135,503 |
Bailiwick of Jersey - 0.5% |
Informa PLC | 448,047 | | 3,648,515 |
Belgium - 4.7% |
Anheuser-Busch InBev SA NV (d) | 230,691 | | 25,144,372 |
KBC Groupe SA | 186,784 | | 11,378,608 |
TOTAL BELGIUM | | 36,522,980 |
Bermuda - 0.5% |
Lazard Ltd. Class A | 83,692 | | 3,937,709 |
Canada - 0.3% |
Canadian Pacific Railway Ltd. | 13,000 | | 2,029,853 |
Cayman Islands - 2.7% |
Sands China Ltd. | 1,274,000 | | 9,300,769 |
Tencent Holdings Ltd. | 64,000 | | 3,988,778 |
Wynn Macau Ltd. | 1,946,000 | | 7,668,088 |
TOTAL CAYMAN ISLANDS | | 20,957,635 |
Denmark - 3.0% |
Jyske Bank A/S (Reg.) (a) | 74,920 | | 4,115,030 |
Novo Nordisk A/S Series B sponsored ADR | 427,200 | | 19,390,608 |
TOTAL DENMARK | | 23,505,638 |
Finland - 0.7% |
Nokian Tyres PLC | 94,908 | | 3,768,413 |
Tikkurila Oyj | 76,400 | | 1,895,165 |
TOTAL FINLAND | | 5,663,578 |
France - 1.4% |
Remy Cointreau SA (d) | 24,687 | | 2,171,076 |
Safran SA | 135,300 | | 9,093,536 |
TOTAL FRANCE | | 11,264,612 |
Common Stocks - continued |
| Shares | | Value |
Germany - 4.2% |
Bayer AG (d) | 91,800 | | $ 12,735,873 |
Linde AG | 97,541 | | 20,224,098 |
TOTAL GERMANY | | 32,959,971 |
India - 0.3% |
Housing Development Finance Corp. Ltd. | 160,176 | | 2,384,648 |
Ireland - 2.7% |
CRH PLC sponsored ADR (d) | 326,566 | | 9,561,852 |
James Hardie Industries PLC: | | | |
CDI | 227,490 | | 2,899,560 |
sponsored ADR (d) | 132,300 | | 8,485,722 |
TOTAL IRELAND | | 20,947,134 |
Israel - 0.2% |
Azrieli Group | 58,600 | | 1,982,968 |
Italy - 1.1% |
Azimut Holding SpA | 67,000 | | 2,086,783 |
Interpump Group SpA | 248,370 | | 3,518,122 |
Prada SpA | 422,600 | | 3,374,063 |
TOTAL ITALY | | 8,978,968 |
Japan - 13.9% |
Aozora Bank Ltd. | 1,198,000 | | 3,562,303 |
Coca-Cola Central Japan Co. Ltd. | 107,100 | | 2,407,354 |
DENSO Corp. | 463,400 | | 21,086,094 |
East Japan Railway Co. | 47,500 | | 3,462,782 |
Fanuc Corp. | 40,600 | | 7,307,087 |
Fast Retailing Co. Ltd. | 22,000 | | 6,836,602 |
Japan Tobacco, Inc. | 108,600 | | 3,564,940 |
Keyence Corp. | 35,162 | | 13,545,805 |
Mitsui Fudosan Co. Ltd. | 374,000 | | 11,051,538 |
Seven Bank Ltd. | 1,044,300 | | 3,953,089 |
SHO-BOND Holdings Co. Ltd. | 95,200 | | 4,288,121 |
SoftBank Corp. | 215,400 | | 15,991,451 |
USS Co. Ltd. | 566,700 | | 8,253,693 |
Yamato Kogyo Co. Ltd. | 114,500 | | 3,297,188 |
TOTAL JAPAN | | 108,608,047 |
Kenya - 0.4% |
Safaricom Ltd. | 18,563,100 | | 2,794,812 |
Korea (South) - 0.5% |
Naver Corp. | 5,277 | | 3,769,651 |
Common Stocks - continued |
| Shares | | Value |
Mexico - 0.4% |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 35,055 | | $ 3,181,942 |
Netherlands - 1.4% |
ING Groep NV (Certificaten Van Aandelen) (a) | 794,764 | | 11,361,045 |
Portugal - 0.6% |
Jeronimo Martins SGPS SA | 270,452 | | 4,729,542 |
South Africa - 0.8% |
Clicks Group Ltd. | 550,597 | | 3,357,331 |
Naspers Ltd. Class N | 32,000 | | 3,017,347 |
TOTAL SOUTH AFRICA | | 6,374,678 |
Spain - 2.1% |
Inditex SA | 97,095 | | 14,568,319 |
Prosegur Compania de Seguridad SA (Reg.) | 328,749 | | 2,202,914 |
TOTAL SPAIN | | 16,771,233 |
Sweden - 6.7% |
ASSA ABLOY AB (B Shares) | 244,361 | | 12,935,477 |
Atlas Copco AB (A Shares) (d) | 282,509 | | 8,176,955 |
Fagerhult AB | 66,284 | | 3,292,690 |
H&M Hennes & Mauritz AB (B Shares) (d) | 248,342 | | 10,113,648 |
Intrum Justitia AB (d) | 99,600 | | 2,881,296 |
SKF AB (B Shares) | 270,717 | | 6,994,626 |
Svenska Handelsbanken AB (A Shares) | 160,940 | | 8,076,454 |
TOTAL SWEDEN | | 52,471,146 |
Switzerland - 13.4% |
Nestle SA | 370,502 | | 28,633,984 |
Novartis AG | 123,183 | | 10,708,615 |
Roche Holding AG (participation certificate) | 111,423 | | 32,685,519 |
Schindler Holding AG: | | | |
(participation certificate) | 40,669 | | 6,293,737 |
(Reg.) | 6,660 | | 1,015,535 |
Swatch Group AG (Bearer) | 7,926 | | 5,083,771 |
UBS AG (NY Shares) | 985,161 | | 20,599,717 |
TOTAL SWITZERLAND | | 105,020,878 |
Taiwan - 0.4% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 744,000 | | 2,926,592 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 0.8% |
Coca-Cola Icecek Sanayi A/S | 157,534 | | $ 3,689,260 |
Turkiye Garanti Bankasi A/S | 653,500 | | 2,407,299 |
TOTAL TURKEY | | 6,096,559 |
United Kingdom - 14.4% |
Babcock International Group PLC | 180,400 | | 3,636,773 |
Babcock International Group PLC rights 5/6/14 (a) | 69,384 | | 468,592 |
Barclays PLC sponsored ADR | 203,866 | | 3,488,147 |
BG Group PLC | 514,195 | | 10,400,639 |
InterContinental Hotel Group PLC ADR (d) | 377,430 | | 12,991,141 |
Johnson Matthey PLC | 146,777 | | 8,111,093 |
Prudential PLC | 971,789 | | 22,340,590 |
Reckitt Benckiser Group PLC | 200,145 | | 16,135,910 |
Rexam PLC | 439,564 | | 3,681,113 |
Rolls-Royce Group PLC | 424,737 | | 7,529,823 |
Rotork PLC | 77,300 | | 3,381,600 |
SABMiller PLC | 298,166 | | 16,212,753 |
Shaftesbury PLC | 228,133 | | 2,547,964 |
Unite Group PLC | 333,376 | | 2,378,134 |
TOTAL UNITED KINGDOM | | 113,304,272 |
United States of America - 14.4% |
Autoliv, Inc. | 82,969 | | 8,461,179 |
Berkshire Hathaway, Inc. Class B (a) | 42,284 | | 5,448,293 |
BorgWarner, Inc. | 174,292 | | 10,830,505 |
Cummins, Inc. | 40,282 | | 6,076,540 |
FMC Technologies, Inc. (a) | 61,952 | | 3,512,678 |
Google, Inc.: | | | |
Class A (a) | 7,633 | | 4,082,739 |
Class C (a) | 7,233 | | 3,809,332 |
JPMorgan Chase & Co. | 34,600 | | 1,936,908 |
Martin Marietta Materials, Inc. (d) | 56,600 | | 7,037,078 |
MasterCard, Inc. Class A | 143,000 | | 10,517,650 |
Mead Johnson Nutrition Co. Class A | 49,744 | | 4,390,405 |
Mohawk Industries, Inc. (a) | 40,200 | | 5,322,882 |
National Oilwell Varco, Inc. | 26,472 | | 2,078,846 |
Oceaneering International, Inc. | 28,713 | | 2,104,089 |
Philip Morris International, Inc. | 70,208 | | 5,997,869 |
PriceSmart, Inc. | 37,100 | | 3,563,084 |
ResMed, Inc. (d) | 76,500 | | 3,813,525 |
Solera Holdings, Inc. | 88,889 | | 5,758,229 |
SS&C Technologies Holdings, Inc. (a) | 88,700 | | 3,452,204 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Union Pacific Corp. | 24,100 | | $ 4,589,363 |
Visa, Inc. Class A | 50,875 | | 10,307,784 |
TOTAL UNITED STATES OF AMERICA | | 113,091,182 |
TOTAL COMMON STOCKS (Cost $661,736,154) |
758,321,705
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series C (a)
(Cost $95,762) | 56,914,758 | |
96,095
|
Money Market Funds - 11.8% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 21,565,902 | | 21,565,902 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 70,673,028 | | 70,673,028 |
TOTAL MONEY MARKET FUNDS (Cost $92,238,930) |
92,238,930
|
TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $754,070,846) | | 850,656,730 |
NET OTHER ASSETS (LIABILITIES) - (8.5)% | | (66,707,716) |
NET ASSETS - 100% | $ 783,949,014 |
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 | $ 8,401 |
Fidelity Securities Lending Cash Central Fund | 156,194 |
Total | $ 164,595 |
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, 2014, 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 | $ 134,325,029 | $ 134,325,029 | $ - | $ - |
Consumer Staples | 123,179,822 | 69,401,466 | 53,778,356 | - |
Energy | 18,096,252 | 18,096,252 | - | - |
Financials | 125,037,227 | 88,928,293 | 36,108,934 | - |
Health Care | 95,389,369 | 51,995,235 | 43,394,134 | - |
Industrials | 116,252,205 | 112,116,801 | - | 4,135,404 |
Information Technology | 62,158,764 | 59,232,172 | 2,926,592 | - |
Materials | 65,192,869 | 65,192,869 | - | - |
Telecommunication Services | 18,786,263 | 18,786,263 | - | - |
Money Market Funds | 92,238,930 | 92,238,930 | - | - |
Total Investments in Securities: | $ 850,656,730 | $ 710,313,310 | $ 136,208,016 | $ 4,135,404 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 22,018,128 |
Level 2 to Level 1 | $ 85,344,442 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $66,487,140) - See accompanying schedule: Unaffiliated issuers (cost $661,831,916) | $ 758,417,800 | |
Fidelity Central Funds (cost $92,238,930) | 92,238,930 | |
Total Investments (cost $754,070,846) | | $ 850,656,730 |
Foreign currency held at value (cost $10,297) | | 10,297 |
Receivable for investments sold | | 171,477 |
Receivable for fund shares sold | | 1,448,424 |
Dividends receivable | | 3,728,955 |
Distributions receivable from Fidelity Central Funds | | 73,396 |
Prepaid expenses | | 530 |
Other receivables | | 4,555 |
Total assets | | 856,094,364 |
| | |
Liabilities | | |
Payable for investments purchased | $ 177,283 | |
Payable for fund shares redeemed | 538,472 | |
Accrued management fee | 470,720 | |
Distribution and service plan fees payable | 57,473 | |
Other affiliated payables | 168,957 | |
Other payables and accrued expenses | 59,417 | |
Collateral on securities loaned, at value | 70,673,028 | |
Total liabilities | | 72,145,350 |
| | |
Net Assets | | $ 783,949,014 |
Net Assets consist of: | | |
Paid in capital | | $ 690,034,466 |
Undistributed net investment income | | 4,253,095 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (6,947,785) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 96,609,238 |
Net Assets | | $ 783,949,014 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($104,963,048 ÷ 9,474,974 shares) | | $ 11.08 |
| | |
Maximum offering price per share (100/94.25 of $11.08) | | $ 11.76 |
Class T:
Net Asset Value and redemption price per share ($27,572,288 ÷ 2,496,229 shares) | | $ 11.05 |
| | |
Maximum offering price per share (100/96.50 of $11.05) | | $ 11.45 |
Class B:
Net Asset Value and offering price per share ($1,623,529 ÷ 147,407 shares)A | | $ 11.01 |
| | |
Class C:
Net Asset Value and offering price per share ($28,980,079 ÷ 2,639,886 shares)A | | $ 10.98 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($541,440,552 ÷ 48,580,071 shares) | | $ 11.15 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($79,260,231 ÷ 7,120,293 shares) | | $ 11.13 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($109,287 ÷ 9,811 shares) | | $ 11.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 9,080,165 |
Income from Fidelity Central Funds | | 164,595 |
Income before foreign taxes withheld | | 9,244,760 |
Less foreign taxes withheld | | (865,794) |
Total income | | 8,378,966 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,443,129 | |
Performance adjustment | 145,567 | |
Transfer agent fees | 777,934 | |
Distribution and service plan fees | 304,910 | |
Accounting and security lending fees | 172,146 | |
Custodian fees and expenses | 59,592 | |
Independent trustees' compensation | 1,291 | |
Registration fees | 73,694 | |
Audit | 35,164 | |
Legal | 1,104 | |
Miscellaneous | 2,188 | |
Total expenses before reductions | 4,016,719 | |
Expense reductions | (6,498) | 4,010,221 |
Net investment income (loss) | | 4,368,745 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (6,583,142) | |
Foreign currency transactions | (61,653) | |
Total net realized gain (loss) | | (6,644,795) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 25,721,221 | |
Assets and liabilities in foreign currencies | 26,426 | |
Total change in net unrealized appreciation (depreciation) | | 25,747,647 |
Net gain (loss) | | 19,102,852 |
Net increase (decrease) in net assets resulting from operations | | $ 23,471,597 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,368,745 | $ 3,493,326 |
Net realized gain (loss) | (6,644,795) | 6,317,113 |
Change in net unrealized appreciation (depreciation) | 25,747,647 | 60,869,889 |
Net increase (decrease) in net assets resulting
from operations | 23,471,597 | 70,680,328 |
Distributions to shareholders from net investment income | (2,592,643) | (2,081,336) |
Distributions to shareholders from net realized gain | (513,441) | (113,769) |
Total distributions | (3,106,084) | (2,195,105) |
Share transactions - net increase (decrease) | 177,272,262 | 324,915,158 |
Redemption fees | 33,371 | 31,216 |
Total increase (decrease) in net assets | 197,671,146 | 393,431,597 |
| | |
Net Assets | | |
Beginning of period | 586,277,868 | 192,846,271 |
End of period (including undistributed net investment income of $4,253,095 and undistributed net investment income of $2,476,993, respectively) | $ 783,949,014 | $ 586,277,868 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.78 | $ 8.91 | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .08 | .08 | .08 | .05 | .05 |
Net realized and unrealized gain (loss) | .28 | 1.88 | .81 | (.31) | 1.39 | 1.55 |
Total from investment operations | .34 | 1.96 | .89 | (.23) | 1.44 | 1.60 |
Distributions from net investment income | (.03) | (.08) | (.06) | (.05) | (.05) | (.05) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.04) | (.09) | (.07) | (.06) | (.07) J | (.05) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.08 | $ 10.78 | $ 8.91 | $ 8.09 | $ 8.38 | $ 7.01 |
Total Return B, C, D | 3.19% | 22.18% | 11.10% | (2.76)% | 20.68% | 29.72% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.36% A | 1.44% | 1.58% | 1.77% | 2.13% | 2.46% |
Expenses net of fee waivers, if any | 1.35% A | 1.43% | 1.45% | 1.45% | 1.50% | 1.50% |
Expenses net of all reductions | 1.35% A | 1.42% | 1.44% | 1.43% | 1.48% | 1.47% |
Net investment income (loss) | 1.05% A | .80% | .99% | .92% | .74% | .85% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 104,963 | $ 74,595 | $ 21,874 | $ 6,352 | $ 3,084 | $ 1,452 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.07 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.025 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.75 | $ 8.89 | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .05 | .06 | .06 | .04 | .03 |
Net realized and unrealized gain (loss) | .29 | 1.88 | .81 | (.31) | 1.39 | 1.55 |
Total from investment operations | .33 | 1.93 | .87 | (.25) | 1.43 | 1.58 |
Distributions from net investment income | (.02) | (.07) | (.05) | (.04) | (.02) | (.03) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.03) | (.07) J | (.06) | (.05) | (.05) | (.03) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.05 | $ 10.75 | $ 8.89 | $ 8.08 | $ 8.38 | $ 7.00 |
Total Return B, C, D | 3.05% | 21.91% | 10.82% | (3.03)% | 20.47% | 29.22% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.66% A | 1.69% | 1.85% | 2.03% | 2.41% | 2.67% |
Expenses net of fee waivers, if any | 1.65% A | 1.69% | 1.70% | 1.70% | 1.75% | 1.75% |
Expenses net of all reductions | 1.65% A | 1.68% | 1.69% | 1.68% | 1.73% | 1.73% |
Net investment income (loss) | .75% A | .54% | .74% | .67% | .49% | .59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 27,572 | $ 23,118 | $ 10,690 | $ 2,917 | $ 1,034 | $ 532 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.07 per share is comprised of distributions from net investment income of $.069 and distributions from net realized gain of $.005 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.73 | $ 8.88 | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | - I | .02 | .01 | - I | .01 |
Net realized and unrealized gain (loss) | .28 | 1.89 | .80 | (.30) | 1.38 | 1.55 |
Total from investment operations | .29 | 1.89 | .82 | (.29) | 1.38 | 1.56 |
Distributions from net investment income | - | (.03) | - | (.01) | - | - |
Distributions from net realized gain | (.01) | (.01) | - | - I | - | - |
Total distributions | (.01) | (.04) | - | (.01) | - | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.01 | $ 10.73 | $ 8.88 | $ 8.06 | $ 8.36 | $ 6.98 |
Total Return B, C, D | 2.70% | 21.35% | 10.17% | (3.47)% | 19.77% | 28.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.35% | 2.55% | 2.87% | 3.17% |
Expenses net of fee waivers, if any | 2.15% A | 2.18% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15% A | 2.17% | 2.19% | 2.18% | 2.23% | 2.23% |
Net investment income (loss) | .25% A | .05% | .24% | .17% | (.01)% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,624 | $ 1,579 | $ 1,116 | $ 473 | $ 581 | $ 328 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.69 | $ 8.84 | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .01 | .02 | .01 | - I | .01 |
Net realized and unrealized gain (loss) | .29 | 1.87 | .80 | (.31) | 1.38 | 1.55 |
Total from investment operations | .30 | 1.88 | .82 | (.30) | 1.38 | 1.56 |
Distributions from net investment income | - | (.02) | (.01) | (.01) | - | - |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.02) | - |
Total distributions | (.01) | (.03) | (.01) K | (.01) J | (.02) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.98 | $ 10.69 | $ 8.84 | $ 8.03 | $ 8.34 | $ 6.98 |
Total Return B, C, D | 2.80% | 21.29% | 10.27% | (3.57)% | 19.82% | 28.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.13% A | 2.19% | 2.33% | 2.52% | 2.89% | 3.21% |
Expenses net of fee waivers, if any | 2.13% A | 2.18% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.13% A | 2.17% | 2.19% | 2.18% | 2.24% | 2.23% |
Net investment income (loss) | .27% A | .05% | .24% | .17% | (.01)% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 28,980 | $ 17,196 | $ 5,648 | $ 2,767 | $ 1,261 | $ 780 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share. KTotal distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.84 | $ 8.95 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .11 | .11 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .30 | 1.88 | .81 | (.30) | 1.39 | 1.54 |
Total from investment operations | .37 | 1.99 | .92 | (.20) | 1.46 | 1.60 |
Distributions from net investment income | (.05) | (.10) | (.08) | (.07) | (.06) | (.06) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.06) | (.10) J | (.09) | (.08) | (.08) I | (.06) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.15 | $ 10.84 | $ 8.95 | $ 8.12 | $ 8.40 | $ 7.02 |
Total Return B, C | 3.42% | 22.48% | 11.41% | (2.47)% | 20.97% | 29.77% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.05% A | 1.13% | 1.28% | 1.52% | 1.89% | 2.19% |
Expenses net of fee waivers, if any | 1.05% A | 1.13% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.05% A | 1.11% | 1.19% | 1.18% | 1.23% | 1.23% |
Net investment income (loss) | 1.35% A | 1.11% | 1.24% | 1.17% | .99% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 541,441 | $ 430,914 | $ 149,526 | $ 53,437 | $ 28,454 | $ 18,254 |
Portfolio turnover rate F | 35% A | 32% | 32% | 68% | 87% | 116% |
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. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. HAmount represents less than $.01 per share. ITotal distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share. JTotal distributions of $.10 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.005 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.84 | $ 8.94 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .11 | .10 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .29 | 1.90 | .81 | (.30) | 1.39 | 1.54 |
Total from investment operations | .36 | 2.01 | .91 | (.20) | 1.46 | 1.60 |
Distributions from net investment income | (.06) | (.10) | (.08) | (.07) | (.06) | (.06) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.07) | (.11) | (.09) | (.08) | (.08) I | (.06) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.13 | $ 10.84 | $ 8.94 | $ 8.12 | $ 8.40 | $ 7.02 |
Total Return B, C | 3.30% | 22.66% | 11.28% | (2.47)% | 20.97% | 29.77% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.05% A | 1.11% | 1.27% | 1.50% | 1.92% | 2.01% |
Expenses net of fee waivers, if any | 1.05% A | 1.11% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.05% A | 1.09% | 1.19% | 1.18% | 1.23% | 1.23% |
Net investment income (loss) | 1.35% A | 1.13% | 1.24% | 1.17% | .99% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 79,260 | $ 38,771 | $ 3,992 | $ 493 | $ 113 | $ 36 |
Portfolio turnover rate F | 35% A | 32% | 32% | 68% | 87% | 116% |
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. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. HAmount represents less than $.01 per share. ITotal distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended
April 30, 2014 | Year ended
October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.84 | $ 10.26 |
Income from Investment Operations | | |
Net investment income (loss) D | .08 | .02 |
Net realized and unrealized gain (loss) | .29 | .56 |
Total from investment operations | .37 | .58 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.01) | - |
Total distributions | (.07) | - |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 11.14 | $ 10.84 |
Total Return B, C | 3.44% | 5.65% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | .89% A | .94% A |
Expenses net of fee waivers, if any | .88% A | .94% A |
Expenses net of all reductions | .88% A | .93% A |
Net investment income (loss) | 1.52% A | .65% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 109 | $ 106 |
Portfolio turnover rate F | 35% A | 32% |
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. GFor the period August 13, 2013 (commencement of sale of shares) to October 31, 2013. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Growth, Institutional Class and Class Z 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014, 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. Significant Accounting Policies - continued
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. 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, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 106,985,707 |
Gross unrealized depreciation | (10,837,420) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 96,148,287 |
| |
Tax cost | $ 754,508,443 |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $283,381,709 and $118,050,582, 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 relative investment performance of International Growth as compared to its benchmark index, the MSCI® EAFE® Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .74% of the Fund's average net assets. The performance adjustment included in the management fee rate
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 112,702 | $ 4,734 |
Class T | .25% | .25% | 64,552 | 527 |
Class B | .75% | .25% | 8,123 | 6,120 |
Class C | .75% | .25% | 119,533 | 43,967 |
| | | $ 304,910 | $ 55,348 |
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 | $ 43,897 |
Class T | 7,523 |
Class B* | 397 |
Class C* | 1,482 |
| $ 53,299 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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
Average
Net Assets* |
Class A | $ 119,493 | .26 |
Class T | 40,530 | .31 |
Class B | 2,513 | .31 |
Class C | 34,880 | .29 |
International Growth | 513,505 | .21 |
Institutional Class | 66,989 | .21 |
Class Z | 24 | .04 |
| $ 777,934 | |
* 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 $1,136 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 $611 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $782,645. 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 $156,194, including $7,790 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 $2,786 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 $29.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $3,683.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 253,092 | $ 226,330 |
Class T | 40,595 | 86,155 |
Class B | - | 4,290 |
Class C | - | 14,481 |
International Growth | 2,051,403 | 1,698,830 |
Institutional Class | 246,949 | 51,250 |
Class Z | 604 | - |
Total | $ 2,592,643 | $ 2,081,336 |
From net realized gain | | |
Class A | $ 66,995 | $ 13,472 |
Class T | 20,298 | 6,243 |
Class B | 1,337 | 631 |
Class C | 16,479 | 3,291 |
International Growth | 369,252 | 87,569 |
Institutional Class | 38,992 | 2,563 |
Class Z | 88 | - |
Total | $ 513,441 | $ 113,769 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 A | Six months ended
April 30,
2014 | Year ended
October 31,
2013 A |
Class A | | | | |
Shares sold | 3,374,643 | 5,907,169 | $ 36,788,261 | $ 58,500,264 |
Reinvestment of distributions | 27,068 | 24,178 | 291,793 | 218,566 |
Shares redeemed | (846,642) | (1,466,703) | (9,236,603) | (14,226,261) |
Net increase (decrease) | 2,555,069 | 4,464,644 | $ 27,843,451 | $ 44,492,569 |
Class T | | | | |
Shares sold | 502,311 | 1,144,706 | $ 5,447,214 | $ 11,429,141 |
Reinvestment of distributions | 5,458 | 10,086 | 58,733 | 91,076 |
Shares redeemed | (162,334) | (206,178) | (1,770,474) | (2,020,899) |
Net increase (decrease) | 345,435 | 948,614 | $ 3,735,473 | $ 9,499,318 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 A | Six months ended
April 30,
2014 | Year ended
October 31,
2013 A |
Class B | | | | |
Shares sold | 21,255 | 70,442 | $ 229,864 | $ 702,618 |
Reinvestment of distributions | 123 | 531 | 1,323 | 4,806 |
Shares redeemed | (21,146) | (49,437) | (229,176) | (483,935) |
Net increase (decrease) | 232 | 21,536 | $ 2,011 | $ 223,489 |
Class C | | | | |
Shares sold | 1,199,632 | 1,392,365 | $ 12,986,187 | $ 13,520,584 |
Reinvestment of distributions | 1,498 | 1,911 | 16,049 | 17,237 |
Shares redeemed | (169,836) | (424,469) | (1,838,698) | (4,120,400) |
Net increase (decrease) | 1,031,294 | 969,807 | $ 11,163,538 | $ 9,417,421 |
International Growth | | | | |
Shares sold | 13,395,988 | 29,198,608 | $ 145,651,286 | $ 290,678,738 |
Reinvestment of distributions | 197,948 | 192,126 | 2,143,780 | 1,742,585 |
Shares redeemed | (4,749,668) | (6,365,570) | (52,065,419) | (62,814,771) |
Net increase (decrease) | 8,844,268 | 23,025,164 | $ 95,729,647 | $ 229,606,552 |
Institutional Class | | | | |
Shares sold | 4,522,024 | 3,568,741 | $ 49,477,683 | $ 35,951,935 |
Reinvestment of distributions | 24,180 | 5,682 | 261,623 | 51,476 |
Shares redeemed | (1,003,243) | (443,392) | (10,941,856) | (4,427,602) |
Net increase (decrease) | 3,542,961 | 3,131,031 | $ 38,797,450 | $ 31,575,809 |
Class Z | | | | |
Shares sold | - | 9,747 | $ - | $ 100,000 |
Reinvestment of distributions | 64 | - | 692 | - |
Net increase (decrease) | 64 | 9,747 | $ 692 | $ 100,000 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
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(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
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
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AIGF-USAN-0614
1.853351.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Growth
Fund - Institutional Class
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
International Growth 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 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.35% | | | |
Actual | | $ 1,000.00 | $ 1,031.90 | $ 6.80 |
HypotheticalA | | $ 1,000.00 | $ 1,018.10 | $ 6.76 |
Class T | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,030.50 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,027.00 | $ 10.81 |
HypotheticalA | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% | | | |
Actual | | $ 1,000.00 | $ 1,028.00 | $ 10.71 |
HypotheticalA | | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Growth | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,034.20 | $ 5.30 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Institutional Class | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,033.00 | $ 5.29 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Class Z | .88% | | | |
Actual | | $ 1,000.00 | $ 1,034.40 | $ 4.44 |
HypotheticalA | | $ 1,000.00 | $ 1,020.43 | $ 4.41 |
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). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United States of America* 17.7% | |
 | United Kingdom 14.4% | |
 | Japan 13.9% | |
 | Switzerland 13.4% | |
 | Sweden 6.7% | |
 | Belgium 4.7% | |
 | Germany 4.2% | |
 | Australia 3.0% | |
 | Denmark 3.0% | |
 | Other 19.0% | |
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, 2013 |
| United Kingdom 17.6% | |
| Japan 16.6% | |
| United States of America* 14.9% | |
| Switzerland 12.4% | |
| Sweden 5.7% | |
| Belgium 4.8% | |
| Germany 4.4% | |
| Australia 3.2% | |
| France 3.2% | |
| Other 17.2% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 96.7 | 97.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.3 | 2.1 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 4.2 | 3.3 |
Nestle SA (Switzerland, Food Products) | 3.7 | 4.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.2 | 3.5 |
Prudential PLC (United Kingdom, Insurance) | 2.8 | 1.9 |
DENSO Corp. (Japan, Auto Components) | 2.7 | 3.0 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 2.6 | 2.2 |
Linde AG (Germany, Chemicals) | 2.6 | 2.2 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 1.8 |
SABMiller PLC (United Kingdom, Beverages) | 2.1 | 1.8 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 2.1 | 1.5 |
| 28.5 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.2 | 17.1 |
Financials | 15.9 | 15.0 |
Consumer Staples | 15.7 | 19.7 |
Industrials | 14.9 | 14.3 |
Health Care | 12.2 | 11.9 |
Materials | 8.3 | 7.7 |
Information Technology | 7.8 | 7.5 |
Telecommunication Services | 2.4 | 1.7 |
Energy | 2.3 | 3.0 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
Australia - 3.0% |
CSL Ltd. | 252,554 | | $ 16,055,229 |
Sydney Airport unit | 946,281 | | 3,709,781 |
Transurban Group unit | 612,305 | | 4,135,404 |
TOTAL AUSTRALIA | | 23,900,414 |
Austria - 1.2% |
Andritz AG | 147,197 | | 9,135,503 |
Bailiwick of Jersey - 0.5% |
Informa PLC | 448,047 | | 3,648,515 |
Belgium - 4.7% |
Anheuser-Busch InBev SA NV (d) | 230,691 | | 25,144,372 |
KBC Groupe SA | 186,784 | | 11,378,608 |
TOTAL BELGIUM | | 36,522,980 |
Bermuda - 0.5% |
Lazard Ltd. Class A | 83,692 | | 3,937,709 |
Canada - 0.3% |
Canadian Pacific Railway Ltd. | 13,000 | | 2,029,853 |
Cayman Islands - 2.7% |
Sands China Ltd. | 1,274,000 | | 9,300,769 |
Tencent Holdings Ltd. | 64,000 | | 3,988,778 |
Wynn Macau Ltd. | 1,946,000 | | 7,668,088 |
TOTAL CAYMAN ISLANDS | | 20,957,635 |
Denmark - 3.0% |
Jyske Bank A/S (Reg.) (a) | 74,920 | | 4,115,030 |
Novo Nordisk A/S Series B sponsored ADR | 427,200 | | 19,390,608 |
TOTAL DENMARK | | 23,505,638 |
Finland - 0.7% |
Nokian Tyres PLC | 94,908 | | 3,768,413 |
Tikkurila Oyj | 76,400 | | 1,895,165 |
TOTAL FINLAND | | 5,663,578 |
France - 1.4% |
Remy Cointreau SA (d) | 24,687 | | 2,171,076 |
Safran SA | 135,300 | | 9,093,536 |
TOTAL FRANCE | | 11,264,612 |
Common Stocks - continued |
| Shares | | Value |
Germany - 4.2% |
Bayer AG (d) | 91,800 | | $ 12,735,873 |
Linde AG | 97,541 | | 20,224,098 |
TOTAL GERMANY | | 32,959,971 |
India - 0.3% |
Housing Development Finance Corp. Ltd. | 160,176 | | 2,384,648 |
Ireland - 2.7% |
CRH PLC sponsored ADR (d) | 326,566 | | 9,561,852 |
James Hardie Industries PLC: | | | |
CDI | 227,490 | | 2,899,560 |
sponsored ADR (d) | 132,300 | | 8,485,722 |
TOTAL IRELAND | | 20,947,134 |
Israel - 0.2% |
Azrieli Group | 58,600 | | 1,982,968 |
Italy - 1.1% |
Azimut Holding SpA | 67,000 | | 2,086,783 |
Interpump Group SpA | 248,370 | | 3,518,122 |
Prada SpA | 422,600 | | 3,374,063 |
TOTAL ITALY | | 8,978,968 |
Japan - 13.9% |
Aozora Bank Ltd. | 1,198,000 | | 3,562,303 |
Coca-Cola Central Japan Co. Ltd. | 107,100 | | 2,407,354 |
DENSO Corp. | 463,400 | | 21,086,094 |
East Japan Railway Co. | 47,500 | | 3,462,782 |
Fanuc Corp. | 40,600 | | 7,307,087 |
Fast Retailing Co. Ltd. | 22,000 | | 6,836,602 |
Japan Tobacco, Inc. | 108,600 | | 3,564,940 |
Keyence Corp. | 35,162 | | 13,545,805 |
Mitsui Fudosan Co. Ltd. | 374,000 | | 11,051,538 |
Seven Bank Ltd. | 1,044,300 | | 3,953,089 |
SHO-BOND Holdings Co. Ltd. | 95,200 | | 4,288,121 |
SoftBank Corp. | 215,400 | | 15,991,451 |
USS Co. Ltd. | 566,700 | | 8,253,693 |
Yamato Kogyo Co. Ltd. | 114,500 | | 3,297,188 |
TOTAL JAPAN | | 108,608,047 |
Kenya - 0.4% |
Safaricom Ltd. | 18,563,100 | | 2,794,812 |
Korea (South) - 0.5% |
Naver Corp. | 5,277 | | 3,769,651 |
Common Stocks - continued |
| Shares | | Value |
Mexico - 0.4% |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 35,055 | | $ 3,181,942 |
Netherlands - 1.4% |
ING Groep NV (Certificaten Van Aandelen) (a) | 794,764 | | 11,361,045 |
Portugal - 0.6% |
Jeronimo Martins SGPS SA | 270,452 | | 4,729,542 |
South Africa - 0.8% |
Clicks Group Ltd. | 550,597 | | 3,357,331 |
Naspers Ltd. Class N | 32,000 | | 3,017,347 |
TOTAL SOUTH AFRICA | | 6,374,678 |
Spain - 2.1% |
Inditex SA | 97,095 | | 14,568,319 |
Prosegur Compania de Seguridad SA (Reg.) | 328,749 | | 2,202,914 |
TOTAL SPAIN | | 16,771,233 |
Sweden - 6.7% |
ASSA ABLOY AB (B Shares) | 244,361 | | 12,935,477 |
Atlas Copco AB (A Shares) (d) | 282,509 | | 8,176,955 |
Fagerhult AB | 66,284 | | 3,292,690 |
H&M Hennes & Mauritz AB (B Shares) (d) | 248,342 | | 10,113,648 |
Intrum Justitia AB (d) | 99,600 | | 2,881,296 |
SKF AB (B Shares) | 270,717 | | 6,994,626 |
Svenska Handelsbanken AB (A Shares) | 160,940 | | 8,076,454 |
TOTAL SWEDEN | | 52,471,146 |
Switzerland - 13.4% |
Nestle SA | 370,502 | | 28,633,984 |
Novartis AG | 123,183 | | 10,708,615 |
Roche Holding AG (participation certificate) | 111,423 | | 32,685,519 |
Schindler Holding AG: | | | |
(participation certificate) | 40,669 | | 6,293,737 |
(Reg.) | 6,660 | | 1,015,535 |
Swatch Group AG (Bearer) | 7,926 | | 5,083,771 |
UBS AG (NY Shares) | 985,161 | | 20,599,717 |
TOTAL SWITZERLAND | | 105,020,878 |
Taiwan - 0.4% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 744,000 | | 2,926,592 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 0.8% |
Coca-Cola Icecek Sanayi A/S | 157,534 | | $ 3,689,260 |
Turkiye Garanti Bankasi A/S | 653,500 | | 2,407,299 |
TOTAL TURKEY | | 6,096,559 |
United Kingdom - 14.4% |
Babcock International Group PLC | 180,400 | | 3,636,773 |
Babcock International Group PLC rights 5/6/14 (a) | 69,384 | | 468,592 |
Barclays PLC sponsored ADR | 203,866 | | 3,488,147 |
BG Group PLC | 514,195 | | 10,400,639 |
InterContinental Hotel Group PLC ADR (d) | 377,430 | | 12,991,141 |
Johnson Matthey PLC | 146,777 | | 8,111,093 |
Prudential PLC | 971,789 | | 22,340,590 |
Reckitt Benckiser Group PLC | 200,145 | | 16,135,910 |
Rexam PLC | 439,564 | | 3,681,113 |
Rolls-Royce Group PLC | 424,737 | | 7,529,823 |
Rotork PLC | 77,300 | | 3,381,600 |
SABMiller PLC | 298,166 | | 16,212,753 |
Shaftesbury PLC | 228,133 | | 2,547,964 |
Unite Group PLC | 333,376 | | 2,378,134 |
TOTAL UNITED KINGDOM | | 113,304,272 |
United States of America - 14.4% |
Autoliv, Inc. | 82,969 | | 8,461,179 |
Berkshire Hathaway, Inc. Class B (a) | 42,284 | | 5,448,293 |
BorgWarner, Inc. | 174,292 | | 10,830,505 |
Cummins, Inc. | 40,282 | | 6,076,540 |
FMC Technologies, Inc. (a) | 61,952 | | 3,512,678 |
Google, Inc.: | | | |
Class A (a) | 7,633 | | 4,082,739 |
Class C (a) | 7,233 | | 3,809,332 |
JPMorgan Chase & Co. | 34,600 | | 1,936,908 |
Martin Marietta Materials, Inc. (d) | 56,600 | | 7,037,078 |
MasterCard, Inc. Class A | 143,000 | | 10,517,650 |
Mead Johnson Nutrition Co. Class A | 49,744 | | 4,390,405 |
Mohawk Industries, Inc. (a) | 40,200 | | 5,322,882 |
National Oilwell Varco, Inc. | 26,472 | | 2,078,846 |
Oceaneering International, Inc. | 28,713 | | 2,104,089 |
Philip Morris International, Inc. | 70,208 | | 5,997,869 |
PriceSmart, Inc. | 37,100 | | 3,563,084 |
ResMed, Inc. (d) | 76,500 | | 3,813,525 |
Solera Holdings, Inc. | 88,889 | | 5,758,229 |
SS&C Technologies Holdings, Inc. (a) | 88,700 | | 3,452,204 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Union Pacific Corp. | 24,100 | | $ 4,589,363 |
Visa, Inc. Class A | 50,875 | | 10,307,784 |
TOTAL UNITED STATES OF AMERICA | | 113,091,182 |
TOTAL COMMON STOCKS (Cost $661,736,154) |
758,321,705
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series C (a)
(Cost $95,762) | 56,914,758 | |
96,095
|
Money Market Funds - 11.8% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 21,565,902 | | 21,565,902 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 70,673,028 | | 70,673,028 |
TOTAL MONEY MARKET FUNDS (Cost $92,238,930) |
92,238,930
|
TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $754,070,846) | | 850,656,730 |
NET OTHER ASSETS (LIABILITIES) - (8.5)% | | (66,707,716) |
NET ASSETS - 100% | $ 783,949,014 |
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 | $ 8,401 |
Fidelity Securities Lending Cash Central Fund | 156,194 |
Total | $ 164,595 |
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, 2014, 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 | $ 134,325,029 | $ 134,325,029 | $ - | $ - |
Consumer Staples | 123,179,822 | 69,401,466 | 53,778,356 | - |
Energy | 18,096,252 | 18,096,252 | - | - |
Financials | 125,037,227 | 88,928,293 | 36,108,934 | - |
Health Care | 95,389,369 | 51,995,235 | 43,394,134 | - |
Industrials | 116,252,205 | 112,116,801 | - | 4,135,404 |
Information Technology | 62,158,764 | 59,232,172 | 2,926,592 | - |
Materials | 65,192,869 | 65,192,869 | - | - |
Telecommunication Services | 18,786,263 | 18,786,263 | - | - |
Money Market Funds | 92,238,930 | 92,238,930 | - | - |
Total Investments in Securities: | $ 850,656,730 | $ 710,313,310 | $ 136,208,016 | $ 4,135,404 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 22,018,128 |
Level 2 to Level 1 | $ 85,344,442 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $66,487,140) - See accompanying schedule: Unaffiliated issuers (cost $661,831,916) | $ 758,417,800 | |
Fidelity Central Funds (cost $92,238,930) | 92,238,930 | |
Total Investments (cost $754,070,846) | | $ 850,656,730 |
Foreign currency held at value (cost $10,297) | | 10,297 |
Receivable for investments sold | | 171,477 |
Receivable for fund shares sold | | 1,448,424 |
Dividends receivable | | 3,728,955 |
Distributions receivable from Fidelity Central Funds | | 73,396 |
Prepaid expenses | | 530 |
Other receivables | | 4,555 |
Total assets | | 856,094,364 |
| | |
Liabilities | | |
Payable for investments purchased | $ 177,283 | |
Payable for fund shares redeemed | 538,472 | |
Accrued management fee | 470,720 | |
Distribution and service plan fees payable | 57,473 | |
Other affiliated payables | 168,957 | |
Other payables and accrued expenses | 59,417 | |
Collateral on securities loaned, at value | 70,673,028 | |
Total liabilities | | 72,145,350 |
| | |
Net Assets | | $ 783,949,014 |
Net Assets consist of: | | |
Paid in capital | | $ 690,034,466 |
Undistributed net investment income | | 4,253,095 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (6,947,785) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 96,609,238 |
Net Assets | | $ 783,949,014 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($104,963,048 ÷ 9,474,974 shares) | | $ 11.08 |
| | |
Maximum offering price per share (100/94.25 of $11.08) | | $ 11.76 |
Class T:
Net Asset Value and redemption price per share ($27,572,288 ÷ 2,496,229 shares) | | $ 11.05 |
| | |
Maximum offering price per share (100/96.50 of $11.05) | | $ 11.45 |
Class B:
Net Asset Value and offering price per share ($1,623,529 ÷ 147,407 shares)A | | $ 11.01 |
| | |
Class C:
Net Asset Value and offering price per share ($28,980,079 ÷ 2,639,886 shares)A | | $ 10.98 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($541,440,552 ÷ 48,580,071 shares) | | $ 11.15 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($79,260,231 ÷ 7,120,293 shares) | | $ 11.13 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($109,287 ÷ 9,811 shares) | | $ 11.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 9,080,165 |
Income from Fidelity Central Funds | | 164,595 |
Income before foreign taxes withheld | | 9,244,760 |
Less foreign taxes withheld | | (865,794) |
Total income | | 8,378,966 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,443,129 | |
Performance adjustment | 145,567 | |
Transfer agent fees | 777,934 | |
Distribution and service plan fees | 304,910 | |
Accounting and security lending fees | 172,146 | |
Custodian fees and expenses | 59,592 | |
Independent trustees' compensation | 1,291 | |
Registration fees | 73,694 | |
Audit | 35,164 | |
Legal | 1,104 | |
Miscellaneous | 2,188 | |
Total expenses before reductions | 4,016,719 | |
Expense reductions | (6,498) | 4,010,221 |
Net investment income (loss) | | 4,368,745 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (6,583,142) | |
Foreign currency transactions | (61,653) | |
Total net realized gain (loss) | | (6,644,795) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 25,721,221 | |
Assets and liabilities in foreign currencies | 26,426 | |
Total change in net unrealized appreciation (depreciation) | | 25,747,647 |
Net gain (loss) | | 19,102,852 |
Net increase (decrease) in net assets resulting from operations | | $ 23,471,597 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,368,745 | $ 3,493,326 |
Net realized gain (loss) | (6,644,795) | 6,317,113 |
Change in net unrealized appreciation (depreciation) | 25,747,647 | 60,869,889 |
Net increase (decrease) in net assets resulting
from operations | 23,471,597 | 70,680,328 |
Distributions to shareholders from net investment income | (2,592,643) | (2,081,336) |
Distributions to shareholders from net realized gain | (513,441) | (113,769) |
Total distributions | (3,106,084) | (2,195,105) |
Share transactions - net increase (decrease) | 177,272,262 | 324,915,158 |
Redemption fees | 33,371 | 31,216 |
Total increase (decrease) in net assets | 197,671,146 | 393,431,597 |
| | |
Net Assets | | |
Beginning of period | 586,277,868 | 192,846,271 |
End of period (including undistributed net investment income of $4,253,095 and undistributed net investment income of $2,476,993, respectively) | $ 783,949,014 | $ 586,277,868 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.78 | $ 8.91 | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .08 | .08 | .08 | .05 | .05 |
Net realized and unrealized gain (loss) | .28 | 1.88 | .81 | (.31) | 1.39 | 1.55 |
Total from investment operations | .34 | 1.96 | .89 | (.23) | 1.44 | 1.60 |
Distributions from net investment income | (.03) | (.08) | (.06) | (.05) | (.05) | (.05) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.04) | (.09) | (.07) | (.06) | (.07) J | (.05) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.08 | $ 10.78 | $ 8.91 | $ 8.09 | $ 8.38 | $ 7.01 |
Total Return B, C, D | 3.19% | 22.18% | 11.10% | (2.76)% | 20.68% | 29.72% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.36% A | 1.44% | 1.58% | 1.77% | 2.13% | 2.46% |
Expenses net of fee waivers, if any | 1.35% A | 1.43% | 1.45% | 1.45% | 1.50% | 1.50% |
Expenses net of all reductions | 1.35% A | 1.42% | 1.44% | 1.43% | 1.48% | 1.47% |
Net investment income (loss) | 1.05% A | .80% | .99% | .92% | .74% | .85% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 104,963 | $ 74,595 | $ 21,874 | $ 6,352 | $ 3,084 | $ 1,452 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.07 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.025 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.75 | $ 8.89 | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .05 | .06 | .06 | .04 | .03 |
Net realized and unrealized gain (loss) | .29 | 1.88 | .81 | (.31) | 1.39 | 1.55 |
Total from investment operations | .33 | 1.93 | .87 | (.25) | 1.43 | 1.58 |
Distributions from net investment income | (.02) | (.07) | (.05) | (.04) | (.02) | (.03) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.03) | (.07) J | (.06) | (.05) | (.05) | (.03) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.05 | $ 10.75 | $ 8.89 | $ 8.08 | $ 8.38 | $ 7.00 |
Total Return B, C, D | 3.05% | 21.91% | 10.82% | (3.03)% | 20.47% | 29.22% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.66% A | 1.69% | 1.85% | 2.03% | 2.41% | 2.67% |
Expenses net of fee waivers, if any | 1.65% A | 1.69% | 1.70% | 1.70% | 1.75% | 1.75% |
Expenses net of all reductions | 1.65% A | 1.68% | 1.69% | 1.68% | 1.73% | 1.73% |
Net investment income (loss) | .75% A | .54% | .74% | .67% | .49% | .59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 27,572 | $ 23,118 | $ 10,690 | $ 2,917 | $ 1,034 | $ 532 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.07 per share is comprised of distributions from net investment income of $.069 and distributions from net realized gain of $.005 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.73 | $ 8.88 | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | - I | .02 | .01 | - I | .01 |
Net realized and unrealized gain (loss) | .28 | 1.89 | .80 | (.30) | 1.38 | 1.55 |
Total from investment operations | .29 | 1.89 | .82 | (.29) | 1.38 | 1.56 |
Distributions from net investment income | - | (.03) | - | (.01) | - | - |
Distributions from net realized gain | (.01) | (.01) | - | - I | - | - |
Total distributions | (.01) | (.04) | - | (.01) | - | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.01 | $ 10.73 | $ 8.88 | $ 8.06 | $ 8.36 | $ 6.98 |
Total Return B, C, D | 2.70% | 21.35% | 10.17% | (3.47)% | 19.77% | 28.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.35% | 2.55% | 2.87% | 3.17% |
Expenses net of fee waivers, if any | 2.15% A | 2.18% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15% A | 2.17% | 2.19% | 2.18% | 2.23% | 2.23% |
Net investment income (loss) | .25% A | .05% | .24% | .17% | (.01)% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,624 | $ 1,579 | $ 1,116 | $ 473 | $ 581 | $ 328 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.69 | $ 8.84 | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .01 | .02 | .01 | - I | .01 |
Net realized and unrealized gain (loss) | .29 | 1.87 | .80 | (.31) | 1.38 | 1.55 |
Total from investment operations | .30 | 1.88 | .82 | (.30) | 1.38 | 1.56 |
Distributions from net investment income | - | (.02) | (.01) | (.01) | - | - |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.02) | - |
Total distributions | (.01) | (.03) | (.01) K | (.01) J | (.02) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.98 | $ 10.69 | $ 8.84 | $ 8.03 | $ 8.34 | $ 6.98 |
Total Return B, C, D | 2.80% | 21.29% | 10.27% | (3.57)% | 19.82% | 28.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.13% A | 2.19% | 2.33% | 2.52% | 2.89% | 3.21% |
Expenses net of fee waivers, if any | 2.13% A | 2.18% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.13% A | 2.17% | 2.19% | 2.18% | 2.24% | 2.23% |
Net investment income (loss) | .27% A | .05% | .24% | .17% | (.01)% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 28,980 | $ 17,196 | $ 5,648 | $ 2,767 | $ 1,261 | $ 780 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share. KTotal distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.84 | $ 8.95 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .11 | .11 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .30 | 1.88 | .81 | (.30) | 1.39 | 1.54 |
Total from investment operations | .37 | 1.99 | .92 | (.20) | 1.46 | 1.60 |
Distributions from net investment income | (.05) | (.10) | (.08) | (.07) | (.06) | (.06) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.06) | (.10) J | (.09) | (.08) | (.08) I | (.06) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.15 | $ 10.84 | $ 8.95 | $ 8.12 | $ 8.40 | $ 7.02 |
Total Return B, C | 3.42% | 22.48% | 11.41% | (2.47)% | 20.97% | 29.77% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.05% A | 1.13% | 1.28% | 1.52% | 1.89% | 2.19% |
Expenses net of fee waivers, if any | 1.05% A | 1.13% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.05% A | 1.11% | 1.19% | 1.18% | 1.23% | 1.23% |
Net investment income (loss) | 1.35% A | 1.11% | 1.24% | 1.17% | .99% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 541,441 | $ 430,914 | $ 149,526 | $ 53,437 | $ 28,454 | $ 18,254 |
Portfolio turnover rate F | 35% A | 32% | 32% | 68% | 87% | 116% |
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. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. HAmount represents less than $.01 per share. ITotal distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share. JTotal distributions of $.10 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.005 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.84 | $ 8.94 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .11 | .10 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .29 | 1.90 | .81 | (.30) | 1.39 | 1.54 |
Total from investment operations | .36 | 2.01 | .91 | (.20) | 1.46 | 1.60 |
Distributions from net investment income | (.06) | (.10) | (.08) | (.07) | (.06) | (.06) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.07) | (.11) | (.09) | (.08) | (.08) I | (.06) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.13 | $ 10.84 | $ 8.94 | $ 8.12 | $ 8.40 | $ 7.02 |
Total Return B, C | 3.30% | 22.66% | 11.28% | (2.47)% | 20.97% | 29.77% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.05% A | 1.11% | 1.27% | 1.50% | 1.92% | 2.01% |
Expenses net of fee waivers, if any | 1.05% A | 1.11% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.05% A | 1.09% | 1.19% | 1.18% | 1.23% | 1.23% |
Net investment income (loss) | 1.35% A | 1.13% | 1.24% | 1.17% | .99% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 79,260 | $ 38,771 | $ 3,992 | $ 493 | $ 113 | $ 36 |
Portfolio turnover rate F | 35% A | 32% | 32% | 68% | 87% | 116% |
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. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. HAmount represents less than $.01 per share. ITotal distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended
April 30, 2014 | Year ended
October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.84 | $ 10.26 |
Income from Investment Operations | | |
Net investment income (loss) D | .08 | .02 |
Net realized and unrealized gain (loss) | .29 | .56 |
Total from investment operations | .37 | .58 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.01) | - |
Total distributions | (.07) | - |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 11.14 | $ 10.84 |
Total Return B, C | 3.44% | 5.65% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | .89% A | .94% A |
Expenses net of fee waivers, if any | .88% A | .94% A |
Expenses net of all reductions | .88% A | .93% A |
Net investment income (loss) | 1.52% A | .65% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 109 | $ 106 |
Portfolio turnover rate F | 35% A | 32% |
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. GFor the period August 13, 2013 (commencement of sale of shares) to October 31, 2013. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Growth, Institutional Class and Class Z 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014, 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. Significant Accounting Policies - continued
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. 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, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 106,985,707 |
Gross unrealized depreciation | (10,837,420) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 96,148,287 |
| |
Tax cost | $ 754,508,443 |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $283,381,709 and $118,050,582, 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 relative investment performance of International Growth as compared to its benchmark index, the MSCI® EAFE® Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .74% of the Fund's average net assets. The performance adjustment included in the management fee rate
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 112,702 | $ 4,734 |
Class T | .25% | .25% | 64,552 | 527 |
Class B | .75% | .25% | 8,123 | 6,120 |
Class C | .75% | .25% | 119,533 | 43,967 |
| | | $ 304,910 | $ 55,348 |
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 | $ 43,897 |
Class T | 7,523 |
Class B* | 397 |
Class C* | 1,482 |
| $ 53,299 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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
Average
Net Assets* |
Class A | $ 119,493 | .26 |
Class T | 40,530 | .31 |
Class B | 2,513 | .31 |
Class C | 34,880 | .29 |
International Growth | 513,505 | .21 |
Institutional Class | 66,989 | .21 |
Class Z | 24 | .04 |
| $ 777,934 | |
* 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 $1,136 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 $611 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $782,645. 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 $156,194, including $7,790 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 $2,786 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 $29.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $3,683.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 253,092 | $ 226,330 |
Class T | 40,595 | 86,155 |
Class B | - | 4,290 |
Class C | - | 14,481 |
International Growth | 2,051,403 | 1,698,830 |
Institutional Class | 246,949 | 51,250 |
Class Z | 604 | - |
Total | $ 2,592,643 | $ 2,081,336 |
From net realized gain | | |
Class A | $ 66,995 | $ 13,472 |
Class T | 20,298 | 6,243 |
Class B | 1,337 | 631 |
Class C | 16,479 | 3,291 |
International Growth | 369,252 | 87,569 |
Institutional Class | 38,992 | 2,563 |
Class Z | 88 | - |
Total | $ 513,441 | $ 113,769 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 A | Six months ended
April 30,
2014 | Year ended
October 31,
2013 A |
Class A | | | | |
Shares sold | 3,374,643 | 5,907,169 | $ 36,788,261 | $ 58,500,264 |
Reinvestment of distributions | 27,068 | 24,178 | 291,793 | 218,566 |
Shares redeemed | (846,642) | (1,466,703) | (9,236,603) | (14,226,261) |
Net increase (decrease) | 2,555,069 | 4,464,644 | $ 27,843,451 | $ 44,492,569 |
Class T | | | | |
Shares sold | 502,311 | 1,144,706 | $ 5,447,214 | $ 11,429,141 |
Reinvestment of distributions | 5,458 | 10,086 | 58,733 | 91,076 |
Shares redeemed | (162,334) | (206,178) | (1,770,474) | (2,020,899) |
Net increase (decrease) | 345,435 | 948,614 | $ 3,735,473 | $ 9,499,318 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 A | Six months ended
April 30,
2014 | Year ended
October 31,
2013 A |
Class B | | | | |
Shares sold | 21,255 | 70,442 | $ 229,864 | $ 702,618 |
Reinvestment of distributions | 123 | 531 | 1,323 | 4,806 |
Shares redeemed | (21,146) | (49,437) | (229,176) | (483,935) |
Net increase (decrease) | 232 | 21,536 | $ 2,011 | $ 223,489 |
Class C | | | | |
Shares sold | 1,199,632 | 1,392,365 | $ 12,986,187 | $ 13,520,584 |
Reinvestment of distributions | 1,498 | 1,911 | 16,049 | 17,237 |
Shares redeemed | (169,836) | (424,469) | (1,838,698) | (4,120,400) |
Net increase (decrease) | 1,031,294 | 969,807 | $ 11,163,538 | $ 9,417,421 |
International Growth | | | | |
Shares sold | 13,395,988 | 29,198,608 | $ 145,651,286 | $ 290,678,738 |
Reinvestment of distributions | 197,948 | 192,126 | 2,143,780 | 1,742,585 |
Shares redeemed | (4,749,668) | (6,365,570) | (52,065,419) | (62,814,771) |
Net increase (decrease) | 8,844,268 | 23,025,164 | $ 95,729,647 | $ 229,606,552 |
Institutional Class | | | | |
Shares sold | 4,522,024 | 3,568,741 | $ 49,477,683 | $ 35,951,935 |
Reinvestment of distributions | 24,180 | 5,682 | 261,623 | 51,476 |
Shares redeemed | (1,003,243) | (443,392) | (10,941,856) | (4,427,602) |
Net increase (decrease) | 3,542,961 | 3,131,031 | $ 38,797,450 | $ 31,575,809 |
Class Z | | | | |
Shares sold | - | 9,747 | $ - | $ 100,000 |
Reinvestment of distributions | 64 | - | 692 | - |
Net increase (decrease) | 64 | 9,747 | $ 692 | $ 100,000 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
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
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AIGFI-USAN-0614
1.853344.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Growth
Fund - Class Z
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Class Z is
a class of Fidelity®
International Growth 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 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.35% | | | |
Actual | | $ 1,000.00 | $ 1,031.90 | $ 6.80 |
HypotheticalA | | $ 1,000.00 | $ 1,018.10 | $ 6.76 |
Class T | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,030.50 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.25 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,027.00 | $ 10.81 |
HypotheticalA | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% | | | |
Actual | | $ 1,000.00 | $ 1,028.00 | $ 10.71 |
HypotheticalA | | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Growth | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,034.20 | $ 5.30 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Institutional Class | 1.05% | | | |
Actual | | $ 1,000.00 | $ 1,033.00 | $ 5.29 |
HypotheticalA | | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
Class Z | .88% | | | |
Actual | | $ 1,000.00 | $ 1,034.40 | $ 4.44 |
HypotheticalA | | $ 1,000.00 | $ 1,020.43 | $ 4.41 |
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). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United States of America* 17.7% | |
 | United Kingdom 14.4% | |
 | Japan 13.9% | |
 | Switzerland 13.4% | |
 | Sweden 6.7% | |
 | Belgium 4.7% | |
 | Germany 4.2% | |
 | Australia 3.0% | |
 | Denmark 3.0% | |
 | Other 19.0% | |
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, 2013 |
| United Kingdom 17.6% | |
| Japan 16.6% | |
| United States of America* 14.9% | |
| Switzerland 12.4% | |
| Sweden 5.7% | |
| Belgium 4.8% | |
| Germany 4.4% | |
| Australia 3.2% | |
| France 3.2% | |
| Other 17.2% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 96.7 | 97.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.3 | 2.1 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 4.2 | 3.3 |
Nestle SA (Switzerland, Food Products) | 3.7 | 4.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.2 | 3.5 |
Prudential PLC (United Kingdom, Insurance) | 2.8 | 1.9 |
DENSO Corp. (Japan, Auto Components) | 2.7 | 3.0 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 2.6 | 2.2 |
Linde AG (Germany, Chemicals) | 2.6 | 2.2 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 1.8 |
SABMiller PLC (United Kingdom, Beverages) | 2.1 | 1.8 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 2.1 | 1.5 |
| 28.5 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.2 | 17.1 |
Financials | 15.9 | 15.0 |
Consumer Staples | 15.7 | 19.7 |
Industrials | 14.9 | 14.3 |
Health Care | 12.2 | 11.9 |
Materials | 8.3 | 7.7 |
Information Technology | 7.8 | 7.5 |
Telecommunication Services | 2.4 | 1.7 |
Energy | 2.3 | 3.0 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
Australia - 3.0% |
CSL Ltd. | 252,554 | | $ 16,055,229 |
Sydney Airport unit | 946,281 | | 3,709,781 |
Transurban Group unit | 612,305 | | 4,135,404 |
TOTAL AUSTRALIA | | 23,900,414 |
Austria - 1.2% |
Andritz AG | 147,197 | | 9,135,503 |
Bailiwick of Jersey - 0.5% |
Informa PLC | 448,047 | | 3,648,515 |
Belgium - 4.7% |
Anheuser-Busch InBev SA NV (d) | 230,691 | | 25,144,372 |
KBC Groupe SA | 186,784 | | 11,378,608 |
TOTAL BELGIUM | | 36,522,980 |
Bermuda - 0.5% |
Lazard Ltd. Class A | 83,692 | | 3,937,709 |
Canada - 0.3% |
Canadian Pacific Railway Ltd. | 13,000 | | 2,029,853 |
Cayman Islands - 2.7% |
Sands China Ltd. | 1,274,000 | | 9,300,769 |
Tencent Holdings Ltd. | 64,000 | | 3,988,778 |
Wynn Macau Ltd. | 1,946,000 | | 7,668,088 |
TOTAL CAYMAN ISLANDS | | 20,957,635 |
Denmark - 3.0% |
Jyske Bank A/S (Reg.) (a) | 74,920 | | 4,115,030 |
Novo Nordisk A/S Series B sponsored ADR | 427,200 | | 19,390,608 |
TOTAL DENMARK | | 23,505,638 |
Finland - 0.7% |
Nokian Tyres PLC | 94,908 | | 3,768,413 |
Tikkurila Oyj | 76,400 | | 1,895,165 |
TOTAL FINLAND | | 5,663,578 |
France - 1.4% |
Remy Cointreau SA (d) | 24,687 | | 2,171,076 |
Safran SA | 135,300 | | 9,093,536 |
TOTAL FRANCE | | 11,264,612 |
Common Stocks - continued |
| Shares | | Value |
Germany - 4.2% |
Bayer AG (d) | 91,800 | | $ 12,735,873 |
Linde AG | 97,541 | | 20,224,098 |
TOTAL GERMANY | | 32,959,971 |
India - 0.3% |
Housing Development Finance Corp. Ltd. | 160,176 | | 2,384,648 |
Ireland - 2.7% |
CRH PLC sponsored ADR (d) | 326,566 | | 9,561,852 |
James Hardie Industries PLC: | | | |
CDI | 227,490 | | 2,899,560 |
sponsored ADR (d) | 132,300 | | 8,485,722 |
TOTAL IRELAND | | 20,947,134 |
Israel - 0.2% |
Azrieli Group | 58,600 | | 1,982,968 |
Italy - 1.1% |
Azimut Holding SpA | 67,000 | | 2,086,783 |
Interpump Group SpA | 248,370 | | 3,518,122 |
Prada SpA | 422,600 | | 3,374,063 |
TOTAL ITALY | | 8,978,968 |
Japan - 13.9% |
Aozora Bank Ltd. | 1,198,000 | | 3,562,303 |
Coca-Cola Central Japan Co. Ltd. | 107,100 | | 2,407,354 |
DENSO Corp. | 463,400 | | 21,086,094 |
East Japan Railway Co. | 47,500 | | 3,462,782 |
Fanuc Corp. | 40,600 | | 7,307,087 |
Fast Retailing Co. Ltd. | 22,000 | | 6,836,602 |
Japan Tobacco, Inc. | 108,600 | | 3,564,940 |
Keyence Corp. | 35,162 | | 13,545,805 |
Mitsui Fudosan Co. Ltd. | 374,000 | | 11,051,538 |
Seven Bank Ltd. | 1,044,300 | | 3,953,089 |
SHO-BOND Holdings Co. Ltd. | 95,200 | | 4,288,121 |
SoftBank Corp. | 215,400 | | 15,991,451 |
USS Co. Ltd. | 566,700 | | 8,253,693 |
Yamato Kogyo Co. Ltd. | 114,500 | | 3,297,188 |
TOTAL JAPAN | | 108,608,047 |
Kenya - 0.4% |
Safaricom Ltd. | 18,563,100 | | 2,794,812 |
Korea (South) - 0.5% |
Naver Corp. | 5,277 | | 3,769,651 |
Common Stocks - continued |
| Shares | | Value |
Mexico - 0.4% |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 35,055 | | $ 3,181,942 |
Netherlands - 1.4% |
ING Groep NV (Certificaten Van Aandelen) (a) | 794,764 | | 11,361,045 |
Portugal - 0.6% |
Jeronimo Martins SGPS SA | 270,452 | | 4,729,542 |
South Africa - 0.8% |
Clicks Group Ltd. | 550,597 | | 3,357,331 |
Naspers Ltd. Class N | 32,000 | | 3,017,347 |
TOTAL SOUTH AFRICA | | 6,374,678 |
Spain - 2.1% |
Inditex SA | 97,095 | | 14,568,319 |
Prosegur Compania de Seguridad SA (Reg.) | 328,749 | | 2,202,914 |
TOTAL SPAIN | | 16,771,233 |
Sweden - 6.7% |
ASSA ABLOY AB (B Shares) | 244,361 | | 12,935,477 |
Atlas Copco AB (A Shares) (d) | 282,509 | | 8,176,955 |
Fagerhult AB | 66,284 | | 3,292,690 |
H&M Hennes & Mauritz AB (B Shares) (d) | 248,342 | | 10,113,648 |
Intrum Justitia AB (d) | 99,600 | | 2,881,296 |
SKF AB (B Shares) | 270,717 | | 6,994,626 |
Svenska Handelsbanken AB (A Shares) | 160,940 | | 8,076,454 |
TOTAL SWEDEN | | 52,471,146 |
Switzerland - 13.4% |
Nestle SA | 370,502 | | 28,633,984 |
Novartis AG | 123,183 | | 10,708,615 |
Roche Holding AG (participation certificate) | 111,423 | | 32,685,519 |
Schindler Holding AG: | | | |
(participation certificate) | 40,669 | | 6,293,737 |
(Reg.) | 6,660 | | 1,015,535 |
Swatch Group AG (Bearer) | 7,926 | | 5,083,771 |
UBS AG (NY Shares) | 985,161 | | 20,599,717 |
TOTAL SWITZERLAND | | 105,020,878 |
Taiwan - 0.4% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 744,000 | | 2,926,592 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 0.8% |
Coca-Cola Icecek Sanayi A/S | 157,534 | | $ 3,689,260 |
Turkiye Garanti Bankasi A/S | 653,500 | | 2,407,299 |
TOTAL TURKEY | | 6,096,559 |
United Kingdom - 14.4% |
Babcock International Group PLC | 180,400 | | 3,636,773 |
Babcock International Group PLC rights 5/6/14 (a) | 69,384 | | 468,592 |
Barclays PLC sponsored ADR | 203,866 | | 3,488,147 |
BG Group PLC | 514,195 | | 10,400,639 |
InterContinental Hotel Group PLC ADR (d) | 377,430 | | 12,991,141 |
Johnson Matthey PLC | 146,777 | | 8,111,093 |
Prudential PLC | 971,789 | | 22,340,590 |
Reckitt Benckiser Group PLC | 200,145 | | 16,135,910 |
Rexam PLC | 439,564 | | 3,681,113 |
Rolls-Royce Group PLC | 424,737 | | 7,529,823 |
Rotork PLC | 77,300 | | 3,381,600 |
SABMiller PLC | 298,166 | | 16,212,753 |
Shaftesbury PLC | 228,133 | | 2,547,964 |
Unite Group PLC | 333,376 | | 2,378,134 |
TOTAL UNITED KINGDOM | | 113,304,272 |
United States of America - 14.4% |
Autoliv, Inc. | 82,969 | | 8,461,179 |
Berkshire Hathaway, Inc. Class B (a) | 42,284 | | 5,448,293 |
BorgWarner, Inc. | 174,292 | | 10,830,505 |
Cummins, Inc. | 40,282 | | 6,076,540 |
FMC Technologies, Inc. (a) | 61,952 | | 3,512,678 |
Google, Inc.: | | | |
Class A (a) | 7,633 | | 4,082,739 |
Class C (a) | 7,233 | | 3,809,332 |
JPMorgan Chase & Co. | 34,600 | | 1,936,908 |
Martin Marietta Materials, Inc. (d) | 56,600 | | 7,037,078 |
MasterCard, Inc. Class A | 143,000 | | 10,517,650 |
Mead Johnson Nutrition Co. Class A | 49,744 | | 4,390,405 |
Mohawk Industries, Inc. (a) | 40,200 | | 5,322,882 |
National Oilwell Varco, Inc. | 26,472 | | 2,078,846 |
Oceaneering International, Inc. | 28,713 | | 2,104,089 |
Philip Morris International, Inc. | 70,208 | | 5,997,869 |
PriceSmart, Inc. | 37,100 | | 3,563,084 |
ResMed, Inc. (d) | 76,500 | | 3,813,525 |
Solera Holdings, Inc. | 88,889 | | 5,758,229 |
SS&C Technologies Holdings, Inc. (a) | 88,700 | | 3,452,204 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Union Pacific Corp. | 24,100 | | $ 4,589,363 |
Visa, Inc. Class A | 50,875 | | 10,307,784 |
TOTAL UNITED STATES OF AMERICA | | 113,091,182 |
TOTAL COMMON STOCKS (Cost $661,736,154) |
758,321,705
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series C (a)
(Cost $95,762) | 56,914,758 | |
96,095
|
Money Market Funds - 11.8% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 21,565,902 | | 21,565,902 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 70,673,028 | | 70,673,028 |
TOTAL MONEY MARKET FUNDS (Cost $92,238,930) |
92,238,930
|
TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $754,070,846) | | 850,656,730 |
NET OTHER ASSETS (LIABILITIES) - (8.5)% | | (66,707,716) |
NET ASSETS - 100% | $ 783,949,014 |
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 | $ 8,401 |
Fidelity Securities Lending Cash Central Fund | 156,194 |
Total | $ 164,595 |
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, 2014, 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 | $ 134,325,029 | $ 134,325,029 | $ - | $ - |
Consumer Staples | 123,179,822 | 69,401,466 | 53,778,356 | - |
Energy | 18,096,252 | 18,096,252 | - | - |
Financials | 125,037,227 | 88,928,293 | 36,108,934 | - |
Health Care | 95,389,369 | 51,995,235 | 43,394,134 | - |
Industrials | 116,252,205 | 112,116,801 | - | 4,135,404 |
Information Technology | 62,158,764 | 59,232,172 | 2,926,592 | - |
Materials | 65,192,869 | 65,192,869 | - | - |
Telecommunication Services | 18,786,263 | 18,786,263 | - | - |
Money Market Funds | 92,238,930 | 92,238,930 | - | - |
Total Investments in Securities: | $ 850,656,730 | $ 710,313,310 | $ 136,208,016 | $ 4,135,404 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 22,018,128 |
Level 2 to Level 1 | $ 85,344,442 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $66,487,140) - See accompanying schedule: Unaffiliated issuers (cost $661,831,916) | $ 758,417,800 | |
Fidelity Central Funds (cost $92,238,930) | 92,238,930 | |
Total Investments (cost $754,070,846) | | $ 850,656,730 |
Foreign currency held at value (cost $10,297) | | 10,297 |
Receivable for investments sold | | 171,477 |
Receivable for fund shares sold | | 1,448,424 |
Dividends receivable | | 3,728,955 |
Distributions receivable from Fidelity Central Funds | | 73,396 |
Prepaid expenses | | 530 |
Other receivables | | 4,555 |
Total assets | | 856,094,364 |
| | |
Liabilities | | |
Payable for investments purchased | $ 177,283 | |
Payable for fund shares redeemed | 538,472 | |
Accrued management fee | 470,720 | |
Distribution and service plan fees payable | 57,473 | |
Other affiliated payables | 168,957 | |
Other payables and accrued expenses | 59,417 | |
Collateral on securities loaned, at value | 70,673,028 | |
Total liabilities | | 72,145,350 |
| | |
Net Assets | | $ 783,949,014 |
Net Assets consist of: | | |
Paid in capital | | $ 690,034,466 |
Undistributed net investment income | | 4,253,095 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (6,947,785) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 96,609,238 |
Net Assets | | $ 783,949,014 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($104,963,048 ÷ 9,474,974 shares) | | $ 11.08 |
| | |
Maximum offering price per share (100/94.25 of $11.08) | | $ 11.76 |
Class T:
Net Asset Value and redemption price per share ($27,572,288 ÷ 2,496,229 shares) | | $ 11.05 |
| | |
Maximum offering price per share (100/96.50 of $11.05) | | $ 11.45 |
Class B:
Net Asset Value and offering price per share ($1,623,529 ÷ 147,407 shares)A | | $ 11.01 |
| | |
Class C:
Net Asset Value and offering price per share ($28,980,079 ÷ 2,639,886 shares)A | | $ 10.98 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($541,440,552 ÷ 48,580,071 shares) | | $ 11.15 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($79,260,231 ÷ 7,120,293 shares) | | $ 11.13 |
| | |
Class Z:
Net Asset Value, offering price and redemption price per share ($109,287 ÷ 9,811 shares) | | $ 11.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 9,080,165 |
Income from Fidelity Central Funds | | 164,595 |
Income before foreign taxes withheld | | 9,244,760 |
Less foreign taxes withheld | | (865,794) |
Total income | | 8,378,966 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,443,129 | |
Performance adjustment | 145,567 | |
Transfer agent fees | 777,934 | |
Distribution and service plan fees | 304,910 | |
Accounting and security lending fees | 172,146 | |
Custodian fees and expenses | 59,592 | |
Independent trustees' compensation | 1,291 | |
Registration fees | 73,694 | |
Audit | 35,164 | |
Legal | 1,104 | |
Miscellaneous | 2,188 | |
Total expenses before reductions | 4,016,719 | |
Expense reductions | (6,498) | 4,010,221 |
Net investment income (loss) | | 4,368,745 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (6,583,142) | |
Foreign currency transactions | (61,653) | |
Total net realized gain (loss) | | (6,644,795) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 25,721,221 | |
Assets and liabilities in foreign currencies | 26,426 | |
Total change in net unrealized appreciation (depreciation) | | 25,747,647 |
Net gain (loss) | | 19,102,852 |
Net increase (decrease) in net assets resulting from operations | | $ 23,471,597 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,368,745 | $ 3,493,326 |
Net realized gain (loss) | (6,644,795) | 6,317,113 |
Change in net unrealized appreciation (depreciation) | 25,747,647 | 60,869,889 |
Net increase (decrease) in net assets resulting
from operations | 23,471,597 | 70,680,328 |
Distributions to shareholders from net investment income | (2,592,643) | (2,081,336) |
Distributions to shareholders from net realized gain | (513,441) | (113,769) |
Total distributions | (3,106,084) | (2,195,105) |
Share transactions - net increase (decrease) | 177,272,262 | 324,915,158 |
Redemption fees | 33,371 | 31,216 |
Total increase (decrease) in net assets | 197,671,146 | 393,431,597 |
| | |
Net Assets | | |
Beginning of period | 586,277,868 | 192,846,271 |
End of period (including undistributed net investment income of $4,253,095 and undistributed net investment income of $2,476,993, respectively) | $ 783,949,014 | $ 586,277,868 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.78 | $ 8.91 | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .08 | .08 | .08 | .05 | .05 |
Net realized and unrealized gain (loss) | .28 | 1.88 | .81 | (.31) | 1.39 | 1.55 |
Total from investment operations | .34 | 1.96 | .89 | (.23) | 1.44 | 1.60 |
Distributions from net investment income | (.03) | (.08) | (.06) | (.05) | (.05) | (.05) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.04) | (.09) | (.07) | (.06) | (.07) J | (.05) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.08 | $ 10.78 | $ 8.91 | $ 8.09 | $ 8.38 | $ 7.01 |
Total Return B, C, D | 3.19% | 22.18% | 11.10% | (2.76)% | 20.68% | 29.72% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.36% A | 1.44% | 1.58% | 1.77% | 2.13% | 2.46% |
Expenses net of fee waivers, if any | 1.35% A | 1.43% | 1.45% | 1.45% | 1.50% | 1.50% |
Expenses net of all reductions | 1.35% A | 1.42% | 1.44% | 1.43% | 1.48% | 1.47% |
Net investment income (loss) | 1.05% A | .80% | .99% | .92% | .74% | .85% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 104,963 | $ 74,595 | $ 21,874 | $ 6,352 | $ 3,084 | $ 1,452 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.07 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.025 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.75 | $ 8.89 | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .05 | .06 | .06 | .04 | .03 |
Net realized and unrealized gain (loss) | .29 | 1.88 | .81 | (.31) | 1.39 | 1.55 |
Total from investment operations | .33 | 1.93 | .87 | (.25) | 1.43 | 1.58 |
Distributions from net investment income | (.02) | (.07) | (.05) | (.04) | (.02) | (.03) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.03) | (.07) J | (.06) | (.05) | (.05) | (.03) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.05 | $ 10.75 | $ 8.89 | $ 8.08 | $ 8.38 | $ 7.00 |
Total Return B, C, D | 3.05% | 21.91% | 10.82% | (3.03)% | 20.47% | 29.22% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.66% A | 1.69% | 1.85% | 2.03% | 2.41% | 2.67% |
Expenses net of fee waivers, if any | 1.65% A | 1.69% | 1.70% | 1.70% | 1.75% | 1.75% |
Expenses net of all reductions | 1.65% A | 1.68% | 1.69% | 1.68% | 1.73% | 1.73% |
Net investment income (loss) | .75% A | .54% | .74% | .67% | .49% | .59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 27,572 | $ 23,118 | $ 10,690 | $ 2,917 | $ 1,034 | $ 532 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.07 per share is comprised of distributions from net investment income of $.069 and distributions from net realized gain of $.005 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.73 | $ 8.88 | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | - I | .02 | .01 | - I | .01 |
Net realized and unrealized gain (loss) | .28 | 1.89 | .80 | (.30) | 1.38 | 1.55 |
Total from investment operations | .29 | 1.89 | .82 | (.29) | 1.38 | 1.56 |
Distributions from net investment income | - | (.03) | - | (.01) | - | - |
Distributions from net realized gain | (.01) | (.01) | - | - I | - | - |
Total distributions | (.01) | (.04) | - | (.01) | - | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 11.01 | $ 10.73 | $ 8.88 | $ 8.06 | $ 8.36 | $ 6.98 |
Total Return B, C, D | 2.70% | 21.35% | 10.17% | (3.47)% | 19.77% | 28.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.35% | 2.55% | 2.87% | 3.17% |
Expenses net of fee waivers, if any | 2.15% A | 2.18% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15% A | 2.17% | 2.19% | 2.18% | 2.23% | 2.23% |
Net investment income (loss) | .25% A | .05% | .24% | .17% | (.01)% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,624 | $ 1,579 | $ 1,116 | $ 473 | $ 581 | $ 328 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.69 | $ 8.84 | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .01 | .02 | .01 | - I | .01 |
Net realized and unrealized gain (loss) | .29 | 1.87 | .80 | (.31) | 1.38 | 1.55 |
Total from investment operations | .30 | 1.88 | .82 | (.30) | 1.38 | 1.56 |
Distributions from net investment income | - | (.02) | (.01) | (.01) | - | - |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.02) | - |
Total distributions | (.01) | (.03) | (.01) K | (.01) J | (.02) | - |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.98 | $ 10.69 | $ 8.84 | $ 8.03 | $ 8.34 | $ 6.98 |
Total Return B, C, D | 2.80% | 21.29% | 10.27% | (3.57)% | 19.82% | 28.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.13% A | 2.19% | 2.33% | 2.52% | 2.89% | 3.21% |
Expenses net of fee waivers, if any | 2.13% A | 2.18% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.13% A | 2.17% | 2.19% | 2.18% | 2.24% | 2.23% |
Net investment income (loss) | .27% A | .05% | .24% | .17% | (.01)% | .09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 28,980 | $ 17,196 | $ 5,648 | $ 2,767 | $ 1,261 | $ 780 |
Portfolio turnover rate G | 35% A | 32% | 32% | 68% | 87% | 116% |
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. 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 $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share. KTotal distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.84 | $ 8.95 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .11 | .11 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .30 | 1.88 | .81 | (.30) | 1.39 | 1.54 |
Total from investment operations | .37 | 1.99 | .92 | (.20) | 1.46 | 1.60 |
Distributions from net investment income | (.05) | (.10) | (.08) | (.07) | (.06) | (.06) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.06) | (.10) J | (.09) | (.08) | (.08) I | (.06) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.15 | $ 10.84 | $ 8.95 | $ 8.12 | $ 8.40 | $ 7.02 |
Total Return B, C | 3.42% | 22.48% | 11.41% | (2.47)% | 20.97% | 29.77% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.05% A | 1.13% | 1.28% | 1.52% | 1.89% | 2.19% |
Expenses net of fee waivers, if any | 1.05% A | 1.13% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.05% A | 1.11% | 1.19% | 1.18% | 1.23% | 1.23% |
Net investment income (loss) | 1.35% A | 1.11% | 1.24% | 1.17% | .99% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 541,441 | $ 430,914 | $ 149,526 | $ 53,437 | $ 28,454 | $ 18,254 |
Portfolio turnover rate F | 35% A | 32% | 32% | 68% | 87% | 116% |
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. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. HAmount represents less than $.01 per share. ITotal distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share. JTotal distributions of $.10 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.005 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 10.84 | $ 8.94 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .11 | .10 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .29 | 1.90 | .81 | (.30) | 1.39 | 1.54 |
Total from investment operations | .36 | 2.01 | .91 | (.20) | 1.46 | 1.60 |
Distributions from net investment income | (.06) | (.10) | (.08) | (.07) | (.06) | (.06) |
Distributions from net realized gain | (.01) | (.01) | (.01) | (.01) | (.03) | - |
Total distributions | (.07) | (.11) | (.09) | (.08) | (.08) I | (.06) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 11.13 | $ 10.84 | $ 8.94 | $ 8.12 | $ 8.40 | $ 7.02 |
Total Return B, C | 3.30% | 22.66% | 11.28% | (2.47)% | 20.97% | 29.77% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.05% A | 1.11% | 1.27% | 1.50% | 1.92% | 2.01% |
Expenses net of fee waivers, if any | 1.05% A | 1.11% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.05% A | 1.09% | 1.19% | 1.18% | 1.23% | 1.23% |
Net investment income (loss) | 1.35% A | 1.13% | 1.24% | 1.17% | .99% | 1.09% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 79,260 | $ 38,771 | $ 3,992 | $ 493 | $ 113 | $ 36 |
Portfolio turnover rate F | 35% A | 32% | 32% | 68% | 87% | 116% |
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. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. HAmount represents less than $.01 per share. ITotal distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class Z
| Six months ended
April 30, 2014 | Year ended
October 31, |
| (Unaudited) | 2013 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.84 | $ 10.26 |
Income from Investment Operations | | |
Net investment income (loss) D | .08 | .02 |
Net realized and unrealized gain (loss) | .29 | .56 |
Total from investment operations | .37 | .58 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.01) | - |
Total distributions | (.07) | - |
Redemption fees added to paid in capital D, I | - | - |
Net asset value, end of period | $ 11.14 | $ 10.84 |
Total Return B, C | 3.44% | 5.65% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | .89% A | .94% A |
Expenses net of fee waivers, if any | .88% A | .94% A |
Expenses net of all reductions | .88% A | .93% A |
Net investment income (loss) | 1.52% A | .65% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 109 | $ 106 |
Portfolio turnover rate F | 35% A | 32% |
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. GFor the period August 13, 2013 (commencement of sale of shares) to October 31, 2013. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Growth, Institutional Class and Class Z 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014, 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. Significant Accounting Policies - continued
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. 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, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 106,985,707 |
Gross unrealized depreciation | (10,837,420) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 96,148,287 |
| |
Tax cost | $ 754,508,443 |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $283,381,709 and $118,050,582, 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 relative investment performance of International Growth as compared to its benchmark index, the MSCI® EAFE® Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .74% of the Fund's average net assets. The performance adjustment included in the management fee rate
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 112,702 | $ 4,734 |
Class T | .25% | .25% | 64,552 | 527 |
Class B | .75% | .25% | 8,123 | 6,120 |
Class C | .75% | .25% | 119,533 | 43,967 |
| | | $ 304,910 | $ 55,348 |
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 | $ 43,897 |
Class T | 7,523 |
Class B* | 397 |
Class C* | 1,482 |
| $ 53,299 |
* 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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
Average
Net Assets* |
Class A | $ 119,493 | .26 |
Class T | 40,530 | .31 |
Class B | 2,513 | .31 |
Class C | 34,880 | .29 |
International Growth | 513,505 | .21 |
Institutional Class | 66,989 | .21 |
Class Z | 24 | .04 |
| $ 777,934 | |
* 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 $1,136 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 $611 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $782,645. 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 $156,194, including $7,790 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 $2,786 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 $29.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $3,683.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 253,092 | $ 226,330 |
Class T | 40,595 | 86,155 |
Class B | - | 4,290 |
Class C | - | 14,481 |
International Growth | 2,051,403 | 1,698,830 |
Institutional Class | 246,949 | 51,250 |
Class Z | 604 | - |
Total | $ 2,592,643 | $ 2,081,336 |
From net realized gain | | |
Class A | $ 66,995 | $ 13,472 |
Class T | 20,298 | 6,243 |
Class B | 1,337 | 631 |
Class C | 16,479 | 3,291 |
International Growth | 369,252 | 87,569 |
Institutional Class | 38,992 | 2,563 |
Class Z | 88 | - |
Total | $ 513,441 | $ 113,769 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 A | Six months ended
April 30,
2014 | Year ended
October 31,
2013 A |
Class A | | | | |
Shares sold | 3,374,643 | 5,907,169 | $ 36,788,261 | $ 58,500,264 |
Reinvestment of distributions | 27,068 | 24,178 | 291,793 | 218,566 |
Shares redeemed | (846,642) | (1,466,703) | (9,236,603) | (14,226,261) |
Net increase (decrease) | 2,555,069 | 4,464,644 | $ 27,843,451 | $ 44,492,569 |
Class T | | | | |
Shares sold | 502,311 | 1,144,706 | $ 5,447,214 | $ 11,429,141 |
Reinvestment of distributions | 5,458 | 10,086 | 58,733 | 91,076 |
Shares redeemed | (162,334) | (206,178) | (1,770,474) | (2,020,899) |
Net increase (decrease) | 345,435 | 948,614 | $ 3,735,473 | $ 9,499,318 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 A | Six months ended
April 30,
2014 | Year ended
October 31,
2013 A |
Class B | | | | |
Shares sold | 21,255 | 70,442 | $ 229,864 | $ 702,618 |
Reinvestment of distributions | 123 | 531 | 1,323 | 4,806 |
Shares redeemed | (21,146) | (49,437) | (229,176) | (483,935) |
Net increase (decrease) | 232 | 21,536 | $ 2,011 | $ 223,489 |
Class C | | | | |
Shares sold | 1,199,632 | 1,392,365 | $ 12,986,187 | $ 13,520,584 |
Reinvestment of distributions | 1,498 | 1,911 | 16,049 | 17,237 |
Shares redeemed | (169,836) | (424,469) | (1,838,698) | (4,120,400) |
Net increase (decrease) | 1,031,294 | 969,807 | $ 11,163,538 | $ 9,417,421 |
International Growth | | | | |
Shares sold | 13,395,988 | 29,198,608 | $ 145,651,286 | $ 290,678,738 |
Reinvestment of distributions | 197,948 | 192,126 | 2,143,780 | 1,742,585 |
Shares redeemed | (4,749,668) | (6,365,570) | (52,065,419) | (62,814,771) |
Net increase (decrease) | 8,844,268 | 23,025,164 | $ 95,729,647 | $ 229,606,552 |
Institutional Class | | | | |
Shares sold | 4,522,024 | 3,568,741 | $ 49,477,683 | $ 35,951,935 |
Reinvestment of distributions | 24,180 | 5,682 | 261,623 | 51,476 |
Shares redeemed | (1,003,243) | (443,392) | (10,941,856) | (4,427,602) |
Net increase (decrease) | 3,542,961 | 3,131,031 | $ 38,797,450 | $ 31,575,809 |
Class Z | | | | |
Shares sold | - | 9,747 | $ - | $ 100,000 |
Reinvestment of distributions | 64 | - | 692 | - |
Net increase (decrease) | 64 | 9,747 | $ 692 | $ 100,000 |
A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
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
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AIGFZ-USAN-0614
1.9585038.100
Fidelity®
International Small Cap Opportunities
Fund
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,055.70 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class T | 1.89% | | | |
Actual | | $ 1,000.00 | $ 1,054.50 | $ 9.63 |
HypotheticalA | | $ 1,000.00 | $ 1,015.42 | $ 9.44 |
Class B | 2.39% | | | |
Actual | | $ 1,000.00 | $ 1,051.80 | $ 12.16 |
HypotheticalA | | $ 1,000.00 | $ 1,012.94 | $ 11.93 |
Class C | 2.39% | | | |
Actual | | $ 1,000.00 | $ 1,051.80 | $ 12.16 |
HypotheticalA | | $ 1,000.00 | $ 1,012.94 | $ 11.93 |
International Small Cap Opportunities | 1.31% | | | |
Actual | | $ 1,000.00 | $ 1,057.20 | $ 6.68 |
HypotheticalA | | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
Institutional Class | 1.35% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 6.89 |
HypotheticalA | | $ 1,000.00 | $ 1,018.10 | $ 6.76 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | Japan 22.8% | |
 | United Kingdom 18.2% | |
 | United States of America* 17.3% | |
 | Germany 5.6% | |
 | Italy 4.4% | |
 | Netherlands 4.0% | |
 | Sweden 2.5% | |
 | France 2.3% | |
 | Ireland 2.2% | |
 | Other 20.7% | |
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, 2013 |
| Japan 26.1% | |
| United Kingdom 19.3% | |
| United States of America* 14.6% | |
| Germany 5.1% | |
| Italy 3.5% | |
| Netherlands 3.5% | |
| France 2.4% | |
| Sweden 2.1% | |
| Ireland 2.0% | |
| Other 21.4% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 93.6 | 97.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 6.4 | 2.4 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
USS Co. Ltd. (Japan, Specialty Retail) | 2.0 | 2.3 |
Azimut Holding SpA (Italy, Capital Markets) | 1.7 | 1.4 |
PriceSmart, Inc. (United States of America, Food & Staples Retailing) | 1.6 | 1.9 |
Interpump Group SpA (Italy, Machinery) | 1.6 | 1.4 |
Unite Group PLC (United Kingdom, Real Estate Management & Development) | 1.6 | 1.3 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.6 | 1.5 |
Aalberts Industries NV (Netherlands, Machinery) | 1.6 | 1.6 |
CTS Eventim AG (Germany, Media) | 1.5 | 1.4 |
Coway Co. Ltd. (Korea (South), Household Durables) | 1.4 | 1.0 |
Solera Holdings, Inc. (United States of America, Software) | 1.4 | 1.1 |
| 16.0 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 21.0 | 24.1 |
Financials | 19.3 | 18.5 |
Consumer Discretionary | 16.9 | 18.5 |
Materials | 9.8 | 9.8 |
Consumer Staples | 9.1 | 10.4 |
Information Technology | 7.9 | 7.0 |
Health Care | 6.7 | 6.0 |
Energy | 2.9 | 3.3 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value |
Australia - 1.8% |
DuluxGroup Ltd. | 508,583 | | $ 2,707,274 |
Imdex Ltd. (a) | 1,476,389 | | 1,008,101 |
Ramsay Health Care Ltd. | 83,199 | | 3,463,449 |
RCG Corp. Ltd. | 3,726,715 | | 2,579,278 |
Sydney Airport unit | 665,862 | | 2,610,432 |
TOTAL AUSTRALIA | | 12,368,534 |
Austria - 1.4% |
Andritz AG | 111,900 | | 6,944,861 |
Zumtobel AG | 139,181 | | 2,896,391 |
TOTAL AUSTRIA | | 9,841,252 |
Bailiwick of Jersey - 1.0% |
Informa PLC | 816,781 | | 6,651,173 |
Belgium - 1.5% |
Gimv NV | 71,688 | | 3,716,684 |
KBC Ancora (a) | 171,138 | | 6,272,856 |
TOTAL BELGIUM | | 9,989,540 |
Bermuda - 0.7% |
Lazard Ltd. Class A | 61,499 | | 2,893,528 |
Vostok Nafta Investment Ltd. SDR (a) | 240,199 | | 1,570,001 |
TOTAL BERMUDA | | 4,463,529 |
Brazil - 0.3% |
Arezzo Industria e Comercio SA | 152,300 | | 1,704,175 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 822,698 | | 2,305,812 |
Canada - 1.6% |
Pason Systems, Inc. | 273,200 | | 7,587,435 |
ShawCor Ltd. Class A | 80,700 | | 3,594,520 |
TOTAL CANADA | | 11,181,955 |
Denmark - 1.8% |
Jyske Bank A/S (Reg.) (a) | 111,827 | | 6,142,171 |
Spar Nord Bank A/S | 521,369 | | 5,862,979 |
TOTAL DENMARK | | 12,005,150 |
Finland - 1.2% |
Nokian Tyres PLC | 64,000 | | 2,541,181 |
Tikkurila Oyj | 214,120 | | 5,311,422 |
TOTAL FINLAND | | 7,852,603 |
Common Stocks - continued |
| Shares | | Value |
France - 2.3% |
Laurent-Perrier Group SA | 30,163 | | $ 3,017,143 |
Remy Cointreau SA | 20,673 | | 1,818,069 |
Saft Groupe SA | 55,075 | | 1,958,345 |
Solocal Group SA (a) | 788,699 | | 1,805,433 |
Vetoquinol SA | 55,184 | | 3,008,789 |
Virbac SA | 16,700 | | 4,002,401 |
TOTAL FRANCE | | 15,610,180 |
Germany - 4.8% |
alstria office REIT-AG | 243,000 | | 3,352,719 |
Bilfinger Berger AG | 51,646 | | 6,135,482 |
CompuGroup Medical AG | 269,478 | | 7,181,856 |
CTS Eventim AG | 163,640 | | 10,420,491 |
Fielmann AG | 43,437 | | 5,872,563 |
TOTAL GERMANY | | 32,963,111 |
Greece - 0.8% |
Titan Cement Co. SA (Reg.) | 179,080 | | 5,639,739 |
India - 0.5% |
Jyothy Laboratories Ltd. (a) | 1,076,294 | | 3,391,357 |
Ireland - 2.2% |
FBD Holdings PLC | 240,328 | | 5,783,153 |
James Hardie Industries PLC: | | | |
CDI | 165,775 | | 2,112,948 |
sponsored ADR | 109,915 | | 7,049,948 |
TOTAL IRELAND | | 14,946,049 |
Israel - 1.3% |
Azrieli Group | 86,005 | | 2,910,327 |
Ituran Location & Control Ltd. | 76,286 | | 1,832,390 |
Sarine Technologies Ltd. | 982,000 | | 2,169,690 |
Strauss Group Ltd. | 108,244 | | 1,957,807 |
TOTAL ISRAEL | | 8,870,214 |
Italy - 4.4% |
Azimut Holding SpA | 366,873 | | 11,426,629 |
Beni Stabili SpA SIIQ (d) | 8,281,989 | | 7,393,826 |
Interpump Group SpA | 775,305 | | 10,982,074 |
TOTAL ITALY | | 29,802,529 |
Japan - 22.8% |
Air Water, Inc. | 121,000 | | 1,698,391 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Aozora Bank Ltd. | 1,916,000 | | $ 5,697,305 |
Artnature, Inc. (d) | 138,300 | | 3,947,370 |
Asahi Co. Ltd. | 199,800 | | 2,653,968 |
Autobacs Seven Co. Ltd. | 202,000 | | 3,123,803 |
Azbil Corp. | 217,100 | | 4,920,240 |
Coca-Cola Central Japan Co. Ltd. | 190,900 | | 4,290,979 |
Cosmos Pharmaceutical Corp. | 31,300 | | 3,346,300 |
Daikokutenbussan Co. Ltd. | 168,700 | | 4,379,418 |
Glory Ltd. | 88,800 | | 2,289,596 |
Goldcrest Co. Ltd. | 306,330 | | 6,385,183 |
Harmonic Drive Systems, Inc. (d) | 136,900 | | 3,876,613 |
Iida Group Holdings Co. Ltd. (a) | 196,082 | | 2,915,290 |
Iwatsuka Confectionary Co. Ltd. | 60,300 | | 3,302,978 |
Kobayashi Pharmaceutical Co. Ltd. | 71,500 | | 4,336,088 |
Koshidaka Holdings Co. Ltd. | 3,900 | | 115,587 |
Kyoto Kimono Yuzen Co. Ltd. | 83,300 | | 824,567 |
Lasertec Corp. (a) | 230,900 | | 2,296,917 |
Meiko Network Japan Co. Ltd. | 112,600 | | 1,217,029 |
Miraial Co. Ltd. | 73,200 | | 1,139,868 |
Nabtesco Corp. | 158,100 | | 3,400,615 |
Nagaileben Co. Ltd. | 275,600 | | 5,305,236 |
ND Software Co. Ltd. | 26,491 | | 478,851 |
Nihon M&A Center, Inc. | 192,000 | | 4,482,848 |
Nihon Parkerizing Co. Ltd. | 324,000 | | 7,064,078 |
Nippon Seiki Co. Ltd. | 150,000 | | 2,618,966 |
NS Tool Co. Ltd. | 17,800 | | 301,208 |
OBIC Co. Ltd. | 185,800 | | 5,570,274 |
OSG Corp. | 488,100 | | 7,868,037 |
San-Ai Oil Co. Ltd. | 326,000 | | 2,168,338 |
Seven Bank Ltd. | 1,923,800 | | 7,282,346 |
SHO-BOND Holdings Co. Ltd. | 168,000 | | 7,567,271 |
Shoei Co. Ltd. | 249,100 | | 3,413,597 |
Software Service, Inc. | 62,900 | | 2,227,202 |
Techno Medica Co. Ltd. | 78,900 | | 1,557,394 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 436,000 | | 2,899,985 |
TKC Corp. | 106,900 | | 2,163,409 |
Tocalo Co. Ltd. | 117,000 | | 1,827,642 |
Tsutsumi Jewelry Co. Ltd. | 81,000 | | 1,834,157 |
USS Co. Ltd. | 955,800 | | 13,920,733 |
Workman Co. Ltd. | 71,300 | | 2,866,367 |
Yamato Kogyo Co. Ltd. | 208,900 | | 6,015,568 |
TOTAL JAPAN | | 155,591,612 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 1.8% |
Coway Co. Ltd. | 118,533 | | $ 9,350,924 |
Leeno Industrial, Inc. | 102,751 | | 2,958,903 |
TOTAL KOREA (SOUTH) | | 12,309,827 |
Mexico - 0.5% |
Consorcio ARA S.A.B. de CV (a) | 8,016,818 | | 3,523,472 |
Netherlands - 4.0% |
Aalberts Industries NV | 319,501 | | 10,631,584 |
ASM International NV (depositary receipt) | 59,400 | | 2,585,682 |
Heijmans NV (Certificaten Van Aandelen) | 353,833 | | 6,347,210 |
VastNed Retail NV | 151,729 | | 7,803,281 |
TOTAL NETHERLANDS | | 27,367,757 |
Philippines - 0.4% |
Jollibee Food Corp. | 737,170 | | 2,844,492 |
South Africa - 1.4% |
Clicks Group Ltd. | 853,287 | | 5,203,019 |
Nampak Ltd. | 1,249,500 | | 4,655,710 |
TOTAL SOUTH AFRICA | | 9,858,729 |
Spain - 1.3% |
Grifols SA | 55,232 | | 2,950,105 |
Prosegur Compania de Seguridad SA (Reg.) | 900,990 | | 6,037,444 |
TOTAL SPAIN | | 8,987,549 |
Sweden - 2.5% |
Fagerhult AB (d) | 156,896 | | 7,793,886 |
Intrum Justitia AB (d) | 307,134 | | 8,884,978 |
TOTAL SWEDEN | | 16,678,864 |
Turkey - 1.1% |
Albaraka Turk Katilim Bankasi A/S | 4,616,046 | | 3,650,776 |
Coca-Cola Icecek Sanayi A/S | 166,362 | | 3,896,001 |
TOTAL TURKEY | | 7,546,777 |
United Kingdom - 18.2% |
Advanced Computer Software Group PLC | 925,600 | | 1,863,619 |
Babcock International Group PLC | 139,700 | | 2,816,282 |
Bellway PLC | 319,072 | | 7,752,198 |
Berendsen PLC | 363,063 | | 6,344,504 |
Britvic PLC | 551,971 | | 6,751,962 |
Dechra Pharmaceuticals PLC | 342,500 | | 3,990,111 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Derwent London PLC | 99,710 | | $ 4,579,130 |
Elementis PLC | 1,608,710 | | 7,531,873 |
Great Portland Estates PLC | 678,389 | | 7,181,608 |
H&T Group PLC | 214,353 | | 604,396 |
Hilton Food Group PLC | 217,188 | | 1,956,346 |
InterContinental Hotel Group PLC ADR | 136,426 | | 4,695,783 |
Johnson Matthey PLC | 93,475 | | 5,165,553 |
Meggitt PLC | 618,614 | | 4,978,978 |
Persimmon PLC | 191,863 | | 4,250,112 |
Rotork PLC | 151,700 | | 6,636,336 |
Shaftesbury PLC | 667,673 | | 7,457,084 |
Spectris PLC | 246,178 | | 9,248,144 |
Spirax-Sarco Engineering PLC | 217,621 | | 10,651,833 |
Ted Baker PLC | 111,500 | | 3,480,865 |
Ultra Electronics Holdings PLC | 192,058 | | 5,499,632 |
Unite Group PLC | 1,504,757 | | 10,734,169 |
TOTAL UNITED KINGDOM | | 124,170,518 |
United States of America - 10.9% |
ANSYS, Inc. (a) | 19,085 | | 1,456,376 |
Autoliv, Inc. | 51,100 | | 5,211,178 |
Broadridge Financial Solutions, Inc. | 46,905 | | 1,798,338 |
Dril-Quip, Inc. (a) | 34,595 | | 3,913,386 |
Evercore Partners, Inc. Class A | 91,000 | | 4,862,130 |
Greenhill & Co., Inc. | 44,174 | | 2,215,326 |
Kennedy-Wilson Holdings, Inc. | 249,729 | | 5,454,081 |
Martin Marietta Materials, Inc. | 49,020 | | 6,094,657 |
Mohawk Industries, Inc. (a) | 45,800 | | 6,064,378 |
Oceaneering International, Inc. | 40,502 | | 2,967,987 |
PriceSmart, Inc. | 115,699 | | 11,111,732 |
ResMed, Inc. (d) | 99,100 | | 4,940,135 |
Solera Holdings, Inc. | 144,056 | | 9,331,948 |
SS&C Technologies Holdings, Inc. (a) | 184,358 | | 7,175,213 |
The Rubicon Project, Inc. | 95,318 | | 1,369,720 |
TOTAL UNITED STATES OF AMERICA | | 73,966,585 |
TOTAL COMMON STOCKS (Cost $472,838,274) |
632,433,084
|
Nonconvertible Preferred Stocks - 0.8% |
| Shares | | Value |
Germany - 0.8% |
Sartorius AG (non-vtg.)
(Cost $4,783,085) | 42,479 | | $ 5,527,938 |
Money Market Funds - 8.7% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 38,268,974 | | 38,268,974 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 20,738,700 | | 20,738,700 |
TOTAL MONEY MARKET FUNDS (Cost $59,007,674) |
59,007,674
|
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $536,629,033) | | 696,968,696 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% | | (15,395,876) |
NET ASSETS - 100% | $ 681,572,820 |
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 | $ 10,244 |
Fidelity Securities Lending Cash Central Fund | 104,572 |
Total | $ 114,816 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 133,152,758 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $19,809,392) - See accompanying schedule: Unaffiliated issuers (cost $477,621,359) | $ 637,961,022 | |
Fidelity Central Funds (cost $59,007,674) | 59,007,674 | |
Total Investments (cost $536,629,033) | | $ 696,968,696 |
Foreign currency held at value (cost $25,116) | | 25,186 |
Receivable for investments sold | | 2,410,991 |
Receivable for fund shares sold | | 901,510 |
Dividends receivable | | 3,483,931 |
Distributions receivable from Fidelity Central Funds | | 59,266 |
Prepaid expenses | | 454 |
Other receivables | | 4,512 |
Total assets | | 703,854,546 |
| | |
Liabilities | | |
Payable for investments purchased | $ 455,089 | |
Payable for fund shares redeemed | 299,267 | |
Accrued management fee | 542,779 | |
Distribution and service plan fees payable | 17,883 | |
Other affiliated payables | 153,192 | |
Other payables and accrued expenses | 74,816 | |
Collateral on securities loaned, at value | 20,738,700 | |
Total liabilities | | 22,281,726 |
| | |
Net Assets | | $ 681,572,820 |
Net Assets consist of: | | |
Paid in capital | | $ 821,023,161 |
Undistributed net investment income | | 1,660,619 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (301,466,773) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 160,355,813 |
Net Assets | | $ 681,572,820 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($25,349,384 ÷ 1,772,225 shares) | | $ 14.30 |
| | |
Maximum offering price per share (100/94.25 of $14.30) | | $ 15.17 |
Class T:
Net Asset Value and redemption price per share ($10,213,720 ÷ 719,797 shares) | | $ 14.19 |
| | |
Maximum offering price per share (100/96.50 of $14.19) | | $ 14.70 |
Class B:
Net Asset Value and offering price per share ($1,026,184 ÷ 73,299 shares)A | | $ 14.00 |
| | |
Class C:
Net Asset Value and offering price per share ($8,870,677 ÷ 637,715 shares)A | | $ 13.91 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($619,917,422 ÷ 42,956,378 shares) | | $ 14.43 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($16,195,433 ÷ 1,121,075 shares) | | $ 14.45 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 6,188,826 |
Income from Fidelity Central Funds | | 114,816 |
Income before foreign taxes withheld | | 6,303,642 |
Less foreign taxes withheld | | (531,335) |
Total income | | 5,772,307 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,601,055 | |
Performance adjustment | 397,182 | |
Transfer agent fees | 714,287 | |
Distribution and service plan fees | 104,023 | |
Accounting and security lending fees | 153,442 | |
Custodian fees and expenses | 73,652 | |
Independent trustees' compensation | 1,159 | |
Registration fees | 42,653 | |
Audit | 39,093 | |
Legal | 1,231 | |
Miscellaneous | 2,214 | |
Total expenses before reductions | 4,129,991 | |
Expense reductions | (3,436) | 4,126,555 |
Net investment income (loss) | | 1,645,752 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 14,276,115 | |
Foreign currency transactions | (64,506) | |
Total net realized gain (loss) | | 14,211,609 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 17,883,374 | |
Assets and liabilities in foreign currencies | 20,588 | |
Total change in net unrealized appreciation (depreciation) | | 17,903,962 |
Net gain (loss) | | 32,115,571 |
Net increase (decrease) in net assets resulting from operations | | $ 33,761,323 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,645,752 | $ 3,604,267 |
Net realized gain (loss) | 14,211,609 | 37,116,732 |
Change in net unrealized appreciation (depreciation) | 17,903,962 | 71,945,657 |
Net increase (decrease) in net assets resulting
from operations | 33,761,323 | 112,666,656 |
Distributions to shareholders from net investment income | (3,580,601) | (3,311,096) |
Distributions to shareholders from net realized gain | (3,233,620) | (171,255) |
Total distributions | (6,814,221) | (3,482,351) |
Share transactions - net increase (decrease) | 89,633,944 | 81,271,586 |
Redemption fees | 33,822 | 56,441 |
Total increase (decrease) in net assets | 116,614,868 | 190,512,332 |
| | |
Net Assets | | |
Beginning of period | 564,957,952 | 374,445,620 |
End of period (including undistributed net investment income of $1,660,619 and undistributed net investment income of $3,595,468, respectively) | $ 681,572,820 | $ 564,957,952 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.68 | $ 10.78 | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .02 | .07 | .08 | .15 H | .06 | .06 |
Net realized and unrealized gain (loss) | .73 | 2.91 | 1.07 | (.07) | 1.85 | 1.77 |
Total from investment operations | .75 | 2.98 | 1.15 | .08 | 1.91 | 1.83 |
Distributions from net investment income | (.06) | (.08) | (.11) | (.11) | (.07) | - |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.13) L | (.08) K | (.12) | (.15) | (.16) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.30 | $ 13.68 | $ 10.78 | $ 9.75 | $ 9.82 | $ 8.07 |
Total Return B, C, D | 5.57% | 27.85% | 12.00% | .81% | 24.05% | 29.33% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.63% A | 1.70% | 1.75% | 1.34% | 1.16% | .94% |
Expenses net of fee waivers, if any | 1.63% A | 1.65% | 1.65% | 1.33% | 1.16% | .94% |
Expenses net of all reductions | 1.63% A | 1.64% | 1.64% | 1.32% | 1.15% | .89% |
Net investment income (loss) | .25% A | .59% | .85% | 1.44% H | .74% | 1.00% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 25,349 | $ 22,052 | $ 18,194 | $ 18,686 | $ 20,228 | $ 18,883 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%. 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 $.077 and distributions from net realized gain of $.005 per share. L Total distributions of $.13 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.079 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.56 | $ 10.69 | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - J | .04 | .06 | .12 H | .04 | .05 |
Net realized and unrealized gain (loss) | .73 | 2.89 | 1.06 | (.06) | 1.83 | 1.75 |
Total from investment operations | .73 | 2.93 | 1.12 | .06 | 1.87 | 1.80 |
Distributions from net investment income | (.02) | (.05) | (.08) | (.08) | (.06) | - |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.10) | (.06) | (.09) | (.12) | (.15) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.19 | $ 13.56 | $ 10.69 | $ 9.66 | $ 9.72 | $ 8.00 |
Total Return B, C, D | 5.45% | 27.53% | 11.72% | .60% | 23.65% | 29.03% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.89% A | 1.96% | 2.02% | 1.60% | 1.43% | 1.20% |
Expenses net of fee waivers, if any | 1.89% A | 1.90% | 1.90% | 1.60% | 1.43% | 1.20% |
Expenses net of all reductions | 1.89% A | 1.89% | 1.89% | 1.59% | 1.41% | 1.15% |
Net investment income (loss) | (.01)% A | .34% | .60% | 1.17% H | .48% | .74% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,214 | $ 9,634 | $ 8,169 | $ 8,701 | $ 11,202 | $ 11,915 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .54%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 10.50 | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.03) | (.02) | .01 | .07 H | - J | .02 |
Net realized and unrealized gain (loss) | .72 | 2.84 | 1.05 | (.06) | 1.79 | 1.73 |
Total from investment operations | .69 | 2.82 | 1.06 | .01 | 1.79 | 1.75 |
Distributions from net investment income | - | - J | (.03) | (.06) | (.03) | - |
Distributions from net realized gain | - | (.01) | (.01) | (.02) | (.09) | - |
Total distributions | - | (.01) | (.04) | (.07) K | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.00 | $ 13.31 | $ 10.50 | $ 9.48 | $ 9.54 | $ 7.87 |
Total Return B, C, D | 5.18% | 26.86% | 11.21% | .10% | 23.03% | 28.59% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.39% A | 2.46% | 2.50% | 2.09% | 1.91% | 1.69% |
Expenses net of fee waivers, if any | 2.39% A | 2.40% | 2.40% | 2.09% | 1.91% | 1.69% |
Expenses net of all reductions | 2.39% A | 2.39% | 2.39% | 2.07% | 1.90% | 1.64% |
Net investment income (loss) | (.50)% A | (.16)% | .10% | .68% H | (.01)% | .25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,026 | $ 1,410 | $ 1,966 | $ 2,293 | $ 2,902 | $ 2,799 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%. 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 $.07 per share is comprised of distributions from net investment income of $.058 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 C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.28 | $ 10.48 | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.03) | (.02) | .01 | .07 H | - J | .02 |
Net realized and unrealized gain (loss) | .71 | 2.84 | 1.04 | (.06) | 1.79 | 1.73 |
Total from investment operations | .68 | 2.82 | 1.05 | .01 | 1.79 | 1.75 |
Distributions from net investment income | - | (.01) | (.03) | (.06) | (.03) | - |
Distributions from net realized gain | (.05) | (.01) | (.01) | (.02) | (.09) | - |
Total distributions | (.05) | (.02) | (.04) | (.07) K | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 13.91 | $ 13.28 | $ 10.48 | $ 9.47 | $ 9.53 | $ 7.86 |
Total Return B, C, D | 5.18% | 26.91% | 11.13% | .10% | 23.06% | 28.64% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.39% A | 2.45% | 2.50% | 2.09% | 1.91% | 1.68% |
Expenses net of fee waivers, if any | 2.39% A | 2.40% | 2.40% | 2.09% | 1.91% | 1.68% |
Expenses net of all reductions | 2.39% A | 2.39% | 2.39% | 2.07% | 1.90% | 1.63% |
Net investment income (loss) | (.50)% A | (.16)% | .10% | .68% H | (.01)% | .26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 8,871 | $ 8,070 | $ 6,608 | $ 6,900 | $ 8,936 | $ 8,543 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%. 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 $.07 per share is comprised of distributions from net investment income of $.058 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 - International Small Cap Opportunities
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.82 | $ 10.88 | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .10 | .11 | .17 G | .09 | .08 |
Net realized and unrealized gain (loss) | .74 | 2.95 | 1.07 | (.06) | 1.87 | 1.78 |
Total from investment operations | .78 | 3.05 | 1.18 | .11 | 1.96 | 1.86 |
Distributions from net investment income | (.09) | (.10) | (.14) | (.14) | (.09) | - I |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.17) | (.11) | (.15) | (.18) | (.18) | - I |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 14.43 | $ 13.82 | $ 10.88 | $ 9.85 | $ 9.92 | $ 8.14 |
Total Return B, C | 5.72% | 28.24% | 12.21% | 1.10% | 24.43% | 29.68% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.31% A | 1.39% | 1.47% | 1.08% | .91% | .68% |
Expenses net of fee waivers, if any | 1.31% A | 1.39% | 1.40% | 1.08% | .91% | .68% |
Expenses net of all reductions | 1.31% A | 1.38% | 1.39% | 1.06% | .89% | .64% |
Net investment income (loss) | .58% A | .85% | 1.10% | 1.69% G | 1.00% | 1.25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 619,917 | $ 518,121 | $ 334,918 | $ 328,262 | $ 398,331 | $ 329,128 |
Portfolio turnover rate F | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.83 | $ 10.90 | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .11 | .11 | .18 G | .09 | .08 |
Net realized and unrealized gain (loss) | .75 | 2.93 | 1.08 | (.06) | 1.86 | 1.79 |
Total from investment operations | .79 | 3.04 | 1.19 | .12 | 1.95 | 1.87 |
Distributions from net investment income | (.09) | (.10) | (.14) | (.15) | (.07) | - I |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.17) | (.11) | (.15) | (.19) | (.16) | - I |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 14.45 | $ 13.83 | $ 10.90 | $ 9.86 | $ 9.93 | $ 8.14 |
Total Return B, C | 5.80% | 28.11% | 12.32% | 1.13% | 24.33% | 29.87% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.35% A | 1.38% | 1.44% | 1.03% | .90% | .68% |
Expenses net of fee waivers, if any | 1.35% A | 1.37% | 1.40% | 1.03% | .90% | .68% |
Expenses net of all reductions | 1.35% A | 1.37% | 1.39% | 1.02% | .88% | .64% |
Net investment income (loss) | .54% A | .87% | 1.10% | 1.74% G | 1.01% | 1.25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 16,195 | $ 5,670 | $ 4,591 | $ 1,395 | $ 2,418 | $ 2,022 |
Portfolio turnover rate F | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Small Cap Opportunities 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
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. 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. 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 and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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.
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 | $ 167,876,322 |
Gross unrealized depreciation | (12,173,054) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 155,703,268 |
| |
Tax cost | $ 541,265,428 |
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 | $ (310,053,876) |
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 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $115,049,300 and $60,999,842, 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 .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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .98% 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, except for the Institutional Class. 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% | $ 29,534 | $ 683 |
Class T | .25% | .25% | 24,730 | 269 |
Class B | .75% | .25% | 6,060 | 4,574 |
Class C | .75% | .25% | 43,699 | 7,050 |
| | | $ 104,023 | $ 12,576 |
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
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 | $ 4,489 |
Class T | 964 |
Class B* | 111 |
Class C* | 128 |
| $ 5,692 |
* 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 class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 35,630 | .30 |
Class T | 15,407 | .31 |
Class B | 1,844 | .30 |
Class C | 13,269 | .30 |
International Small Cap Opportunities | 634,841 | .23 |
Institutional Class | 13,296 | .27 |
| $ 714,287 | |
* 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 $411 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $547 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $104,572. 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 $41 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 $11.
Semiannual Report
8. Expense Reductions - continued
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $3,384.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 88,584 | $ 127,604 |
Class T | 17,038 | 40,329 |
Class B | - | 540 |
Class C | - | 6,860 |
International Small Cap Opportunities | 3,435,414 | 3,098,688 |
Institutional Class | 39,565 | 37,075 |
Total | $ 3,580,601 | $ 3,311,096 |
From net realized gain | | |
Class A | $ 127,238 | $ 8,286 |
Class T | 56,084 | 3,734 |
Class B | - | 900 |
Class C | 33,933 | 3,118 |
International Small Cap Opportunities | 2,982,391 | 153,400 |
Institutional Class | 33,974 | 1,817 |
Total | $ 3,233,620 | $ 171,255 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Class A | | | | |
Shares sold | 297,654 | 373,515 | $ 4,139,866 | $ 4,517,568 |
Reinvestment of distributions | 14,226 | 10,878 | 191,200 | 119,442 |
Shares redeemed | (151,323) | (460,010) | (2,095,590) | (5,504,745) |
Net increase (decrease) | 160,557 | (75,617) | $ 2,235,476 | $ (867,735) |
Class T | | | | |
Shares sold | 49,293 | 94,833 | $ 684,993 | $ 1,133,727 |
Reinvestment of distributions | 5,309 | 3,872 | 70,882 | 42,245 |
Shares redeemed | (45,256) | (152,245) | (627,426) | (1,813,542) |
Net increase (decrease) | 9,346 | (53,540) | $ 128,449 | $ (637,570) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Class B | | | | |
Shares sold | 1,215 | 2,465 | $ 16,790 | $ 28,055 |
Reinvestment of distributions | - | 123 | - | 1,326 |
Shares redeemed | (33,871) | (83,897) | (461,046) | (970,172) |
Net increase (decrease) | (32,656) | (81,309) | $ (444,256) | $ (940,791) |
Class C | | | | |
Shares sold | 111,963 | 106,942 | $ 1,505,232 | $ 1,277,851 |
Reinvestment of distributions | 2,336 | 870 | 30,621 | 9,335 |
Shares redeemed | (84,342) | (130,535) | (1,153,989) | (1,517,604) |
Net increase (decrease) | 29,957 | (22,723) | $ 381,864 | $ (230,418) |
International Small Cap Opportunities | | | | |
Shares sold | 8,592,519 | 13,306,080 | $ 121,260,191 | $ 163,920,015 |
Reinvestment of distributions | 360,554 | 279,367 | 4,881,895 | 3,092,593 |
Shares redeemed | (3,493,594) | (6,858,430) | (48,943,172) | (83,019,406) |
Net increase (decrease) | 5,459,479 | 6,727,017 | $ 77,198,914 | $ 83,993,202 |
Institutional Class | | | | |
Shares sold | 787,446 | 107,232 | $ 11,201,485 | $ 1,308,852 |
Reinvestment of distributions | 4,980 | 3,187 | 67,530 | 35,307 |
Shares redeemed | (81,199) | (121,854) | (1,135,518) | (1,389,261) |
Net increase (decrease) | 711,227 | (11,435) | $ 10,133,497 | $ (45,102) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
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
The Northern Trust Company
Chicago, IL
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
ILS-USAN-0614
1.815077.108
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Small Cap Opportunities
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Class A, Class T, Class B
and Class C are classes of
Fidelity® International
Small Cap Opportunities 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,055.70 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class T | 1.89% | | | |
Actual | | $ 1,000.00 | $ 1,054.50 | $ 9.63 |
HypotheticalA | | $ 1,000.00 | $ 1,015.42 | $ 9.44 |
Class B | 2.39% | | | |
Actual | | $ 1,000.00 | $ 1,051.80 | $ 12.16 |
HypotheticalA | | $ 1,000.00 | $ 1,012.94 | $ 11.93 |
Class C | 2.39% | | | |
Actual | | $ 1,000.00 | $ 1,051.80 | $ 12.16 |
HypotheticalA | | $ 1,000.00 | $ 1,012.94 | $ 11.93 |
International Small Cap Opportunities | 1.31% | | | |
Actual | | $ 1,000.00 | $ 1,057.20 | $ 6.68 |
HypotheticalA | | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
Institutional Class | 1.35% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 6.89 |
HypotheticalA | | $ 1,000.00 | $ 1,018.10 | $ 6.76 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | Japan 22.8% | |
 | United Kingdom 18.2% | |
 | United States of America* 17.3% | |
 | Germany 5.6% | |
 | Italy 4.4% | |
 | Netherlands 4.0% | |
 | Sweden 2.5% | |
 | France 2.3% | |
 | Ireland 2.2% | |
 | Other 20.7% | |
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, 2013 |
| Japan 26.1% | |
| United Kingdom 19.3% | |
| United States of America* 14.6% | |
| Germany 5.1% | |
| Italy 3.5% | |
| Netherlands 3.5% | |
| France 2.4% | |
| Sweden 2.1% | |
| Ireland 2.0% | |
| Other 21.4% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 93.6 | 97.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 6.4 | 2.4 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
USS Co. Ltd. (Japan, Specialty Retail) | 2.0 | 2.3 |
Azimut Holding SpA (Italy, Capital Markets) | 1.7 | 1.4 |
PriceSmart, Inc. (United States of America, Food & Staples Retailing) | 1.6 | 1.9 |
Interpump Group SpA (Italy, Machinery) | 1.6 | 1.4 |
Unite Group PLC (United Kingdom, Real Estate Management & Development) | 1.6 | 1.3 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.6 | 1.5 |
Aalberts Industries NV (Netherlands, Machinery) | 1.6 | 1.6 |
CTS Eventim AG (Germany, Media) | 1.5 | 1.4 |
Coway Co. Ltd. (Korea (South), Household Durables) | 1.4 | 1.0 |
Solera Holdings, Inc. (United States of America, Software) | 1.4 | 1.1 |
| 16.0 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 21.0 | 24.1 |
Financials | 19.3 | 18.5 |
Consumer Discretionary | 16.9 | 18.5 |
Materials | 9.8 | 9.8 |
Consumer Staples | 9.1 | 10.4 |
Information Technology | 7.9 | 7.0 |
Health Care | 6.7 | 6.0 |
Energy | 2.9 | 3.3 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value |
Australia - 1.8% |
DuluxGroup Ltd. | 508,583 | | $ 2,707,274 |
Imdex Ltd. (a) | 1,476,389 | | 1,008,101 |
Ramsay Health Care Ltd. | 83,199 | | 3,463,449 |
RCG Corp. Ltd. | 3,726,715 | | 2,579,278 |
Sydney Airport unit | 665,862 | | 2,610,432 |
TOTAL AUSTRALIA | | 12,368,534 |
Austria - 1.4% |
Andritz AG | 111,900 | | 6,944,861 |
Zumtobel AG | 139,181 | | 2,896,391 |
TOTAL AUSTRIA | | 9,841,252 |
Bailiwick of Jersey - 1.0% |
Informa PLC | 816,781 | | 6,651,173 |
Belgium - 1.5% |
Gimv NV | 71,688 | | 3,716,684 |
KBC Ancora (a) | 171,138 | | 6,272,856 |
TOTAL BELGIUM | | 9,989,540 |
Bermuda - 0.7% |
Lazard Ltd. Class A | 61,499 | | 2,893,528 |
Vostok Nafta Investment Ltd. SDR (a) | 240,199 | | 1,570,001 |
TOTAL BERMUDA | | 4,463,529 |
Brazil - 0.3% |
Arezzo Industria e Comercio SA | 152,300 | | 1,704,175 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 822,698 | | 2,305,812 |
Canada - 1.6% |
Pason Systems, Inc. | 273,200 | | 7,587,435 |
ShawCor Ltd. Class A | 80,700 | | 3,594,520 |
TOTAL CANADA | | 11,181,955 |
Denmark - 1.8% |
Jyske Bank A/S (Reg.) (a) | 111,827 | | 6,142,171 |
Spar Nord Bank A/S | 521,369 | | 5,862,979 |
TOTAL DENMARK | | 12,005,150 |
Finland - 1.2% |
Nokian Tyres PLC | 64,000 | | 2,541,181 |
Tikkurila Oyj | 214,120 | | 5,311,422 |
TOTAL FINLAND | | 7,852,603 |
Common Stocks - continued |
| Shares | | Value |
France - 2.3% |
Laurent-Perrier Group SA | 30,163 | | $ 3,017,143 |
Remy Cointreau SA | 20,673 | | 1,818,069 |
Saft Groupe SA | 55,075 | | 1,958,345 |
Solocal Group SA (a) | 788,699 | | 1,805,433 |
Vetoquinol SA | 55,184 | | 3,008,789 |
Virbac SA | 16,700 | | 4,002,401 |
TOTAL FRANCE | | 15,610,180 |
Germany - 4.8% |
alstria office REIT-AG | 243,000 | | 3,352,719 |
Bilfinger Berger AG | 51,646 | | 6,135,482 |
CompuGroup Medical AG | 269,478 | | 7,181,856 |
CTS Eventim AG | 163,640 | | 10,420,491 |
Fielmann AG | 43,437 | | 5,872,563 |
TOTAL GERMANY | | 32,963,111 |
Greece - 0.8% |
Titan Cement Co. SA (Reg.) | 179,080 | | 5,639,739 |
India - 0.5% |
Jyothy Laboratories Ltd. (a) | 1,076,294 | | 3,391,357 |
Ireland - 2.2% |
FBD Holdings PLC | 240,328 | | 5,783,153 |
James Hardie Industries PLC: | | | |
CDI | 165,775 | | 2,112,948 |
sponsored ADR | 109,915 | | 7,049,948 |
TOTAL IRELAND | | 14,946,049 |
Israel - 1.3% |
Azrieli Group | 86,005 | | 2,910,327 |
Ituran Location & Control Ltd. | 76,286 | | 1,832,390 |
Sarine Technologies Ltd. | 982,000 | | 2,169,690 |
Strauss Group Ltd. | 108,244 | | 1,957,807 |
TOTAL ISRAEL | | 8,870,214 |
Italy - 4.4% |
Azimut Holding SpA | 366,873 | | 11,426,629 |
Beni Stabili SpA SIIQ (d) | 8,281,989 | | 7,393,826 |
Interpump Group SpA | 775,305 | | 10,982,074 |
TOTAL ITALY | | 29,802,529 |
Japan - 22.8% |
Air Water, Inc. | 121,000 | | 1,698,391 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Aozora Bank Ltd. | 1,916,000 | | $ 5,697,305 |
Artnature, Inc. (d) | 138,300 | | 3,947,370 |
Asahi Co. Ltd. | 199,800 | | 2,653,968 |
Autobacs Seven Co. Ltd. | 202,000 | | 3,123,803 |
Azbil Corp. | 217,100 | | 4,920,240 |
Coca-Cola Central Japan Co. Ltd. | 190,900 | | 4,290,979 |
Cosmos Pharmaceutical Corp. | 31,300 | | 3,346,300 |
Daikokutenbussan Co. Ltd. | 168,700 | | 4,379,418 |
Glory Ltd. | 88,800 | | 2,289,596 |
Goldcrest Co. Ltd. | 306,330 | | 6,385,183 |
Harmonic Drive Systems, Inc. (d) | 136,900 | | 3,876,613 |
Iida Group Holdings Co. Ltd. (a) | 196,082 | | 2,915,290 |
Iwatsuka Confectionary Co. Ltd. | 60,300 | | 3,302,978 |
Kobayashi Pharmaceutical Co. Ltd. | 71,500 | | 4,336,088 |
Koshidaka Holdings Co. Ltd. | 3,900 | | 115,587 |
Kyoto Kimono Yuzen Co. Ltd. | 83,300 | | 824,567 |
Lasertec Corp. (a) | 230,900 | | 2,296,917 |
Meiko Network Japan Co. Ltd. | 112,600 | | 1,217,029 |
Miraial Co. Ltd. | 73,200 | | 1,139,868 |
Nabtesco Corp. | 158,100 | | 3,400,615 |
Nagaileben Co. Ltd. | 275,600 | | 5,305,236 |
ND Software Co. Ltd. | 26,491 | | 478,851 |
Nihon M&A Center, Inc. | 192,000 | | 4,482,848 |
Nihon Parkerizing Co. Ltd. | 324,000 | | 7,064,078 |
Nippon Seiki Co. Ltd. | 150,000 | | 2,618,966 |
NS Tool Co. Ltd. | 17,800 | | 301,208 |
OBIC Co. Ltd. | 185,800 | | 5,570,274 |
OSG Corp. | 488,100 | | 7,868,037 |
San-Ai Oil Co. Ltd. | 326,000 | | 2,168,338 |
Seven Bank Ltd. | 1,923,800 | | 7,282,346 |
SHO-BOND Holdings Co. Ltd. | 168,000 | | 7,567,271 |
Shoei Co. Ltd. | 249,100 | | 3,413,597 |
Software Service, Inc. | 62,900 | | 2,227,202 |
Techno Medica Co. Ltd. | 78,900 | | 1,557,394 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 436,000 | | 2,899,985 |
TKC Corp. | 106,900 | | 2,163,409 |
Tocalo Co. Ltd. | 117,000 | | 1,827,642 |
Tsutsumi Jewelry Co. Ltd. | 81,000 | | 1,834,157 |
USS Co. Ltd. | 955,800 | | 13,920,733 |
Workman Co. Ltd. | 71,300 | | 2,866,367 |
Yamato Kogyo Co. Ltd. | 208,900 | | 6,015,568 |
TOTAL JAPAN | | 155,591,612 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 1.8% |
Coway Co. Ltd. | 118,533 | | $ 9,350,924 |
Leeno Industrial, Inc. | 102,751 | | 2,958,903 |
TOTAL KOREA (SOUTH) | | 12,309,827 |
Mexico - 0.5% |
Consorcio ARA S.A.B. de CV (a) | 8,016,818 | | 3,523,472 |
Netherlands - 4.0% |
Aalberts Industries NV | 319,501 | | 10,631,584 |
ASM International NV (depositary receipt) | 59,400 | | 2,585,682 |
Heijmans NV (Certificaten Van Aandelen) | 353,833 | | 6,347,210 |
VastNed Retail NV | 151,729 | | 7,803,281 |
TOTAL NETHERLANDS | | 27,367,757 |
Philippines - 0.4% |
Jollibee Food Corp. | 737,170 | | 2,844,492 |
South Africa - 1.4% |
Clicks Group Ltd. | 853,287 | | 5,203,019 |
Nampak Ltd. | 1,249,500 | | 4,655,710 |
TOTAL SOUTH AFRICA | | 9,858,729 |
Spain - 1.3% |
Grifols SA | 55,232 | | 2,950,105 |
Prosegur Compania de Seguridad SA (Reg.) | 900,990 | | 6,037,444 |
TOTAL SPAIN | | 8,987,549 |
Sweden - 2.5% |
Fagerhult AB (d) | 156,896 | | 7,793,886 |
Intrum Justitia AB (d) | 307,134 | | 8,884,978 |
TOTAL SWEDEN | | 16,678,864 |
Turkey - 1.1% |
Albaraka Turk Katilim Bankasi A/S | 4,616,046 | | 3,650,776 |
Coca-Cola Icecek Sanayi A/S | 166,362 | | 3,896,001 |
TOTAL TURKEY | | 7,546,777 |
United Kingdom - 18.2% |
Advanced Computer Software Group PLC | 925,600 | | 1,863,619 |
Babcock International Group PLC | 139,700 | | 2,816,282 |
Bellway PLC | 319,072 | | 7,752,198 |
Berendsen PLC | 363,063 | | 6,344,504 |
Britvic PLC | 551,971 | | 6,751,962 |
Dechra Pharmaceuticals PLC | 342,500 | | 3,990,111 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Derwent London PLC | 99,710 | | $ 4,579,130 |
Elementis PLC | 1,608,710 | | 7,531,873 |
Great Portland Estates PLC | 678,389 | | 7,181,608 |
H&T Group PLC | 214,353 | | 604,396 |
Hilton Food Group PLC | 217,188 | | 1,956,346 |
InterContinental Hotel Group PLC ADR | 136,426 | | 4,695,783 |
Johnson Matthey PLC | 93,475 | | 5,165,553 |
Meggitt PLC | 618,614 | | 4,978,978 |
Persimmon PLC | 191,863 | | 4,250,112 |
Rotork PLC | 151,700 | | 6,636,336 |
Shaftesbury PLC | 667,673 | | 7,457,084 |
Spectris PLC | 246,178 | | 9,248,144 |
Spirax-Sarco Engineering PLC | 217,621 | | 10,651,833 |
Ted Baker PLC | 111,500 | | 3,480,865 |
Ultra Electronics Holdings PLC | 192,058 | | 5,499,632 |
Unite Group PLC | 1,504,757 | | 10,734,169 |
TOTAL UNITED KINGDOM | | 124,170,518 |
United States of America - 10.9% |
ANSYS, Inc. (a) | 19,085 | | 1,456,376 |
Autoliv, Inc. | 51,100 | | 5,211,178 |
Broadridge Financial Solutions, Inc. | 46,905 | | 1,798,338 |
Dril-Quip, Inc. (a) | 34,595 | | 3,913,386 |
Evercore Partners, Inc. Class A | 91,000 | | 4,862,130 |
Greenhill & Co., Inc. | 44,174 | | 2,215,326 |
Kennedy-Wilson Holdings, Inc. | 249,729 | | 5,454,081 |
Martin Marietta Materials, Inc. | 49,020 | | 6,094,657 |
Mohawk Industries, Inc. (a) | 45,800 | | 6,064,378 |
Oceaneering International, Inc. | 40,502 | | 2,967,987 |
PriceSmart, Inc. | 115,699 | | 11,111,732 |
ResMed, Inc. (d) | 99,100 | | 4,940,135 |
Solera Holdings, Inc. | 144,056 | | 9,331,948 |
SS&C Technologies Holdings, Inc. (a) | 184,358 | | 7,175,213 |
The Rubicon Project, Inc. | 95,318 | | 1,369,720 |
TOTAL UNITED STATES OF AMERICA | | 73,966,585 |
TOTAL COMMON STOCKS (Cost $472,838,274) |
632,433,084
|
Nonconvertible Preferred Stocks - 0.8% |
| Shares | | Value |
Germany - 0.8% |
Sartorius AG (non-vtg.)
(Cost $4,783,085) | 42,479 | | $ 5,527,938 |
Money Market Funds - 8.7% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 38,268,974 | | 38,268,974 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 20,738,700 | | 20,738,700 |
TOTAL MONEY MARKET FUNDS (Cost $59,007,674) |
59,007,674
|
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $536,629,033) | | 696,968,696 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% | | (15,395,876) |
NET ASSETS - 100% | $ 681,572,820 |
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 | $ 10,244 |
Fidelity Securities Lending Cash Central Fund | 104,572 |
Total | $ 114,816 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 133,152,758 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $19,809,392) - See accompanying schedule: Unaffiliated issuers (cost $477,621,359) | $ 637,961,022 | |
Fidelity Central Funds (cost $59,007,674) | 59,007,674 | |
Total Investments (cost $536,629,033) | | $ 696,968,696 |
Foreign currency held at value (cost $25,116) | | 25,186 |
Receivable for investments sold | | 2,410,991 |
Receivable for fund shares sold | | 901,510 |
Dividends receivable | | 3,483,931 |
Distributions receivable from Fidelity Central Funds | | 59,266 |
Prepaid expenses | | 454 |
Other receivables | | 4,512 |
Total assets | | 703,854,546 |
| | |
Liabilities | | |
Payable for investments purchased | $ 455,089 | |
Payable for fund shares redeemed | 299,267 | |
Accrued management fee | 542,779 | |
Distribution and service plan fees payable | 17,883 | |
Other affiliated payables | 153,192 | |
Other payables and accrued expenses | 74,816 | |
Collateral on securities loaned, at value | 20,738,700 | |
Total liabilities | | 22,281,726 |
| | |
Net Assets | | $ 681,572,820 |
Net Assets consist of: | | |
Paid in capital | | $ 821,023,161 |
Undistributed net investment income | | 1,660,619 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (301,466,773) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 160,355,813 |
Net Assets | | $ 681,572,820 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($25,349,384 ÷ 1,772,225 shares) | | $ 14.30 |
| | |
Maximum offering price per share (100/94.25 of $14.30) | | $ 15.17 |
Class T:
Net Asset Value and redemption price per share ($10,213,720 ÷ 719,797 shares) | | $ 14.19 |
| | |
Maximum offering price per share (100/96.50 of $14.19) | | $ 14.70 |
Class B:
Net Asset Value and offering price per share ($1,026,184 ÷ 73,299 shares)A | | $ 14.00 |
| | |
Class C:
Net Asset Value and offering price per share ($8,870,677 ÷ 637,715 shares)A | | $ 13.91 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($619,917,422 ÷ 42,956,378 shares) | | $ 14.43 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($16,195,433 ÷ 1,121,075 shares) | | $ 14.45 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 6,188,826 |
Income from Fidelity Central Funds | | 114,816 |
Income before foreign taxes withheld | | 6,303,642 |
Less foreign taxes withheld | | (531,335) |
Total income | | 5,772,307 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,601,055 | |
Performance adjustment | 397,182 | |
Transfer agent fees | 714,287 | |
Distribution and service plan fees | 104,023 | |
Accounting and security lending fees | 153,442 | |
Custodian fees and expenses | 73,652 | |
Independent trustees' compensation | 1,159 | |
Registration fees | 42,653 | |
Audit | 39,093 | |
Legal | 1,231 | |
Miscellaneous | 2,214 | |
Total expenses before reductions | 4,129,991 | |
Expense reductions | (3,436) | 4,126,555 |
Net investment income (loss) | | 1,645,752 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 14,276,115 | |
Foreign currency transactions | (64,506) | |
Total net realized gain (loss) | | 14,211,609 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 17,883,374 | |
Assets and liabilities in foreign currencies | 20,588 | |
Total change in net unrealized appreciation (depreciation) | | 17,903,962 |
Net gain (loss) | | 32,115,571 |
Net increase (decrease) in net assets resulting from operations | | $ 33,761,323 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,645,752 | $ 3,604,267 |
Net realized gain (loss) | 14,211,609 | 37,116,732 |
Change in net unrealized appreciation (depreciation) | 17,903,962 | 71,945,657 |
Net increase (decrease) in net assets resulting
from operations | 33,761,323 | 112,666,656 |
Distributions to shareholders from net investment income | (3,580,601) | (3,311,096) |
Distributions to shareholders from net realized gain | (3,233,620) | (171,255) |
Total distributions | (6,814,221) | (3,482,351) |
Share transactions - net increase (decrease) | 89,633,944 | 81,271,586 |
Redemption fees | 33,822 | 56,441 |
Total increase (decrease) in net assets | 116,614,868 | 190,512,332 |
| | |
Net Assets | | |
Beginning of period | 564,957,952 | 374,445,620 |
End of period (including undistributed net investment income of $1,660,619 and undistributed net investment income of $3,595,468, respectively) | $ 681,572,820 | $ 564,957,952 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.68 | $ 10.78 | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .02 | .07 | .08 | .15 H | .06 | .06 |
Net realized and unrealized gain (loss) | .73 | 2.91 | 1.07 | (.07) | 1.85 | 1.77 |
Total from investment operations | .75 | 2.98 | 1.15 | .08 | 1.91 | 1.83 |
Distributions from net investment income | (.06) | (.08) | (.11) | (.11) | (.07) | - |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.13) L | (.08) K | (.12) | (.15) | (.16) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.30 | $ 13.68 | $ 10.78 | $ 9.75 | $ 9.82 | $ 8.07 |
Total Return B, C, D | 5.57% | 27.85% | 12.00% | .81% | 24.05% | 29.33% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.63% A | 1.70% | 1.75% | 1.34% | 1.16% | .94% |
Expenses net of fee waivers, if any | 1.63% A | 1.65% | 1.65% | 1.33% | 1.16% | .94% |
Expenses net of all reductions | 1.63% A | 1.64% | 1.64% | 1.32% | 1.15% | .89% |
Net investment income (loss) | .25% A | .59% | .85% | 1.44% H | .74% | 1.00% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 25,349 | $ 22,052 | $ 18,194 | $ 18,686 | $ 20,228 | $ 18,883 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%. 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 $.077 and distributions from net realized gain of $.005 per share. L Total distributions of $.13 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.079 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.56 | $ 10.69 | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - J | .04 | .06 | .12 H | .04 | .05 |
Net realized and unrealized gain (loss) | .73 | 2.89 | 1.06 | (.06) | 1.83 | 1.75 |
Total from investment operations | .73 | 2.93 | 1.12 | .06 | 1.87 | 1.80 |
Distributions from net investment income | (.02) | (.05) | (.08) | (.08) | (.06) | - |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.10) | (.06) | (.09) | (.12) | (.15) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.19 | $ 13.56 | $ 10.69 | $ 9.66 | $ 9.72 | $ 8.00 |
Total Return B, C, D | 5.45% | 27.53% | 11.72% | .60% | 23.65% | 29.03% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.89% A | 1.96% | 2.02% | 1.60% | 1.43% | 1.20% |
Expenses net of fee waivers, if any | 1.89% A | 1.90% | 1.90% | 1.60% | 1.43% | 1.20% |
Expenses net of all reductions | 1.89% A | 1.89% | 1.89% | 1.59% | 1.41% | 1.15% |
Net investment income (loss) | (.01)% A | .34% | .60% | 1.17% H | .48% | .74% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,214 | $ 9,634 | $ 8,169 | $ 8,701 | $ 11,202 | $ 11,915 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .54%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 10.50 | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.03) | (.02) | .01 | .07 H | - J | .02 |
Net realized and unrealized gain (loss) | .72 | 2.84 | 1.05 | (.06) | 1.79 | 1.73 |
Total from investment operations | .69 | 2.82 | 1.06 | .01 | 1.79 | 1.75 |
Distributions from net investment income | - | - J | (.03) | (.06) | (.03) | - |
Distributions from net realized gain | - | (.01) | (.01) | (.02) | (.09) | - |
Total distributions | - | (.01) | (.04) | (.07) K | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.00 | $ 13.31 | $ 10.50 | $ 9.48 | $ 9.54 | $ 7.87 |
Total Return B, C, D | 5.18% | 26.86% | 11.21% | .10% | 23.03% | 28.59% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.39% A | 2.46% | 2.50% | 2.09% | 1.91% | 1.69% |
Expenses net of fee waivers, if any | 2.39% A | 2.40% | 2.40% | 2.09% | 1.91% | 1.69% |
Expenses net of all reductions | 2.39% A | 2.39% | 2.39% | 2.07% | 1.90% | 1.64% |
Net investment income (loss) | (.50)% A | (.16)% | .10% | .68% H | (.01)% | .25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,026 | $ 1,410 | $ 1,966 | $ 2,293 | $ 2,902 | $ 2,799 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%. 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 $.07 per share is comprised of distributions from net investment income of $.058 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 C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.28 | $ 10.48 | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.03) | (.02) | .01 | .07 H | - J | .02 |
Net realized and unrealized gain (loss) | .71 | 2.84 | 1.04 | (.06) | 1.79 | 1.73 |
Total from investment operations | .68 | 2.82 | 1.05 | .01 | 1.79 | 1.75 |
Distributions from net investment income | - | (.01) | (.03) | (.06) | (.03) | - |
Distributions from net realized gain | (.05) | (.01) | (.01) | (.02) | (.09) | - |
Total distributions | (.05) | (.02) | (.04) | (.07) K | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 13.91 | $ 13.28 | $ 10.48 | $ 9.47 | $ 9.53 | $ 7.86 |
Total Return B, C, D | 5.18% | 26.91% | 11.13% | .10% | 23.06% | 28.64% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.39% A | 2.45% | 2.50% | 2.09% | 1.91% | 1.68% |
Expenses net of fee waivers, if any | 2.39% A | 2.40% | 2.40% | 2.09% | 1.91% | 1.68% |
Expenses net of all reductions | 2.39% A | 2.39% | 2.39% | 2.07% | 1.90% | 1.63% |
Net investment income (loss) | (.50)% A | (.16)% | .10% | .68% H | (.01)% | .26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 8,871 | $ 8,070 | $ 6,608 | $ 6,900 | $ 8,936 | $ 8,543 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%. 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 $.07 per share is comprised of distributions from net investment income of $.058 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 - International Small Cap Opportunities
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.82 | $ 10.88 | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .10 | .11 | .17 G | .09 | .08 |
Net realized and unrealized gain (loss) | .74 | 2.95 | 1.07 | (.06) | 1.87 | 1.78 |
Total from investment operations | .78 | 3.05 | 1.18 | .11 | 1.96 | 1.86 |
Distributions from net investment income | (.09) | (.10) | (.14) | (.14) | (.09) | - I |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.17) | (.11) | (.15) | (.18) | (.18) | - I |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 14.43 | $ 13.82 | $ 10.88 | $ 9.85 | $ 9.92 | $ 8.14 |
Total Return B, C | 5.72% | 28.24% | 12.21% | 1.10% | 24.43% | 29.68% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.31% A | 1.39% | 1.47% | 1.08% | .91% | .68% |
Expenses net of fee waivers, if any | 1.31% A | 1.39% | 1.40% | 1.08% | .91% | .68% |
Expenses net of all reductions | 1.31% A | 1.38% | 1.39% | 1.06% | .89% | .64% |
Net investment income (loss) | .58% A | .85% | 1.10% | 1.69% G | 1.00% | 1.25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 619,917 | $ 518,121 | $ 334,918 | $ 328,262 | $ 398,331 | $ 329,128 |
Portfolio turnover rate F | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.83 | $ 10.90 | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .11 | .11 | .18 G | .09 | .08 |
Net realized and unrealized gain (loss) | .75 | 2.93 | 1.08 | (.06) | 1.86 | 1.79 |
Total from investment operations | .79 | 3.04 | 1.19 | .12 | 1.95 | 1.87 |
Distributions from net investment income | (.09) | (.10) | (.14) | (.15) | (.07) | - I |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.17) | (.11) | (.15) | (.19) | (.16) | - I |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 14.45 | $ 13.83 | $ 10.90 | $ 9.86 | $ 9.93 | $ 8.14 |
Total Return B, C | 5.80% | 28.11% | 12.32% | 1.13% | 24.33% | 29.87% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.35% A | 1.38% | 1.44% | 1.03% | .90% | .68% |
Expenses net of fee waivers, if any | 1.35% A | 1.37% | 1.40% | 1.03% | .90% | .68% |
Expenses net of all reductions | 1.35% A | 1.37% | 1.39% | 1.02% | .88% | .64% |
Net investment income (loss) | .54% A | .87% | 1.10% | 1.74% G | 1.01% | 1.25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 16,195 | $ 5,670 | $ 4,591 | $ 1,395 | $ 2,418 | $ 2,022 |
Portfolio turnover rate F | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Small Cap Opportunities 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
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. 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. 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 and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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.
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 | $ 167,876,322 |
Gross unrealized depreciation | (12,173,054) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 155,703,268 |
| |
Tax cost | $ 541,265,428 |
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 | $ (310,053,876) |
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 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $115,049,300 and $60,999,842, 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 .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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .98% 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, except for the Institutional Class. 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% | $ 29,534 | $ 683 |
Class T | .25% | .25% | 24,730 | 269 |
Class B | .75% | .25% | 6,060 | 4,574 |
Class C | .75% | .25% | 43,699 | 7,050 |
| | | $ 104,023 | $ 12,576 |
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
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 | $ 4,489 |
Class T | 964 |
Class B* | 111 |
Class C* | 128 |
| $ 5,692 |
* 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 class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 35,630 | .30 |
Class T | 15,407 | .31 |
Class B | 1,844 | .30 |
Class C | 13,269 | .30 |
International Small Cap Opportunities | 634,841 | .23 |
Institutional Class | 13,296 | .27 |
| $ 714,287 | |
* 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 $411 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $547 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $104,572. 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 $41 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 $11.
Semiannual Report
8. Expense Reductions - continued
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $3,384.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 88,584 | $ 127,604 |
Class T | 17,038 | 40,329 |
Class B | - | 540 |
Class C | - | 6,860 |
International Small Cap Opportunities | 3,435,414 | 3,098,688 |
Institutional Class | 39,565 | 37,075 |
Total | $ 3,580,601 | $ 3,311,096 |
From net realized gain | | |
Class A | $ 127,238 | $ 8,286 |
Class T | 56,084 | 3,734 |
Class B | - | 900 |
Class C | 33,933 | 3,118 |
International Small Cap Opportunities | 2,982,391 | 153,400 |
Institutional Class | 33,974 | 1,817 |
Total | $ 3,233,620 | $ 171,255 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Class A | | | | |
Shares sold | 297,654 | 373,515 | $ 4,139,866 | $ 4,517,568 |
Reinvestment of distributions | 14,226 | 10,878 | 191,200 | 119,442 |
Shares redeemed | (151,323) | (460,010) | (2,095,590) | (5,504,745) |
Net increase (decrease) | 160,557 | (75,617) | $ 2,235,476 | $ (867,735) |
Class T | | | | |
Shares sold | 49,293 | 94,833 | $ 684,993 | $ 1,133,727 |
Reinvestment of distributions | 5,309 | 3,872 | 70,882 | 42,245 |
Shares redeemed | (45,256) | (152,245) | (627,426) | (1,813,542) |
Net increase (decrease) | 9,346 | (53,540) | $ 128,449 | $ (637,570) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Class B | | | | |
Shares sold | 1,215 | 2,465 | $ 16,790 | $ 28,055 |
Reinvestment of distributions | - | 123 | - | 1,326 |
Shares redeemed | (33,871) | (83,897) | (461,046) | (970,172) |
Net increase (decrease) | (32,656) | (81,309) | $ (444,256) | $ (940,791) |
Class C | | | | |
Shares sold | 111,963 | 106,942 | $ 1,505,232 | $ 1,277,851 |
Reinvestment of distributions | 2,336 | 870 | 30,621 | 9,335 |
Shares redeemed | (84,342) | (130,535) | (1,153,989) | (1,517,604) |
Net increase (decrease) | 29,957 | (22,723) | $ 381,864 | $ (230,418) |
International Small Cap Opportunities | | | | |
Shares sold | 8,592,519 | 13,306,080 | $ 121,260,191 | $ 163,920,015 |
Reinvestment of distributions | 360,554 | 279,367 | 4,881,895 | 3,092,593 |
Shares redeemed | (3,493,594) | (6,858,430) | (48,943,172) | (83,019,406) |
Net increase (decrease) | 5,459,479 | 6,727,017 | $ 77,198,914 | $ 83,993,202 |
Institutional Class | | | | |
Shares sold | 787,446 | 107,232 | $ 11,201,485 | $ 1,308,852 |
Reinvestment of distributions | 4,980 | 3,187 | 67,530 | 35,307 |
Shares redeemed | (81,199) | (121,854) | (1,135,518) | (1,389,261) |
Net increase (decrease) | 711,227 | (11,435) | $ 10,133,497 | $ (45,102) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
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
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AILS-USAN-0614
1.815093.108
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Small Cap Opportunities
Fund - Institutional Class
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Institutional Class
is a class of Fidelity®
International Small Cap
Opportunities 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,055.70 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class T | 1.89% | | | |
Actual | | $ 1,000.00 | $ 1,054.50 | $ 9.63 |
HypotheticalA | | $ 1,000.00 | $ 1,015.42 | $ 9.44 |
Class B | 2.39% | | | |
Actual | | $ 1,000.00 | $ 1,051.80 | $ 12.16 |
HypotheticalA | | $ 1,000.00 | $ 1,012.94 | $ 11.93 |
Class C | 2.39% | | | |
Actual | | $ 1,000.00 | $ 1,051.80 | $ 12.16 |
HypotheticalA | | $ 1,000.00 | $ 1,012.94 | $ 11.93 |
International Small Cap Opportunities | 1.31% | | | |
Actual | | $ 1,000.00 | $ 1,057.20 | $ 6.68 |
HypotheticalA | | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
Institutional Class | 1.35% | | | |
Actual | | $ 1,000.00 | $ 1,058.00 | $ 6.89 |
HypotheticalA | | $ 1,000.00 | $ 1,018.10 | $ 6.76 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | Japan 22.8% | |
 | United Kingdom 18.2% | |
 | United States of America* 17.3% | |
 | Germany 5.6% | |
 | Italy 4.4% | |
 | Netherlands 4.0% | |
 | Sweden 2.5% | |
 | France 2.3% | |
 | Ireland 2.2% | |
 | Other 20.7% | |
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, 2013 |
| Japan 26.1% | |
| United Kingdom 19.3% | |
| United States of America* 14.6% | |
| Germany 5.1% | |
| Italy 3.5% | |
| Netherlands 3.5% | |
| France 2.4% | |
| Sweden 2.1% | |
| Ireland 2.0% | |
| Other 21.4% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 93.6 | 97.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 6.4 | 2.4 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
USS Co. Ltd. (Japan, Specialty Retail) | 2.0 | 2.3 |
Azimut Holding SpA (Italy, Capital Markets) | 1.7 | 1.4 |
PriceSmart, Inc. (United States of America, Food & Staples Retailing) | 1.6 | 1.9 |
Interpump Group SpA (Italy, Machinery) | 1.6 | 1.4 |
Unite Group PLC (United Kingdom, Real Estate Management & Development) | 1.6 | 1.3 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.6 | 1.5 |
Aalberts Industries NV (Netherlands, Machinery) | 1.6 | 1.6 |
CTS Eventim AG (Germany, Media) | 1.5 | 1.4 |
Coway Co. Ltd. (Korea (South), Household Durables) | 1.4 | 1.0 |
Solera Holdings, Inc. (United States of America, Software) | 1.4 | 1.1 |
| 16.0 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 21.0 | 24.1 |
Financials | 19.3 | 18.5 |
Consumer Discretionary | 16.9 | 18.5 |
Materials | 9.8 | 9.8 |
Consumer Staples | 9.1 | 10.4 |
Information Technology | 7.9 | 7.0 |
Health Care | 6.7 | 6.0 |
Energy | 2.9 | 3.3 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value |
Australia - 1.8% |
DuluxGroup Ltd. | 508,583 | | $ 2,707,274 |
Imdex Ltd. (a) | 1,476,389 | | 1,008,101 |
Ramsay Health Care Ltd. | 83,199 | | 3,463,449 |
RCG Corp. Ltd. | 3,726,715 | | 2,579,278 |
Sydney Airport unit | 665,862 | | 2,610,432 |
TOTAL AUSTRALIA | | 12,368,534 |
Austria - 1.4% |
Andritz AG | 111,900 | | 6,944,861 |
Zumtobel AG | 139,181 | | 2,896,391 |
TOTAL AUSTRIA | | 9,841,252 |
Bailiwick of Jersey - 1.0% |
Informa PLC | 816,781 | | 6,651,173 |
Belgium - 1.5% |
Gimv NV | 71,688 | | 3,716,684 |
KBC Ancora (a) | 171,138 | | 6,272,856 |
TOTAL BELGIUM | | 9,989,540 |
Bermuda - 0.7% |
Lazard Ltd. Class A | 61,499 | | 2,893,528 |
Vostok Nafta Investment Ltd. SDR (a) | 240,199 | | 1,570,001 |
TOTAL BERMUDA | | 4,463,529 |
Brazil - 0.3% |
Arezzo Industria e Comercio SA | 152,300 | | 1,704,175 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 822,698 | | 2,305,812 |
Canada - 1.6% |
Pason Systems, Inc. | 273,200 | | 7,587,435 |
ShawCor Ltd. Class A | 80,700 | | 3,594,520 |
TOTAL CANADA | | 11,181,955 |
Denmark - 1.8% |
Jyske Bank A/S (Reg.) (a) | 111,827 | | 6,142,171 |
Spar Nord Bank A/S | 521,369 | | 5,862,979 |
TOTAL DENMARK | | 12,005,150 |
Finland - 1.2% |
Nokian Tyres PLC | 64,000 | | 2,541,181 |
Tikkurila Oyj | 214,120 | | 5,311,422 |
TOTAL FINLAND | | 7,852,603 |
Common Stocks - continued |
| Shares | | Value |
France - 2.3% |
Laurent-Perrier Group SA | 30,163 | | $ 3,017,143 |
Remy Cointreau SA | 20,673 | | 1,818,069 |
Saft Groupe SA | 55,075 | | 1,958,345 |
Solocal Group SA (a) | 788,699 | | 1,805,433 |
Vetoquinol SA | 55,184 | | 3,008,789 |
Virbac SA | 16,700 | | 4,002,401 |
TOTAL FRANCE | | 15,610,180 |
Germany - 4.8% |
alstria office REIT-AG | 243,000 | | 3,352,719 |
Bilfinger Berger AG | 51,646 | | 6,135,482 |
CompuGroup Medical AG | 269,478 | | 7,181,856 |
CTS Eventim AG | 163,640 | | 10,420,491 |
Fielmann AG | 43,437 | | 5,872,563 |
TOTAL GERMANY | | 32,963,111 |
Greece - 0.8% |
Titan Cement Co. SA (Reg.) | 179,080 | | 5,639,739 |
India - 0.5% |
Jyothy Laboratories Ltd. (a) | 1,076,294 | | 3,391,357 |
Ireland - 2.2% |
FBD Holdings PLC | 240,328 | | 5,783,153 |
James Hardie Industries PLC: | | | |
CDI | 165,775 | | 2,112,948 |
sponsored ADR | 109,915 | | 7,049,948 |
TOTAL IRELAND | | 14,946,049 |
Israel - 1.3% |
Azrieli Group | 86,005 | | 2,910,327 |
Ituran Location & Control Ltd. | 76,286 | | 1,832,390 |
Sarine Technologies Ltd. | 982,000 | | 2,169,690 |
Strauss Group Ltd. | 108,244 | | 1,957,807 |
TOTAL ISRAEL | | 8,870,214 |
Italy - 4.4% |
Azimut Holding SpA | 366,873 | | 11,426,629 |
Beni Stabili SpA SIIQ (d) | 8,281,989 | | 7,393,826 |
Interpump Group SpA | 775,305 | | 10,982,074 |
TOTAL ITALY | | 29,802,529 |
Japan - 22.8% |
Air Water, Inc. | 121,000 | | 1,698,391 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Aozora Bank Ltd. | 1,916,000 | | $ 5,697,305 |
Artnature, Inc. (d) | 138,300 | | 3,947,370 |
Asahi Co. Ltd. | 199,800 | | 2,653,968 |
Autobacs Seven Co. Ltd. | 202,000 | | 3,123,803 |
Azbil Corp. | 217,100 | | 4,920,240 |
Coca-Cola Central Japan Co. Ltd. | 190,900 | | 4,290,979 |
Cosmos Pharmaceutical Corp. | 31,300 | | 3,346,300 |
Daikokutenbussan Co. Ltd. | 168,700 | | 4,379,418 |
Glory Ltd. | 88,800 | | 2,289,596 |
Goldcrest Co. Ltd. | 306,330 | | 6,385,183 |
Harmonic Drive Systems, Inc. (d) | 136,900 | | 3,876,613 |
Iida Group Holdings Co. Ltd. (a) | 196,082 | | 2,915,290 |
Iwatsuka Confectionary Co. Ltd. | 60,300 | | 3,302,978 |
Kobayashi Pharmaceutical Co. Ltd. | 71,500 | | 4,336,088 |
Koshidaka Holdings Co. Ltd. | 3,900 | | 115,587 |
Kyoto Kimono Yuzen Co. Ltd. | 83,300 | | 824,567 |
Lasertec Corp. (a) | 230,900 | | 2,296,917 |
Meiko Network Japan Co. Ltd. | 112,600 | | 1,217,029 |
Miraial Co. Ltd. | 73,200 | | 1,139,868 |
Nabtesco Corp. | 158,100 | | 3,400,615 |
Nagaileben Co. Ltd. | 275,600 | | 5,305,236 |
ND Software Co. Ltd. | 26,491 | | 478,851 |
Nihon M&A Center, Inc. | 192,000 | | 4,482,848 |
Nihon Parkerizing Co. Ltd. | 324,000 | | 7,064,078 |
Nippon Seiki Co. Ltd. | 150,000 | | 2,618,966 |
NS Tool Co. Ltd. | 17,800 | | 301,208 |
OBIC Co. Ltd. | 185,800 | | 5,570,274 |
OSG Corp. | 488,100 | | 7,868,037 |
San-Ai Oil Co. Ltd. | 326,000 | | 2,168,338 |
Seven Bank Ltd. | 1,923,800 | | 7,282,346 |
SHO-BOND Holdings Co. Ltd. | 168,000 | | 7,567,271 |
Shoei Co. Ltd. | 249,100 | | 3,413,597 |
Software Service, Inc. | 62,900 | | 2,227,202 |
Techno Medica Co. Ltd. | 78,900 | | 1,557,394 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 436,000 | | 2,899,985 |
TKC Corp. | 106,900 | | 2,163,409 |
Tocalo Co. Ltd. | 117,000 | | 1,827,642 |
Tsutsumi Jewelry Co. Ltd. | 81,000 | | 1,834,157 |
USS Co. Ltd. | 955,800 | | 13,920,733 |
Workman Co. Ltd. | 71,300 | | 2,866,367 |
Yamato Kogyo Co. Ltd. | 208,900 | | 6,015,568 |
TOTAL JAPAN | | 155,591,612 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 1.8% |
Coway Co. Ltd. | 118,533 | | $ 9,350,924 |
Leeno Industrial, Inc. | 102,751 | | 2,958,903 |
TOTAL KOREA (SOUTH) | | 12,309,827 |
Mexico - 0.5% |
Consorcio ARA S.A.B. de CV (a) | 8,016,818 | | 3,523,472 |
Netherlands - 4.0% |
Aalberts Industries NV | 319,501 | | 10,631,584 |
ASM International NV (depositary receipt) | 59,400 | | 2,585,682 |
Heijmans NV (Certificaten Van Aandelen) | 353,833 | | 6,347,210 |
VastNed Retail NV | 151,729 | | 7,803,281 |
TOTAL NETHERLANDS | | 27,367,757 |
Philippines - 0.4% |
Jollibee Food Corp. | 737,170 | | 2,844,492 |
South Africa - 1.4% |
Clicks Group Ltd. | 853,287 | | 5,203,019 |
Nampak Ltd. | 1,249,500 | | 4,655,710 |
TOTAL SOUTH AFRICA | | 9,858,729 |
Spain - 1.3% |
Grifols SA | 55,232 | | 2,950,105 |
Prosegur Compania de Seguridad SA (Reg.) | 900,990 | | 6,037,444 |
TOTAL SPAIN | | 8,987,549 |
Sweden - 2.5% |
Fagerhult AB (d) | 156,896 | | 7,793,886 |
Intrum Justitia AB (d) | 307,134 | | 8,884,978 |
TOTAL SWEDEN | | 16,678,864 |
Turkey - 1.1% |
Albaraka Turk Katilim Bankasi A/S | 4,616,046 | | 3,650,776 |
Coca-Cola Icecek Sanayi A/S | 166,362 | | 3,896,001 |
TOTAL TURKEY | | 7,546,777 |
United Kingdom - 18.2% |
Advanced Computer Software Group PLC | 925,600 | | 1,863,619 |
Babcock International Group PLC | 139,700 | | 2,816,282 |
Bellway PLC | 319,072 | | 7,752,198 |
Berendsen PLC | 363,063 | | 6,344,504 |
Britvic PLC | 551,971 | | 6,751,962 |
Dechra Pharmaceuticals PLC | 342,500 | | 3,990,111 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Derwent London PLC | 99,710 | | $ 4,579,130 |
Elementis PLC | 1,608,710 | | 7,531,873 |
Great Portland Estates PLC | 678,389 | | 7,181,608 |
H&T Group PLC | 214,353 | | 604,396 |
Hilton Food Group PLC | 217,188 | | 1,956,346 |
InterContinental Hotel Group PLC ADR | 136,426 | | 4,695,783 |
Johnson Matthey PLC | 93,475 | | 5,165,553 |
Meggitt PLC | 618,614 | | 4,978,978 |
Persimmon PLC | 191,863 | | 4,250,112 |
Rotork PLC | 151,700 | | 6,636,336 |
Shaftesbury PLC | 667,673 | | 7,457,084 |
Spectris PLC | 246,178 | | 9,248,144 |
Spirax-Sarco Engineering PLC | 217,621 | | 10,651,833 |
Ted Baker PLC | 111,500 | | 3,480,865 |
Ultra Electronics Holdings PLC | 192,058 | | 5,499,632 |
Unite Group PLC | 1,504,757 | | 10,734,169 |
TOTAL UNITED KINGDOM | | 124,170,518 |
United States of America - 10.9% |
ANSYS, Inc. (a) | 19,085 | | 1,456,376 |
Autoliv, Inc. | 51,100 | | 5,211,178 |
Broadridge Financial Solutions, Inc. | 46,905 | | 1,798,338 |
Dril-Quip, Inc. (a) | 34,595 | | 3,913,386 |
Evercore Partners, Inc. Class A | 91,000 | | 4,862,130 |
Greenhill & Co., Inc. | 44,174 | | 2,215,326 |
Kennedy-Wilson Holdings, Inc. | 249,729 | | 5,454,081 |
Martin Marietta Materials, Inc. | 49,020 | | 6,094,657 |
Mohawk Industries, Inc. (a) | 45,800 | | 6,064,378 |
Oceaneering International, Inc. | 40,502 | | 2,967,987 |
PriceSmart, Inc. | 115,699 | | 11,111,732 |
ResMed, Inc. (d) | 99,100 | | 4,940,135 |
Solera Holdings, Inc. | 144,056 | | 9,331,948 |
SS&C Technologies Holdings, Inc. (a) | 184,358 | | 7,175,213 |
The Rubicon Project, Inc. | 95,318 | | 1,369,720 |
TOTAL UNITED STATES OF AMERICA | | 73,966,585 |
TOTAL COMMON STOCKS (Cost $472,838,274) |
632,433,084
|
Nonconvertible Preferred Stocks - 0.8% |
| Shares | | Value |
Germany - 0.8% |
Sartorius AG (non-vtg.)
(Cost $4,783,085) | 42,479 | | $ 5,527,938 |
Money Market Funds - 8.7% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 38,268,974 | | 38,268,974 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 20,738,700 | | 20,738,700 |
TOTAL MONEY MARKET FUNDS (Cost $59,007,674) |
59,007,674
|
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $536,629,033) | | 696,968,696 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% | | (15,395,876) |
NET ASSETS - 100% | $ 681,572,820 |
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 | $ 10,244 |
Fidelity Securities Lending Cash Central Fund | 104,572 |
Total | $ 114,816 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 133,152,758 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $19,809,392) - See accompanying schedule: Unaffiliated issuers (cost $477,621,359) | $ 637,961,022 | |
Fidelity Central Funds (cost $59,007,674) | 59,007,674 | |
Total Investments (cost $536,629,033) | | $ 696,968,696 |
Foreign currency held at value (cost $25,116) | | 25,186 |
Receivable for investments sold | | 2,410,991 |
Receivable for fund shares sold | | 901,510 |
Dividends receivable | | 3,483,931 |
Distributions receivable from Fidelity Central Funds | | 59,266 |
Prepaid expenses | | 454 |
Other receivables | | 4,512 |
Total assets | | 703,854,546 |
| | |
Liabilities | | |
Payable for investments purchased | $ 455,089 | |
Payable for fund shares redeemed | 299,267 | |
Accrued management fee | 542,779 | |
Distribution and service plan fees payable | 17,883 | |
Other affiliated payables | 153,192 | |
Other payables and accrued expenses | 74,816 | |
Collateral on securities loaned, at value | 20,738,700 | |
Total liabilities | | 22,281,726 |
| | |
Net Assets | | $ 681,572,820 |
Net Assets consist of: | | |
Paid in capital | | $ 821,023,161 |
Undistributed net investment income | | 1,660,619 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (301,466,773) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 160,355,813 |
Net Assets | | $ 681,572,820 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($25,349,384 ÷ 1,772,225 shares) | | $ 14.30 |
| | |
Maximum offering price per share (100/94.25 of $14.30) | | $ 15.17 |
Class T:
Net Asset Value and redemption price per share ($10,213,720 ÷ 719,797 shares) | | $ 14.19 |
| | |
Maximum offering price per share (100/96.50 of $14.19) | | $ 14.70 |
Class B:
Net Asset Value and offering price per share ($1,026,184 ÷ 73,299 shares)A | | $ 14.00 |
| | |
Class C:
Net Asset Value and offering price per share ($8,870,677 ÷ 637,715 shares)A | | $ 13.91 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($619,917,422 ÷ 42,956,378 shares) | | $ 14.43 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($16,195,433 ÷ 1,121,075 shares) | | $ 14.45 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 6,188,826 |
Income from Fidelity Central Funds | | 114,816 |
Income before foreign taxes withheld | | 6,303,642 |
Less foreign taxes withheld | | (531,335) |
Total income | | 5,772,307 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,601,055 | |
Performance adjustment | 397,182 | |
Transfer agent fees | 714,287 | |
Distribution and service plan fees | 104,023 | |
Accounting and security lending fees | 153,442 | |
Custodian fees and expenses | 73,652 | |
Independent trustees' compensation | 1,159 | |
Registration fees | 42,653 | |
Audit | 39,093 | |
Legal | 1,231 | |
Miscellaneous | 2,214 | |
Total expenses before reductions | 4,129,991 | |
Expense reductions | (3,436) | 4,126,555 |
Net investment income (loss) | | 1,645,752 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 14,276,115 | |
Foreign currency transactions | (64,506) | |
Total net realized gain (loss) | | 14,211,609 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 17,883,374 | |
Assets and liabilities in foreign currencies | 20,588 | |
Total change in net unrealized appreciation (depreciation) | | 17,903,962 |
Net gain (loss) | | 32,115,571 |
Net increase (decrease) in net assets resulting from operations | | $ 33,761,323 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,645,752 | $ 3,604,267 |
Net realized gain (loss) | 14,211,609 | 37,116,732 |
Change in net unrealized appreciation (depreciation) | 17,903,962 | 71,945,657 |
Net increase (decrease) in net assets resulting
from operations | 33,761,323 | 112,666,656 |
Distributions to shareholders from net investment income | (3,580,601) | (3,311,096) |
Distributions to shareholders from net realized gain | (3,233,620) | (171,255) |
Total distributions | (6,814,221) | (3,482,351) |
Share transactions - net increase (decrease) | 89,633,944 | 81,271,586 |
Redemption fees | 33,822 | 56,441 |
Total increase (decrease) in net assets | 116,614,868 | 190,512,332 |
| | |
Net Assets | | |
Beginning of period | 564,957,952 | 374,445,620 |
End of period (including undistributed net investment income of $1,660,619 and undistributed net investment income of $3,595,468, respectively) | $ 681,572,820 | $ 564,957,952 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.68 | $ 10.78 | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .02 | .07 | .08 | .15 H | .06 | .06 |
Net realized and unrealized gain (loss) | .73 | 2.91 | 1.07 | (.07) | 1.85 | 1.77 |
Total from investment operations | .75 | 2.98 | 1.15 | .08 | 1.91 | 1.83 |
Distributions from net investment income | (.06) | (.08) | (.11) | (.11) | (.07) | - |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.13) L | (.08) K | (.12) | (.15) | (.16) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.30 | $ 13.68 | $ 10.78 | $ 9.75 | $ 9.82 | $ 8.07 |
Total Return B, C, D | 5.57% | 27.85% | 12.00% | .81% | 24.05% | 29.33% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.63% A | 1.70% | 1.75% | 1.34% | 1.16% | .94% |
Expenses net of fee waivers, if any | 1.63% A | 1.65% | 1.65% | 1.33% | 1.16% | .94% |
Expenses net of all reductions | 1.63% A | 1.64% | 1.64% | 1.32% | 1.15% | .89% |
Net investment income (loss) | .25% A | .59% | .85% | 1.44% H | .74% | 1.00% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 25,349 | $ 22,052 | $ 18,194 | $ 18,686 | $ 20,228 | $ 18,883 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%. 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 $.077 and distributions from net realized gain of $.005 per share. L Total distributions of $.13 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.079 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.56 | $ 10.69 | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - J | .04 | .06 | .12 H | .04 | .05 |
Net realized and unrealized gain (loss) | .73 | 2.89 | 1.06 | (.06) | 1.83 | 1.75 |
Total from investment operations | .73 | 2.93 | 1.12 | .06 | 1.87 | 1.80 |
Distributions from net investment income | (.02) | (.05) | (.08) | (.08) | (.06) | - |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.10) | (.06) | (.09) | (.12) | (.15) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.19 | $ 13.56 | $ 10.69 | $ 9.66 | $ 9.72 | $ 8.00 |
Total Return B, C, D | 5.45% | 27.53% | 11.72% | .60% | 23.65% | 29.03% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.89% A | 1.96% | 2.02% | 1.60% | 1.43% | 1.20% |
Expenses net of fee waivers, if any | 1.89% A | 1.90% | 1.90% | 1.60% | 1.43% | 1.20% |
Expenses net of all reductions | 1.89% A | 1.89% | 1.89% | 1.59% | 1.41% | 1.15% |
Net investment income (loss) | (.01)% A | .34% | .60% | 1.17% H | .48% | .74% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 10,214 | $ 9,634 | $ 8,169 | $ 8,701 | $ 11,202 | $ 11,915 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .54%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.31 | $ 10.50 | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.03) | (.02) | .01 | .07 H | - J | .02 |
Net realized and unrealized gain (loss) | .72 | 2.84 | 1.05 | (.06) | 1.79 | 1.73 |
Total from investment operations | .69 | 2.82 | 1.06 | .01 | 1.79 | 1.75 |
Distributions from net investment income | - | - J | (.03) | (.06) | (.03) | - |
Distributions from net realized gain | - | (.01) | (.01) | (.02) | (.09) | - |
Total distributions | - | (.01) | (.04) | (.07) K | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 14.00 | $ 13.31 | $ 10.50 | $ 9.48 | $ 9.54 | $ 7.87 |
Total Return B, C, D | 5.18% | 26.86% | 11.21% | .10% | 23.03% | 28.59% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.39% A | 2.46% | 2.50% | 2.09% | 1.91% | 1.69% |
Expenses net of fee waivers, if any | 2.39% A | 2.40% | 2.40% | 2.09% | 1.91% | 1.69% |
Expenses net of all reductions | 2.39% A | 2.39% | 2.39% | 2.07% | 1.90% | 1.64% |
Net investment income (loss) | (.50)% A | (.16)% | .10% | .68% H | (.01)% | .25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,026 | $ 1,410 | $ 1,966 | $ 2,293 | $ 2,902 | $ 2,799 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%. 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 $.07 per share is comprised of distributions from net investment income of $.058 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 C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.28 | $ 10.48 | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.03) | (.02) | .01 | .07 H | - J | .02 |
Net realized and unrealized gain (loss) | .71 | 2.84 | 1.04 | (.06) | 1.79 | 1.73 |
Total from investment operations | .68 | 2.82 | 1.05 | .01 | 1.79 | 1.75 |
Distributions from net investment income | - | (.01) | (.03) | (.06) | (.03) | - |
Distributions from net realized gain | (.05) | (.01) | (.01) | (.02) | (.09) | - |
Total distributions | (.05) | (.02) | (.04) | (.07) K | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - | - |
Net asset value, end of period | $ 13.91 | $ 13.28 | $ 10.48 | $ 9.47 | $ 9.53 | $ 7.86 |
Total Return B, C, D | 5.18% | 26.91% | 11.13% | .10% | 23.06% | 28.64% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.39% A | 2.45% | 2.50% | 2.09% | 1.91% | 1.68% |
Expenses net of fee waivers, if any | 2.39% A | 2.40% | 2.40% | 2.09% | 1.91% | 1.68% |
Expenses net of all reductions | 2.39% A | 2.39% | 2.39% | 2.07% | 1.90% | 1.63% |
Net investment income (loss) | (.50)% A | (.16)% | .10% | .68% H | (.01)% | .26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 8,871 | $ 8,070 | $ 6,608 | $ 6,900 | $ 8,936 | $ 8,543 |
Portfolio turnover rate G | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%. 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 $.07 per share is comprised of distributions from net investment income of $.058 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 - International Small Cap Opportunities
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.82 | $ 10.88 | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .10 | .11 | .17 G | .09 | .08 |
Net realized and unrealized gain (loss) | .74 | 2.95 | 1.07 | (.06) | 1.87 | 1.78 |
Total from investment operations | .78 | 3.05 | 1.18 | .11 | 1.96 | 1.86 |
Distributions from net investment income | (.09) | (.10) | (.14) | (.14) | (.09) | - I |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.17) | (.11) | (.15) | (.18) | (.18) | - I |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 14.43 | $ 13.82 | $ 10.88 | $ 9.85 | $ 9.92 | $ 8.14 |
Total Return B, C | 5.72% | 28.24% | 12.21% | 1.10% | 24.43% | 29.68% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.31% A | 1.39% | 1.47% | 1.08% | .91% | .68% |
Expenses net of fee waivers, if any | 1.31% A | 1.39% | 1.40% | 1.08% | .91% | .68% |
Expenses net of all reductions | 1.31% A | 1.38% | 1.39% | 1.06% | .89% | .64% |
Net investment income (loss) | .58% A | .85% | 1.10% | 1.69% G | 1.00% | 1.25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 619,917 | $ 518,121 | $ 334,918 | $ 328,262 | $ 398,331 | $ 329,128 |
Portfolio turnover rate F | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.83 | $ 10.90 | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .04 | .11 | .11 | .18 G | .09 | .08 |
Net realized and unrealized gain (loss) | .75 | 2.93 | 1.08 | (.06) | 1.86 | 1.79 |
Total from investment operations | .79 | 3.04 | 1.19 | .12 | 1.95 | 1.87 |
Distributions from net investment income | (.09) | (.10) | (.14) | (.15) | (.07) | - I |
Distributions from net realized gain | (.08) | (.01) | (.01) | (.04) | (.09) | - |
Total distributions | (.17) | (.11) | (.15) | (.19) | (.16) | - I |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 14.45 | $ 13.83 | $ 10.90 | $ 9.86 | $ 9.93 | $ 8.14 |
Total Return B, C | 5.80% | 28.11% | 12.32% | 1.13% | 24.33% | 29.87% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.35% A | 1.38% | 1.44% | 1.03% | .90% | .68% |
Expenses net of fee waivers, if any | 1.35% A | 1.37% | 1.40% | 1.03% | .90% | .68% |
Expenses net of all reductions | 1.35% A | 1.37% | 1.39% | 1.02% | .88% | .64% |
Net investment income (loss) | .54% A | .87% | 1.10% | 1.74% G | 1.01% | 1.25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 16,195 | $ 5,670 | $ 4,591 | $ 1,395 | $ 2,418 | $ 2,022 |
Portfolio turnover rate F | 21% A | 31% | 28% | 24% | 49% | 174% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Small Cap Opportunities 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
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. 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 from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. 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 and distributions from the Fidelity Central Funds are accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. 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.
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 | $ 167,876,322 |
Gross unrealized depreciation | (12,173,054) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 155,703,268 |
| |
Tax cost | $ 541,265,428 |
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 | $ (310,053,876) |
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 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $115,049,300 and $60,999,842, 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 .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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .98% 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, except for the Institutional Class. 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% | $ 29,534 | $ 683 |
Class T | .25% | .25% | 24,730 | 269 |
Class B | .75% | .25% | 6,060 | 4,574 |
Class C | .75% | .25% | 43,699 | 7,050 |
| | | $ 104,023 | $ 12,576 |
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
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 | $ 4,489 |
Class T | 964 |
Class B* | 111 |
Class C* | 128 |
| $ 5,692 |
* 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 class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 35,630 | .30 |
Class T | 15,407 | .31 |
Class B | 1,844 | .30 |
Class C | 13,269 | .30 |
International Small Cap Opportunities | 634,841 | .23 |
Institutional Class | 13,296 | .27 |
| $ 714,287 | |
* 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 $411 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $547 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $104,572. 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 $41 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 $11.
Semiannual Report
8. Expense Reductions - continued
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $3,384.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 88,584 | $ 127,604 |
Class T | 17,038 | 40,329 |
Class B | - | 540 |
Class C | - | 6,860 |
International Small Cap Opportunities | 3,435,414 | 3,098,688 |
Institutional Class | 39,565 | 37,075 |
Total | $ 3,580,601 | $ 3,311,096 |
From net realized gain | | |
Class A | $ 127,238 | $ 8,286 |
Class T | 56,084 | 3,734 |
Class B | - | 900 |
Class C | 33,933 | 3,118 |
International Small Cap Opportunities | 2,982,391 | 153,400 |
Institutional Class | 33,974 | 1,817 |
Total | $ 3,233,620 | $ 171,255 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Class A | | | | |
Shares sold | 297,654 | 373,515 | $ 4,139,866 | $ 4,517,568 |
Reinvestment of distributions | 14,226 | 10,878 | 191,200 | 119,442 |
Shares redeemed | (151,323) | (460,010) | (2,095,590) | (5,504,745) |
Net increase (decrease) | 160,557 | (75,617) | $ 2,235,476 | $ (867,735) |
Class T | | | | |
Shares sold | 49,293 | 94,833 | $ 684,993 | $ 1,133,727 |
Reinvestment of distributions | 5,309 | 3,872 | 70,882 | 42,245 |
Shares redeemed | (45,256) | (152,245) | (627,426) | (1,813,542) |
Net increase (decrease) | 9,346 | (53,540) | $ 128,449 | $ (637,570) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Class B | | | | |
Shares sold | 1,215 | 2,465 | $ 16,790 | $ 28,055 |
Reinvestment of distributions | - | 123 | - | 1,326 |
Shares redeemed | (33,871) | (83,897) | (461,046) | (970,172) |
Net increase (decrease) | (32,656) | (81,309) | $ (444,256) | $ (940,791) |
Class C | | | | |
Shares sold | 111,963 | 106,942 | $ 1,505,232 | $ 1,277,851 |
Reinvestment of distributions | 2,336 | 870 | 30,621 | 9,335 |
Shares redeemed | (84,342) | (130,535) | (1,153,989) | (1,517,604) |
Net increase (decrease) | 29,957 | (22,723) | $ 381,864 | $ (230,418) |
International Small Cap Opportunities | | | | |
Shares sold | 8,592,519 | 13,306,080 | $ 121,260,191 | $ 163,920,015 |
Reinvestment of distributions | 360,554 | 279,367 | 4,881,895 | 3,092,593 |
Shares redeemed | (3,493,594) | (6,858,430) | (48,943,172) | (83,019,406) |
Net increase (decrease) | 5,459,479 | 6,727,017 | $ 77,198,914 | $ 83,993,202 |
Institutional Class | | | | |
Shares sold | 787,446 | 107,232 | $ 11,201,485 | $ 1,308,852 |
Reinvestment of distributions | 4,980 | 3,187 | 67,530 | 35,307 |
Shares redeemed | (81,199) | (121,854) | (1,135,518) | (1,389,261) |
Net increase (decrease) | 711,227 | (11,435) | $ 10,133,497 | $ (45,102) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AILSI-USAN-0614
1.815084.108
Fidelity®
International Value
Fund
Semiannual Report
April 30, 2014
(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 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.31% | | | |
Actual | | $ 1,000.00 | $ 1,037.10 | $ 6.62 |
HypotheticalA | | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
Class T | 1.58% | | | |
Actual | | $ 1,000.00 | $ 1,035.90 | $ 7.98 |
HypotheticalA | | $ 1,000.00 | $ 1,016.96 | $ 7.90 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.39 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.39 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
International Value | .95% | | | |
Actual | | $ 1,000.00 | $ 1,039.10 | $ 4.80 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
Institutional Class | .96% | | | |
Actual | | $ 1,000.00 | $ 1,039.50 | $ 4.85 |
HypotheticalA | | $ 1,000.00 | $ 1,020.03 | $ 4.81 |
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, 2014 |
 | United Kingdom 24.4% | |
 | France 17.9% | |
 | Japan 15.4% | |
 | Switzerland 7.7% | |
 | Germany 7.5% | |
 | United States of America* 6.3% | |
 | Australia 5.4% | |
 | Sweden 2.1% | |
 | Netherlands 1.9% | |
 | Other 11.4% | |
* 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, 2013 |
| United Kingdom 24.7% | |
| Japan 19.0% | |
| France 15.6% | |
| Germany 9.1% | |
| Australia 6.8% | |
| Switzerland 5.7% | |
| Netherlands 3.2% | |
| Spain 3.1% | |
| United States of America* 2.6% | |
| Other 10.2% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 95.5 | 98.2 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.5 | 1.8 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Total SA (France, Oil, Gas & Consumable Fuels) | 4.8 | 3.6 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 2.4 | 0.0 |
Sanofi SA (France, Pharmaceuticals) | 2.4 | 3.4 |
Novartis AG (Switzerland, Pharmaceuticals) | 2.3 | 1.9 |
Westpac Banking Corp. (Australia, Banks) | 2.3 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Banks) | 2.2 | 3.7 |
Nestle SA (Switzerland, Food Products) | 2.1 | 0.0 |
BASF AG (Germany, Chemicals) | 2.1 | 1.9 |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.0 | 0.0 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 2.0 | 3.4 |
| 24.6 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.8 | 31.7 |
Health Care | 15.6 | 10.7 |
Consumer Discretionary | 10.4 | 10.2 |
Industrials | 9.4 | 9.2 |
Telecommunication Services | 8.4 | 10.2 |
Consumer Staples | 8.3 | 6.3 |
Energy | 6.6 | 6.9 |
Materials | 6.0 | 7.1 |
Information Technology | 4.0 | 3.3 |
Utilities | 3.0 | 2.6 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.1% |
| Shares | | Value |
Australia - 5.4% |
Ansell Ltd. | 52,575 | | $ 883,555 |
Australia & New Zealand Banking Group Ltd. | 111,668 | | 3,575,903 |
Telstra Corp. Ltd. | 222,473 | | 1,078,856 |
Transurban Group unit | 146,959 | | 992,536 |
Westpac Banking Corp. | 141,572 | | 4,637,122 |
TOTAL AUSTRALIA | | 11,167,972 |
Bailiwick of Guernsey - 0.2% |
Resolution Ltd. | 78,301 | | 394,363 |
Bailiwick of Jersey - 1.7% |
Informa PLC | 142,595 | | 1,161,173 |
Shire PLC | 18,600 | | 1,063,771 |
Wolseley PLC | 22,088 | | 1,275,807 |
TOTAL BAILIWICK OF JERSEY | | 3,500,751 |
Belgium - 1.8% |
Anheuser-Busch InBev SA NV | 12,470 | | 1,359,179 |
KBC Groupe SA | 23,197 | | 1,413,127 |
UCB SA (d) | 12,200 | | 1,000,138 |
TOTAL BELGIUM | | 3,772,444 |
Bermuda - 0.4% |
Hongkong Land Holdings Ltd. | 132,000 | | 924,000 |
Canada - 0.4% |
Potash Corp. of Saskatchewan, Inc. | 22,500 | | 813,330 |
Denmark - 1.2% |
A.P. Moller - Maersk A/S Series B | 650 | | 1,548,885 |
Vestas Wind Systems A/S (a) | 19,200 | | 852,223 |
TOTAL DENMARK | | 2,401,108 |
Finland - 1.0% |
Sampo Oyj (A Shares) | 41,934 | | 2,082,160 |
France - 17.9% |
Arkema SA | 12,700 | | 1,416,067 |
Atos Origin SA | 18,582 | | 1,604,273 |
AXA SA (d) | 118,521 | | 3,087,175 |
BNP Paribas SA | 45,647 | | 3,426,698 |
Cap Gemini SA | 19,893 | | 1,405,042 |
Carrefour SA | 35,898 | | 1,395,981 |
GDF Suez (d) | 95,378 | | 2,404,965 |
Havas SA | 132,866 | | 1,056,220 |
Orange SA | 103,900 | | 1,683,314 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Renault SA | 15,045 | | $ 1,464,219 |
Sanofi SA | 46,402 | | 5,007,699 |
Schneider Electric SA | 10,905 | | 1,021,967 |
Total SA (a) | 137,663 | | 9,848,988 |
Vivendi SA | 75,171 | | 2,016,939 |
TOTAL FRANCE | | 36,839,547 |
Germany - 6.1% |
BASF AG (d) | 37,105 | | 4,294,778 |
Bayer AG | 11,903 | | 1,651,363 |
Continental AG | 5,966 | | 1,397,560 |
Deutsche Lufthansa AG | 40,300 | | 1,010,857 |
Deutsche Post AG | 28,042 | | 1,055,662 |
Fresenius SE & Co. KGaA | 9,000 | | 1,367,858 |
Siemens AG | 13,491 | | 1,779,738 |
TOTAL GERMANY | | 12,557,816 |
Ireland - 0.5% |
Actavis PLC (a) | 4,900 | | 1,001,217 |
Israel - 0.9% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 39,699 | | 1,939,693 |
Italy - 0.5% |
Telecom Italia SpA | 174,078 | | 223,695 |
Unione di Banche Italiane ScpA | 92,479 | | 880,143 |
TOTAL ITALY | | 1,103,838 |
Japan - 15.4% |
AEON Mall Co. Ltd. | 29,500 | | 702,333 |
Astellas Pharma, Inc. | 115,500 | | 1,284,526 |
DENSO Corp. | 35,900 | | 1,633,558 |
Dentsu, Inc. | 27,000 | | 1,109,209 |
East Japan Railway Co. | 17,500 | | 1,275,762 |
Hitachi Ltd. | 203,000 | | 1,443,547 |
Hoya Corp. | 57,300 | | 1,689,267 |
Itochu Corp. | 207,300 | | 2,319,667 |
Japan Tobacco, Inc. | 71,200 | | 2,337,235 |
KDDI Corp. | 28,300 | | 1,506,418 |
Mitsubishi Electric Corp. | 105,000 | | 1,194,454 |
Mitsubishi UFJ Financial Group, Inc. | 504,600 | | 2,684,219 |
Mizuho Financial Group, Inc. | 1,114,600 | | 2,183,065 |
Nippon Telegraph & Telephone Corp. | 39,600 | | 2,197,514 |
OMRON Corp. | 26,000 | | 918,081 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
ORIX Corp. | 103,100 | | $ 1,489,497 |
Seven & i Holdings Co., Ltd. | 41,900 | | 1,652,065 |
Seven Bank Ltd. | 217,600 | | 823,702 |
SoftBank Corp. | 14,700 | | 1,091,339 |
Sony Financial Holdings, Inc. | 66,000 | | 1,057,446 |
Sumitomo Mitsui Trust Holdings, Inc. | 297,000 | | 1,223,848 |
TOTAL JAPAN | | 31,816,752 |
Korea (South) - 0.7% |
Hyundai Motor Co. | 6,461 | | 1,438,418 |
Luxembourg - 0.4% |
RTL Group SA | 8,039 | | 892,567 |
Netherlands - 1.9% |
ING Groep NV (Certificaten Van Aandelen) (a) | 133,690 | | 1,911,081 |
Koninklijke Philips Electronics NV | 26,073 | | 834,680 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 25,931 | | 1,111,952 |
TOTAL NETHERLANDS | | 3,857,713 |
Singapore - 0.7% |
Singapore Telecommunications Ltd. | 470,000 | | 1,435,830 |
Spain - 1.0% |
Amadeus IT Holding SA Class A | 27,762 | | 1,153,735 |
International Consolidated Airlines Group SA CDI (a) | 143,364 | | 978,147 |
TOTAL SPAIN | | 2,131,882 |
Sweden - 2.1% |
Nordea Bank AB | 198,000 | | 2,860,893 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 48,665 | | 1,362,907 |
TOTAL SWEDEN | | 4,223,800 |
Switzerland - 7.7% |
Nestle SA | 56,048 | | 4,331,630 |
Novartis AG | 53,460 | | 4,647,415 |
Roche Holding AG (participation certificate) | 4,020 | | 1,179,252 |
Swiss Re Ltd. | 25,870 | | 2,258,959 |
Syngenta AG (Switzerland) | 3,239 | | 1,282,617 |
UBS AG (NY Shares) | 99,758 | | 2,085,940 |
TOTAL SWITZERLAND | | 15,785,813 |
United Kingdom - 24.4% |
AstraZeneca PLC (United Kingdom) | 51,715 | | 4,082,108 |
BAE Systems PLC | 249,429 | | 1,684,544 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Barclays PLC | 581,628 | | $ 2,483,580 |
BHP Billiton PLC | 107,488 | | 3,489,532 |
BT Group PLC | 182,378 | | 1,138,522 |
Bunzl PLC | 61,714 | | 1,751,567 |
Compass Group PLC | 116,886 | | 1,859,040 |
GlaxoSmithKline PLC | 182,339 | | 5,038,129 |
HSBC Holdings PLC sponsored ADR (d) | 86,842 | | 4,456,731 |
Imperial Tobacco Group PLC | 78,867 | | 3,404,877 |
ITV PLC | 489,596 | | 1,504,474 |
Jazztel PLC (a) | 16,000 | | 245,505 |
Kingfisher PLC | 293,862 | | 2,074,431 |
National Grid PLC | 261,581 | | 3,717,920 |
Next PLC | 9,500 | | 1,045,795 |
Prudential PLC | 67,230 | | 1,545,560 |
Reed Elsevier PLC | 147,211 | | 2,167,365 |
Royal Dutch Shell PLC Class A sponsored ADR | 45,979 | | 3,620,386 |
Standard Chartered PLC (United Kingdom) | 45,356 | | 981,361 |
Vodafone Group PLC sponsored ADR | 106,858 | | 4,056,330 |
TOTAL UNITED KINGDOM | | 50,347,757 |
United States of America - 1.8% |
AbbVie, Inc. | 19,942 | | 1,038,579 |
Cabot Corp. | 16,856 | | 974,277 |
ResMed, Inc. CDI (d) | 185,666 | | 934,862 |
T-Mobile U.S., Inc. (a) | 24,300 | | 711,747 |
TOTAL UNITED STATES OF AMERICA | | 3,659,465 |
TOTAL COMMON STOCKS (Cost $176,858,155) |
194,088,236
|
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.4% |
Volkswagen AG
(Cost $2,275,707) | 10,531 | |
2,835,837
|
Money Market Funds - 12.1% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.11% (b) | 8,399,987 | | $ 8,399,987 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 16,577,190 | | 16,577,190 |
TOTAL MONEY MARKET FUNDS (Cost $24,977,177) |
24,977,177
|
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $204,111,039) | | 221,901,250 |
NET OTHER ASSETS (LIABILITIES) - (7.6)% | | (15,671,424) |
NET ASSETS - 100% | $ 206,229,826 |
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 | $ 1,682 |
Fidelity Securities Lending Cash Central Fund | 73,924 |
Total | $ 75,606 |
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, 2014, 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 | $ 21,639,866 | $ 21,639,866 | $ - | $ - |
Consumer Staples | 16,955,826 | 10,153,065 | 6,802,761 | - |
Energy | 13,469,374 | 3,620,386 | 9,848,988 | - |
Financials | 49,168,906 | 32,500,431 | 16,668,475 | - |
Health Care | 32,120,165 | 11,101,791 | 21,018,374 | - |
Industrials | 19,576,496 | 15,969,542 | 2,614,418 | 992,536 |
Information Technology | 8,213,945 | 8,213,945 | - | - |
Materials | 12,270,601 | 7,498,452 | 4,772,149 | - |
Telecommunication Services | 17,386,009 | 12,142,964 | 5,243,045 | - |
Utilities | 6,122,885 | 2,404,965 | 3,717,920 | - |
Money Market Funds | 24,977,177 | 24,977,177 | - | - |
Total Investments in Securities: | $ 221,901,250 | $ 150,222,584 | $ 70,686,130 | $ 992,536 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 5,921,132 |
Level 2 to Level 1 | $ 16,391,628 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $15,791,219) - See accompanying schedule: Unaffiliated issuers (cost $179,133,862) | $ 196,924,073 | |
Fidelity Central Funds (cost $24,977,177) | 24,977,177 | |
Total Investments (cost $204,111,039) | | $ 221,901,250 |
Cash | | 105,395 |
Foreign currency held at value (cost $44,056) | | 44,056 |
Receivable for investments sold | | 1,407,852 |
Receivable for fund shares sold | | 169,655 |
Dividends receivable | | 1,116,323 |
Distributions receivable from Fidelity Central Funds | | 25,427 |
Prepaid expenses | | 168 |
Other receivables | | 6,042 |
Total assets | | 224,776,168 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,670,916 | |
Payable for fund shares redeemed | 92,202 | |
Accrued management fee | 93,921 | |
Distribution and service plan fees payable | 6,522 | |
Other affiliated payables | 42,093 | |
Other payables and accrued expenses | 63,498 | |
Collateral on securities loaned, at value | 16,577,190 | |
Total liabilities | | 18,546,342 |
| | |
Net Assets | | $ 206,229,826 |
Net Assets consist of: | | |
Paid in capital | | $ 290,373,839 |
Undistributed net investment income | | 4,891,902 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (106,836,908) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 17,800,993 |
Net Assets | | $ 206,229,826 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,922,426 ÷ 760,596 shares) | | $ 9.10 |
| | |
Maximum offering price per share (100/94.25 of $9.10) | | $ 9.66 |
Class T:
Net Asset Value and redemption price per share ($3,902,243 ÷ 429,255 shares) | | $ 9.09 |
| | |
Maximum offering price per share (100/96.50 of $9.09) | | $ 9.42 |
Class B:
Net Asset Value and offering price per share ($618,028 ÷ 67,407 shares)A | | $ 9.17 |
| | |
Class C:
Net Asset Value and offering price per share ($3,671,658 ÷ 403,433 shares)A | | $ 9.10 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($190,640,079 ÷ 20,946,808 shares) | | $ 9.10 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($475,392 ÷ 52,142 shares) | | $ 9.12 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 3,356,097 |
Special dividends | | 3,142,692 |
Interest | | 1,834 |
Income from Fidelity Central Funds | | 75,606 |
Income before foreign taxes withheld | | 6,576,229 |
Less foreign taxes withheld | | (228,440) |
Total income | | 6,347,789 |
| | |
Expenses | | |
Management fee
Basic fee | $ 688,239 | |
Performance adjustment | (117,795) | |
Transfer agent fees | 197,638 | |
Distribution and service plan fees | 37,837 | |
Accounting and security lending fees | 51,293 | |
Custodian fees and expenses | 58,735 | |
Independent trustees' compensation | 383 | |
Registration fees | 32,890 | |
Audit | 30,469 | |
Legal | 422 | |
Miscellaneous | 991 | |
Total expenses before reductions | 981,102 | |
Expense reductions | (4,853) | 976,249 |
Net investment income (loss) | | 5,371,540 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 9,486,233 | |
Foreign currency transactions | (19,196) | |
Total net realized gain (loss) | | 9,467,037 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (7,266,578) | |
Assets and liabilities in foreign currencies | 6,441 | |
Total change in net unrealized appreciation (depreciation) | | (7,260,137) |
Net gain (loss) | | 2,206,900 |
Net increase (decrease) in net assets resulting from operations | | $ 7,578,440 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,371,540 | $ 3,964,300 |
Net realized gain (loss) | 9,467,037 | 9,397,591 |
Change in net unrealized appreciation (depreciation) | (7,260,137) | 23,791,522 |
Net increase (decrease) in net assets resulting from operations | 7,578,440 | 37,153,413 |
Distributions to shareholders from net investment income | (4,160,313) | (4,120,600) |
Distributions to shareholders from net realized gain | (301,192) | (786,952) |
Total distributions | (4,461,505) | (4,907,552) |
Share transactions - net increase (decrease) | 7,446,767 | 23,938,130 |
Redemption fees | 853 | 3,144 |
Total increase (decrease) in net assets | 10,564,555 | 56,187,135 |
| | |
Net Assets | | |
Beginning of period | 195,665,271 | 139,478,136 |
End of period (including undistributed net investment income of $4,891,902 and undistributed net investment income of $3,680,675, respectively) | $ 206,229,826 | $ 195,665,271 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.96 | $ 7.39 | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .23 H | .17 | .20 | .22 | .15 | .12 |
Net realized and unrealized gain (loss) | .09 | 1.64 | .39 | (1.19) | .44 | 1.78 |
Total from investment operations | .32 | 1.81 | .59 | (.97) | .59 | 1.90 |
Distributions from net investment income | (.17) | (.20) | (.22) | (.19) | (.11) | (.08) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.18) | (.24) | (.22) | (.23) K | (.12) | (.08) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.96 | $ 7.39 | $ 7.02 | $ 8.22 | $ 7.75 |
Total Return B,C,D | 3.71% | 25.24% | 8.82% | (12.19)% | 7.60% | 32.71% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.31% A | 1.39% | 1.44% | 1.36% | 1.40% | 1.34% |
Expenses net of fee waivers, if any | 1.31% A | 1.39% | 1.44% | 1.36% | 1.40% | 1.34% |
Expenses net of all reductions | 1.31% A | 1.36% | 1.41% | 1.34% | 1.38% | 1.32% |
Net investment income (loss) | 5.15% A,H | 2.08% | 2.85% | 2.79% | 1.93% | 1.86% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,922 | $ 6,191 | $ 4,491 | $ 4,668 | $ 4,699 | $ 4,456 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.97%. 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 $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.94 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .22 H | .15 | .18 | .20 | .13 | .10 |
Net realized and unrealized gain (loss) | .09 | 1.64 | .40 | (1.19) | .44 | 1.77 |
Total from investment operations | .31 | 1.79 | .58 | (.99) | .57 | 1.87 |
Distributions from net investment income | (.15) | (.19) | (.20) | (.17) | (.09) | (.05) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.16) | (.23) | (.20) | (.21) K | (.10) | (.05) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.09 | $ 8.94 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 |
Total Return B,C,D | 3.59% | 24.86% | 8.60% | (12.42)% | 7.32% | 32.14% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.58% A | 1.66% | 1.71% | 1.63% | 1.67% | 1.60% |
Expenses net of fee waivers, if any | 1.58% A | 1.65% | 1.70% | 1.62% | 1.67% | 1.60% |
Expenses net of all reductions | 1.57% A | 1.63% | 1.67% | 1.60% | 1.65% | 1.59% |
Net investment income (loss) | 4.89% A,H | 1.81% | 2.58% | 2.52% | 1.65% | 1.59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,902 | $ 3,758 | $ 2,693 | $ 2,468 | $ 2,276 | $ 2,395 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%. 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 $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.98 | $ 7.39 | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .20 H | .11 | .14 | .17 | .09 | .07 |
Net realized and unrealized gain (loss) | .10 | 1.65 | .41 | (1.20) | .44 | 1.79 |
Total from investment operations | .30 | 1.76 | .55 | (1.03) | .53 | 1.86 |
Distributions from net investment income | (.09) | (.13) | (.16) | (.13) | (.06) | - |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.11) L | (.17) | (.16) | (.17) K | (.07) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.17 | $ 8.98 | $ 7.39 | $ 7.00 | $ 8.20 | $ 7.74 |
Total Return B,C,D | 3.36% | 24.30% | 8.07% | (12.88)% | 6.82% | 31.63% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of fee waivers, if any | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of all reductions | 2.06% A | 2.11% | 2.16% | 2.09% | 2.13% | 2.07% |
Net investment income (loss) | 4.40% A,H | 1.32% | 2.09% | 2.04% | 1.18% | 1.11% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 618 | $ 678 | $ 691 | $ 901 | $ 1,216 | $ 1,076 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.22%. 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 $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share. L Total 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.93 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .20 H | .11 | .14 | .16 | .09 | .07 |
Net realized and unrealized gain (loss) | .10 | 1.63 | .41 | (1.19) | .44 | 1.78 |
Total from investment operations | .30 | 1.74 | .55 | (1.03) | .53 | 1.85 |
Distributions from net investment income | (.11) | (.15) | (.17) | (.14) | (.05) | - |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.13) K | (.19) | (.17) | (.17) | (.06) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.93 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 |
Total Return B,C,D | 3.36% | 24.17% | 8.12% | (12.84)% | 6.84% | 31.46% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.06% A | 2.14% | 2.19% | 2.12% | 2.15% | 2.08% |
Expenses net of fee waivers, if any | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of all reductions | 2.06% A | 2.11% | 2.16% | 2.09% | 2.13% | 2.06% |
Net investment income (loss) | 4.40% A,H | 1.33% | 2.09% | 2.04% | 1.18% | 1.12% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,672 | $ 3,231 | $ 2,249 | $ 2,108 | $ 2,123 | $ 2,108 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.22%. 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 $.13 per share is comprised of distributions from net investment income of $.111 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 - International Value
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.97 | $ 7.40 | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 G | .19 | .22 | .25 | .17 | .13 |
Net realized and unrealized gain (loss) | .09 | 1.65 | .40 | (1.20) | .44 | 1.78 |
Total from investment operations | .34 | 1.84 | .62 | (.95) | .61 | 1.91 |
Distributions from net investment income | (.20) | (.22) | (.25) | (.22) | (.13) | (.11) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.21) | (.27) K | (.25) | (.25) | (.13) J | (.11) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.97 | $ 7.40 | $ 7.03 | $ 8.23 | $ 7.75 |
Total Return B,C | 3.91% | 25.57% | 9.19% | (11.91)% | 7.95% | 33.09% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | .95% A | 1.05% | 1.13% | 1.04% | 1.09% | 1.07% |
Expenses net of fee waivers, if any | .95% A | 1.05% | 1.13% | 1.03% | 1.09% | 1.07% |
Expenses net of all reductions | .95% A | 1.02% | 1.10% | 1.01% | 1.08% | 1.06% |
Net investment income (loss) | 5.51% A,G | 2.41% | 3.16% | 3.11% | 2.23% | 2.12% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 190,640 | $ 181,568 | $ 128,983 | $ 150,967 | $ 163,090 | $ 180,447 |
Portfolio turnover rate F | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.33%. 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 $.13 per share is comprised of distributions from net investment income of $.129 and distributions from net realized gain of $.005 per share. K Total distributions of $.27 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $.042 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.98 | $ 7.41 | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .24 G | .19 | .22 | .25 | .18 | .14 |
Net realized and unrealized gain (loss) | .11 | 1.65 | .40 | (1.19) | .44 | 1.78 |
Total from investment operations | .35 | 1.84 | .62 | (.94) | .62 | 1.92 |
Distributions from net investment income | (.19) | (.23) | (.25) | (.22) | (.14) | (.12) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.21) L | (.27) | (.25) | (.26) K | (.14) J | (.12) |
Redemption fees added to paid in capital D,I | - | - | - | - | - | - |
Net asset value, end of period | $ 9.12 | $ 8.98 | $ 7.41 | $ 7.04 | $ 8.24 | $ 7.76 |
Total Return B,C | 3.95% | 25.64% | 9.22% | (11.83)% | 8.05% | 33.06% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | .96% A | 1.07% | 1.10% | .98% | .98% | .93% |
Expenses net of fee waivers, if any | .96% A | 1.07% | 1.10% | .98% | .98% | .93% |
Expenses net of all reductions | .95% A | 1.04% | 1.07% | .96% | .97% | .92% |
Net investment income (loss) | 5.51% A,G | 2.39% | 3.18% | 3.17% | 2.34% | 2.26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 475 | $ 239 | $ 372 | $ 473 | $ 519 | $ 814 |
Portfolio turnover rate F | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.33%. 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 $.14 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.005 per share. K Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 per share. L Total distributions of $.21 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Value 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ 23,958,679 |
Gross unrealized depreciation | (7,140,909) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 16,817,770 |
| |
Tax cost | $ 205,083,480 |
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 | $ (14,771,177) |
2017 | (65,376,972) |
2018 | (3,571,319) |
2019 | (31,368,797) |
Total capital loss carryforward | $ (115,088,265) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities , other than short-term securities, aggregated $88,912,867 and $86,304,476, respectively.
Semiannual Report
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 relative investment performance of International Value as compared to its benchmark index,the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .58% 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% | $ 8,127 | $ 208 |
Class T | .25% | .25% | 9,598 | 72 |
Class B | .75% | .25% | 3,173 | 2,384 |
Class C | .75% | .25% | 16,939 | 3,332 |
| | | $ 37,837 | $ 5,996 |
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 2,869 |
Class T | 549 |
Class B* | 522 |
Class C* | 419 |
| $ 4,359 |
* 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 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
Average
Net Assets* |
Class A | $ 9,862 | .30 |
Class T | 6,109 | .32 |
Class B | 960 | .30 |
Class C | 5,137 | .30 |
International Value | 175,257 | .19 |
Institutional Class | 313 | .20 |
| $ 197,638 | |
* 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.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. 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 $164 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 $181 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $73,924. During the period, there were no securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $4,681 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $172.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 117,558 | $ 121,166 |
Class T | 63,542 | 67,016 |
Class B | 6,919 | 11,860 |
Class C | 40,539 | 47,865 |
International Value | 3,926,459 | 3,862,005 |
Institutional Class | 5,296 | 10,688 |
Total | $ 4,160,313 | $ 4,120,600 |
From net realized gain | | |
Class A | $ 9,681 | $ 25,318 |
Class T | 5,931 | 15,214 |
Class B | 1,042 | 3,861 |
Class C | 5,113 | 13,226 |
International Value | 279,037 | 727,373 |
Institutional Class | 388 | 1,960 |
Total | $ 301,192 | $ 786,952 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 138,203 | 221,312 | $ 1,229,991 | $ 1,773,149 |
Reinvestment of distributions | 12,904 | 17,344 | 112,525 | 128,001 |
Shares redeemed | (81,314) | (155,517) | (727,840) | (1,235,132) |
Net increase (decrease) | 69,793 | 83,139 | $ 614,676 | $ 666,018 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class T | | | | |
Shares sold | 38,562 | 91,084 | $ 341,783 | $ 741,140 |
Reinvestment of distributions | 7,900 | 11,018 | 68,890 | 81,425 |
Shares redeemed | (37,415) | (46,826) | (331,916) | (371,734) |
Net increase (decrease) | 9,047 | 55,276 | $ 78,757 | $ 450,831 |
Class B | | | | |
Shares sold | 383 | 6,334 | $ 3,405 | $ 51,789 |
Reinvestment of distributions | 756 | 1,746 | 6,662 | 13,011 |
Shares redeemed | (9,222) | (26,098) | (81,721) | (212,223) |
Net increase (decrease) | (8,083) | (18,018) | $ (71,654) | $ (147,423) |
Class C | | | | |
Shares sold | 62,156 | 93,011 | $ 553,592 | $ 748,735 |
Reinvestment of distributions | 4,784 | 7,487 | 41,812 | 55,475 |
Shares redeemed | (25,167) | (43,711) | (223,083) | (352,531) |
Net increase (decrease) | 41,773 | 56,787 | $ 372,321 | $ 451,679 |
International Value | | | | |
Shares sold | 2,487,876 | 6,308,136 | $ 22,114,054 | $ 51,241,221 |
Reinvestment of distributions | 470,965 | 602,705 | 4,097,400 | 4,441,937 |
Shares redeemed | (2,248,127) | (4,113,021) | (19,987,656) | (32,981,230) |
Net increase (decrease) | 710,714 | 2,797,820 | $ 6,223,798 | $ 22,701,928 |
Institutional Class | | | | |
Shares sold | 28,338 | 6,984 | $ 254,233 | $ 56,532 |
Reinvestment of distributions | 394 | 1,136 | 3,438 | 8,383 |
Shares redeemed | (3,246) | (31,601) | (28,802) | (249,818) |
Net increase (decrease) | 25,486 | (23,481) | $ 228,869 | $ (184,903) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Other - continued
At the end of the period, Strategic Advisers International II Fund and VIP FundsManager 60% Portfolio were the owners of record of approximately 32% and 13%, respectively, of the total outstanding shares of the Fund.
Mutual funds managed by the investment adviser or its affiliates were owners of record, in the aggregate, of approximately 51% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investment Advisors (U.K.) 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
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
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
FIV-USAN-0614
1.827484.107
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Value
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are classes of Fidelity® International Value 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 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.31% | | | |
Actual | | $ 1,000.00 | $ 1,037.10 | $ 6.62 |
HypotheticalA | | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
Class T | 1.58% | | | |
Actual | | $ 1,000.00 | $ 1,035.90 | $ 7.98 |
HypotheticalA | | $ 1,000.00 | $ 1,016.96 | $ 7.90 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.39 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.39 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
International Value | .95% | | | |
Actual | | $ 1,000.00 | $ 1,039.10 | $ 4.80 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
Institutional Class | .96% | | | |
Actual | | $ 1,000.00 | $ 1,039.50 | $ 4.85 |
HypotheticalA | | $ 1,000.00 | $ 1,020.03 | $ 4.81 |
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, 2014 |
 | United Kingdom 24.4% | |
 | France 17.9% | |
 | Japan 15.4% | |
 | Switzerland 7.7% | |
 | Germany 7.5% | |
 | United States of America* 6.3% | |
 | Australia 5.4% | |
 | Sweden 2.1% | |
 | Netherlands 1.9% | |
 | Other 11.4% | |
* 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, 2013 |
| United Kingdom 24.7% | |
| Japan 19.0% | |
| France 15.6% | |
| Germany 9.1% | |
| Australia 6.8% | |
| Switzerland 5.7% | |
| Netherlands 3.2% | |
| Spain 3.1% | |
| United States of America* 2.6% | |
| Other 10.2% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 95.5 | 98.2 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.5 | 1.8 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Total SA (France, Oil, Gas & Consumable Fuels) | 4.8 | 3.6 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 2.4 | 0.0 |
Sanofi SA (France, Pharmaceuticals) | 2.4 | 3.4 |
Novartis AG (Switzerland, Pharmaceuticals) | 2.3 | 1.9 |
Westpac Banking Corp. (Australia, Banks) | 2.3 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Banks) | 2.2 | 3.7 |
Nestle SA (Switzerland, Food Products) | 2.1 | 0.0 |
BASF AG (Germany, Chemicals) | 2.1 | 1.9 |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.0 | 0.0 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 2.0 | 3.4 |
| 24.6 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.8 | 31.7 |
Health Care | 15.6 | 10.7 |
Consumer Discretionary | 10.4 | 10.2 |
Industrials | 9.4 | 9.2 |
Telecommunication Services | 8.4 | 10.2 |
Consumer Staples | 8.3 | 6.3 |
Energy | 6.6 | 6.9 |
Materials | 6.0 | 7.1 |
Information Technology | 4.0 | 3.3 |
Utilities | 3.0 | 2.6 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.1% |
| Shares | | Value |
Australia - 5.4% |
Ansell Ltd. | 52,575 | | $ 883,555 |
Australia & New Zealand Banking Group Ltd. | 111,668 | | 3,575,903 |
Telstra Corp. Ltd. | 222,473 | | 1,078,856 |
Transurban Group unit | 146,959 | | 992,536 |
Westpac Banking Corp. | 141,572 | | 4,637,122 |
TOTAL AUSTRALIA | | 11,167,972 |
Bailiwick of Guernsey - 0.2% |
Resolution Ltd. | 78,301 | | 394,363 |
Bailiwick of Jersey - 1.7% |
Informa PLC | 142,595 | | 1,161,173 |
Shire PLC | 18,600 | | 1,063,771 |
Wolseley PLC | 22,088 | | 1,275,807 |
TOTAL BAILIWICK OF JERSEY | | 3,500,751 |
Belgium - 1.8% |
Anheuser-Busch InBev SA NV | 12,470 | | 1,359,179 |
KBC Groupe SA | 23,197 | | 1,413,127 |
UCB SA (d) | 12,200 | | 1,000,138 |
TOTAL BELGIUM | | 3,772,444 |
Bermuda - 0.4% |
Hongkong Land Holdings Ltd. | 132,000 | | 924,000 |
Canada - 0.4% |
Potash Corp. of Saskatchewan, Inc. | 22,500 | | 813,330 |
Denmark - 1.2% |
A.P. Moller - Maersk A/S Series B | 650 | | 1,548,885 |
Vestas Wind Systems A/S (a) | 19,200 | | 852,223 |
TOTAL DENMARK | | 2,401,108 |
Finland - 1.0% |
Sampo Oyj (A Shares) | 41,934 | | 2,082,160 |
France - 17.9% |
Arkema SA | 12,700 | | 1,416,067 |
Atos Origin SA | 18,582 | | 1,604,273 |
AXA SA (d) | 118,521 | | 3,087,175 |
BNP Paribas SA | 45,647 | | 3,426,698 |
Cap Gemini SA | 19,893 | | 1,405,042 |
Carrefour SA | 35,898 | | 1,395,981 |
GDF Suez (d) | 95,378 | | 2,404,965 |
Havas SA | 132,866 | | 1,056,220 |
Orange SA | 103,900 | | 1,683,314 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Renault SA | 15,045 | | $ 1,464,219 |
Sanofi SA | 46,402 | | 5,007,699 |
Schneider Electric SA | 10,905 | | 1,021,967 |
Total SA (a) | 137,663 | | 9,848,988 |
Vivendi SA | 75,171 | | 2,016,939 |
TOTAL FRANCE | | 36,839,547 |
Germany - 6.1% |
BASF AG (d) | 37,105 | | 4,294,778 |
Bayer AG | 11,903 | | 1,651,363 |
Continental AG | 5,966 | | 1,397,560 |
Deutsche Lufthansa AG | 40,300 | | 1,010,857 |
Deutsche Post AG | 28,042 | | 1,055,662 |
Fresenius SE & Co. KGaA | 9,000 | | 1,367,858 |
Siemens AG | 13,491 | | 1,779,738 |
TOTAL GERMANY | | 12,557,816 |
Ireland - 0.5% |
Actavis PLC (a) | 4,900 | | 1,001,217 |
Israel - 0.9% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 39,699 | | 1,939,693 |
Italy - 0.5% |
Telecom Italia SpA | 174,078 | | 223,695 |
Unione di Banche Italiane ScpA | 92,479 | | 880,143 |
TOTAL ITALY | | 1,103,838 |
Japan - 15.4% |
AEON Mall Co. Ltd. | 29,500 | | 702,333 |
Astellas Pharma, Inc. | 115,500 | | 1,284,526 |
DENSO Corp. | 35,900 | | 1,633,558 |
Dentsu, Inc. | 27,000 | | 1,109,209 |
East Japan Railway Co. | 17,500 | | 1,275,762 |
Hitachi Ltd. | 203,000 | | 1,443,547 |
Hoya Corp. | 57,300 | | 1,689,267 |
Itochu Corp. | 207,300 | | 2,319,667 |
Japan Tobacco, Inc. | 71,200 | | 2,337,235 |
KDDI Corp. | 28,300 | | 1,506,418 |
Mitsubishi Electric Corp. | 105,000 | | 1,194,454 |
Mitsubishi UFJ Financial Group, Inc. | 504,600 | | 2,684,219 |
Mizuho Financial Group, Inc. | 1,114,600 | | 2,183,065 |
Nippon Telegraph & Telephone Corp. | 39,600 | | 2,197,514 |
OMRON Corp. | 26,000 | | 918,081 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
ORIX Corp. | 103,100 | | $ 1,489,497 |
Seven & i Holdings Co., Ltd. | 41,900 | | 1,652,065 |
Seven Bank Ltd. | 217,600 | | 823,702 |
SoftBank Corp. | 14,700 | | 1,091,339 |
Sony Financial Holdings, Inc. | 66,000 | | 1,057,446 |
Sumitomo Mitsui Trust Holdings, Inc. | 297,000 | | 1,223,848 |
TOTAL JAPAN | | 31,816,752 |
Korea (South) - 0.7% |
Hyundai Motor Co. | 6,461 | | 1,438,418 |
Luxembourg - 0.4% |
RTL Group SA | 8,039 | | 892,567 |
Netherlands - 1.9% |
ING Groep NV (Certificaten Van Aandelen) (a) | 133,690 | | 1,911,081 |
Koninklijke Philips Electronics NV | 26,073 | | 834,680 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 25,931 | | 1,111,952 |
TOTAL NETHERLANDS | | 3,857,713 |
Singapore - 0.7% |
Singapore Telecommunications Ltd. | 470,000 | | 1,435,830 |
Spain - 1.0% |
Amadeus IT Holding SA Class A | 27,762 | | 1,153,735 |
International Consolidated Airlines Group SA CDI (a) | 143,364 | | 978,147 |
TOTAL SPAIN | | 2,131,882 |
Sweden - 2.1% |
Nordea Bank AB | 198,000 | | 2,860,893 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 48,665 | | 1,362,907 |
TOTAL SWEDEN | | 4,223,800 |
Switzerland - 7.7% |
Nestle SA | 56,048 | | 4,331,630 |
Novartis AG | 53,460 | | 4,647,415 |
Roche Holding AG (participation certificate) | 4,020 | | 1,179,252 |
Swiss Re Ltd. | 25,870 | | 2,258,959 |
Syngenta AG (Switzerland) | 3,239 | | 1,282,617 |
UBS AG (NY Shares) | 99,758 | | 2,085,940 |
TOTAL SWITZERLAND | | 15,785,813 |
United Kingdom - 24.4% |
AstraZeneca PLC (United Kingdom) | 51,715 | | 4,082,108 |
BAE Systems PLC | 249,429 | | 1,684,544 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Barclays PLC | 581,628 | | $ 2,483,580 |
BHP Billiton PLC | 107,488 | | 3,489,532 |
BT Group PLC | 182,378 | | 1,138,522 |
Bunzl PLC | 61,714 | | 1,751,567 |
Compass Group PLC | 116,886 | | 1,859,040 |
GlaxoSmithKline PLC | 182,339 | | 5,038,129 |
HSBC Holdings PLC sponsored ADR (d) | 86,842 | | 4,456,731 |
Imperial Tobacco Group PLC | 78,867 | | 3,404,877 |
ITV PLC | 489,596 | | 1,504,474 |
Jazztel PLC (a) | 16,000 | | 245,505 |
Kingfisher PLC | 293,862 | | 2,074,431 |
National Grid PLC | 261,581 | | 3,717,920 |
Next PLC | 9,500 | | 1,045,795 |
Prudential PLC | 67,230 | | 1,545,560 |
Reed Elsevier PLC | 147,211 | | 2,167,365 |
Royal Dutch Shell PLC Class A sponsored ADR | 45,979 | | 3,620,386 |
Standard Chartered PLC (United Kingdom) | 45,356 | | 981,361 |
Vodafone Group PLC sponsored ADR | 106,858 | | 4,056,330 |
TOTAL UNITED KINGDOM | | 50,347,757 |
United States of America - 1.8% |
AbbVie, Inc. | 19,942 | | 1,038,579 |
Cabot Corp. | 16,856 | | 974,277 |
ResMed, Inc. CDI (d) | 185,666 | | 934,862 |
T-Mobile U.S., Inc. (a) | 24,300 | | 711,747 |
TOTAL UNITED STATES OF AMERICA | | 3,659,465 |
TOTAL COMMON STOCKS (Cost $176,858,155) |
194,088,236
|
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.4% |
Volkswagen AG
(Cost $2,275,707) | 10,531 | |
2,835,837
|
Money Market Funds - 12.1% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.11% (b) | 8,399,987 | | $ 8,399,987 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 16,577,190 | | 16,577,190 |
TOTAL MONEY MARKET FUNDS (Cost $24,977,177) |
24,977,177
|
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $204,111,039) | | 221,901,250 |
NET OTHER ASSETS (LIABILITIES) - (7.6)% | | (15,671,424) |
NET ASSETS - 100% | $ 206,229,826 |
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 | $ 1,682 |
Fidelity Securities Lending Cash Central Fund | 73,924 |
Total | $ 75,606 |
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, 2014, 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 | $ 21,639,866 | $ 21,639,866 | $ - | $ - |
Consumer Staples | 16,955,826 | 10,153,065 | 6,802,761 | - |
Energy | 13,469,374 | 3,620,386 | 9,848,988 | - |
Financials | 49,168,906 | 32,500,431 | 16,668,475 | - |
Health Care | 32,120,165 | 11,101,791 | 21,018,374 | - |
Industrials | 19,576,496 | 15,969,542 | 2,614,418 | 992,536 |
Information Technology | 8,213,945 | 8,213,945 | - | - |
Materials | 12,270,601 | 7,498,452 | 4,772,149 | - |
Telecommunication Services | 17,386,009 | 12,142,964 | 5,243,045 | - |
Utilities | 6,122,885 | 2,404,965 | 3,717,920 | - |
Money Market Funds | 24,977,177 | 24,977,177 | - | - |
Total Investments in Securities: | $ 221,901,250 | $ 150,222,584 | $ 70,686,130 | $ 992,536 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 5,921,132 |
Level 2 to Level 1 | $ 16,391,628 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $15,791,219) - See accompanying schedule: Unaffiliated issuers (cost $179,133,862) | $ 196,924,073 | |
Fidelity Central Funds (cost $24,977,177) | 24,977,177 | |
Total Investments (cost $204,111,039) | | $ 221,901,250 |
Cash | | 105,395 |
Foreign currency held at value (cost $44,056) | | 44,056 |
Receivable for investments sold | | 1,407,852 |
Receivable for fund shares sold | | 169,655 |
Dividends receivable | | 1,116,323 |
Distributions receivable from Fidelity Central Funds | | 25,427 |
Prepaid expenses | | 168 |
Other receivables | | 6,042 |
Total assets | | 224,776,168 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,670,916 | |
Payable for fund shares redeemed | 92,202 | |
Accrued management fee | 93,921 | |
Distribution and service plan fees payable | 6,522 | |
Other affiliated payables | 42,093 | |
Other payables and accrued expenses | 63,498 | |
Collateral on securities loaned, at value | 16,577,190 | |
Total liabilities | | 18,546,342 |
| | |
Net Assets | | $ 206,229,826 |
Net Assets consist of: | | |
Paid in capital | | $ 290,373,839 |
Undistributed net investment income | | 4,891,902 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (106,836,908) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 17,800,993 |
Net Assets | | $ 206,229,826 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,922,426 ÷ 760,596 shares) | | $ 9.10 |
| | |
Maximum offering price per share (100/94.25 of $9.10) | | $ 9.66 |
Class T:
Net Asset Value and redemption price per share ($3,902,243 ÷ 429,255 shares) | | $ 9.09 |
| | |
Maximum offering price per share (100/96.50 of $9.09) | | $ 9.42 |
Class B:
Net Asset Value and offering price per share ($618,028 ÷ 67,407 shares)A | | $ 9.17 |
| | |
Class C:
Net Asset Value and offering price per share ($3,671,658 ÷ 403,433 shares)A | | $ 9.10 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($190,640,079 ÷ 20,946,808 shares) | | $ 9.10 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($475,392 ÷ 52,142 shares) | | $ 9.12 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 3,356,097 |
Special dividends | | 3,142,692 |
Interest | | 1,834 |
Income from Fidelity Central Funds | | 75,606 |
Income before foreign taxes withheld | | 6,576,229 |
Less foreign taxes withheld | | (228,440) |
Total income | | 6,347,789 |
| | |
Expenses | | |
Management fee
Basic fee | $ 688,239 | |
Performance adjustment | (117,795) | |
Transfer agent fees | 197,638 | |
Distribution and service plan fees | 37,837 | |
Accounting and security lending fees | 51,293 | |
Custodian fees and expenses | 58,735 | |
Independent trustees' compensation | 383 | |
Registration fees | 32,890 | |
Audit | 30,469 | |
Legal | 422 | |
Miscellaneous | 991 | |
Total expenses before reductions | 981,102 | |
Expense reductions | (4,853) | 976,249 |
Net investment income (loss) | | 5,371,540 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 9,486,233 | |
Foreign currency transactions | (19,196) | |
Total net realized gain (loss) | | 9,467,037 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (7,266,578) | |
Assets and liabilities in foreign currencies | 6,441 | |
Total change in net unrealized appreciation (depreciation) | | (7,260,137) |
Net gain (loss) | | 2,206,900 |
Net increase (decrease) in net assets resulting from operations | | $ 7,578,440 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,371,540 | $ 3,964,300 |
Net realized gain (loss) | 9,467,037 | 9,397,591 |
Change in net unrealized appreciation (depreciation) | (7,260,137) | 23,791,522 |
Net increase (decrease) in net assets resulting from operations | 7,578,440 | 37,153,413 |
Distributions to shareholders from net investment income | (4,160,313) | (4,120,600) |
Distributions to shareholders from net realized gain | (301,192) | (786,952) |
Total distributions | (4,461,505) | (4,907,552) |
Share transactions - net increase (decrease) | 7,446,767 | 23,938,130 |
Redemption fees | 853 | 3,144 |
Total increase (decrease) in net assets | 10,564,555 | 56,187,135 |
| | |
Net Assets | | |
Beginning of period | 195,665,271 | 139,478,136 |
End of period (including undistributed net investment income of $4,891,902 and undistributed net investment income of $3,680,675, respectively) | $ 206,229,826 | $ 195,665,271 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.96 | $ 7.39 | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .23 H | .17 | .20 | .22 | .15 | .12 |
Net realized and unrealized gain (loss) | .09 | 1.64 | .39 | (1.19) | .44 | 1.78 |
Total from investment operations | .32 | 1.81 | .59 | (.97) | .59 | 1.90 |
Distributions from net investment income | (.17) | (.20) | (.22) | (.19) | (.11) | (.08) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.18) | (.24) | (.22) | (.23) K | (.12) | (.08) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.96 | $ 7.39 | $ 7.02 | $ 8.22 | $ 7.75 |
Total Return B,C,D | 3.71% | 25.24% | 8.82% | (12.19)% | 7.60% | 32.71% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.31% A | 1.39% | 1.44% | 1.36% | 1.40% | 1.34% |
Expenses net of fee waivers, if any | 1.31% A | 1.39% | 1.44% | 1.36% | 1.40% | 1.34% |
Expenses net of all reductions | 1.31% A | 1.36% | 1.41% | 1.34% | 1.38% | 1.32% |
Net investment income (loss) | 5.15% A,H | 2.08% | 2.85% | 2.79% | 1.93% | 1.86% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,922 | $ 6,191 | $ 4,491 | $ 4,668 | $ 4,699 | $ 4,456 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.97%. 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 $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.94 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .22 H | .15 | .18 | .20 | .13 | .10 |
Net realized and unrealized gain (loss) | .09 | 1.64 | .40 | (1.19) | .44 | 1.77 |
Total from investment operations | .31 | 1.79 | .58 | (.99) | .57 | 1.87 |
Distributions from net investment income | (.15) | (.19) | (.20) | (.17) | (.09) | (.05) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.16) | (.23) | (.20) | (.21) K | (.10) | (.05) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.09 | $ 8.94 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 |
Total Return B,C,D | 3.59% | 24.86% | 8.60% | (12.42)% | 7.32% | 32.14% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.58% A | 1.66% | 1.71% | 1.63% | 1.67% | 1.60% |
Expenses net of fee waivers, if any | 1.58% A | 1.65% | 1.70% | 1.62% | 1.67% | 1.60% |
Expenses net of all reductions | 1.57% A | 1.63% | 1.67% | 1.60% | 1.65% | 1.59% |
Net investment income (loss) | 4.89% A,H | 1.81% | 2.58% | 2.52% | 1.65% | 1.59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,902 | $ 3,758 | $ 2,693 | $ 2,468 | $ 2,276 | $ 2,395 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%. 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 $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.98 | $ 7.39 | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .20 H | .11 | .14 | .17 | .09 | .07 |
Net realized and unrealized gain (loss) | .10 | 1.65 | .41 | (1.20) | .44 | 1.79 |
Total from investment operations | .30 | 1.76 | .55 | (1.03) | .53 | 1.86 |
Distributions from net investment income | (.09) | (.13) | (.16) | (.13) | (.06) | - |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.11) L | (.17) | (.16) | (.17) K | (.07) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.17 | $ 8.98 | $ 7.39 | $ 7.00 | $ 8.20 | $ 7.74 |
Total Return B,C,D | 3.36% | 24.30% | 8.07% | (12.88)% | 6.82% | 31.63% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of fee waivers, if any | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of all reductions | 2.06% A | 2.11% | 2.16% | 2.09% | 2.13% | 2.07% |
Net investment income (loss) | 4.40% A,H | 1.32% | 2.09% | 2.04% | 1.18% | 1.11% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 618 | $ 678 | $ 691 | $ 901 | $ 1,216 | $ 1,076 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.22%. 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 $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share. L Total 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.93 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .20 H | .11 | .14 | .16 | .09 | .07 |
Net realized and unrealized gain (loss) | .10 | 1.63 | .41 | (1.19) | .44 | 1.78 |
Total from investment operations | .30 | 1.74 | .55 | (1.03) | .53 | 1.85 |
Distributions from net investment income | (.11) | (.15) | (.17) | (.14) | (.05) | - |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.13) K | (.19) | (.17) | (.17) | (.06) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.93 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 |
Total Return B,C,D | 3.36% | 24.17% | 8.12% | (12.84)% | 6.84% | 31.46% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.06% A | 2.14% | 2.19% | 2.12% | 2.15% | 2.08% |
Expenses net of fee waivers, if any | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of all reductions | 2.06% A | 2.11% | 2.16% | 2.09% | 2.13% | 2.06% |
Net investment income (loss) | 4.40% A,H | 1.33% | 2.09% | 2.04% | 1.18% | 1.12% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,672 | $ 3,231 | $ 2,249 | $ 2,108 | $ 2,123 | $ 2,108 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.22%. 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 $.13 per share is comprised of distributions from net investment income of $.111 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 - International Value
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.97 | $ 7.40 | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 G | .19 | .22 | .25 | .17 | .13 |
Net realized and unrealized gain (loss) | .09 | 1.65 | .40 | (1.20) | .44 | 1.78 |
Total from investment operations | .34 | 1.84 | .62 | (.95) | .61 | 1.91 |
Distributions from net investment income | (.20) | (.22) | (.25) | (.22) | (.13) | (.11) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.21) | (.27) K | (.25) | (.25) | (.13) J | (.11) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.97 | $ 7.40 | $ 7.03 | $ 8.23 | $ 7.75 |
Total Return B,C | 3.91% | 25.57% | 9.19% | (11.91)% | 7.95% | 33.09% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | .95% A | 1.05% | 1.13% | 1.04% | 1.09% | 1.07% |
Expenses net of fee waivers, if any | .95% A | 1.05% | 1.13% | 1.03% | 1.09% | 1.07% |
Expenses net of all reductions | .95% A | 1.02% | 1.10% | 1.01% | 1.08% | 1.06% |
Net investment income (loss) | 5.51% A,G | 2.41% | 3.16% | 3.11% | 2.23% | 2.12% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 190,640 | $ 181,568 | $ 128,983 | $ 150,967 | $ 163,090 | $ 180,447 |
Portfolio turnover rate F | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.33%. 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 $.13 per share is comprised of distributions from net investment income of $.129 and distributions from net realized gain of $.005 per share. K Total distributions of $.27 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $.042 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.98 | $ 7.41 | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .24 G | .19 | .22 | .25 | .18 | .14 |
Net realized and unrealized gain (loss) | .11 | 1.65 | .40 | (1.19) | .44 | 1.78 |
Total from investment operations | .35 | 1.84 | .62 | (.94) | .62 | 1.92 |
Distributions from net investment income | (.19) | (.23) | (.25) | (.22) | (.14) | (.12) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.21) L | (.27) | (.25) | (.26) K | (.14) J | (.12) |
Redemption fees added to paid in capital D,I | - | - | - | - | - | - |
Net asset value, end of period | $ 9.12 | $ 8.98 | $ 7.41 | $ 7.04 | $ 8.24 | $ 7.76 |
Total Return B,C | 3.95% | 25.64% | 9.22% | (11.83)% | 8.05% | 33.06% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | .96% A | 1.07% | 1.10% | .98% | .98% | .93% |
Expenses net of fee waivers, if any | .96% A | 1.07% | 1.10% | .98% | .98% | .93% |
Expenses net of all reductions | .95% A | 1.04% | 1.07% | .96% | .97% | .92% |
Net investment income (loss) | 5.51% A,G | 2.39% | 3.18% | 3.17% | 2.34% | 2.26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 475 | $ 239 | $ 372 | $ 473 | $ 519 | $ 814 |
Portfolio turnover rate F | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.33%. 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 $.14 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.005 per share. K Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 per share. L Total distributions of $.21 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Value 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ 23,958,679 |
Gross unrealized depreciation | (7,140,909) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 16,817,770 |
| |
Tax cost | $ 205,083,480 |
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 | $ (14,771,177) |
2017 | (65,376,972) |
2018 | (3,571,319) |
2019 | (31,368,797) |
Total capital loss carryforward | $ (115,088,265) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities , other than short-term securities, aggregated $88,912,867 and $86,304,476, respectively.
Semiannual Report
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 relative investment performance of International Value as compared to its benchmark index,the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .58% 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% | $ 8,127 | $ 208 |
Class T | .25% | .25% | 9,598 | 72 |
Class B | .75% | .25% | 3,173 | 2,384 |
Class C | .75% | .25% | 16,939 | 3,332 |
| | | $ 37,837 | $ 5,996 |
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 2,869 |
Class T | 549 |
Class B* | 522 |
Class C* | 419 |
| $ 4,359 |
* 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 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
Average
Net Assets* |
Class A | $ 9,862 | .30 |
Class T | 6,109 | .32 |
Class B | 960 | .30 |
Class C | 5,137 | .30 |
International Value | 175,257 | .19 |
Institutional Class | 313 | .20 |
| $ 197,638 | |
* 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.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. 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 $164 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 $181 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $73,924. During the period, there were no securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $4,681 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $172.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 117,558 | $ 121,166 |
Class T | 63,542 | 67,016 |
Class B | 6,919 | 11,860 |
Class C | 40,539 | 47,865 |
International Value | 3,926,459 | 3,862,005 |
Institutional Class | 5,296 | 10,688 |
Total | $ 4,160,313 | $ 4,120,600 |
From net realized gain | | |
Class A | $ 9,681 | $ 25,318 |
Class T | 5,931 | 15,214 |
Class B | 1,042 | 3,861 |
Class C | 5,113 | 13,226 |
International Value | 279,037 | 727,373 |
Institutional Class | 388 | 1,960 |
Total | $ 301,192 | $ 786,952 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 138,203 | 221,312 | $ 1,229,991 | $ 1,773,149 |
Reinvestment of distributions | 12,904 | 17,344 | 112,525 | 128,001 |
Shares redeemed | (81,314) | (155,517) | (727,840) | (1,235,132) |
Net increase (decrease) | 69,793 | 83,139 | $ 614,676 | $ 666,018 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class T | | | | |
Shares sold | 38,562 | 91,084 | $ 341,783 | $ 741,140 |
Reinvestment of distributions | 7,900 | 11,018 | 68,890 | 81,425 |
Shares redeemed | (37,415) | (46,826) | (331,916) | (371,734) |
Net increase (decrease) | 9,047 | 55,276 | $ 78,757 | $ 450,831 |
Class B | | | | |
Shares sold | 383 | 6,334 | $ 3,405 | $ 51,789 |
Reinvestment of distributions | 756 | 1,746 | 6,662 | 13,011 |
Shares redeemed | (9,222) | (26,098) | (81,721) | (212,223) |
Net increase (decrease) | (8,083) | (18,018) | $ (71,654) | $ (147,423) |
Class C | | | | |
Shares sold | 62,156 | 93,011 | $ 553,592 | $ 748,735 |
Reinvestment of distributions | 4,784 | 7,487 | 41,812 | 55,475 |
Shares redeemed | (25,167) | (43,711) | (223,083) | (352,531) |
Net increase (decrease) | 41,773 | 56,787 | $ 372,321 | $ 451,679 |
International Value | | | | |
Shares sold | 2,487,876 | 6,308,136 | $ 22,114,054 | $ 51,241,221 |
Reinvestment of distributions | 470,965 | 602,705 | 4,097,400 | 4,441,937 |
Shares redeemed | (2,248,127) | (4,113,021) | (19,987,656) | (32,981,230) |
Net increase (decrease) | 710,714 | 2,797,820 | $ 6,223,798 | $ 22,701,928 |
Institutional Class | | | | |
Shares sold | 28,338 | 6,984 | $ 254,233 | $ 56,532 |
Reinvestment of distributions | 394 | 1,136 | 3,438 | 8,383 |
Shares redeemed | (3,246) | (31,601) | (28,802) | (249,818) |
Net increase (decrease) | 25,486 | (23,481) | $ 228,869 | $ (184,903) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Other - continued
At the end of the period, Strategic Advisers International II Fund and VIP FundsManager 60% Portfolio were the owners of record of approximately 32% and 13%, respectively, of the total outstanding shares of the Fund.
Mutual funds managed by the investment adviser or its affiliates were owners of record, in the aggregate, of approximately 51% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investment Advisors (U.K.) 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)
AFIV-USAN-0614
1.827499.107
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Value
Fund - Institutional Class
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
International Value 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 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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.31% | | | |
Actual | | $ 1,000.00 | $ 1,037.10 | $ 6.62 |
HypotheticalA | | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
Class T | 1.58% | | | |
Actual | | $ 1,000.00 | $ 1,035.90 | $ 7.98 |
HypotheticalA | | $ 1,000.00 | $ 1,016.96 | $ 7.90 |
Class B | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.39 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
Class C | 2.06% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.39 |
HypotheticalA | | $ 1,000.00 | $ 1,014.58 | $ 10.29 |
International Value | .95% | | | |
Actual | | $ 1,000.00 | $ 1,039.10 | $ 4.80 |
HypotheticalA | | $ 1,000.00 | $ 1,020.08 | $ 4.76 |
Institutional Class | .96% | | | |
Actual | | $ 1,000.00 | $ 1,039.50 | $ 4.85 |
HypotheticalA | | $ 1,000.00 | $ 1,020.03 | $ 4.81 |
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, 2014 |
 | United Kingdom 24.4% | |
 | France 17.9% | |
 | Japan 15.4% | |
 | Switzerland 7.7% | |
 | Germany 7.5% | |
 | United States of America* 6.3% | |
 | Australia 5.4% | |
 | Sweden 2.1% | |
 | Netherlands 1.9% | |
 | Other 11.4% | |
* 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, 2013 |
| United Kingdom 24.7% | |
| Japan 19.0% | |
| France 15.6% | |
| Germany 9.1% | |
| Australia 6.8% | |
| Switzerland 5.7% | |
| Netherlands 3.2% | |
| Spain 3.1% | |
| United States of America* 2.6% | |
| Other 10.2% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 95.5 | 98.2 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.5 | 1.8 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Total SA (France, Oil, Gas & Consumable Fuels) | 4.8 | 3.6 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 2.4 | 0.0 |
Sanofi SA (France, Pharmaceuticals) | 2.4 | 3.4 |
Novartis AG (Switzerland, Pharmaceuticals) | 2.3 | 1.9 |
Westpac Banking Corp. (Australia, Banks) | 2.3 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Banks) | 2.2 | 3.7 |
Nestle SA (Switzerland, Food Products) | 2.1 | 0.0 |
BASF AG (Germany, Chemicals) | 2.1 | 1.9 |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.0 | 0.0 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 2.0 | 3.4 |
| 24.6 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.8 | 31.7 |
Health Care | 15.6 | 10.7 |
Consumer Discretionary | 10.4 | 10.2 |
Industrials | 9.4 | 9.2 |
Telecommunication Services | 8.4 | 10.2 |
Consumer Staples | 8.3 | 6.3 |
Energy | 6.6 | 6.9 |
Materials | 6.0 | 7.1 |
Information Technology | 4.0 | 3.3 |
Utilities | 3.0 | 2.6 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.1% |
| Shares | | Value |
Australia - 5.4% |
Ansell Ltd. | 52,575 | | $ 883,555 |
Australia & New Zealand Banking Group Ltd. | 111,668 | | 3,575,903 |
Telstra Corp. Ltd. | 222,473 | | 1,078,856 |
Transurban Group unit | 146,959 | | 992,536 |
Westpac Banking Corp. | 141,572 | | 4,637,122 |
TOTAL AUSTRALIA | | 11,167,972 |
Bailiwick of Guernsey - 0.2% |
Resolution Ltd. | 78,301 | | 394,363 |
Bailiwick of Jersey - 1.7% |
Informa PLC | 142,595 | | 1,161,173 |
Shire PLC | 18,600 | | 1,063,771 |
Wolseley PLC | 22,088 | | 1,275,807 |
TOTAL BAILIWICK OF JERSEY | | 3,500,751 |
Belgium - 1.8% |
Anheuser-Busch InBev SA NV | 12,470 | | 1,359,179 |
KBC Groupe SA | 23,197 | | 1,413,127 |
UCB SA (d) | 12,200 | | 1,000,138 |
TOTAL BELGIUM | | 3,772,444 |
Bermuda - 0.4% |
Hongkong Land Holdings Ltd. | 132,000 | | 924,000 |
Canada - 0.4% |
Potash Corp. of Saskatchewan, Inc. | 22,500 | | 813,330 |
Denmark - 1.2% |
A.P. Moller - Maersk A/S Series B | 650 | | 1,548,885 |
Vestas Wind Systems A/S (a) | 19,200 | | 852,223 |
TOTAL DENMARK | | 2,401,108 |
Finland - 1.0% |
Sampo Oyj (A Shares) | 41,934 | | 2,082,160 |
France - 17.9% |
Arkema SA | 12,700 | | 1,416,067 |
Atos Origin SA | 18,582 | | 1,604,273 |
AXA SA (d) | 118,521 | | 3,087,175 |
BNP Paribas SA | 45,647 | | 3,426,698 |
Cap Gemini SA | 19,893 | | 1,405,042 |
Carrefour SA | 35,898 | | 1,395,981 |
GDF Suez (d) | 95,378 | | 2,404,965 |
Havas SA | 132,866 | | 1,056,220 |
Orange SA | 103,900 | | 1,683,314 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Renault SA | 15,045 | | $ 1,464,219 |
Sanofi SA | 46,402 | | 5,007,699 |
Schneider Electric SA | 10,905 | | 1,021,967 |
Total SA (a) | 137,663 | | 9,848,988 |
Vivendi SA | 75,171 | | 2,016,939 |
TOTAL FRANCE | | 36,839,547 |
Germany - 6.1% |
BASF AG (d) | 37,105 | | 4,294,778 |
Bayer AG | 11,903 | | 1,651,363 |
Continental AG | 5,966 | | 1,397,560 |
Deutsche Lufthansa AG | 40,300 | | 1,010,857 |
Deutsche Post AG | 28,042 | | 1,055,662 |
Fresenius SE & Co. KGaA | 9,000 | | 1,367,858 |
Siemens AG | 13,491 | | 1,779,738 |
TOTAL GERMANY | | 12,557,816 |
Ireland - 0.5% |
Actavis PLC (a) | 4,900 | | 1,001,217 |
Israel - 0.9% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 39,699 | | 1,939,693 |
Italy - 0.5% |
Telecom Italia SpA | 174,078 | | 223,695 |
Unione di Banche Italiane ScpA | 92,479 | | 880,143 |
TOTAL ITALY | | 1,103,838 |
Japan - 15.4% |
AEON Mall Co. Ltd. | 29,500 | | 702,333 |
Astellas Pharma, Inc. | 115,500 | | 1,284,526 |
DENSO Corp. | 35,900 | | 1,633,558 |
Dentsu, Inc. | 27,000 | | 1,109,209 |
East Japan Railway Co. | 17,500 | | 1,275,762 |
Hitachi Ltd. | 203,000 | | 1,443,547 |
Hoya Corp. | 57,300 | | 1,689,267 |
Itochu Corp. | 207,300 | | 2,319,667 |
Japan Tobacco, Inc. | 71,200 | | 2,337,235 |
KDDI Corp. | 28,300 | | 1,506,418 |
Mitsubishi Electric Corp. | 105,000 | | 1,194,454 |
Mitsubishi UFJ Financial Group, Inc. | 504,600 | | 2,684,219 |
Mizuho Financial Group, Inc. | 1,114,600 | | 2,183,065 |
Nippon Telegraph & Telephone Corp. | 39,600 | | 2,197,514 |
OMRON Corp. | 26,000 | | 918,081 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
ORIX Corp. | 103,100 | | $ 1,489,497 |
Seven & i Holdings Co., Ltd. | 41,900 | | 1,652,065 |
Seven Bank Ltd. | 217,600 | | 823,702 |
SoftBank Corp. | 14,700 | | 1,091,339 |
Sony Financial Holdings, Inc. | 66,000 | | 1,057,446 |
Sumitomo Mitsui Trust Holdings, Inc. | 297,000 | | 1,223,848 |
TOTAL JAPAN | | 31,816,752 |
Korea (South) - 0.7% |
Hyundai Motor Co. | 6,461 | | 1,438,418 |
Luxembourg - 0.4% |
RTL Group SA | 8,039 | | 892,567 |
Netherlands - 1.9% |
ING Groep NV (Certificaten Van Aandelen) (a) | 133,690 | | 1,911,081 |
Koninklijke Philips Electronics NV | 26,073 | | 834,680 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 25,931 | | 1,111,952 |
TOTAL NETHERLANDS | | 3,857,713 |
Singapore - 0.7% |
Singapore Telecommunications Ltd. | 470,000 | | 1,435,830 |
Spain - 1.0% |
Amadeus IT Holding SA Class A | 27,762 | | 1,153,735 |
International Consolidated Airlines Group SA CDI (a) | 143,364 | | 978,147 |
TOTAL SPAIN | | 2,131,882 |
Sweden - 2.1% |
Nordea Bank AB | 198,000 | | 2,860,893 |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 48,665 | | 1,362,907 |
TOTAL SWEDEN | | 4,223,800 |
Switzerland - 7.7% |
Nestle SA | 56,048 | | 4,331,630 |
Novartis AG | 53,460 | | 4,647,415 |
Roche Holding AG (participation certificate) | 4,020 | | 1,179,252 |
Swiss Re Ltd. | 25,870 | | 2,258,959 |
Syngenta AG (Switzerland) | 3,239 | | 1,282,617 |
UBS AG (NY Shares) | 99,758 | | 2,085,940 |
TOTAL SWITZERLAND | | 15,785,813 |
United Kingdom - 24.4% |
AstraZeneca PLC (United Kingdom) | 51,715 | | 4,082,108 |
BAE Systems PLC | 249,429 | | 1,684,544 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Barclays PLC | 581,628 | | $ 2,483,580 |
BHP Billiton PLC | 107,488 | | 3,489,532 |
BT Group PLC | 182,378 | | 1,138,522 |
Bunzl PLC | 61,714 | | 1,751,567 |
Compass Group PLC | 116,886 | | 1,859,040 |
GlaxoSmithKline PLC | 182,339 | | 5,038,129 |
HSBC Holdings PLC sponsored ADR (d) | 86,842 | | 4,456,731 |
Imperial Tobacco Group PLC | 78,867 | | 3,404,877 |
ITV PLC | 489,596 | | 1,504,474 |
Jazztel PLC (a) | 16,000 | | 245,505 |
Kingfisher PLC | 293,862 | | 2,074,431 |
National Grid PLC | 261,581 | | 3,717,920 |
Next PLC | 9,500 | | 1,045,795 |
Prudential PLC | 67,230 | | 1,545,560 |
Reed Elsevier PLC | 147,211 | | 2,167,365 |
Royal Dutch Shell PLC Class A sponsored ADR | 45,979 | | 3,620,386 |
Standard Chartered PLC (United Kingdom) | 45,356 | | 981,361 |
Vodafone Group PLC sponsored ADR | 106,858 | | 4,056,330 |
TOTAL UNITED KINGDOM | | 50,347,757 |
United States of America - 1.8% |
AbbVie, Inc. | 19,942 | | 1,038,579 |
Cabot Corp. | 16,856 | | 974,277 |
ResMed, Inc. CDI (d) | 185,666 | | 934,862 |
T-Mobile U.S., Inc. (a) | 24,300 | | 711,747 |
TOTAL UNITED STATES OF AMERICA | | 3,659,465 |
TOTAL COMMON STOCKS (Cost $176,858,155) |
194,088,236
|
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.4% |
Volkswagen AG
(Cost $2,275,707) | 10,531 | |
2,835,837
|
Money Market Funds - 12.1% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.11% (b) | 8,399,987 | | $ 8,399,987 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 16,577,190 | | 16,577,190 |
TOTAL MONEY MARKET FUNDS (Cost $24,977,177) |
24,977,177
|
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $204,111,039) | | 221,901,250 |
NET OTHER ASSETS (LIABILITIES) - (7.6)% | | (15,671,424) |
NET ASSETS - 100% | $ 206,229,826 |
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 | $ 1,682 |
Fidelity Securities Lending Cash Central Fund | 73,924 |
Total | $ 75,606 |
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, 2014, 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 | $ 21,639,866 | $ 21,639,866 | $ - | $ - |
Consumer Staples | 16,955,826 | 10,153,065 | 6,802,761 | - |
Energy | 13,469,374 | 3,620,386 | 9,848,988 | - |
Financials | 49,168,906 | 32,500,431 | 16,668,475 | - |
Health Care | 32,120,165 | 11,101,791 | 21,018,374 | - |
Industrials | 19,576,496 | 15,969,542 | 2,614,418 | 992,536 |
Information Technology | 8,213,945 | 8,213,945 | - | - |
Materials | 12,270,601 | 7,498,452 | 4,772,149 | - |
Telecommunication Services | 17,386,009 | 12,142,964 | 5,243,045 | - |
Utilities | 6,122,885 | 2,404,965 | 3,717,920 | - |
Money Market Funds | 24,977,177 | 24,977,177 | - | - |
Total Investments in Securities: | $ 221,901,250 | $ 150,222,584 | $ 70,686,130 | $ 992,536 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 5,921,132 |
Level 2 to Level 1 | $ 16,391,628 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $15,791,219) - See accompanying schedule: Unaffiliated issuers (cost $179,133,862) | $ 196,924,073 | |
Fidelity Central Funds (cost $24,977,177) | 24,977,177 | |
Total Investments (cost $204,111,039) | | $ 221,901,250 |
Cash | | 105,395 |
Foreign currency held at value (cost $44,056) | | 44,056 |
Receivable for investments sold | | 1,407,852 |
Receivable for fund shares sold | | 169,655 |
Dividends receivable | | 1,116,323 |
Distributions receivable from Fidelity Central Funds | | 25,427 |
Prepaid expenses | | 168 |
Other receivables | | 6,042 |
Total assets | | 224,776,168 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,670,916 | |
Payable for fund shares redeemed | 92,202 | |
Accrued management fee | 93,921 | |
Distribution and service plan fees payable | 6,522 | |
Other affiliated payables | 42,093 | |
Other payables and accrued expenses | 63,498 | |
Collateral on securities loaned, at value | 16,577,190 | |
Total liabilities | | 18,546,342 |
| | |
Net Assets | | $ 206,229,826 |
Net Assets consist of: | | |
Paid in capital | | $ 290,373,839 |
Undistributed net investment income | | 4,891,902 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (106,836,908) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 17,800,993 |
Net Assets | | $ 206,229,826 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,922,426 ÷ 760,596 shares) | | $ 9.10 |
| | |
Maximum offering price per share (100/94.25 of $9.10) | | $ 9.66 |
Class T:
Net Asset Value and redemption price per share ($3,902,243 ÷ 429,255 shares) | | $ 9.09 |
| | |
Maximum offering price per share (100/96.50 of $9.09) | | $ 9.42 |
Class B:
Net Asset Value and offering price per share ($618,028 ÷ 67,407 shares)A | | $ 9.17 |
| | |
Class C:
Net Asset Value and offering price per share ($3,671,658 ÷ 403,433 shares)A | | $ 9.10 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($190,640,079 ÷ 20,946,808 shares) | | $ 9.10 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($475,392 ÷ 52,142 shares) | | $ 9.12 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 3,356,097 |
Special dividends | | 3,142,692 |
Interest | | 1,834 |
Income from Fidelity Central Funds | | 75,606 |
Income before foreign taxes withheld | | 6,576,229 |
Less foreign taxes withheld | | (228,440) |
Total income | | 6,347,789 |
| | |
Expenses | | |
Management fee
Basic fee | $ 688,239 | |
Performance adjustment | (117,795) | |
Transfer agent fees | 197,638 | |
Distribution and service plan fees | 37,837 | |
Accounting and security lending fees | 51,293 | |
Custodian fees and expenses | 58,735 | |
Independent trustees' compensation | 383 | |
Registration fees | 32,890 | |
Audit | 30,469 | |
Legal | 422 | |
Miscellaneous | 991 | |
Total expenses before reductions | 981,102 | |
Expense reductions | (4,853) | 976,249 |
Net investment income (loss) | | 5,371,540 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 9,486,233 | |
Foreign currency transactions | (19,196) | |
Total net realized gain (loss) | | 9,467,037 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (7,266,578) | |
Assets and liabilities in foreign currencies | 6,441 | |
Total change in net unrealized appreciation (depreciation) | | (7,260,137) |
Net gain (loss) | | 2,206,900 |
Net increase (decrease) in net assets resulting from operations | | $ 7,578,440 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,371,540 | $ 3,964,300 |
Net realized gain (loss) | 9,467,037 | 9,397,591 |
Change in net unrealized appreciation (depreciation) | (7,260,137) | 23,791,522 |
Net increase (decrease) in net assets resulting from operations | 7,578,440 | 37,153,413 |
Distributions to shareholders from net investment income | (4,160,313) | (4,120,600) |
Distributions to shareholders from net realized gain | (301,192) | (786,952) |
Total distributions | (4,461,505) | (4,907,552) |
Share transactions - net increase (decrease) | 7,446,767 | 23,938,130 |
Redemption fees | 853 | 3,144 |
Total increase (decrease) in net assets | 10,564,555 | 56,187,135 |
| | |
Net Assets | | |
Beginning of period | 195,665,271 | 139,478,136 |
End of period (including undistributed net investment income of $4,891,902 and undistributed net investment income of $3,680,675, respectively) | $ 206,229,826 | $ 195,665,271 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.96 | $ 7.39 | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .23 H | .17 | .20 | .22 | .15 | .12 |
Net realized and unrealized gain (loss) | .09 | 1.64 | .39 | (1.19) | .44 | 1.78 |
Total from investment operations | .32 | 1.81 | .59 | (.97) | .59 | 1.90 |
Distributions from net investment income | (.17) | (.20) | (.22) | (.19) | (.11) | (.08) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.18) | (.24) | (.22) | (.23) K | (.12) | (.08) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.96 | $ 7.39 | $ 7.02 | $ 8.22 | $ 7.75 |
Total Return B,C,D | 3.71% | 25.24% | 8.82% | (12.19)% | 7.60% | 32.71% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.31% A | 1.39% | 1.44% | 1.36% | 1.40% | 1.34% |
Expenses net of fee waivers, if any | 1.31% A | 1.39% | 1.44% | 1.36% | 1.40% | 1.34% |
Expenses net of all reductions | 1.31% A | 1.36% | 1.41% | 1.34% | 1.38% | 1.32% |
Net investment income (loss) | 5.15% A,H | 2.08% | 2.85% | 2.79% | 1.93% | 1.86% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,922 | $ 6,191 | $ 4,491 | $ 4,668 | $ 4,699 | $ 4,456 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.97%. 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 $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.94 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .22 H | .15 | .18 | .20 | .13 | .10 |
Net realized and unrealized gain (loss) | .09 | 1.64 | .40 | (1.19) | .44 | 1.77 |
Total from investment operations | .31 | 1.79 | .58 | (.99) | .57 | 1.87 |
Distributions from net investment income | (.15) | (.19) | (.20) | (.17) | (.09) | (.05) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.16) | (.23) | (.20) | (.21) K | (.10) | (.05) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.09 | $ 8.94 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 |
Total Return B,C,D | 3.59% | 24.86% | 8.60% | (12.42)% | 7.32% | 32.14% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.58% A | 1.66% | 1.71% | 1.63% | 1.67% | 1.60% |
Expenses net of fee waivers, if any | 1.58% A | 1.65% | 1.70% | 1.62% | 1.67% | 1.60% |
Expenses net of all reductions | 1.57% A | 1.63% | 1.67% | 1.60% | 1.65% | 1.59% |
Net investment income (loss) | 4.89% A,H | 1.81% | 2.58% | 2.52% | 1.65% | 1.59% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,902 | $ 3,758 | $ 2,693 | $ 2,468 | $ 2,276 | $ 2,395 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%. 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 $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.98 | $ 7.39 | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .20 H | .11 | .14 | .17 | .09 | .07 |
Net realized and unrealized gain (loss) | .10 | 1.65 | .41 | (1.20) | .44 | 1.79 |
Total from investment operations | .30 | 1.76 | .55 | (1.03) | .53 | 1.86 |
Distributions from net investment income | (.09) | (.13) | (.16) | (.13) | (.06) | - |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.11) L | (.17) | (.16) | (.17) K | (.07) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.17 | $ 8.98 | $ 7.39 | $ 7.00 | $ 8.20 | $ 7.74 |
Total Return B,C,D | 3.36% | 24.30% | 8.07% | (12.88)% | 6.82% | 31.63% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of fee waivers, if any | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of all reductions | 2.06% A | 2.11% | 2.16% | 2.09% | 2.13% | 2.07% |
Net investment income (loss) | 4.40% A,H | 1.32% | 2.09% | 2.04% | 1.18% | 1.11% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 618 | $ 678 | $ 691 | $ 901 | $ 1,216 | $ 1,076 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.22%. 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 $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share. L Total 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.93 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .20 H | .11 | .14 | .16 | .09 | .07 |
Net realized and unrealized gain (loss) | .10 | 1.63 | .41 | (1.19) | .44 | 1.78 |
Total from investment operations | .30 | 1.74 | .55 | (1.03) | .53 | 1.85 |
Distributions from net investment income | (.11) | (.15) | (.17) | (.14) | (.05) | - |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.13) K | (.19) | (.17) | (.17) | (.06) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.93 | $ 7.38 | $ 7.00 | $ 8.20 | $ 7.73 |
Total Return B,C,D | 3.36% | 24.17% | 8.12% | (12.84)% | 6.84% | 31.46% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.06% A | 2.14% | 2.19% | 2.12% | 2.15% | 2.08% |
Expenses net of fee waivers, if any | 2.06% A | 2.14% | 2.19% | 2.11% | 2.15% | 2.08% |
Expenses net of all reductions | 2.06% A | 2.11% | 2.16% | 2.09% | 2.13% | 2.06% |
Net investment income (loss) | 4.40% A,H | 1.33% | 2.09% | 2.04% | 1.18% | 1.12% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,672 | $ 3,231 | $ 2,249 | $ 2,108 | $ 2,123 | $ 2,108 |
Portfolio turnover rate G | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.22%. 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 $.13 per share is comprised of distributions from net investment income of $.111 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 - International Value
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.97 | $ 7.40 | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 G | .19 | .22 | .25 | .17 | .13 |
Net realized and unrealized gain (loss) | .09 | 1.65 | .40 | (1.20) | .44 | 1.78 |
Total from investment operations | .34 | 1.84 | .62 | (.95) | .61 | 1.91 |
Distributions from net investment income | (.20) | (.22) | (.25) | (.22) | (.13) | (.11) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.21) | (.27) K | (.25) | (.25) | (.13) J | (.11) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 9.10 | $ 8.97 | $ 7.40 | $ 7.03 | $ 8.23 | $ 7.75 |
Total Return B,C | 3.91% | 25.57% | 9.19% | (11.91)% | 7.95% | 33.09% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | .95% A | 1.05% | 1.13% | 1.04% | 1.09% | 1.07% |
Expenses net of fee waivers, if any | .95% A | 1.05% | 1.13% | 1.03% | 1.09% | 1.07% |
Expenses net of all reductions | .95% A | 1.02% | 1.10% | 1.01% | 1.08% | 1.06% |
Net investment income (loss) | 5.51% A,G | 2.41% | 3.16% | 3.11% | 2.23% | 2.12% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 190,640 | $ 181,568 | $ 128,983 | $ 150,967 | $ 163,090 | $ 180,447 |
Portfolio turnover rate F | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.33%. 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 $.13 per share is comprised of distributions from net investment income of $.129 and distributions from net realized gain of $.005 per share. K Total distributions of $.27 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $.042 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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 8.98 | $ 7.41 | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .24 G | .19 | .22 | .25 | .18 | .14 |
Net realized and unrealized gain (loss) | .11 | 1.65 | .40 | (1.19) | .44 | 1.78 |
Total from investment operations | .35 | 1.84 | .62 | (.94) | .62 | 1.92 |
Distributions from net investment income | (.19) | (.23) | (.25) | (.22) | (.14) | (.12) |
Distributions from net realized gain | (.01) | (.04) | - | (.03) | (.01) | - |
Total distributions | (.21) L | (.27) | (.25) | (.26) K | (.14) J | (.12) |
Redemption fees added to paid in capital D,I | - | - | - | - | - | - |
Net asset value, end of period | $ 9.12 | $ 8.98 | $ 7.41 | $ 7.04 | $ 8.24 | $ 7.76 |
Total Return B,C | 3.95% | 25.64% | 9.22% | (11.83)% | 8.05% | 33.06% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | .96% A | 1.07% | 1.10% | .98% | .98% | .93% |
Expenses net of fee waivers, if any | .96% A | 1.07% | 1.10% | .98% | .98% | .93% |
Expenses net of all reductions | .95% A | 1.04% | 1.07% | .96% | .97% | .92% |
Net investment income (loss) | 5.51% A,G | 2.39% | 3.18% | 3.17% | 2.34% | 2.26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 475 | $ 239 | $ 372 | $ 473 | $ 519 | $ 814 |
Portfolio turnover rate F | 89% A | 79% | 74% | 83% | 43% | 46% |
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 $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.33%. 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 $.14 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.005 per share. K Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 per share. L Total distributions of $.21 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.014 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Value 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
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ 23,958,679 |
Gross unrealized depreciation | (7,140,909) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 16,817,770 |
| |
Tax cost | $ 205,083,480 |
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 | $ (14,771,177) |
2017 | (65,376,972) |
2018 | (3,571,319) |
2019 | (31,368,797) |
Total capital loss carryforward | $ (115,088,265) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities , other than short-term securities, aggregated $88,912,867 and $86,304,476, respectively.
Semiannual Report
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 relative investment performance of International Value as compared to its benchmark index,the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .58% 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% | $ 8,127 | $ 208 |
Class T | .25% | .25% | 9,598 | 72 |
Class B | .75% | .25% | 3,173 | 2,384 |
Class C | .75% | .25% | 16,939 | 3,332 |
| | | $ 37,837 | $ 5,996 |
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 2,869 |
Class T | 549 |
Class B* | 522 |
Class C* | 419 |
| $ 4,359 |
* 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 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
Average
Net Assets* |
Class A | $ 9,862 | .30 |
Class T | 6,109 | .32 |
Class B | 960 | .30 |
Class C | 5,137 | .30 |
International Value | 175,257 | .19 |
Institutional Class | 313 | .20 |
| $ 197,638 | |
* 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.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. 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 $164 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 $181 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 $73,924. During the period, there were no securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $4,681 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $172.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 117,558 | $ 121,166 |
Class T | 63,542 | 67,016 |
Class B | 6,919 | 11,860 |
Class C | 40,539 | 47,865 |
International Value | 3,926,459 | 3,862,005 |
Institutional Class | 5,296 | 10,688 |
Total | $ 4,160,313 | $ 4,120,600 |
From net realized gain | | |
Class A | $ 9,681 | $ 25,318 |
Class T | 5,931 | 15,214 |
Class B | 1,042 | 3,861 |
Class C | 5,113 | 13,226 |
International Value | 279,037 | 727,373 |
Institutional Class | 388 | 1,960 |
Total | $ 301,192 | $ 786,952 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 138,203 | 221,312 | $ 1,229,991 | $ 1,773,149 |
Reinvestment of distributions | 12,904 | 17,344 | 112,525 | 128,001 |
Shares redeemed | (81,314) | (155,517) | (727,840) | (1,235,132) |
Net increase (decrease) | 69,793 | 83,139 | $ 614,676 | $ 666,018 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class T | | | | |
Shares sold | 38,562 | 91,084 | $ 341,783 | $ 741,140 |
Reinvestment of distributions | 7,900 | 11,018 | 68,890 | 81,425 |
Shares redeemed | (37,415) | (46,826) | (331,916) | (371,734) |
Net increase (decrease) | 9,047 | 55,276 | $ 78,757 | $ 450,831 |
Class B | | | | |
Shares sold | 383 | 6,334 | $ 3,405 | $ 51,789 |
Reinvestment of distributions | 756 | 1,746 | 6,662 | 13,011 |
Shares redeemed | (9,222) | (26,098) | (81,721) | (212,223) |
Net increase (decrease) | (8,083) | (18,018) | $ (71,654) | $ (147,423) |
Class C | | | | |
Shares sold | 62,156 | 93,011 | $ 553,592 | $ 748,735 |
Reinvestment of distributions | 4,784 | 7,487 | 41,812 | 55,475 |
Shares redeemed | (25,167) | (43,711) | (223,083) | (352,531) |
Net increase (decrease) | 41,773 | 56,787 | $ 372,321 | $ 451,679 |
International Value | | | | |
Shares sold | 2,487,876 | 6,308,136 | $ 22,114,054 | $ 51,241,221 |
Reinvestment of distributions | 470,965 | 602,705 | 4,097,400 | 4,441,937 |
Shares redeemed | (2,248,127) | (4,113,021) | (19,987,656) | (32,981,230) |
Net increase (decrease) | 710,714 | 2,797,820 | $ 6,223,798 | $ 22,701,928 |
Institutional Class | | | | |
Shares sold | 28,338 | 6,984 | $ 254,233 | $ 56,532 |
Reinvestment of distributions | 394 | 1,136 | 3,438 | 8,383 |
Shares redeemed | (3,246) | (31,601) | (28,802) | (249,818) |
Net increase (decrease) | 25,486 | (23,481) | $ 228,869 | $ (184,903) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Other - continued
At the end of the period, Strategic Advisers International II Fund and VIP FundsManager 60% Portfolio were the owners of record of approximately 32% and 13%, respectively, of the total outstanding shares of the Fund.
Mutual funds managed by the investment adviser or its affiliates were owners of record, in the aggregate, of approximately 51% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investment Advisors (U.K.) 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)
AFIVI-USAN-0614
1.827491.107
Fidelity®
Overseas
Fund -
Class K
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Overseas | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,060.90 | $ 5.47 |
HypotheticalA | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
Class K | .93% | | | |
Actual | | $ 1,000.00 | $ 1,061.70 | $ 4.75 |
HypotheticalA | | $ 1,000.00 | $ 1,020.18 | $ 4.66 |
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, 2014 |
 | United Kingdom | 21.6% | |
 | Japan | 16.3% | |
 | Germany | 10.4% | |
 | Switzerland | 8.7% | |
 | United States of America* | 8.1% | |
 | France | 8.0% | |
 | Sweden | 3.9% | |
 | Bailiwick of Jersey | 3.2% | |
 | Australia | 3.1% | |
 | Other | 16.7% | |
* 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, 2013 |
| United Kingdom | 23.6% | |
| Japan | 18.8% | |
| Germany | 11.2% | |
| Switzerland | 9.2% | |
| France | 7.8% | |
| United States of America* | 5.3% | |
| Sweden | 3.3% | |
| Spain | 2.6% | |
| Bailiwick of Jersey | 2.5% | |
| Other | 15.7% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 96.8 | 99.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.2 | 0.7 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.4 | 2.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.2 | 2.3 |
Bayer AG (Germany, Pharmaceuticals) | 1.6 | 1.6 |
Sanofi SA (France, Pharmaceuticals) | 1.6 | 1.7 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.4 | 0.0 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.2 | 1.3 |
BASF AG (Germany, Chemicals) | 1.2 | 1.2 |
Nordea Bank AB (Sweden, Banks) | 1.2 | 1.0 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 1.2 | 1.3 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.1 | 1.3 |
| 15.1 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.1 | 19.7 |
Consumer Discretionary | 17.4 | 17.3 |
Industrials | 14.4 | 14.4 |
Health Care | 13.9 | 11.9 |
Consumer Staples | 11.5 | 12.6 |
Information Technology | 7.8 | 9.4 |
Materials | 7.1 | 7.9 |
Energy | 3.3 | 2.2 |
Telecommunication Services | 3.3 | 3.9 |
Semiannual Report
Fidelity Overseas Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% |
| Shares | | Value |
Australia - 3.1% |
Ansell Ltd. | 516,634 | | $ 8,682,350 |
Australia & New Zealand Banking Group Ltd. | 1,292,838 | | 41,400,073 |
BHP Billiton Ltd. | 759,584 | | 26,749,977 |
Flight Centre Travel Group Ltd. | 337,243 | | 16,839,808 |
Life Healthcare Group Ltd. (a) | 1,346,638 | | 2,814,810 |
Super Cheap Auto Group Ltd. | 1,384,496 | | 13,067,759 |
TOTAL AUSTRALIA | | 109,554,777 |
Austria - 0.5% |
Andritz AG | 262,600 | | 16,297,771 |
Bailiwick of Jersey - 3.2% |
Delphi Automotive PLC | 219,500 | | 14,671,380 |
Experian PLC | 1,284,700 | | 24,640,834 |
Regus PLC | 3,759,070 | | 13,264,841 |
Shire PLC | 446,600 | | 25,541,945 |
WPP PLC | 1,575,333 | | 33,966,710 |
TOTAL BAILIWICK OF JERSEY | | 112,085,710 |
Belgium - 2.2% |
Anheuser-Busch InBev SA NV (d) | 396,712 | | 43,239,979 |
KBC Groupe SA | 596,550 | | 36,340,954 |
TOTAL BELGIUM | | 79,580,933 |
Bermuda - 0.5% |
Signet Jewelers Ltd. | 174,300 | | 17,660,076 |
Canada - 0.9% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 445,700 | | 16,070,493 |
Constellation Software, Inc. | 74,500 | | 16,500,046 |
TOTAL CANADA | | 32,570,539 |
Cayman Islands - 0.7% |
Lifestyle International Holdings Ltd. | 5,066,000 | | 9,919,048 |
Shenzhou International Group Holdings Ltd. | 4,241,000 | | 14,605,370 |
TOTAL CAYMAN ISLANDS | | 24,524,418 |
Denmark - 2.6% |
ISS Holdings A/S (a) | 542,400 | | 18,883,182 |
Novo Nordisk A/S Series B | 880,200 | | 39,948,774 |
Vestas Wind Systems A/S (a) | 720,100 | | 31,962,803 |
TOTAL DENMARK | | 90,794,759 |
Finland - 0.6% |
Caverion Corp. | 1,036,654 | | 11,448,087 |
Tikkurila Oyj | 436,806 | | 10,835,330 |
TOTAL FINLAND | | 22,283,417 |
France - 8.0% |
ALTEN | 245,100 | | 12,508,353 |
AXA SA | 1,031,500 | | 26,867,993 |
BIC SA | 112,300 | | 14,891,307 |
BNP Paribas SA | 400,271 | | 30,048,147 |
Christian Dior SA (d) | 114,097 | | 23,451,030 |
|
| Shares | | Value |
Ipsos SA | 365,457 | | $ 14,166,049 |
Kering SA | 86,200 | | 19,062,578 |
Rexel SA | 693,400 | | 17,508,191 |
Sanofi SA | 509,287 | | 54,962,200 |
Sodexo SA | 179,500 | | 19,349,579 |
Total SA (a) | 686,900 | | 49,143,721 |
TOTAL FRANCE | | 281,959,148 |
Germany - 8.3% |
adidas AG | 272,600 | | 29,094,281 |
BASF AG (d) | 360,117 | | 41,682,322 |
Bayer AG (d) | 406,497 | | 56,395,362 |
Brenntag AG | 149,400 | | 27,017,656 |
CompuGroup Medical AG | 434,400 | | 11,577,192 |
Continental AG | 92,000 | | 21,551,373 |
Deutsche Boerse AG | 244,192 | | 17,884,184 |
Deutsche Post AG | 718,229 | | 27,038,264 |
Fresenius SE & Co. KGaA | 190,600 | | 28,968,187 |
GEA Group AG | 389,724 | | 17,434,343 |
Gerry Weber International AG (Bearer) | 295,800 | | 15,594,369 |
TOTAL GERMANY | | 294,237,533 |
Greece - 0.1% |
Metka SA | 280,983 | | 5,028,701 |
Hong Kong - 0.1% |
City Telecom (HK) Ltd. (CTI) (a) | 8,443,000 | | 2,406,701 |
Ireland - 2.4% |
Accenture PLC Class A | 176,000 | | 14,118,720 |
Actavis PLC (a) | 73,400 | | 14,997,822 |
DCC PLC (United Kingdom) | 307,600 | | 15,751,941 |
Greencore Group PLC | 3,399,500 | | 14,986,398 |
Kerry Group PLC Class A | 329,064 | | 25,976,383 |
TOTAL IRELAND | | 85,831,264 |
Italy - 1.0% |
Pirelli & C. S.p.A. (d) | 1,090,700 | | 18,279,246 |
World Duty Free SpA (a) | 1,302,718 | | 17,449,731 |
TOTAL ITALY | | 35,728,977 |
Japan - 16.3% |
ACOM Co. Ltd. (a)(d) | 3,380,300 | | 11,506,279 |
Aozora Bank Ltd. | 5,679,000 | | 16,886,741 |
Astellas Pharma, Inc. | 2,170,200 | | 24,135,740 |
Credit Saison Co. Ltd. | 394,400 | | 8,386,811 |
Daikin Industries Ltd. | 287,500 | | 16,594,488 |
Dentsu, Inc. | 418,300 | | 17,184,526 |
Don Quijote Holdings Co. Ltd. | 308,600 | | 16,239,722 |
GMO Internet, Inc. | 1,653,600 | | 14,573,224 |
H.I.S. Co. Ltd. | 433,200 | | 12,004,261 |
Honda Motor Co. Ltd. sponsored ADR (d) | 734,700 | | 24,465,510 |
Hoya Corp. | 776,400 | | 22,889,124 |
Iida Group Holdings Co. Ltd. (a) | 681,780 | | 10,136,505 |
Japan Tobacco, Inc. | 894,300 | | 29,356,588 |
Kansai Paint Co. Ltd. | 891,000 | | 12,471,473 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Keyence Corp. | 73,990 | | $ 28,503,899 |
Leopalace21 Corp. (a) | 1,895,300 | | 9,788,413 |
Makita Corp. | 219,500 | | 11,636,817 |
Meitec Corp. | 367,800 | | 9,781,857 |
Miraca Holdings, Inc. | 302,900 | | 13,125,123 |
Misumi Group, Inc. | 349,400 | | 8,496,194 |
Nakanishi, Inc. | 315,500 | | 10,770,235 |
Nihon Nohyaku Co. Ltd. | 640,500 | | 7,975,317 |
Nitori Holdings Co. Ltd. | 208,400 | | 9,550,095 |
OBIC Co. Ltd. | 459,200 | | 13,766,792 |
Olympus Corp. (a) | 604,900 | | 18,460,292 |
OMRON Corp. | 554,400 | | 19,576,309 |
ORIX Corp. | 2,071,800 | | 29,931,517 |
Seven Bank Ltd. | 4,369,600 | | 16,540,668 |
Shinsei Bank Ltd. | 8,163,000 | | 15,889,245 |
Ship Healthcare Holdings, Inc. | 424,500 | | 14,449,650 |
SoftBank Corp. | 395,400 | | 29,354,781 |
Software Service, Inc. | 108,400 | | 3,838,294 |
Toyota Motor Corp. | 470,500 | | 25,420,250 |
Tsuruha Holdings, Inc. | 175,600 | | 17,657,045 |
USS Co. Ltd. | 929,900 | | 13,543,513 |
VT Holdings Co. Ltd. | 2,372,900 | | 13,601,207 |
TOTAL JAPAN | | 578,488,505 |
Luxembourg - 0.8% |
Altice S.A. | 248,329 | | 14,190,748 |
Eurofins Scientific SA | 50,759 | | 14,084,100 |
TOTAL LUXEMBOURG | | 28,274,848 |
New Zealand - 0.4% |
EBOS Group Ltd. | 1,628,762 | | 13,202,126 |
Norway - 0.5% |
Telenor ASA | 759,200 | | 17,816,799 |
South Africa - 0.7% |
Coronation Fund Managers Ltd. | 969,985 | | 9,357,329 |
EOH Holdings Ltd. | 619,000 | | 4,942,351 |
Nampak Ltd. | 1,929,189 | | 7,188,271 |
Pinnacle Technology Holdings Ltd. | 2,928,910 | | 3,619,203 |
TOTAL SOUTH AFRICA | | 25,107,154 |
Spain - 2.7% |
Amadeus IT Holding SA Class A | 705,900 | | 29,335,841 |
Banco Bilbao Vizcaya Argentaria SA | 2,975,747 | | 36,654,492 |
Criteria CaixaCorp SA | 2,649,922 | | 16,139,261 |
Grifols SA ADR | 375,700 | | 15,418,728 |
TOTAL SPAIN | | 97,548,322 |
Sweden - 3.9% |
ASSA ABLOY AB (B Shares) | 395,800 | | 20,952,041 |
Eniro AB (a) | 823,200 | | 6,532,730 |
HEXPOL AB (B Shares) | 105,836 | | 9,994,049 |
Nordea Bank AB | 2,883,200 | | 41,659,229 |
|
| Shares | | Value |
Svenska Cellulosa AB (SCA) (B Shares) | 637,600 | | $ 17,856,565 |
Svenska Handelsbanken AB (A Shares) | 434,700 | | 21,814,557 |
Swedbank AB (A Shares) | 771,400 | | 20,488,570 |
TOTAL SWEDEN | | 139,297,741 |
Switzerland - 8.7% |
Aryzta AG | 256,421 | | 23,672,544 |
Clariant AG (Reg.) | 812,200 | | 15,983,756 |
Nestle SA | 1,080,680 | | 83,519,583 |
Roche Holding AG (participation certificate) | 261,492 | | 76,707,709 |
Schindler Holding AG (participation certificate) | 107,635 | | 16,657,070 |
SGS SA (Reg.) | 10,510 | | 26,212,305 |
Syngenta AG (Switzerland) | 78,285 | | 31,000,207 |
UBS AG | 1,572,446 | | 32,885,947 |
TOTAL SWITZERLAND | | 306,639,121 |
United Kingdom - 21.6% |
Aberdeen Asset Management PLC | 2,438,200 | | 17,981,557 |
AMEC PLC | 1,000,258 | | 20,857,120 |
Barclays PLC | 6,549,680 | | 27,967,457 |
BG Group PLC | 1,618,900 | | 32,745,542 |
BHP Billiton PLC | 1,045,520 | | 33,942,166 |
Brit PLC (a) | 3,051,100 | | 10,959,768 |
British American Tobacco PLC (United Kingdom) | 705,600 | | 40,744,865 |
BT Group PLC | 4,968,100 | | 31,014,108 |
Bunzl PLC | 728,107 | | 20,665,136 |
Cineworld Group PLC | 1,042,983 | | 5,683,539 |
Dechra Pharmaceuticals PLC | 438,095 | | 5,103,789 |
Devro PLC | 1,350,013 | | 4,820,851 |
Diageo PLC | 1,275,102 | | 39,068,893 |
Diploma PLC | 1,482,225 | | 16,479,547 |
Domino Printing Sciences PLC | 1,255,014 | | 16,421,984 |
Elementis PLC | 3,488,900 | | 16,334,797 |
Exova Group Ltd. PLC (a) | 1,082,988 | | 4,027,309 |
Hilton Food Group PLC | 1,120,800 | | 10,095,734 |
IMI PLC | 793,999 | | 20,108,819 |
ITV PLC | 5,841,500 | | 17,950,275 |
Jazztel PLC (a) | 895,800 | | 13,745,237 |
Johnson Matthey PLC | 349,900 | | 19,335,940 |
Kingfisher PLC | 3,167,561 | | 22,360,448 |
London Stock Exchange Group PLC | 666,800 | | 20,399,951 |
Meggitt PLC | 3,044,100 | | 24,500,752 |
Next PLC | 247,100 | | 27,201,677 |
Provident Financial PLC | 441,200 | | 14,801,602 |
Prudential PLC | 1,675,413 | | 38,516,299 |
Reckitt Benckiser Group PLC | 418,100 | | 33,707,682 |
Rolls-Royce Group PLC | 1,274,066 | | 22,586,897 |
Senior Engineering Group PLC | 2,591,100 | | 12,503,216 |
Spectris PLC | 385,000 | | 14,463,257 |
Spirax-Sarco Engineering PLC | 296,707 | | 14,522,833 |
St. James's Place Capital PLC | 1,814,205 | | 23,585,899 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Standard Chartered PLC (United Kingdom) | 1,360,569 | | $ 29,438,422 |
The Restaurant Group PLC | 1,421,100 | | 14,972,164 |
Vodafone Group PLC | 6,235,232 | | 23,672,753 |
TOTAL UNITED KINGDOM | | 763,288,285 |
United States of America - 4.9% |
Computer Sciences Corp. | 259,800 | | 15,374,964 |
CST Brands, Inc. | 445,100 | | 14,523,613 |
Fidelity National Information Services, Inc. | 297,300 | | 15,884,739 |
FMC Corp. | 230,900 | | 17,779,300 |
MasTec, Inc. (a) | 363,200 | | 14,375,456 |
McGraw Hill Financial, Inc. | 261,600 | | 19,340,088 |
Mylan, Inc. (a) | 293,300 | | 14,893,774 |
National Oilwell Varco, Inc. | 167,300 | | 13,138,069 |
PetSmart, Inc. | 226,700 | | 15,343,056 |
ResMed, Inc. | 311,300 | | 15,518,305 |
Total System Services, Inc. | 526,100 | | 16,714,197 |
TOTAL UNITED STATES OF AMERICA | | 172,885,561 |
TOTAL COMMON STOCKS (Cost $2,795,277,265) |
3,353,093,186
|
Nonconvertible Preferred Stocks - 2.1% |
| | | |
Germany - 2.1% |
Henkel AG & Co. KGaA | 258,200 | | 28,753,820 |
Sartorius AG (non-vtg.) | 102,994 | | 13,402,963 |
Volkswagen AG | 115,068 | | 30,986,045 |
TOTAL GERMANY | | 73,142,828 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 170,724,844 | | $ 288,252 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $53,001,659) |
73,431,080
|
Money Market Funds - 8.4% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 91,746,089 | | 91,746,089 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 205,378,905 | | 205,378,905 |
TOTAL MONEY MARKET FUNDS (Cost $297,124,994) |
297,124,994
|
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $3,145,403,918) | | 3,723,649,260 |
NET OTHER ASSETS (LIABILITIES) - (5.2)% | | (183,479,682) |
NET ASSETS - 100% | $ 3,540,169,578 |
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 | $ 29,997 |
Fidelity Securities Lending Cash Central Fund | 688,655 |
Total | $ 718,652 |
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, 2014, 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 | $ 613,024,972 | $ 553,638,012 | $ 59,386,960 | $ - |
Consumer Staples | 413,456,930 | 206,883,610 | 206,573,320 | - |
Energy | 115,884,452 | 66,740,731 | 49,143,721 | - |
Financials | 643,461,453 | 507,437,258 | 136,024,195 | - |
Health Care | 496,999,470 | 299,838,842 | 197,160,628 | - |
Industrials | 501,556,910 | 501,556,910 | - | - |
Information Technology | 275,263,496 | 275,263,496 | - | - |
Materials | 251,272,905 | 159,580,555 | 91,692,350 | - |
Telecommunication Services | 115,603,678 | 60,916,817 | 54,686,861 | - |
Money Market Funds | 297,124,994 | 297,124,994 | - | - |
Total Investments in Securities: | $ 3,723,649,260 | $ 2,928,981,225 | $ 794,668,035 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 79,544,715 |
Level 2 to Level 1 | $ 354,170,970 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $194,917,727) - See accompanying schedule: Unaffiliated issuers (cost $2,848,278,924) | $ 3,426,524,266 | |
Fidelity Central Funds (cost $297,124,994) | 297,124,994 | |
Total Investments (cost $3,145,403,918) | | $ 3,723,649,260 |
Foreign currency held at value (cost $13) | | 13 |
Receivable for investments sold | | 9,990,359 |
Receivable for fund shares sold | | 2,398,620 |
Dividends receivable | | 15,371,412 |
Distributions receivable from Fidelity Central Funds | | 153,433 |
Prepaid expenses | | 2,071 |
Other receivables | | 272,847 |
Total assets | | 3,751,838,015 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,750,505 | |
Payable for fund shares redeemed | 1,464,794 | |
Accrued management fee | 2,181,163 | |
Other affiliated payables | 532,824 | |
Other payables and accrued expenses | 360,246 | |
Collateral on securities loaned, at value | 205,378,905 | |
Total liabilities | | 211,668,437 |
| | |
Net Assets | | $ 3,540,169,578 |
Net Assets consist of: | | |
Paid in capital | | $ 4,352,492,833 |
Undistributed net investment income | | 39,786,428 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,430,516,126) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 578,406,443 |
Net Assets | | $ 3,540,169,578 |
| | |
Overseas:
Net Asset Value, offering price and redemption price per share ($2,977,356,530 ÷ 72,828,800 shares) | | $ 40.88 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($562,813,048 ÷ 13,797,995 shares) | | $ 40.79 |
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 39,361,633 |
Special dividends | | 18,707,991 |
Interest | | 6 |
Income from Fidelity Central Funds | | 718,652 |
Income before foreign taxes withheld | | 58,788,282 |
Less foreign taxes withheld | | (2,912,771) |
Total income | | 55,875,511 |
| | |
Expenses | | |
Management fee Basic fee | $ 9,827,296 | |
Performance adjustment | 1,744,537 | |
Transfer agent fees | 2,192,750 | |
Accounting and security lending fees | 610,621 | |
Custodian fees and expenses | 127,226 | |
Independent trustees' compensation | 5,337 | |
Appreciation in deferred trustee compensation account | 171 | |
Registration fees | 44,383 | |
Audit | 40,451 | |
Legal | 11,588 | |
Interest | 98 | |
Miscellaneous | 9,176 | |
Total expenses before reductions | 14,613,634 | |
Expense reductions | (28,612) | 14,585,022 |
Net investment income (loss) | | 41,290,489 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 69,417,592 | |
Foreign currency transactions | (248,243) | |
Total net realized gain (loss) | | 69,169,349 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 65,931,846 | |
Assets and liabilities in foreign currencies | 107,443 | |
Total change in net unrealized appreciation (depreciation) | | 66,039,289 |
Net gain (loss) | | 135,208,638 |
Net increase (decrease) in net assets resulting from operations | | $ 176,499,127 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 41,290,489 | $ 33,603,374 |
Net realized gain (loss) | 69,169,349 | 100,140,426 |
Change in net unrealized appreciation (depreciation) | 66,039,289 | 397,761,309 |
Net increase (decrease) in net assets resulting from operations | 176,499,127 | 531,505,109 |
Distributions to shareholders from net investment income | (32,103,977) | (46,883,539) |
Distributions to shareholders from net realized gain | (10,805,389) | - |
Total distributions | (42,909,366) | (46,883,539) |
Share transactions - net increase (decrease) | 969,153,368 | 47,557,637 |
Redemption fees | 14,617 | 23,366 |
Total increase (decrease) in net assets | 1,102,757,746 | 532,202,573 |
| | |
Net Assets | | |
Beginning of period | 2,437,411,832 | 1,905,209,259 |
End of period (including undistributed net investment income of $39,786,428 and undistributed net investment income of $30,599,916, respectively) | $ 3,540,169,578 | $ 2,437,411,832 |
Financial Highlights - Overseas
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.22 | $ 31.35 | $ 29.28 | $ 31.56 | $ 30.13 | $ 25.43 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .58 G | .54 | .73 | .47 | .42 | .52 |
Net realized and unrealized gain (loss) | 1.77 | 8.10 | 2.19 | (2.27) | 1.49 | 4.55 |
Total from investment operations | 2.35 | 8.64 | 2.92 | (1.80) | 1.91 | 5.07 |
Distributions from net investment income | (.51) | (.77) | (.83) | (.48) | (.47) | (.37) |
Distributions from net realized gain | (.18) | - | (.02) | - | (.01) | - |
Total distributions | (.69) | (.77) | (.85) | (.48) | (.48) | (.37) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 40.88 | $ 39.22 | $ 31.35 | $ 29.28 | $ 31.56 | $ 30.13 |
Total Return B, C | 6.09% | 28.17% | 10.37% | (5.83)% | 6.33% | 20.44% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.07% A | 1.09% | .69% | .73% | .89% | 1.02% |
Expenses net of fee waivers, if any | 1.07% A | 1.09% | .69% | .73% | .89% | 1.02% |
Expenses net of all reductions | 1.07% A | 1.06% | .67% | .67% | .85% | .98% |
Net investment income (loss) | 2.92% A, G | 1.54% | 2.52% | 1.44% | 1.41% | 2.01% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,977,357 | $ 1,874,922 | $ 1,639,725 | $ 2,215,717 | $ 5,548,689 | $ 6,602,017 |
Portfolio turnover rate F | 31% A | 42% | 90% | 77% | 111% | 115% |
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 large, non-recurring dividends which amounted to $.26 per share. Excluding these non-recurring dividends, 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 39.17 | $ 31.32 | $ 29.29 | $ 31.59 | $ 30.16 | $ 25.45 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .61 G | .60 | .79 | .52 | .47 | .59 |
Net realized and unrealized gain (loss) | 1.76 | 8.08 | 2.18 | (2.27) | 1.50 | 4.54 |
Total from investment operations | 2.37 | 8.68 | 2.97 | (1.75) | 1.97 | 5.13 |
Distributions from net investment income | (.58) | (.83) | (.92) | (.55) | (.53) | (.42) |
Distributions from net realized gain | (.18) | - | (.02) | - | (.01) | - |
Total distributions | (.75) J | (.83) | (.94) | (.55) | (.54) | (.42) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 40.79 | $ 39.17 | $ 31.32 | $ 29.29 | $ 31.59 | $ 30.16 |
Total Return B, C | 6.17% | 28.37% | 10.59% | (5.67)% | 6.55% | 20.73% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | .93% A | .93% | .51% | .56% | .69% | .78% |
Expenses net of fee waivers, if any | .93% A | .92% | .51% | .55% | .69% | .78% |
Expenses net of all reductions | .93% A | .90% | .48% | .50% | .66% | .74% |
Net investment income (loss) | 3.05% A, G | 1.71% | 2.70% | 1.61% | 1.60% | 2.25% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 562,813 | $ 562,490 | $ 265,484 | $ 291,323 | $ 368,004 | $ 383,048 |
Portfolio turnover rate F | 31% A | 42% | 90% | 77% | 111% | 115% |
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 large, non-recurring dividends which amounted to $.26 per share. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.72%. 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
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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, 2014, 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 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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
Notes to Financial Statements (Unaudited) - continued
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 | $ 637,389,273 |
Gross unrealized depreciation | (76,216,775) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 561,172,498 |
| |
Tax cost | $ 3,162,476,762 |
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 | $ (464,379,963) |
2017 | (939,719,765) |
Total with expiration | (1,404,099,728) |
No expiration | |
Short-term | (23,395,688) |
Long-term | (50,388,733) |
Total no expiration | (73,784,421) |
Total capital loss carryforward | $ (1,477,884,149) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,300,473,960 and $431,745,506, 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 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 .82% 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
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
Average
Net Assets* |
Overseas | $ 2,069,412 | .18 |
Class K | 123,338 | .05 |
| $ 2,192,750 | |
* 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 $2,669 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR 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 | $ 11,596,000 | .31% | $ 98 |
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 $2,427 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $688,655, including $36,929 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 $16,810 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $11,802.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Overseas | $ 24,366,946 | $ 39,514,173 |
Class K | 7,737,031 | 7,369,366 |
Total | $ 32,103,977 | $ 46,883,539 |
From net realized gain | | |
Overseas | $ 8,423,730 | $ - |
Class K | 2,381,659 | - |
Total | $ 10,805,389 | $ - |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 | Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
Overseas | | | | |
Shares sold | 28,355,398 | 4,856,702 | $ 1,123,909,543 | $ 167,166,517 |
Reinvestment of distributions | 829,933 | 1,224,483 | 32,043,709 | 38,681,419 |
Shares redeemed | (4,165,764) | (10,572,300) | (164,662,893) | (364,332,964) |
Net increase (decrease) | 25,019,567 | (4,491,115) | $ 991,290,359 | $ (158,485,028) |
Class K | | | | |
Shares sold | 1,608,694 | 8,204,154 | $ 63,959,336 | $ 286,897,852 |
Reinvestment of distributions | 262,823 | 233,874 | 10,118,691 | 7,369,366 |
Shares redeemed | (2,435,079) | (2,553,449) | (96,215,018) | (88,224,553) |
Net increase (decrease) | (563,562) | 5,884,579 | $ (22,136,991) | $ 206,042,665 |
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, Strategic Advisers International Fund was the owner of record of approximately 19% 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 28% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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-0614
1.863321.105
Fidelity®
Series Emerging Markets
Series International Growth
Series International Small Cap
Series International Value
Funds -
Fidelity Series Emerging Markets Fund
Fidelity Series International Growth Fund
Fidelity Series International Small Cap Fund
Fidelity Series International Value Fund
Class F
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Fidelity® Series Emerging Markets Fund |
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. |
Fidelity Series International Growth Fund |
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. |
Fidelity Series International Small Cap Fund |
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. |
Fidelity Series International Value Fund |
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 for Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund or 1-800-835-5092 for Class F of each fund 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. © 2014 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
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2013 to April 30, 2014).
Actual Expenses
The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
| Annualized
Expense Ratio B | Beginning
Account Value
November 1, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Fidelity Series Emerging Markets Fund | | | | |
Series Emerging Markets | 1.07% | | | |
Actual | | $ 1,000.00 | $ 989.20 | $ 5.28 |
HypotheticalA | | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
Class F | .90% | | | |
Actual | | $ 1,000.00 | $ 989.60 | $ 4.44 |
HypotheticalA | | $ 1,000.00 | $ 1,020.33 | $ 4.51 |
Fidelity Series International Growth Fund | | | | |
Series International Growth | .97% | | | |
Actual | | $ 1,000.00 | $ 1,029.40 | $ 4.88 |
HypotheticalA | | $ 1,000.00 | $ 1,019.98 | $ 4.86 |
Class F | .80% | | | |
Actual | | $ 1,000.00 | $ 1,030.80 | $ 4.03 |
HypotheticalA | | $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Fidelity Series International Small Cap Fund | | | | |
Series International Small Cap | 1.18% | | | |
Actual | | $ 1,000.00 | $ 1,053.50 | $ 6.01 |
HypotheticalA | | $ 1,000.00 | $ 1,018.94 | $ 5.91 |
Class F | 1.01% | | | |
Actual | | $ 1,000.00 | $ 1,054.70 | $ 5.15 |
HypotheticalA | | $ 1,000.00 | $ 1,019.79 | $ 5.06 |
Fidelity Series International Value Fund | | | | |
Series International Value | .81% | | | |
Actual | | $ 1,000.00 | $ 1,039.10 | $ 4.10 |
HypotheticalA | | $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Class F | .64% | | | |
Actual | | $ 1,000.00 | $ 1,039.70 | $ 3.24 |
HypotheticalA | | $ 1,000.00 | $ 1,021.62 | $ 3.21 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
Semiannual Report
Shareholder Expense Example - continued
* 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 Series Emerging Markets Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | Korea (South) 19.1% | |
 | Brazil 10.5% | |
 | Taiwan 7.7% | |
 | Cayman Islands 7.5% | |
 | India 7.2% | |
 | China 6.6% | |
 | United States of America* 5.3% | |
 | South Africa 4.8% | |
 | Mexico 4.8% | |
 | Other 26.5% | |
* 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, 2013 |
| Korea (South) 18.2% | |
| Brazil 10.1% | |
| Russia 8.4% | |
| Cayman Islands 8.0% | |
| Taiwan 7.0% | |
| China 6.8% | |
| India 6.8% | |
| Mexico 5.1% | |
| South Africa 5.0% | |
| Other* 24.6% | |
* 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. |
Asset Allocation as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 96.9 | 98.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.1 | 1.3 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 4.3 | 4.7 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.5 | 3.1 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 2.3 | 2.1 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 1.6 | 1.8 |
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining) | 1.4 | 1.6 |
Hyundai Motor Co. Series 2 (Korea (South), Automobiles) | 1.4 | 0.6 |
Itau Unibanco Holding SA sponsored ADR (Brazil, Banks) | 1.4 | 1.7 |
MediaTek, Inc. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.4 | 0.8 |
Naspers Ltd. Class N (South Africa, Media) | 1.3 | 1.5 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 1.2 | 1.1 |
| 19.8 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 25.1 | 25.9 |
Information Technology | 17.2 | 16.3 |
Energy | 10.3 | 10.1 |
Materials | 8.7 | 10.1 |
Consumer Staples | 8.3 | 8.6 |
Industrials | 8.1 | 7.2 |
Consumer Discretionary | 7.9 | 8.3 |
Telecommunication Services | 6.8 | 6.8 |
Utilities | 2.0 | 3.0 |
Health Care | 1.8 | 1.6 |
Semiannual Report
Fidelity Series Emerging Markets Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 86.5% |
| Shares | | Value |
Argentina - 0.3% |
Grupo Financiero Galicia SA sponsored ADR (d) | 1,388,000 | | $ 18,682,480 |
YPF SA Class D sponsored ADR | 121,150 | | 3,447,929 |
TOTAL ARGENTINA | | 22,130,409 |
Austria - 0.7% |
C.A.T. oil AG (Bearer) | 1,608,562 | | 33,697,741 |
Erste Group Bank AG | 635,626 | | 21,331,606 |
TOTAL AUSTRIA | | 55,029,347 |
Bailiwick of Jersey - 0.1% |
Atrium European Real Estate Ltd. | 2,201,643 | | 12,675,965 |
Bermuda - 1.9% |
Aquarius Platinum Ltd.: | | | |
rights 5/14/14 (a) | 27,972,540 | | 2,988,446 |
(Australia) (a) | 13,986,270 | | 5,002,399 |
BW Offshore Ltd. | 20,698,188 | | 27,020,497 |
Cosan Ltd. Class A | 1,352,986 | | 16,411,720 |
Golar LNG Ltd. (NASDAQ) | 401,600 | | 17,750,720 |
GP Investments Ltd. Class A (depositary receipt) (a)(e) | 11,529,837 | | 19,132,368 |
Shangri-La Asia Ltd. | 17,912,000 | | 29,526,227 |
Yue Yuen Industrial (Holdings) Ltd. | 11,561,000 | | 35,713,625 |
TOTAL BERMUDA | | 153,546,002 |
Brazil - 4.4% |
Anhanguera Educacional Participacoes SA | 4,724,048 | | 29,237,297 |
BM&F BOVESPA SA | 6,245,100 | | 31,929,203 |
BR Properties SA | 3,274,200 | | 26,152,484 |
Cosan SA Industria e Comercio | 1,016,300 | | 17,429,448 |
Estacio Participacoes SA | 2,584,400 | | 27,678,202 |
Fibria Celulose SA (a) | 2,506,400 | | 24,954,403 |
Light SA | 1,549,500 | | 12,369,593 |
Localiza Rent A Car SA | 2,534,800 | | 37,855,742 |
Mills Estruturas e Servicos de Engenharia SA | 2,167,600 | | 27,336,209 |
Minerva SA (a) | 7,249,900 | | 32,579,436 |
Smiles SA | 1,960,400 | | 37,146,272 |
T4F Entretenimento SA (a)(e) | 4,265,200 | | 9,659,944 |
Ultrapar Participacoes SA | 1,618,950 | | 40,645,284 |
TOTAL BRAZIL | | 354,973,517 |
British Virgin Islands - 0.1% |
Luxoft Holding, Inc. | 386,970 | | 10,444,320 |
Common Stocks - continued |
| Shares | | Value |
Canada - 0.9% |
First Quantum Minerals Ltd. | 795,500 | | $ 15,843,953 |
Goldcorp, Inc. | 1,239,800 | | 30,620,306 |
Pan American Silver Corp. | 1,401,900 | | 18,168,624 |
Torex Gold Resources, Inc. (a) | 7,040,600 | | 7,836,807 |
TOTAL CANADA | | 72,469,690 |
Cayman Islands - 7.5% |
58.com, Inc. ADR (d) | 749,507 | | 29,815,388 |
Anta Sports Products Ltd. | 15,665,000 | | 22,912,711 |
Anton Oilfield Services Group | 15,700,000 | | 10,388,433 |
Bitauto Holdings Ltd. ADR (a) | 463,802 | | 16,618,026 |
Bloomage BioTechnology Corp. Ltd. | 2,865,000 | | 7,704,841 |
China Liansu Group Holdings Ltd. | 15,018,000 | | 7,980,725 |
Cimc Enric Holdings Ltd. | 14,522,000 | | 21,016,109 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 1,901,649 | | 46,875,648 |
GCL-Poly Energy Holdings Ltd. (a) | 158,637,000 | | 47,470,684 |
Greatview Aseptic Pack Co. Ltd. | 45,913,000 | | 28,011,078 |
Haitian International Holdings Ltd. | 8,513,000 | | 17,151,286 |
Hengan International Group Co. Ltd. | 2,996,500 | | 31,557,565 |
Hilong Holding Ltd. | 39,896,000 | | 20,789,485 |
On-Bright Electronics, Inc. | 351,000 | | 3,188,212 |
Silergy Corp. | 855,000 | | 7,085,909 |
SINA Corp. (a) | 441,200 | | 21,089,360 |
Tencent Holdings Ltd. | 2,957,800 | | 184,343,890 |
Tingyi (Cayman Islands) Holding Corp. | 6,460,000 | | 17,956,133 |
Uni-President China Holdings Ltd. | 27,430,000 | | 22,714,012 |
Xueda Education Group sponsored ADR | 3,490,100 | | 17,415,599 |
Yingde Gases Group Co. Ltd. | 20,456,500 | | 20,659,800 |
TOTAL CAYMAN ISLANDS | | 602,744,894 |
Chile - 1.4% |
Banco Santander Chile | 472,320,431 | | 28,544,057 |
Embotelladora Andina SA ADR | 255,700 | | 4,940,124 |
Empresa Nacional de Electricidad SA | 17,614,006 | | 26,057,884 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 1,504,571 | | 18,470,662 |
Inversiones La Construccion SA | 1,680,150 | | 22,109,000 |
Vina Concha y Toro SA | 7,968,519 | | 16,664,190 |
TOTAL CHILE | | 116,785,917 |
China - 6.6% |
Anhui Conch Cement Co. Ltd. (H Shares) | 6,529,000 | | 24,253,375 |
BBMG Corp. (H Shares) | 26,803,500 | | 18,841,741 |
China Communications Construction Co. Ltd. (H Shares) | 36,971,000 | | 24,176,987 |
Common Stocks - continued |
| Shares | | Value |
China - continued |
China Life Insurance Co. Ltd. (H Shares) | 20,470,500 | | $ 53,255,116 |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 5,885,000 | | 6,057,346 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 23,689,600 | | 74,250,096 |
China Petroleum & Chemical Corp. sponsored ADR (H Shares) (d) | 259,100 | | 23,026,217 |
China Suntien Green Energy Corp. Ltd. (H Shares) | 41,960,000 | | 14,179,790 |
China Telecom Corp. Ltd. (H Shares) | 97,959,782 | | 50,115,162 |
Industrial & Commercial Bank of China Ltd. (H Shares) | 218,307,000 | | 130,442,400 |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 85,468,000 | | 17,858,771 |
PICC Property & Casualty Co. Ltd. (H Shares) | 29,930,500 | | 39,454,622 |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 4,907,900 | | 36,304,641 |
Sinopec Engineering Group Co. Ltd. (H Shares) (f) | 13,564,000 | | 15,150,909 |
TOTAL CHINA | | 527,367,173 |
Colombia - 0.4% |
BanColombia SA sponsored ADR | 601,400 | | 34,237,702 |
Denmark - 1.4% |
Auriga Industries A/S Series B (a) | 572,703 | | 21,183,624 |
Vestas Wind Systems A/S (a) | 2,003,851 | | 88,944,167 |
TOTAL DENMARK | | 110,127,791 |
France - 0.8% |
Technip SA (d) | 593,839 | | 66,815,252 |
Hong Kong - 1.2% |
China Resources Power Holdings Co. Ltd. | 4,525,380 | | 11,382,107 |
China Unicom Ltd. | 29,405,000 | | 45,078,913 |
Far East Horizon Ltd. | 33,256,300 | | 22,519,889 |
Sinotruk Hong Kong Ltd. | 30,215,000 | | 16,017,600 |
TOTAL HONG KONG | | 94,998,509 |
India - 7.2% |
Axis Bank Ltd. | 3,226,563 | | 81,528,151 |
Bharti Airtel Ltd. | 6,680,898 | | 36,337,040 |
Bharti Infratel Ltd. (a) | 13,964,575 | | 49,928,883 |
Coal India Ltd. | 4,228,320 | | 20,459,839 |
Eicher Motors Ltd. | 266,613 | | 27,411,653 |
Grasim Industries Ltd. | 556,289 | | 24,574,360 |
Hindalco Industries Ltd. | 8,163,728 | | 18,177,712 |
Indiabulls Real Estate Ltd. | 15,069,470 | | 15,540,430 |
ITC Ltd. | 10,618,373 | | 59,988,570 |
JK Cement Ltd. | 2,557,051 | | 9,625,772 |
Lupin Ltd. | 1,852,492 | | 31,609,966 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Mundra Port and SEZ Ltd. | 11,434,222 | | $ 35,678,033 |
Petronet LNG Ltd. | 15,159,502 | | 36,393,864 |
Phoenix Mills Ltd. (a) | 6,103,335 | | 25,125,725 |
Power Grid Corp. of India Ltd. | 12,887,931 | | 22,607,031 |
SREI Infrastructure Finance Ltd. (e) | 47,462,511 | | 26,361,504 |
State Bank of India | 1,710,217 | | 58,938,192 |
TOTAL INDIA | | 580,286,725 |
Indonesia - 2.2% |
PT AKR Corporindo Tbk | 37,787,400 | | 15,590,183 |
PT Bakrieland Development Tbk (a) | 1,929,149,800 | | 8,342,991 |
PT Bank Rakyat Indonesia Tbk | 54,591,500 | | 46,746,170 |
PT Bank Tabungan Negara Tbk | 169,068,800 | | 16,890,063 |
PT Kalbe Farma Tbk | 212,303,500 | | 28,370,792 |
PT Lippo Karawaci Tbk | 182,186,600 | | 16,861,105 |
PT Telkomunikasi Indonesia Tbk: | | | |
Series B | 17,607,400 | | 3,460,745 |
sponsored ADR | 961,879 | | 38,186,596 |
TOTAL INDONESIA | | 174,448,645 |
Israel - 0.3% |
Bezeq The Israeli Telecommunication Corp. Ltd. | 11,697,500 | | 21,194,430 |
Kenya - 0.3% |
Equity Bank Ltd. | 51,602,500 | | 22,684,699 |
Korea (South) - 16.6% |
AMOREPACIFIC Group, Inc. | 97,215 | | 50,249,550 |
Daewoo International Corp. | 2,113,018 | | 74,142,777 |
Daou Technology, Inc. | 866,450 | | 12,077,127 |
E-Mart Co. Ltd. | 227,072 | | 51,872,028 |
GS Retail Co. Ltd. | 1,174,690 | | 32,633,436 |
Hana Financial Group, Inc. | 2,250,230 | | 79,175,163 |
Hankook Shell Oil Co. Ltd. | 30,995 | | 14,040,906 |
Hyundai Industrial Development & Construction Co. | 937,500 | | 26,815,531 |
Hyundai Mobis | 193,659 | | 55,299,008 |
KB Financial Group, Inc. | 1,584,932 | | 54,229,139 |
KEPCO Plant Service & Engineering Co. Ltd. | 372,750 | | 24,246,249 |
Korea Electric Power Corp. | 1,009,440 | | 38,603,200 |
Korea Zinc Co. Ltd. | 81,926 | | 27,002,036 |
Korean Reinsurance Co. (e) | 3,046,097 | | 30,074,716 |
KT&G Corp. | 480,141 | | 38,481,923 |
LG Chemical Ltd. | 201,414 | | 51,274,690 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
LG Corp. | 557,556 | | $ 31,032,301 |
Naver Corp. | 123,328 | | 88,099,955 |
Oci Co. Ltd. | 159,473 | | 27,939,805 |
Samsung C&T Corp. | 651,017 | | 40,834,287 |
Samsung Electronics Co. Ltd. | 267,305 | | 347,488,740 |
Seoul Semiconductor Co. Ltd. | 510,983 | | 20,501,641 |
Shinhan Financial Group Co. Ltd. | 1,774,050 | | 77,449,476 |
SK Hynix, Inc. (a) | 227,720 | | 8,850,022 |
SK Telecom Co. Ltd. sponsored ADR (d) | 1,227,500 | | 28,342,975 |
TOTAL KOREA (SOUTH) | | 1,330,756,681 |
Luxembourg - 0.0% |
Subsea 7 SA | 1,300 | | 26,003 |
Malaysia - 0.2% |
Petronas Dagangan Bhd | 1,530,500 | | 14,214,299 |
Mexico - 4.8% |
America Movil S.A.B. de CV Series L sponsored ADR | 3,120,700 | | 62,663,656 |
CEMEX S.A.B. de CV sponsored ADR | 3,078,297 | | 38,909,674 |
El Puerto de Liverpool S.A.B. de CV Class C | 2,767,300 | | 28,498,468 |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 499,000 | | 45,294,230 |
Gruma S.A.B. de CV Series B (a) | 2,809,400 | | 24,819,740 |
Grupo Comercial Chedraui S.A.B. de CV (d) | 8,080,700 | | 24,613,777 |
Grupo Financiero Banorte S.A.B. de CV Series O | 8,870,700 | | 58,806,888 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 2,627,700 | | 86,214,837 |
Macquarie Mexican (REIT) | 7,730,300 | | 14,677,392 |
TOTAL MEXICO | | 384,498,662 |
Netherlands - 0.2% |
SBM Offshore NV (a) | 696,200 | | 12,715,719 |
Nigeria - 1.7% |
Guaranty Trust Bank PLC | 52,217,981 | | 8,525,849 |
Guaranty Trust Bank PLC GDR (Reg. S) | 5,413,577 | | 45,474,047 |
Zenith Bank PLC | 568,667,514 | | 80,353,268 |
TOTAL NIGERIA | | 134,353,164 |
Norway - 0.8% |
ElectroMagnetic GeoServices ASA (a)(d) | 9,322,567 | | 11,135,075 |
Spectrum ASA | 1,124,095 | | 8,887,920 |
Common Stocks - continued |
| Shares | | Value |
Norway - continued |
Statoil ASA | 640,899 | | $ 19,538,070 |
TGS Nopec Geophysical Co. ASA | 655,825 | | 22,617,318 |
TOTAL NORWAY | | 62,178,383 |
Panama - 0.4% |
Copa Holdings SA Class A | 265,000 | | 35,849,200 |
Peru - 0.0% |
Alicorp SA Class C | 49,751 | | 150,626 |
Philippines - 2.1% |
Alliance Global Group, Inc. | 50,958,000 | | 35,610,582 |
LT Group, Inc. | 56,023,800 | | 23,000,236 |
Metro Pacific Investments Corp. | 66,685,000 | | 7,584,811 |
Metropolitan Bank & Trust Co. | 22,033,522 | | 41,867,399 |
Robinsons Land Corp. | 121,314,250 | | 60,691,145 |
TOTAL PHILIPPINES | | 168,754,173 |
Poland - 0.7% |
Cyfrowy Polsat SA | 3,556,000 | | 24,136,145 |
Powszechny Zaklad Ubezpieczen SA | 223,400 | | 31,669,209 |
TOTAL POLAND | | 55,805,354 |
Portugal - 0.2% |
Banco Espirito Santo SA (Reg.) (a) | 9,481,600 | | 16,784,884 |
Puerto Rico - 0.2% |
Popular, Inc. (a) | 488,328 | | 15,089,335 |
Romania - 0.1% |
SNGN Romgaz SA GDR (f) | 1,032,587 | | 11,151,940 |
Russia - 2.2% |
Bashneft OJSC (a) | 119,253 | | 7,095,930 |
E.ON Russia JSC | 385,158,600 | | 26,995,158 |
Gazprom OAO sponsored: | | | |
ADR | 2,815,596 | | 20,328,603 |
ADR (Reg. S) | 3,842,400 | | 27,711,389 |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 339,800 | | 17,958,430 |
Mobile TeleSystems OJSC | 4,360,500 | | 31,640,400 |
NOVATEK OAO GDR (Reg. S) | 188,635 | | 19,485,996 |
Sberbank (Savings Bank of the Russian Federation) | 12,704,800 | | 25,855,382 |
TOTAL RUSSIA | | 177,071,288 |
Common Stocks - continued |
| Shares | | Value |
Singapore - 1.2% |
Ezion Holdings Ltd. | 21,571,200 | | $ 39,057,688 |
First Resources Ltd. | 29,088,000 | | 59,628,428 |
TOTAL SINGAPORE | | 98,686,116 |
South Africa - 4.8% |
Aspen Pharmacare Holdings Ltd. | 1,843,100 | | 49,048,306 |
Barclays Africa Group Ltd. | 1,751,882 | | 25,644,202 |
Bidvest Group Ltd. | 1,544,673 | | 42,359,029 |
Impala Platinum Holdings Ltd. (a) | 2,187,000 | | 24,612,975 |
JSE Ltd. | 1,660,992 | | 15,235,562 |
Life Healthcare Group Holdings Ltd. | 8,445,700 | | 33,532,331 |
MTN Group Ltd. | 4,755,406 | | 95,288,925 |
Naspers Ltd. Class N | 1,051,500 | | 99,148,139 |
TOTAL SOUTH AFRICA | | 384,869,469 |
Taiwan - 7.7% |
Cathay Financial Holding Co. Ltd. | 25,961,000 | | 36,662,366 |
Chipbond Technology Corp. | 6,635,000 | | 11,349,588 |
Cleanaway Co. Ltd. | 1,610,000 | | 9,126,651 |
E.SUN Financial Holdings Co. Ltd. | 30,878,700 | | 18,681,483 |
E.SUN Financial Holdings Co. Ltd. rights 5/6/14 (a) | 2,812,814 | | 303,050 |
ECLAT Textile Co. Ltd. | 2,217,680 | | 24,260,642 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 3,172,500 | | 9,107,706 |
King Slide Works Co. Ltd. | 230,700 | | 3,005,589 |
MediaTek, Inc. | 6,925,000 | | 108,355,572 |
Taiwan Fertilizer Co. Ltd. | 18,075,700 | | 35,953,059 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 48,808,284 | | 191,991,832 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 4,584,401 | | 92,146,460 |
Unified-President Enterprises Corp. | 25,542,866 | | 43,269,313 |
Universal Cement Corp. | 12,699,000 | | 12,166,253 |
Voltronic Power Technology Corp. | 65,000 | | 423,414 |
Yuanta Financial Holding Co. Ltd. | 44,886,000 | | 22,394,268 |
TOTAL TAIWAN | | 619,197,246 |
Thailand - 1.4% |
Jasmine International Public Co. Ltd. | 70,026,100 | | 17,960,959 |
Kasikornbank PCL (For. Reg.) | 7,046,900 | | 42,790,972 |
Thai Union Frozen Products PCL (For. Reg.) | 17,441,300 | | 37,728,399 |
Total Access Communication PCL NVDR | 4,479,500 | | 17,234,170 |
TOTAL THAILAND | | 115,714,500 |
Togo - 0.4% |
Ecobank Transnational, Inc. | 409,014,699 | | 34,370,983 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 1.2% |
Aygaz A/S | 714,000 | | $ 2,941,820 |
Tupras Turkiye Petrol Rafinelleri A/S | 2,149,096 | | 48,344,609 |
Turkiye Halk Bankasi A/S | 7,418,000 | | 49,534,134 |
TOTAL TURKEY | | 100,820,563 |
United Arab Emirates - 0.2% |
First Gulf Bank PJSC | 3,505,948 | | 16,561,129 |
United Kingdom - 0.2% |
John Wood Group PLC | 1,371 | | 18,136 |
Mondi PLC | 797,600 | | 13,231,012 |
TOTAL UNITED KINGDOM | | 13,249,148 |
United States of America - 1.5% |
Cognizant Technology Solutions Corp. Class A (a) | 914,772 | | 43,822,153 |
Facebook, Inc. Class A (a) | 678,440 | | 40,557,143 |
InvenSense, Inc. (a)(d) | 1,554,215 | | 33,462,249 |
TOTAL UNITED STATES OF AMERICA | | 117,841,545 |
TOTAL COMMON STOCKS (Cost $6,044,327,881) |
6,953,671,397
|
Nonconvertible Preferred Stocks - 9.7% |
| | | |
Brazil - 6.1% |
Ambev SA sponsored ADR (d) | 4,046,300 | | 29,335,675 |
Banco do Estado Rio Grande do Sul SA | 5,785,100 | | 32,457,271 |
Braskem SA (PN-A) | 4,360,700 | | 29,765,603 |
Companhia Paranaense de Energia-Copel: | | | |
(PN-B) | 73,400 | | 1,051,746 |
(PN-B) sponsored (d) | 1,272,410 | | 18,259,084 |
Gerdau SA sponsored (d) | 6,671,400 | | 40,095,114 |
Itau Unibanco Holding SA sponsored ADR | 6,876,106 | | 112,493,094 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored (non-vtg.) | 1,716,000 | | 25,396,800 |
sponsored ADR (d) | 4,538,092 | | 62,988,717 |
Telefonica Brasil SA | 802,700 | | 16,862,190 |
TIM Participacoes SA sponsored ADR | 361,616 | | 9,731,087 |
Vale SA (PN-A) sponsored ADR (d) | 9,545,800 | | 113,308,646 |
TOTAL BRAZIL | | 491,745,027 |
Chile - 0.2% |
Embotelladora Andina SA Class A | 5,367,750 | | 17,218,505 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
Korea (South) - 2.5% |
Hyundai Motor Co. Series 2 | 804,529 | | $ 112,919,083 |
Samsung Electronics Co. Ltd. | 45,524 | | 45,695,855 |
Samsung Fire & Marine Insurance Co. Ltd. | 251,646 | | 36,659,300 |
TOTAL KOREA (SOUTH) | | 195,274,238 |
Russia - 0.9% |
Bashneft OJSC (a) | 177,392 | | 7,725,079 |
Sberbank (Savings Bank of the Russian Federation) | 23,809,800 | | 40,207,651 |
Surgutneftegas | 32,780,650 | | 22,819,933 |
TOTAL RUSSIA | | 70,752,663 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $778,466,748) |
774,990,433
|
Government Obligations - 0.0% |
| Principal Amount | | |
United States of America - 0.0% |
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 5/8/14 to 7/24/14 (g)
(Cost $3,404,865) | | $ 3,405,000 | |
3,404,916
|
Money Market Funds - 6.2% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 352,068,938 | | 352,068,938 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 145,562,300 | | 145,562,300 |
TOTAL MONEY MARKET FUNDS (Cost $497,631,238) |
497,631,238
|
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $7,323,830,732) | | 8,229,697,984 |
NET OTHER ASSETS (LIABILITIES) - (2.4)% | | (194,037,857) |
NET ASSETS - 100% | $ 8,035,660,127 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized
Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
1,116 NYSE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2014 | | $ 55,493,100 | | $ (319,764) |
|
The face value of futures purchased as a percentage of net assets is 0.7% |
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) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,302,849 or 0.3% of net assets. |
(g) 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 $3,404,916. |
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 | $ 104,716 |
Fidelity Securities Lending Cash Central Fund | 747,177 |
Total | $ 851,893 |
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 |
58.com, Inc. ADR | $ 822,492 | $ 34,361,527 | $ 22,590,259 | $ - | $ - |
Daou Technology, Inc. | 16,429,478 | 1,974,748 | 6,959,016 | 138,157 | - |
ElectroMagnetic GeoServices ASA | 9,388,983 | 6,793,265 | 5,136,954 | - | - |
GP Investments Ltd. Class A (depositary receipt) | 19,319,221 | 2,863,651 | 1,754,508 | - | 19,132,368 |
Korean Reinsurance Co. | 31,553,914 | 1,923,412 | - | 411,974 | 30,074,716 |
PT Bakrieland Development Tbk | 9,799,068 | - | 521,632 | - | - |
SREI Infrastructure Finance Ltd. | 14,720,963 | 1,080,445 | - | - | 26,361,504 |
T4F Entretenimento SA | - | 9,887,501 | 257,508 | - | 9,659,944 |
Veripos | 14,258,599 | - | 16,055,355 | - | - |
Xueda Education Group sponsored ADR | 13,792,358 | 2,858,950 | - | 558,416 | - |
Total | $ 130,085,076 | $ 61,743,499 | $ 53,275,232 | $ 1,108,547 | $ 85,228,532 |
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, 2014, 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 | $ 639,766,199 | $ 639,766,199 | $ - | $ - |
Consumer Staples | 664,695,896 | 664,695,896 | - | - |
Energy | 808,590,427 | 774,231,348 | 19,538,070 | 14,821,009 |
Financials | 2,022,344,227 | 1,625,136,895 | 397,207,332 | - |
Health Care | 142,561,395 | 110,951,429 | 31,609,966 | - |
Industrials | 657,755,213 | 657,755,213 | - | - |
Information Technology | 1,373,561,832 | 1,181,570,000 | 191,991,832 | - |
Materials | 710,564,879 | 685,990,519 | 24,574,360 | - |
Telecommunication Services | 542,496,793 | 443,841,973 | 98,654,820 | - |
Utilities | 166,324,969 | 127,721,769 | 38,603,200 | - |
Government Obligations | 3,404,916 | - | 3,404,916 | - |
Money Market Funds | 497,631,238 | 497,631,238 | - | - |
Total Investments in Securities: | $ 8,229,697,984 | $ 7,409,292,479 | $ 805,584,496 | $ 14,821,009 |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (319,764) | $ (319,764) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 191,952,171 |
Level 2 to Level 1 | $ 0 |
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, 2014. 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) | $ - | $ (319,764) |
Total Value of Derivatives | $ - | $ (319,764) |
(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 Series Emerging Markets Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $142,664,059) - See accompanying schedule: Unaffiliated issuers (cost $6,717,986,107) | $ 7,646,838,214 | |
Fidelity Central Funds (cost $497,631,238) | 497,631,238 | |
Other affiliated issuers (cost $108,213,387) | 85,228,532 | |
Total Investments (cost $7,323,830,732) | | $ 8,229,697,984 |
Foreign currency held at value (cost $2,687,301) | | 2,636,641 |
Receivable for investments sold | | 96,187,754 |
Receivable for fund shares sold | | 18,526,963 |
Dividends receivable | | 19,180,368 |
Distributions receivable from Fidelity Central Funds | | 218,621 |
Prepaid expenses | | 4,986 |
Other receivables | | 1,802,339 |
Total assets | | 8,368,255,656 |
| | |
Liabilities | | |
Payable to custodian bank | $ 261,772 | |
Payable for investments purchased | 155,680,881 | |
Payable for fund shares redeemed | 16,878,284 | |
Accrued management fee | 5,373,006 | |
Payable for daily variation margin for derivative instruments | 150,660 | |
Other affiliated payables | 702,593 | |
Other payables and accrued expenses | 7,986,033 | |
Collateral on securities loaned, at value | 145,562,300 | |
Total liabilities | | 332,595,529 |
| | |
Net Assets | | $ 8,035,660,127 |
Net Assets consist of: | | |
Paid in capital | | $ 7,492,692,576 |
Undistributed net investment income | | 21,239,172 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (377,200,763) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 898,929,142 |
Net Assets | | $ 8,035,660,127 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series Emerging Markets Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Series Emerging Markets:
Net Asset Value, offering price and redemption price per share ($3,980,505,939 ÷ 231,484,454 shares) | | $ 17.20 |
| | |
Class F:
Net Asset Value, offering price and redemption price per share ($4,055,154,188 ÷ 235,213,142 shares) | | $ 17.24 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends (including $1,108,547 earned from other affiliated issuers) | | $ 81,159,503 |
Interest | | 1,691 |
Income from Fidelity Central Funds | | 851,893 |
Income before foreign taxes withheld | | 82,013,087 |
Less foreign taxes withheld | | (8,650,408) |
Total income | | 73,362,679 |
| | |
Expenses | | |
Management fee | $ 31,493,946 | |
Transfer agent fees | 3,381,980 | |
Accounting and security lending fees | 852,890 | |
Custodian fees and expenses | 3,045,704 | |
Independent trustees' compensation | 15,003 | |
Audit | 47,886 | |
Legal | 15,387 | |
Miscellaneous | 24,117 | |
Total expenses before reductions | 38,876,913 | |
Expense reductions | (39,039) | 38,837,874 |
Net investment income (loss) | | 34,524,805 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (39,908,195) | |
Other affiliated issuers | 5,811,236 | |
Foreign currency transactions | (2,531,311) | |
Futures contracts | (1,628,564) | |
Total net realized gain (loss) | | (38,256,834) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $6,054,358) | (72,027,823) | |
Assets and liabilities in foreign currencies | 106,051 | |
Futures contracts | (68,697) | |
Total change in net unrealized appreciation (depreciation) | | (71,990,469) |
Net gain (loss) | | (110,247,303) |
Net increase (decrease) in net assets resulting from operations | | $ (75,722,498) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series Emerging Markets Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 34,524,805 | $ 79,721,292 |
Net realized gain (loss) | (38,256,834) | (8,006,691) |
Change in net unrealized appreciation (depreciation) | (71,990,469) | 533,280,529 |
Net increase (decrease) in net assets resulting
from operations | (75,722,498) | 604,995,130 |
Distributions to shareholders from net investment income | (82,603,080) | (83,765,985) |
Distributions to shareholders from net realized gain | (2,770,030) | (3,180,768) |
Total distributions | (85,373,110) | (86,946,753) |
Share transactions - net increase (decrease) | 1,082,506,974 | 842,777,045 |
Total increase (decrease) in net assets | 921,411,366 | 1,360,825,422 |
| | |
Net Assets | | |
Beginning of period | 7,114,248,761 | 5,753,423,339 |
End of period (including undistributed net investment income of $21,239,172 and undistributed net investment income of $69,317,447, respectively) | $ 8,035,660,127 | $ 7,114,248,761 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series Emerging Markets
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 17.56 | $ 16.25 | $ 16.06 | $ 18.85 | $ 16.38 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .20 | .21 | .18 | .15 | .15 |
Net realized and unrealized gain (loss) | (.26) | 1.34 | .59 | (2.19) | 4.03 | 6.27 |
Total from investment operations | (.19) | 1.54 | .80 | (2.01) | 4.18 | 6.42 |
Distributions from net investment income | (.17) | (.22) | (.09) | (.10) | (.09) | (.04) |
Distributions from net realized gain | (.01) | (.01) | (.52) | (.68) | (1.62) | - |
Total distributions | (.17) I | (.23) | (.61) | (.78) | (1.71) | (.04) |
Net asset value, end of period | $ 17.20 | $ 17.56 | $ 16.25 | $ 16.06 | $ 18.85 | $ 16.38 |
Total Return B, C | (1.08)% | 9.59% | 5.40% | (11.26)% | 27.32% | 64.35% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.07% A | 1.09% | 1.10% | 1.12% | 1.15% | 1.21% A |
Expenses net of fee waivers, if any | 1.07% A | 1.09% | 1.10% | 1.12% | 1.15% | 1.21% A |
Expenses net of all reductions | 1.07% A | 1.06% | 1.07% | 1.07% | 1.08% | 1.09% A |
Net investment income (loss) | .79% A | 1.22% | 1.37% | 1.00% | .89% | 1.15% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $3,980,506 | $ 3,623,928 | $ 3,182,644 | $ 3,384,616 | $ 2,425,249 | $ 910,106 |
Portfolio turnover rate F | 94% A | 79% | 80% | 104% | 92% | 109% A |
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. GFor the period December 9, 2008 (commencement of operations) to October 31, 2009. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ITotal distributions of $.17 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.006 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class F
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 17.62 | $ 16.30 | $ 16.11 | $ 18.90 | $ 16.40 | $ 13.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .23 | .25 | .21 | .19 | .02 |
Net realized and unrealized gain (loss) | (.26) | 1.35 | .58 | (2.19) | 4.03 | 2.47 |
Total from investment operations | (.18) | 1.58 | .83 | (1.98) | 4.22 | 2.49 |
Distributions from net investment income | (.19) | (.26) | (.12) | (.13) | (.10) | - |
Distributions from net realized gain | (.01) | (.01) | (.52) | (.68) | (1.62) | - |
Total distributions | (.20) | (.26) I | (.64) | (.81) | (1.72) | - |
Net asset value, end of period | $ 17.24 | $ 17.62 | $ 16.30 | $ 16.11 | $ 18.90 | $ 16.40 |
Total Return B, C | (1.04)% | 9.84% | 5.60% | (11.07)% | 27.59% | 17.90% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | .90% A | .90% | .90% | .91% | .92% | .93% A |
Expenses net of fee waivers, if any | .90% A | .90% | .90% | .91% | .92% | .93% A |
Expenses net of all reductions | .90% A | .88% | .87% | .86% | .85% | .82% A |
Net investment income (loss) | .96% A | 1.40% | 1.57% | 1.21% | 1.13% | .28% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $4,055,154 | $ 3,490,320 | $ 2,570,780 | $ 1,471,427 | $ 454,160 | $ 8,025 |
Portfolio turnover rate F | 94% A | 79% | 80% | 104% | 92% | 109% A |
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. GFor the period June 26, 2009 (commencement of operations) to October 31, 2009. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ITotal distributions of $.26 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $.009 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Fidelity Series International Growth Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
| United States of America* 16.3% | |
| United Kingdom 14.9% | |
| Japan 14.5% | |
| Switzerland 13.4% | |
| Sweden 6.5% | |
| Belgium 5.0% | |
| Germany 4.2% | |
| Australia 3.1% | |
| Denmark 3.0% | |
| Other 19.1% | |
* 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. |
As of October 31, 2013 |
| United Kingdom 17.6% | |
| Japan 16.6% | |
| United States of America* 15.1% | |
| Switzerland 12.3% | |
| Sweden 5.3% | |
| Belgium 4.8% | |
| Germany 4.4% | |
| Australia 3.3% | |
| France 3.2% | |
| 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. |
Asset Allocation as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.3 | 97.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.7 | 2.3 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 4.1 | 3.3 |
Nestle SA (Switzerland, Food Products) | 3.7 | 4.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.6 | 3.4 |
Prudential PLC (United Kingdom, Insurance) | 2.9 | 1.8 |
DENSO Corp. (Japan, Auto Components) | 2.7 | 2.9 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 2.6 | 2.2 |
Linde AG (Germany, Chemicals) | 2.6 | 2.1 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 1.8 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 2.1 | 1.6 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 2.1 | 1.5 |
| 28.9 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.8 | 17.0 |
Consumer Staples | 16.4 | 19.7 |
Financials | 16.2 | 15.2 |
Industrials | 14.9 | 14.1 |
Health Care | 12.3 | 12.1 |
Materials | 8.3 | 7.6 |
Information Technology | 7.9 | 7.5 |
Energy | 2.4 | 2.9 |
Telecommunication Services | 2.1 | 1.6 |
Semiannual Report
Fidelity Series International Growth Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3% |
| Shares | | Value |
Australia - 3.1% |
CSL Ltd. | 4,366,100 | | $ 277,559,396 |
Sydney Airport unit | 17,397,654 | | 68,205,415 |
Transurban Group unit | 10,361,584 | | 69,980,377 |
TOTAL AUSTRALIA | | 415,745,188 |
Austria - 1.2% |
Andritz AG | 2,547,198 | | 158,087,011 |
Bailiwick of Jersey - 0.5% |
Informa PLC | 7,561,193 | | 61,571,953 |
Belgium - 5.0% |
Anheuser-Busch InBev SA NV (d) | 4,438,281 | | 483,754,405 |
KBC Groupe SA | 3,160,806 | | 192,551,683 |
TOTAL BELGIUM | | 676,306,088 |
Bermuda - 0.5% |
Lazard Ltd. Class A | 1,527,548 | | 71,871,133 |
Canada - 0.3% |
Canadian Pacific Railway Ltd. | 226,800 | | 35,413,122 |
Cayman Islands - 2.8% |
Sands China Ltd. | 22,649,600 | | 165,352,203 |
Tencent Holdings Ltd. | 1,099,170 | | 68,505,400 |
Wynn Macau Ltd. | 37,168,200 | | 146,458,898 |
TOTAL CAYMAN ISLANDS | | 380,316,501 |
Denmark - 3.0% |
Jyske Bank A/S (Reg.) (a) | 1,269,600 | | 69,733,606 |
Novo Nordisk A/S Series B sponsored ADR (d) | 7,326,230 | | 332,537,580 |
TOTAL DENMARK | | 402,271,186 |
Finland - 0.7% |
Nokian Tyres PLC (d) | 1,696,036 | | 67,342,733 |
Tikkurila Oyj | 1,314,779 | | 32,614,169 |
TOTAL FINLAND | | 99,956,902 |
France - 1.5% |
Remy Cointreau SA (d) | 473,300 | | 41,623,951 |
Safran SA | 2,289,186 | | 153,856,583 |
TOTAL FRANCE | | 195,480,534 |
Common Stocks - continued |
| Shares | | Value |
Germany - 4.2% |
Bayer AG (d) | 1,552,700 | | $ 215,413,836 |
Linde AG | 1,667,819 | | 345,804,689 |
TOTAL GERMANY | | 561,218,525 |
India - 0.3% |
Housing Development Finance Corp. Ltd. | 3,156,031 | | 46,985,958 |
Ireland - 2.6% |
CRH PLC sponsored ADR | 5,526,405 | | 161,813,138 |
James Hardie Industries PLC CDI | 14,266,311 | | 181,836,689 |
TOTAL IRELAND | | 343,649,827 |
Israel - 0.3% |
Azrieli Group | 1,019,186 | | 34,488,276 |
Italy - 1.0% |
Azimut Holding SpA | 1,080,806 | | 33,662,792 |
Interpump Group SpA | 3,015,349 | | 42,711,947 |
Prada SpA | 7,979,200 | | 63,706,393 |
TOTAL ITALY | | 140,081,132 |
Japan - 14.5% |
Aozora Bank Ltd. | 21,423,000 | | 63,702,176 |
Coca-Cola Central Japan Co. Ltd. | 1,758,000 | | 39,515,665 |
DENSO Corp. | 8,055,400 | | 366,544,929 |
East Japan Railway Co. | 814,900 | | 59,406,756 |
Fanuc Corp. | 727,200 | | 130,879,640 |
Fast Retailing Co. Ltd. | 423,300 | | 131,542,437 |
Japan Tobacco, Inc. | 1,837,000 | | 60,301,971 |
Keyence Corp. | 630,100 | | 242,739,654 |
Mitsui Fudosan Co. Ltd. | 6,695,000 | | 197,834,352 |
Seven Bank Ltd. | 21,420,700 | | 81,085,840 |
SHO-BOND Holdings Co. Ltd. (e) | 1,610,900 | | 72,560,224 |
SoftBank Corp. | 3,804,800 | | 282,471,091 |
USS Co. Ltd. | 11,186,000 | | 162,918,316 |
Yamato Kogyo Co. Ltd. | 1,937,700 | | 55,798,785 |
TOTAL JAPAN | | 1,947,301,836 |
Kenya - 0.0% |
Safaricom Ltd. | 26,000,000 | | 3,914,493 |
Korea (South) - 0.5% |
Naver Corp. | 91,261 | | 65,192,738 |
Common Stocks - continued |
| Shares | | Value |
Mexico - 0.4% |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 618,112 | | $ 56,106,026 |
Netherlands - 1.5% |
ING Groep NV (Certificaten Van Aandelen) (a) | 13,701,904 | | 195,866,879 |
Portugal - 0.7% |
Jeronimo Martins SGPS SA | 5,447,579 | | 95,264,793 |
South Africa - 0.8% |
Clicks Group Ltd. | 9,027,484 | | 55,046,157 |
Naspers Ltd. Class N | 564,910 | | 53,266,548 |
TOTAL SOUTH AFRICA | | 108,312,705 |
Spain - 2.2% |
Inditex SA | 1,715,072 | | 257,332,668 |
Prosegur Compania de Seguridad SA (Reg.) | 5,884,289 | | 39,430,035 |
TOTAL SPAIN | | 296,762,703 |
Sweden - 6.5% |
ASSA ABLOY AB (B Shares) | 4,136,139 | | 218,950,362 |
Atlas Copco AB (A Shares) (d) | 5,605,932 | | 162,258,374 |
H&M Hennes & Mauritz AB (B Shares) (d) | 4,445,526 | | 181,042,614 |
Intrum Justitia AB (d) | 1,646,400 | | 47,628,163 |
SKF AB (B Shares) | 4,580,583 | | 118,350,396 |
Svenska Handelsbanken AB (A Shares) | 2,803,471 | | 140,686,627 |
TOTAL SWEDEN | | 868,916,536 |
Switzerland - 13.4% |
Nestle SA | 6,405,886 | | 495,074,343 |
Novartis AG | 2,114,331 | | 183,804,239 |
Roche Holding AG (participation certificate) | 1,885,529 | | 553,112,940 |
Schindler Holding AG: | | | |
(participation certificate) | 688,219 | | 106,505,429 |
(Reg.) | 129,619 | | 19,764,652 |
Swatch Group AG (Bearer) | 149,540 | | 95,915,612 |
UBS AG (NY Shares) | 17,020,013 | | 355,888,472 |
TOTAL SWITZERLAND | | 1,810,065,687 |
Taiwan - 0.4% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 12,594,000 | | 49,539,646 |
Common Stocks - continued |
| Shares | | Value |
Turkey - 0.9% |
Coca-Cola Icecek Sanayi A/S | 3,368,278 | | $ 78,881,081 |
Turkiye Garanti Bankasi A/S | 12,052,357 | | 44,397,279 |
TOTAL TURKEY | | 123,278,360 |
United Kingdom - 14.9% |
Babcock International Group PLC | 3,737,400 | | 75,344,101 |
Babcock International Group PLC rights 5/6/14 (a) | 1,437,461 | | 9,708,037 |
Barclays PLC sponsored ADR (d) | 3,593,575 | | 61,486,068 |
BG Group PLC | 8,987,422 | | 181,788,873 |
InterContinental Hotel Group PLC ADR (d) | 6,387,787 | | 219,867,629 |
Johnson Matthey PLC | 2,704,527 | | 149,455,765 |
Prudential PLC | 16,744,857 | | 384,949,809 |
Reckitt Benckiser Group PLC | 3,452,387 | | 278,335,238 |
Rexam PLC | 8,472,427 | | 70,952,035 |
Rolls-Royce Group PLC | 7,636,411 | | 135,379,822 |
Rotork PLC | 1,937,297 | | 84,749,855 |
SABMiller PLC | 5,052,736 | | 274,742,127 |
Shaftesbury PLC | 3,910,400 | | 43,674,343 |
Unite Group PLC | 5,472,383 | | 39,037,190 |
TOTAL UNITED KINGDOM | | 2,009,470,892 |
United States of America - 14.6% |
Autoliv, Inc. (d) | 1,527,127 | | 155,736,411 |
Berkshire Hathaway, Inc. Class B (a) | 716,350 | | 92,301,698 |
BorgWarner, Inc. | 3,118,514 | | 193,784,460 |
Cummins, Inc. | 690,327 | | 104,135,828 |
FMC Technologies, Inc. (a) | 1,120,645 | | 63,540,572 |
Google, Inc.: | | | |
Class A (a) | 132,897 | | 71,083,947 |
Class C (a) | 122,497 | | 64,514,270 |
JPMorgan Chase & Co. | 595,600 | | 33,341,688 |
Martin Marietta Materials, Inc. (d) | 957,400 | | 119,033,542 |
MasterCard, Inc. Class A | 2,458,510 | | 180,823,411 |
Mead Johnson Nutrition Co. Class A | 863,856 | | 76,243,931 |
Mohawk Industries, Inc. (a) | 680,015 | | 90,040,786 |
National Oilwell Varco, Inc. | 491,941 | | 38,632,127 |
Oceaneering International, Inc. | 484,919 | | 35,534,864 |
Philip Morris International, Inc. | 1,245,992 | | 106,445,097 |
PriceSmart, Inc. | 634,875 | | 60,973,395 |
ResMed, Inc. (d) | 1,506,200 | | 75,084,070 |
Solera Holdings, Inc. | 1,504,814 | | 97,481,851 |
SS&C Technologies Holdings, Inc. (a) | 1,476,144 | | 57,451,524 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Union Pacific Corp. | 431,000 | | $ 82,075,330 |
Visa, Inc. Class A | 850,524 | | 172,324,668 |
TOTAL UNITED STATES OF AMERICA | | 1,970,583,470 |
TOTAL COMMON STOCKS (Cost $10,170,642,606) |
13,224,020,100
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares)
(Cost $1,717,062) | 1,023,279,074 | |
1,727,704
|
Money Market Funds - 9.5% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 171,429,662 | | 171,429,662 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 1,111,968,408 | | 1,111,968,408 |
TOTAL MONEY MARKET FUNDS (Cost $1,283,398,070) |
1,283,398,070
|
TOTAL INVESTMENT PORTFOLIO - 107.8% (Cost $11,455,757,738) | 14,509,145,874 |
NET OTHER ASSETS (LIABILITIES) - (7.8)% | | (1,053,607,269) |
NET ASSETS - 100% | $ 13,455,538,605 |
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) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 124,627 |
Fidelity Securities Lending Cash Central Fund | 2,712,797 |
Total | $ 2,837,424 |
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 |
SHO-BOND Holdings Co. Ltd. | $ 53,355,078 | $ 21,594,816 | $ - | $ 290,562 | $ 72,560,224 |
Total | $ 53,355,078 | $ 21,594,816 | $ - | $ 290,562 | $ 72,560,224 |
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, 2014, 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 | $ 2,412,424,590 | $ 2,412,424,590 | $ - | $ - |
Consumer Staples | 2,202,308,180 | 1,223,479,432 | 978,828,748 | - |
Energy | 319,496,436 | 319,496,436 | - | - |
Financials | 2,183,545,869 | 1,558,331,902 | 625,213,967 | - |
Health Care | 1,637,512,061 | 900,594,882 | 736,917,179 | - |
Industrials | 1,997,109,163 | 1,927,128,786 | - | 69,980,377 |
Information Technology | 1,069,657,109 | 1,020,117,463 | 49,539,646 | - |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Materials | $ 1,117,308,812 | $ 1,117,308,812 | $ - | $ - |
Telecommunication Services | 286,385,584 | 286,385,584 | - | - |
Money Market Funds | 1,283,398,070 | 1,283,398,070 | - | - |
Total Investments in Securities: | $ 14,509,145,874 | $ 12,048,665,957 | $ 2,390,499,540 | $ 69,980,377 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 418,726,616 |
Level 2 to Level 1 | $ 1,605,147,584 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Growth Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $1,043,230,005) - See accompanying schedule: Unaffiliated issuers (cost $10,122,398,565) | $ 13,153,187,580 | |
Fidelity Central Funds (cost $1,283,398,070) | 1,283,398,070 | |
Other affiliated issuers (cost $49,961,103) | 72,560,224 | |
Total Investments (cost $11,455,757,738) | | $ 14,509,145,874 |
Cash | | 5 |
Foreign currency held at value (cost $25,360) | | 26,596 |
Receivable for fund shares sold | | 31,153,708 |
Dividends receivable | | 66,912,770 |
Distributions receivable from Fidelity Central Funds | | 1,307,822 |
Prepaid expenses | | 8,742 |
Other receivables | | 154,625 |
Total assets | | 14,608,710,142 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,020,017 | |
Payable for fund shares redeemed | 28,491,992 | |
Accrued management fee | 8,259,882 | |
Other affiliated payables | 1,112,567 | |
Other payables and accrued expenses | 318,671 | |
Collateral on securities loaned, at value | 1,111,968,408 | |
Total liabilities | | 1,153,171,537 |
| | |
Net Assets | | $ 13,455,538,605 |
Net Assets consist of: | | |
Paid in capital | | $ 10,251,298,544 |
Undistributed net investment income | | 88,209,541 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 62,069,263 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 3,053,961,257 |
Net Assets | | $ 13,455,538,605 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Growth Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Series International Growth:
Net Asset Value, offering price and redemption price per share ($6,611,009,965 ÷ 465,128,901 shares) | | $ 14.21 |
| | |
Class F:
Net Asset Value, offering price and redemption price per share ($6,844,528,640 ÷ 480,358,146 shares) | | $ 14.25 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends (including $290,562 earned from other affiliated issuers) | | $ 161,873,735 |
Interest | | 290 |
Income from Fidelity Central Funds | | 2,837,424 |
Income before foreign taxes withheld | | 164,711,449 |
Less foreign taxes withheld | | (15,428,167) |
Total income | | 149,283,282 |
| | |
Expenses | | |
Management fee
Basic fee | $ 45,637,500 | |
Performance adjustment | 4,585,987 | |
Transfer agent fees | 5,596,703 | |
Accounting and security lending fees | 969,767 | |
Custodian fees and expenses | 632,066 | |
Independent trustees' compensation | 24,707 | |
Audit | 39,393 | |
Legal | 24,035 | |
Interest | 3,072 | |
Miscellaneous | 40,343 | |
Total expenses before reductions | 57,553,573 | |
Expense reductions | (56,202) | 57,497,371 |
Net investment income (loss) | | 91,785,911 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 84,648,955 | |
Foreign currency transactions | (540,791) | |
Total net realized gain (loss) | | 84,108,164 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 230,970,401 | |
Assets and liabilities in foreign currencies | 384,448 | |
Total change in net unrealized appreciation (depreciation) | | 231,354,849 |
Net gain (loss) | | 315,463,013 |
Net increase (decrease) in net assets resulting from operations | | $ 407,248,924 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Growth Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 91,785,911 | $ 133,578,174 |
Net realized gain (loss) | 84,108,164 | 370,154,006 |
Change in net unrealized appreciation (depreciation) | 231,354,849 | 1,529,936,762 |
Net increase (decrease) in net assets resulting
from operations | 407,248,924 | 2,033,668,942 |
Distributions to shareholders from net investment income | (98,329,968) | (154,572,907) |
Distributions to shareholders from net realized gain | (45,984,907) | - |
Total distributions | (144,314,875) | (154,572,907) |
Share transactions - net increase (decrease) | 2,014,222,061 | 189,778,640 |
Total increase (decrease) in net assets | 2,277,156,110 | 2,068,874,675 |
| | |
Net Assets | | |
Beginning of period | 11,178,382,495 | 9,109,507,820 |
End of period (including undistributed net investment income of $88,209,541 and undistributed net investment income of $94,753,598, respectively) | $ 13,455,538,605 | $ 11,178,382,495 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Growth
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.95 | $ 11.55 | $ 10.53 | $ 10.89 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .09 | .16 | .15 | .16 | .09 |
Net realized and unrealized gain (loss) | .32 | 2.43 | .99 | (.46) | .80 |
Total from investment operations | .41 | 2.59 | 1.14 | (.30) | .89 |
Distributions from net investment income | (.10) | (.19) | (.12) | (.05) | - |
Distributions from net realized gain | (.05) | - | (.01) | (.01) | - |
Total distributions | (.15) | (.19) | (.12) I | (.06) | - |
Net asset value, end of period | $ 14.21 | $ 13.95 | $ 11.55 | $ 10.53 | $ 10.89 |
Total Return B, C | 2.94% | 22.72% | 11.00% | (2.77)% | 8.90% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .97% A | 1.04% | 1.05% | 1.00% | 1.01% A |
Expenses net of fee waivers, if any | .97% A | 1.04% | 1.05% | 1.00% | 1.01% A |
Expenses net of all reductions | .97% A | 1.02% | 1.04% | .98% | .99% A |
Net investment income (loss) | 1.32% A | 1.26% | 1.38% | 1.40% | 1.06% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,611,010 | $ 5,642,298 | $ 5,045,151 | $ 4,996,927 | $ 3,944,123 |
Portfolio turnover rate F | 37% A | 41% | 27% | 23% | 63% A |
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. GFor the period December 3, 2009 (commencement of operations) to October 31, 2010. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ITotal distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.007 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class F
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.99 | $ 11.59 | $ 10.57 | $ 10.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .10 | .18 | .17 | .18 | .11 |
Net realized and unrealized gain (loss) | .33 | 2.43 | 1.00 | (.45) | .80 |
Total from investment operations | .43 | 2.61 | 1.17 | (.27) | .91 |
Distributions from net investment income | (.12) | (.21) | (.14) | (.06) | - |
Distributions from net realized gain | (.05) | - | (.01) | (.01) | - |
Total distributions | (.17) | (.21) | (.15) | (.07) | - |
Net asset value, end of period | $ 14.25 | $ 13.99 | $ 11.59 | $ 10.57 | $ 10.91 |
Total Return B, C | 3.08% | 22.88% | 11.23% | (2.50)% | 9.10% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .80% A | .85% | .85% | .79% | .78% A |
Expenses net of fee waivers, if any | .80% A | .85% | .85% | .79% | .78% A |
Expenses net of all reductions | .80% A | .84% | .84% | .77% | .75% A |
Net investment income (loss) | 1.49% A | 1.44% | 1.58% | 1.62% | 1.29% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,844,529 | $ 5,536,085 | $ 4,064,357 | $ 2,165,942 | $ 744,325 |
Portfolio turnover rate F | 37% A | 41% | 27% | 23% | 63% A |
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. GFor the period December 3, 2009 (commencement of operations) to October 31, 2010. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
| Japan 23.0% | |
| United Kingdom 19.4% | |
| United States of America* 13.4% | |
| Germany 5.9% | |
| Italy 4.6% | |
| Netherlands 4.1% | |
| Sweden 2.8% | |
| France 2.4% | |
| Ireland 2.4% | |
| Other 22.0% | |
* 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. |
As of October 31, 2013 |
| Japan 24.6% | |
| United Kingdom 19.5% | |
| United States of America* 15.0% | |
| Germany 5.1% | |
| Italy 3.5% | |
| Netherlands 3.4% | |
| France 2.7% | |
| Sweden 2.4% | |
| Ireland 2.0% | |
| Other 21.8% | |
* 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. |
Asset Allocation as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.9 | 97.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1 | 2.7 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
USS Co. Ltd. (Japan, Specialty Retail) | 2.3 | 2.3 |
Interpump Group SpA (Italy, Machinery) | 1.8 | 1.4 |
PriceSmart, Inc. (United States of America, Food & Staples Retailing) | 1.7 | 2.0 |
Azimut Holding SpA (Italy, Capital Markets) | 1.7 | 1.4 |
Unite Group PLC (United Kingdom, Real Estate Management & Development) | 1.7 | 1.5 |
CTS Eventim AG (Germany, Media) | 1.7 | 1.5 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.6 | 1.5 |
Coway Co. Ltd. (Korea (South), Household Durables) | 1.6 | 0.9 |
Aalberts Industries NV (Netherlands, Machinery) | 1.5 | 1.5 |
Intrum Justitia AB (Sweden, Commercial Services & Supplies) | 1.5 | 1.7 |
| 17.1 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 22.0 | 24.7 |
Financials | 20.3 | 18.5 |
Consumer Discretionary | 17.0 | 18.1 |
Materials | 10.7 | 9.5 |
Consumer Staples | 9.5 | 9.9 |
Information Technology | 8.2 | 7.2 |
Health Care | 7.0 | 6.1 |
Energy | 3.2 | 3.3 |
Semiannual Report
Fidelity Series International Small Cap Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% |
| Shares | | Value |
Australia - 1.9% |
DuluxGroup Ltd. | 2,369,294 | | $ 12,612,155 |
Imdex Ltd. (a) | 6,750,413 | | 4,609,283 |
Ramsay Health Care Ltd. | 398,764 | | 16,599,943 |
RCG Corp. Ltd. (e) | 15,294,331 | | 10,585,283 |
Sydney Airport unit | 3,717,686 | | 14,574,742 |
TOTAL AUSTRALIA | | 58,981,406 |
Austria - 1.5% |
Andritz AG | 516,024 | | 32,026,050 |
Zumtobel AG | 680,119 | | 14,153,447 |
TOTAL AUSTRIA | | 46,179,497 |
Bailiwick of Jersey - 1.1% |
Informa PLC | 3,950,785 | | 32,171,848 |
Belgium - 1.6% |
Gimv NV (d) | 315,309 | | 16,347,280 |
KBC Ancora (a)(d) | 852,473 | | 31,246,364 |
TOTAL BELGIUM | | 47,593,644 |
Bermuda - 0.6% |
Lazard Ltd. Class A | 262,101 | | 12,331,852 |
Vostok Nafta Investment Ltd. SDR (a)(d) | 1,053,796 | | 6,887,873 |
TOTAL BERMUDA | | 19,219,725 |
Brazil - 0.3% |
Arezzo Industria e Comercio SA | 681,800 | | 7,629,066 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 3,018,574 | | 8,460,290 |
Canada - 1.7% |
Pason Systems, Inc. | 1,312,800 | | 36,459,680 |
ShawCor Ltd. Class A | 343,400 | | 15,295,642 |
TOTAL CANADA | | 51,755,322 |
Denmark - 1.8% |
Jyske Bank A/S (Reg.) (a) | 484,919 | | 26,634,492 |
Spar Nord Bank A/S | 2,602,747 | | 29,268,809 |
TOTAL DENMARK | | 55,903,301 |
Finland - 1.2% |
Nokian Tyres PLC (d) | 320,000 | | 12,705,906 |
Tikkurila Oyj (d) | 987,867 | | 24,504,849 |
TOTAL FINLAND | | 37,210,755 |
Common Stocks - continued |
| Shares | | Value |
France - 2.4% |
Laurent-Perrier Group SA | 132,224 | | $ 13,226,094 |
Remy Cointreau SA (d) | 109,354 | | 9,617,041 |
Saft Groupe SA | 281,719 | | 10,017,302 |
Solocal Group SA (a)(d) | 3,618,671 | | 8,283,599 |
Vetoquinol SA | 208,127 | | 11,347,678 |
Virbac SA | 88,700 | | 21,258,260 |
TOTAL FRANCE | | 73,749,974 |
Germany - 5.1% |
alstria office REIT-AG | 789,329 | | 10,890,527 |
Bilfinger Berger AG | 239,834 | | 28,491,987 |
CompuGroup Medical AG | 1,323,715 | | 35,278,320 |
CTS Eventim AG | 786,562 | | 50,087,769 |
Fielmann AG | 211,595 | | 28,607,064 |
TOTAL GERMANY | | 153,355,667 |
Greece - 0.9% |
Titan Cement Co. SA (Reg.) | 877,199 | | 27,625,492 |
India - 0.5% |
Jyothy Laboratories Ltd. (a) | 5,154,431 | | 16,241,393 |
Ireland - 2.4% |
FBD Holdings PLC | 1,298,400 | | 31,244,160 |
James Hardie Industries PLC CDI | 3,276,486 | | 41,761,698 |
TOTAL IRELAND | | 73,005,858 |
Israel - 1.3% |
Azrieli Group | 414,179 | | 14,015,420 |
Ituran Location & Control Ltd. | 502,446 | | 12,068,753 |
Sarine Technologies Ltd. | 2,887,000 | | 6,378,711 |
Strauss Group Ltd. | 462,155 | | 8,358,989 |
TOTAL ISRAEL | | 40,821,873 |
Italy - 4.6% |
Azimut Holding SpA (d) | 1,648,064 | | 51,330,614 |
Beni Stabili SpA SIIQ (d) | 38,598,274 | | 34,458,985 |
Interpump Group SpA (d) | 3,843,666 | | 54,444,928 |
TOTAL ITALY | | 140,234,527 |
Japan - 23.0% |
Air Water, Inc. | 550,000 | | 7,719,959 |
Aozora Bank Ltd. | 9,703,000 | | 28,852,272 |
Artnature, Inc. | 615,700 | | 17,573,361 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Asahi Co. Ltd. (d) | 897,600 | | $ 11,922,931 |
Autobacs Seven Co. Ltd. | 1,070,300 | | 16,551,517 |
Azbil Corp. | 1,062,700 | | 24,084,471 |
Coca-Cola Central Japan Co. Ltd. | 918,400 | | 20,643,451 |
Cosmos Pharmaceutical Corp. | 154,600 | | 16,528,371 |
Daikokutenbussan Co. Ltd. | 567,600 | | 14,734,782 |
Glory Ltd. | 387,900 | | 10,001,510 |
Goldcrest Co. Ltd. | 1,470,910 | | 30,659,845 |
Harmonic Drive Systems, Inc. (d) | 524,300 | | 14,846,662 |
Iida Group Holdings Co. Ltd. (a) | 886,544 | | 13,180,876 |
Iwatsuka Confectionary Co. Ltd. | 142,300 | | 7,794,591 |
Kobayashi Pharmaceutical Co. Ltd. | 326,400 | | 19,794,395 |
Koshidaka Holdings Co. Ltd. | 15,800 | | 468,274 |
Kyoto Kimono Yuzen Co. Ltd. | 378,600 | | 3,747,672 |
Lasertec Corp. (a)(d) | 908,400 | | 9,036,463 |
Meiko Network Japan Co. Ltd. | 514,400 | | 5,559,857 |
Miraial Co. Ltd. (d) | 301,300 | | 4,691,834 |
Nabtesco Corp. | 714,100 | | 15,359,768 |
Nagaileben Co. Ltd. | 1,119,900 | | 21,557,815 |
ND Software Co. Ltd. | 111,268 | | 2,011,281 |
Nihon M&A Center, Inc. | 959,400 | | 22,400,233 |
Nihon Parkerizing Co. Ltd. | 1,618,000 | | 35,276,784 |
Nippon Seiki Co. Ltd. | 721,000 | | 12,588,497 |
NS Tool Co. Ltd. | 1,000 | | 16,922 |
OBIC Co. Ltd. | 912,200 | | 27,347,709 |
OSG Corp. | 2,458,600 | | 39,631,954 |
San-Ai Oil Co. Ltd. | 1,500,000 | | 9,977,014 |
Seven Bank Ltd. | 9,506,500 | | 35,985,871 |
SHO-BOND Holdings Co. Ltd. (d) | 787,800 | | 35,485,098 |
Shoei Co. Ltd. | 550,100 | | 7,538,417 |
Software Service, Inc. | 175,900 | | 6,228,376 |
Techno Medica Co. Ltd. | 283,000 | | 5,586,091 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 2,720,000 | | 18,091,652 |
TKC Corp. | 319,700 | | 6,469,989 |
Tocalo Co. Ltd. | 458,400 | | 7,160,608 |
Tsutsumi Jewelry Co. Ltd. | 273,600 | | 6,195,373 |
USS Co. Ltd. | 4,862,900 | | 70,825,623 |
Workman Co. Ltd. | 88,700 | | 3,565,873 |
Yamato Kogyo Co. Ltd. | 1,023,500 | | 29,473,116 |
TOTAL JAPAN | | 697,167,158 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 2.0% |
Coway Co. Ltd. | 602,047 | | $ 47,494,754 |
Leeno Industrial, Inc. | 474,988 | | 13,678,146 |
TOTAL KOREA (SOUTH) | | 61,172,900 |
Mexico - 0.5% |
Consorcio ARA S.A.B. de CV (a) | 36,876,327 | | 16,207,516 |
Netherlands - 4.1% |
Aalberts Industries NV | 1,369,900 | | 45,584,231 |
ASM International NV (depositary receipt) | 283,800 | | 12,353,814 |
Heijmans NV (Certificaten Van Aandelen) (d)(e) | 1,550,171 | | 27,807,643 |
VastNed Retail NV | 746,955 | | 38,415,197 |
TOTAL NETHERLANDS | | 124,160,885 |
Philippines - 0.4% |
Jollibee Food Corp. | 3,065,150 | | 11,827,388 |
South Africa - 1.6% |
Clicks Group Ltd. | 4,317,421 | | 26,325,988 |
Nampak Ltd. | 5,616,970 | | 20,929,160 |
TOTAL SOUTH AFRICA | | 47,255,148 |
Spain - 1.4% |
Grifols SA | 256,200 | | 13,684,404 |
Prosegur Compania de Seguridad SA (Reg.) (d) | 4,245,586 | | 28,449,250 |
TOTAL SPAIN | | 42,133,654 |
Sweden - 2.8% |
Fagerhult AB (d)(e) | 799,479 | | 39,714,515 |
Intrum Justitia AB (d) | 1,554,303 | | 44,963,919 |
TOTAL SWEDEN | | 84,678,434 |
Switzerland - 0.2% |
Zehnder Group AG | 103,967 | | 4,536,226 |
Turkey - 1.2% |
Albaraka Turk Katilim Bankasi A/S | 18,140,671 | | 14,347,243 |
Coca-Cola Icecek Sanayi A/S | 971,544 | | 22,752,410 |
TOTAL TURKEY | | 37,099,653 |
United Kingdom - 19.4% |
Advanced Computer Software Group PLC | 4,211,831 | | 8,480,172 |
Babcock International Group PLC | 801,700 | | 16,161,868 |
Bellway PLC | 1,496,300 | | 36,354,219 |
Berendsen PLC | 1,639,109 | | 28,643,332 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Britvic PLC | 2,768,612 | | $ 33,866,930 |
Dechra Pharmaceuticals PLC | 1,636,163 | | 19,061,234 |
Derwent London PLC | 447,190 | | 20,536,968 |
Elementis PLC | 7,518,882 | | 35,202,903 |
Great Portland Estates PLC | 3,291,000 | | 34,839,408 |
H&T Group PLC | 1,288,592 | | 3,633,350 |
Hilton Food Group PLC | 898,038 | | 8,089,180 |
InterContinental Hotel Group PLC ADR | 644,093 | | 22,169,681 |
Johnson Matthey PLC | 433,270 | | 23,943,077 |
Meggitt PLC | 3,053,234 | | 24,574,268 |
Persimmon PLC | 834,100 | | 18,476,823 |
Rotork PLC | 755,000 | | 33,028,565 |
Shaftesbury PLC | 3,240,255 | | 36,189,650 |
Spectris PLC | 1,183,016 | | 44,442,244 |
Spirax-Sarco Engineering PLC | 982,300 | | 48,080,359 |
Ted Baker PLC | 489,767 | | 15,289,799 |
Ultra Electronics Holdings PLC | 936,610 | | 26,820,075 |
Unite Group PLC | 7,103,599 | | 50,673,453 |
TOTAL UNITED KINGDOM | | 588,557,558 |
United States of America - 11.3% |
ANSYS, Inc. (a) | 93,715 | | 7,151,392 |
Autoliv, Inc. | 254,600 | | 25,964,108 |
Broadridge Financial Solutions, Inc. | 236,895 | | 9,082,554 |
Dril-Quip, Inc. (a) | 179,205 | | 20,271,670 |
Evercore Partners, Inc. Class A | 410,200 | | 21,916,986 |
Greenhill & Co., Inc. (d) | 193,805 | | 9,719,321 |
Kennedy-Wilson Holdings, Inc. | 1,192,288 | | 26,039,570 |
Martin Marietta Materials, Inc. (d) | 222,280 | | 27,636,072 |
Mohawk Industries, Inc. (a) | 201,862 | | 26,728,547 |
Oceaneering International, Inc. | 198,667 | | 14,558,318 |
PriceSmart, Inc. | 536,461 | | 51,521,714 |
ResMed, Inc. (d) | 472,800 | | 23,569,080 |
Solera Holdings, Inc. | 670,290 | | 43,421,386 |
SS&C Technologies Holdings, Inc. (a) | 787,242 | | 30,639,459 |
The Rubicon Project, Inc. | 434,724 | | 6,246,984 |
TOTAL UNITED STATES OF AMERICA | | 344,467,161 |
TOTAL COMMON STOCKS (Cost $2,160,689,597) |
2,949,403,319
|
Nonconvertible Preferred Stocks - 0.8% |
| Shares | | Value |
Germany - 0.8% |
Sartorius AG (non-vtg.)
(Cost $21,286,065) | 190,646 | | $ 24,809,418 |
Money Market Funds - 9.2% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 37,056,465 | | 37,056,465 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 240,626,501 | | 240,626,501 |
TOTAL MONEY MARKET FUNDS (Cost $277,682,966) |
277,682,966
|
TOTAL INVESTMENT PORTFOLIO - 107.1% (Cost $2,459,658,628) | | 3,251,895,703 |
NET OTHER ASSETS (LIABILITIES) - (7.1)% | | (215,313,072) |
NET ASSETS - 100% | $ 3,036,582,631 |
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) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 37,282 |
Fidelity Securities Lending Cash Central Fund | 639,622 |
Total | $ 676,904 |
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 |
Fagerhult AB | $ 16,152,472 | $ 8,923,943 | $ - | $ 747,377 | $ 39,714,515 |
Heijmans NV (Certificaten Van Aandelen) | 16,464,500 | 4,149,550 | - | 272,842 | 27,807,643 |
RCG Corp. Ltd. | 840,814 | 9,594,235 | - | 260,468 | 10,585,283 |
Total | $ 33,457,786 | $ 22,667,728 | $ - | $ 1,280,687 | $ 78,107,441 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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. |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 501,733,925 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $229,987,168) - See accompanying schedule: Unaffiliated issuers (cost $2,132,273,103) | $ 2,896,105,296 | |
Fidelity Central Funds (cost $277,682,966) | 277,682,966 | |
Other affiliated issuers (cost $49,702,559) | 78,107,441 | |
Total Investments (cost $2,459,658,628) | | $ 3,251,895,703 |
Foreign currency held at value ($76) | | 76 |
Receivable for investments sold | | 13,221,247 |
Receivable for fund shares sold | | 7,026,551 |
Dividends receivable | | 15,983,917 |
Distributions receivable from Fidelity Central Funds | | 286,889 |
Prepaid expenses | | 1,846 |
Other receivables | | 9,797 |
Total assets | | 3,288,426,026 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,943,992 | |
Payable for fund shares redeemed | 6,451,930 | |
Accrued management fee | 2,388,188 | |
Other affiliated payables | 326,460 | |
Other payables and accrued expenses | 106,324 | |
Collateral on securities loaned, at value | 240,626,501 | |
Total liabilities | | 251,843,395 |
| | |
Net Assets | | $ 3,036,582,631 |
Net Assets consist of: | | |
Paid in capital | | $ 2,249,552,191 |
Undistributed net investment income | | 11,843,143 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (17,098,339) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 792,285,636 |
Net Assets | | $ 3,036,582,631 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Series International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,491,775,745 ÷ 93,294,323 shares) | | $ 15.99 |
| | |
Class F:
Net Asset Value, offering price and redemption price per share ($1,544,806,886 ÷ 96,369,530 shares) | | $ 16.03 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends (including $1,280,687 earned from other affiliated issuers) | | $ 29,044,342 |
Interest | | 6 |
Income from Fidelity Central Funds | | 676,904 |
Income before foreign taxes withheld | | 29,721,252 |
Less foreign taxes withheld | | (2,545,557) |
Total income | | 27,175,695 |
| | |
Expenses | | |
Management fee
Basic fee | $ 11,959,501 | |
Performance adjustment | 1,340,737 | |
Transfer agent fees | 1,213,887 | |
Accounting and security lending fees | 614,859 | |
Custodian fees and expenses | 171,543 | |
Independent trustees' compensation | 5,247 | |
Audit | 32,481 | |
Legal | 4,908 | |
Miscellaneous | 8,581 | |
Total expenses before reductions | 15,351,744 | |
Expense reductions | (1) | 15,351,743 |
Net investment income (loss) | | 11,823,952 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (1,003,107) | |
Foreign currency transactions | (52,596) | |
Total net realized gain (loss) | | (1,055,703) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 145,505,603 | |
Assets and liabilities in foreign currencies | 62,967 | |
Total change in net unrealized appreciation (depreciation) | | 145,568,570 |
Net gain (loss) | | 144,512,867 |
Net increase (decrease) in net assets resulting from operations | | $ 156,336,819 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 11,823,952 | $ 23,222,109 |
Net realized gain (loss) | (1,055,703) | 93,039,428 |
Change in net unrealized appreciation (depreciation) | 145,568,570 | 390,724,094 |
Net increase (decrease) in net assets resulting
from operations | 156,336,819 | 506,985,631 |
Distributions to shareholders from net investment income | (22,654,352) | (20,487,378) |
Distributions to shareholders from net realized gain | (73,752,533) | (1,498,848) |
Total distributions | (96,406,885) | (21,986,226) |
Share transactions - net increase (decrease) | 671,463,626 | (56,862,699) |
Total increase (decrease) in net assets | 731,393,560 | 428,136,706 |
| | |
Net Assets | | |
Beginning of period | 2,305,189,071 | 1,877,052,365 |
End of period (including undistributed net investment income of $11,843,143 and undistributed net investment income of $22,673,543, respectively) | $ 3,036,582,631 | $ 2,305,189,071 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Small Cap
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.75 | $ 12.44 | $ 11.22 | $ 11.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .06 | .15 | .15 | .17 G | .06 |
Net realized and unrealized gain (loss) | .75 | 3.29 | 1.19 | (.19) | 1.34 |
Total from investment operations | .81 | 3.44 | 1.34 | (.02) | 1.40 |
Distributions from net investment income | (.13) | (.12) | (.11) | (.09) | - |
Distributions from net realized gain | (.44) | (.01) | (.01) | (.07) | - |
Total distributions | (.57) | (.13) | (.12) | (.16) | - |
Net asset value, end of period | $ 15.99 | $ 15.75 | $ 12.44 | $ 11.22 | $ 11.40 |
Total Return B, C | 5.35% | 27.95% | 12.07% | (.23)% | 14.00% |
Ratios to Average Net Assets E, I | | | | |
Expenses before reductions | 1.18% A | 1.23% | 1.22% | 1.14% | 1.21% A |
Expenses net of fee waivers, if any | 1.18% A | 1.23% | 1.22% | 1.14% | 1.21% A |
Expenses net of all reductions | 1.18% A | 1.22% | 1.22% | 1.13% | 1.18% A |
Net investment income (loss) | .75% A | 1.05% | 1.27% | 1.47% G | .68% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,491,776 | $ 1,163,381 | $ 1,040,585 | $ 1,107,242 | $ 701,814 |
Portfolio turnover rate F | 16% A | 29% | 25% | 22% | 21% A |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.00%. HFor the period December 3, 2009 (commencement of operations) to October 31, 2010. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class F
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.79 | $ 12.48 | $ 11.26 | $ 11.43 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .07 | .17 | .17 | .20 G | .09 |
Net realized and unrealized gain (loss) | .76 | 3.30 | 1.19 | (.20) | 1.34 |
Total from investment operations | .83 | 3.47 | 1.36 | - | 1.43 |
Distributions from net investment income | (.15) | (.15) | (.13) | (.10) | - |
Distributions from net realized gain | (.44) | (.01) | (.01) | (.07) | - |
Total distributions | (.59) | (.16) | (.14) | (.17) | - |
Net asset value, end of period | $ 16.03 | $ 15.79 | $ 12.48 | $ 11.26 | $ 11.43 |
Total Return B, C | 5.47% | 28.14% | 12.25% | (.03)% | 14.30% |
Ratios to Average Net Assets E, I | | | | |
Expenses before reductions | 1.01% A | 1.04% | 1.02% | .93% | .98% A |
Expenses net of fee waivers, if any | 1.01% A | 1.04% | 1.02% | .93% | .98% A |
Expenses net of all reductions | 1.01% A | 1.03% | 1.01% | .92% | .94% A |
Net investment income (loss) | .93% A | 1.24% | 1.47% | 1.68% G | .92% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,544,807 | $ 1,141,808 | $ 836,468 | $ 480,498 | $ 130,513 |
Portfolio turnover rate F | 16% A | 29% | 25% | 22% | 21% A |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.21%. HFor the period December 3, 2009 (commencement of operations) to October 31, 2010. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Value Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
| United Kingdom 24.7% | |
| France 18.2% | |
| Japan 15.8% | |
| Switzerland 7.8% | |
| Germany 7.5% | |
| Australia 5.5% | |
| United States of America* 4.6% | |
| Sweden 2.1% | |
| Netherlands 1.9% | |
| 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. |
As of October 31, 2013 |
| United Kingdom 24.8% | |
| Japan 18.9% | |
 | France 15.6% | |
| Germany 9.0% | |
| Australia 6.8% | |
| Switzerland 5.7% | |
| Netherlands 3.2% | |
| Spain 3.1% | |
| United States of America* 2.8% | |
| Other 10.1% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.2 | 98.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.8 | 2.0 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Total SA (France, Oil, Gas & Consumable Fuels) | 4.8 | 3.6 |
Sanofi SA (France, Pharmaceuticals) | 2.5 | 3.4 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 2.5 | 0.5 |
Novartis AG (Switzerland, Pharmaceuticals) | 2.4 | 1.9 |
Westpac Banking Corp. (Australia, Banks) | 2.3 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Banks) | 2.2 | 3.7 |
Nestle SA (Switzerland, Food Products) | 2.1 | 0.0 |
BASF AG (Germany, Chemicals) | 2.1 | 1.9 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 2.0 | 3.4 |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.0 | 0.0 |
| 24.9 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 24.5 | 31.5 |
Health Care | 15.9 | 10.7 |
Consumer Discretionary | 10.7 | 10.1 |
Industrials | 9.8 | 9.2 |
Telecommunication Services | 8.4 | 10.1 |
Consumer Staples | 8.3 | 6.4 |
Energy | 6.5 | 7.0 |
Materials | 6.0 | 7.1 |
Information Technology | 4.1 | 3.3 |
Utilities | 3.0 | 2.6 |
Semiannual Report
Fidelity Series International Value Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% |
| Shares | | Value |
Australia - 5.5% |
Ansell Ltd. | 3,467,096 | | $ 58,266,663 |
Australia & New Zealand Banking Group Ltd. | 7,559,533 | | 242,076,129 |
Telstra Corp. Ltd. | 14,779,457 | | 71,671,204 |
Transurban Group unit | 9,904,107 | | 66,890,655 |
Westpac Banking Corp. | 9,713,168 | | 318,150,119 |
TOTAL AUSTRALIA | | 757,054,770 |
Bailiwick of Guernsey - 0.2% |
Resolution Ltd. | 5,265,152 | | 26,517,923 |
Bailiwick of Jersey - 1.7% |
Informa PLC | 9,599,302 | | 78,168,587 |
Shire PLC | 1,236,200 | | 70,700,743 |
Wolseley PLC | 1,486,993 | | 85,888,960 |
TOTAL BAILIWICK OF JERSEY | | 234,758,290 |
Belgium - 1.9% |
Anheuser-Busch InBev SA NV (d) | 853,230 | | 92,998,567 |
KBC Groupe SA | 1,541,709 | | 93,918,660 |
UCB SA (d) | 824,434 | | 67,585,873 |
TOTAL BELGIUM | | 254,503,100 |
Bermuda - 0.5% |
Hongkong Land Holdings Ltd. | 8,777,000 | | 61,439,000 |
Canada - 0.4% |
Potash Corp. of Saskatchewan, Inc. | 1,522,900 | | 55,049,768 |
Denmark - 1.2% |
A.P. Moller - Maersk A/S Series B | 43,153 | | 102,829,268 |
Vestas Wind Systems A/S (a) | 1,302,800 | | 57,826,885 |
TOTAL DENMARK | | 160,656,153 |
Finland - 1.0% |
Sampo Oyj (A Shares) (d) | 2,829,713 | | 140,504,466 |
France - 18.2% |
Arkema SA | 862,987 | | 96,224,190 |
Atos Origin SA | 1,252,281 | | 108,115,419 |
AXA SA (d) | 8,111,873 | | 211,293,983 |
BNP Paribas SA | 3,070,718 | | 230,517,293 |
Cap Gemini SA | 1,350,305 | | 95,372,027 |
Carrefour SA (d) | 2,422,784 | | 94,215,821 |
GDF Suez (d) | 6,421,553 | | 161,920,014 |
Havas SA | 9,027,242 | | 71,762,201 |
Orange SA | 6,900,600 | | 111,798,651 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Renault SA (d) | 1,004,292 | | $ 97,740,312 |
Sanofi SA | 3,188,923 | | 344,148,240 |
Schneider Electric SA | 722,605 | | 67,719,284 |
Total SA (a) | 9,262,822 | | 662,701,328 |
Vivendi SA | 4,994,149 | | 133,999,756 |
TOTAL FRANCE | | 2,487,528,519 |
Germany - 6.1% |
BASF AG (d) | 2,469,437 | | 285,828,965 |
Bayer AG (d) | 795,414 | | 110,351,762 |
Continental AG (d) | 403,033 | | 94,412,112 |
Deutsche Lufthansa AG (d) | 2,678,619 | | 67,188,572 |
Deutsche Post AG | 1,863,056 | | 70,136,126 |
Fresenius SE & Co. KGaA | 605,600 | | 92,041,628 |
Siemens AG | 906,472 | | 119,582,126 |
TOTAL GERMANY | | 839,541,291 |
Ireland - 0.5% |
Actavis PLC (a) | 326,400 | | 66,693,312 |
Israel - 1.0% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 2,725,192 | | 133,152,881 |
Italy - 0.5% |
Telecom Italia SpA | 11,568,400 | | 14,865,735 |
Unione di Banche Italiane ScpA | 6,146,368 | | 58,496,343 |
TOTAL ITALY | | 73,362,078 |
Japan - 15.8% |
AEON Mall Co. Ltd. | 1,992,900 | | 47,446,751 |
Astellas Pharma, Inc. | 7,936,300 | | 88,263,052 |
DENSO Corp. | 2,417,700 | | 110,012,622 |
Dentsu, Inc. | 1,917,700 | | 78,782,609 |
East Japan Railway Co. | 1,257,900 | | 91,701,753 |
Hitachi Ltd. | 13,505,000 | | 96,034,968 |
Hoya Corp. | 3,876,900 | | 114,295,267 |
Itochu Corp. | 14,190,600 | | 158,791,475 |
Japan Tobacco, Inc. | 4,741,900 | | 155,659,181 |
KDDI Corp. | 1,901,000 | | 101,190,806 |
Mitsubishi Electric Corp. | 7,416,000 | | 84,362,576 |
Mitsubishi UFJ Financial Group, Inc. | 34,423,000 | | 183,113,068 |
Mizuho Financial Group, Inc. | 76,596,400 | | 150,022,330 |
Nippon Telegraph & Telephone Corp. | 2,664,300 | | 147,849,409 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
OMRON Corp. | 1,746,000 | | $ 61,652,663 |
ORIX Corp. | 7,084,600 | | 102,351,975 |
Seven & i Holdings Co., Ltd. | 2,881,100 | | 113,598,221 |
Seven Bank Ltd. | 14,720,600 | | 55,723,306 |
SoftBank Corp. | 977,900 | | 72,600,000 |
Sony Financial Holdings, Inc. | 4,383,200 | | 70,227,237 |
Sumitomo Mitsui Trust Holdings, Inc. | 19,767,000 | | 81,453,859 |
TOTAL JAPAN | | 2,165,133,128 |
Korea (South) - 0.7% |
Hyundai Motor Co. | 437,299 | | 97,356,277 |
Luxembourg - 0.5% |
RTL Group SA (d) | 543,439 | | 60,337,826 |
Netherlands - 1.9% |
ING Groep NV (Certificaten Van Aandelen) (a) | 9,148,234 | | 130,772,778 |
Koninklijke Philips Electronics NV | 1,734,731 | | 55,534,275 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 1,755,469 | | 75,276,557 |
TOTAL NETHERLANDS | | 261,583,610 |
Singapore - 0.7% |
Singapore Telecommunications Ltd. | 32,090,000 | | 98,033,581 |
Spain - 1.1% |
Amadeus IT Holding SA Class A | 1,887,274 | | 78,431,464 |
International Consolidated Airlines Group SA CDI (a) | 9,732,936 | | 66,406,113 |
TOTAL SPAIN | | 144,837,577 |
Sweden - 2.1% |
Nordea Bank AB | 13,369,133 | | 193,170,011 |
Svenska Cellulosa AB (SCA) (B Shares) | 3,463,762 | | 97,005,792 |
TOTAL SWEDEN | | 290,175,803 |
Switzerland - 7.8% |
Nestle SA | 3,730,175 | | 288,283,921 |
Novartis AG | 3,736,016 | | 324,781,492 |
Roche Holding AG (participation certificate) | 270,302 | | 79,292,090 |
Swiss Re Ltd. | 1,718,330 | | 150,043,927 |
Syngenta AG (Switzerland) | 222,627 | | 88,158,435 |
UBS AG (NY Shares) | 6,749,871 | | 141,139,803 |
TOTAL SWITZERLAND | | 1,071,699,668 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 24.7% |
AstraZeneca PLC (United Kingdom) | 3,437,129 | | $ 271,308,750 |
BAE Systems PLC | 16,572,850 | | 111,926,400 |
Barclays PLC | 38,656,513 | | 165,065,217 |
BHP Billiton PLC | 7,357,021 | | 238,841,176 |
BT Group PLC | 12,372,997 | | 77,240,287 |
Bunzl PLC | 4,193,329 | | 119,015,081 |
Compass Group PLC | 7,781,000 | | 123,754,689 |
GlaxoSmithKline PLC | 12,375,664 | | 341,946,560 |
HSBC Holdings PLC sponsored ADR (d) | 5,783,088 | | 296,788,076 |
Imperial Tobacco Group PLC | 5,303,440 | | 228,962,170 |
ITV PLC | 32,978,385 | | 101,338,884 |
Jazztel PLC (a) | 1,079,440 | | 16,563,026 |
Kingfisher PLC | 19,808,211 | | 139,830,131 |
National Grid PLC | 17,607,128 | | 250,254,799 |
Next PLC | 628,400 | | 69,176,585 |
Prudential PLC | 4,561,934 | | 104,874,925 |
Reed Elsevier PLC | 9,960,091 | | 146,640,906 |
Royal Dutch Shell PLC Class A sponsored ADR | 3,060,815 | | 241,008,573 |
Standard Chartered PLC (United Kingdom) | 3,080,719 | | 66,657,043 |
Vodafone Group PLC sponsored ADR | 7,232,666 | | 274,552,001 |
TOTAL UNITED KINGDOM | | 3,385,745,279 |
United States of America - 1.8% |
AbbVie, Inc. | 1,373,029 | | 71,507,350 |
Cabot Corp. | 1,140,878 | | 65,942,748 |
ResMed, Inc. CDI | 12,565,060 | | 63,267,339 |
T-Mobile U.S., Inc. (a) | 1,616,900 | | 47,359,001 |
TOTAL UNITED STATES OF AMERICA | | 248,076,438 |
TOTAL COMMON STOCKS (Cost $11,597,891,968) |
13,113,740,738
|
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.4% |
Volkswagen AG
(Cost $157,683,442) | 720,990 | |
194,151,530
|
Money Market Funds - 11.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.11% (b) | 273,863,249 | | $ 273,863,249 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 1,314,186,648 | | 1,314,186,648 |
TOTAL MONEY MARKET FUNDS (Cost $1,588,049,897) |
1,588,049,897
|
TOTAL INVESTMENT PORTFOLIO - 108.8% (Cost $13,343,625,307) | 14,895,942,165 |
NET OTHER ASSETS (LIABILITIES) - (8.8)% | | (1,208,375,030) |
NET ASSETS - 100% | $ 13,687,567,135 |
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 | $ 90,358 |
Fidelity Securities Lending Cash Central Fund | 4,773,335 |
Total | $ 4,863,693 |
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, 2014, 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 | $ 1,463,465,271 | $ 1,463,465,271 | $ - | $ - |
Consumer Staples | 1,146,000,230 | 689,441,185 | 456,559,045 | - |
Energy | 903,709,901 | 241,008,573 | 662,701,328 | - |
Financials | 3,321,764,222 | 2,188,311,926 | 1,133,452,296 | - |
Health Care | 2,183,307,735 | 751,129,860 | 1,432,177,875 | - |
Industrials | 1,325,799,549 | 1,083,792,493 | 175,116,401 | 66,890,655 |
Information Technology | 553,901,808 | 553,901,808 | - | - |
Materials | 830,045,282 | 503,045,671 | 326,999,611 | - |
Telecommunication Services | 1,167,723,457 | 815,969,375 | 351,754,082 | - |
Utilities | 412,174,813 | 161,920,014 | 250,254,799 | - |
Money Market Funds | 1,588,049,897 | 1,588,049,897 | - | - |
Total Investments in Securities: | $ 14,895,942,165 | $ 10,040,036,073 | $ 4,789,015,437 | $ 66,890,655 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 342,865,323 |
Level 2 to Level 1 | $ 944,257,480 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Value Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $1,242,195,221) - See accompanying schedule: Unaffiliated issuers (cost $11,755,575,410) | $ 13,307,892,268 | |
Fidelity Central Funds (cost $1,588,049,897) | 1,588,049,897 | |
Total Investments (cost $13,343,625,307) | | $ 14,895,942,165 |
Foreign currency held at value (cost $726,583) | | 726,457 |
Receivable for investments sold | | 134,522,990 |
Receivable for fund shares sold | | 31,704,789 |
Dividends receivable | | 76,778,100 |
Distributions receivable from Fidelity Central Funds | | 1,760,027 |
Prepaid expenses | | 9,004 |
Other receivables | | 357,935 |
Total assets | | 15,141,801,467 |
| | |
Liabilities | | |
Payable for investments purchased | $ 103,068,332 | |
Payable for fund shares redeemed | 28,899,923 | |
Accrued management fee | 6,669,673 | |
Other affiliated payables | 1,116,594 | |
Other payables and accrued expenses | 293,162 | |
Collateral on securities loaned, at value | 1,314,186,648 | |
Total liabilities | | 1,454,234,332 |
| | |
Net Assets | | $ 13,687,567,135 |
Net Assets consist of: | | |
Paid in capital | | $ 11,497,174,970 |
Undistributed net investment income | | 339,775,397 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 297,832,503 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,552,784,265 |
Net Assets | | $ 13,687,567,135 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Value Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Series International Value:
Net Asset Value, offering price and redemption price per share ($6,719,312,284 ÷ 595,101,815 shares) | | $ 11.29 |
| | |
Class F:
Net Asset Value, offering price and redemption price per share ($6,968,254,851 ÷ 615,613,323 shares) | | $ 11.32 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 224,034,739 |
Special dividends | | 208,752,868 |
Interest | | 3 |
Income from Fidelity Central Funds | | 4,863,693 |
Income before foreign taxes withheld | | 437,651,303 |
Less foreign taxes withheld | | (15,387,253) |
Total income | | 422,264,050 |
| | |
Expenses | | |
Management fee
Basic fee | $ 45,791,561 | |
Performance adjustment | (5,550,672) | |
Transfer agent fees | 5,614,512 | |
Accounting and security lending fees | 981,258 | |
Custodian fees and expenses | 565,498 | |
Independent trustees' compensation | 24,796 | |
Audit | 38,045 | |
Legal | 24,001 | |
Interest | 2,470 | |
Miscellaneous | 40,806 | |
Total expenses before reductions | 47,532,275 | |
Expense reductions | (292,647) | 47,239,628 |
Net investment income (loss) | | 375,024,422 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 421,411,878 | |
Foreign currency transactions | (3,076,792) | |
Total net realized gain (loss) | | 418,335,086 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (266,000,491) | |
Assets and liabilities in foreign currencies | 452,386 | |
Total change in net unrealized appreciation (depreciation) | | (265,548,105) |
Net gain (loss) | | 152,786,981 |
Net increase (decrease) in net assets resulting from operations | | $ 527,811,403 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Value Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 375,024,422 | $ 266,930,898 |
Net realized gain (loss) | 418,335,086 | 863,801,313 |
Change in net unrealized appreciation (depreciation) | (265,548,105) | 1,178,227,478 |
Net increase (decrease) in net assets resulting
from operations | 527,811,403 | 2,308,959,689 |
Distributions to shareholders from net investment income | (280,500,370) | (264,134,724) |
Distributions to shareholders from net realized gain | (41,143,110) | (56,993,210) |
Total distributions | (321,643,480) | (321,127,934) |
Share transactions - net increase (decrease) | 2,169,825,889 | 101,473,805 |
Total increase (decrease) in net assets | 2,375,993,812 | 2,089,305,560 |
| | |
Net Assets | | |
Beginning of period | 11,311,573,323 | 9,222,267,763 |
End of period (including undistributed net investment income of $339,775,397 and undistributed net investment income of $245,251,345, respectively) | $ 13,687,567,135 | $ 11,311,573,323 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Value
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.14 | $ 9.16 | $ 8.59 | $ 9.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .31 G | .26 | .29 | .30 | .18 |
Net realized and unrealized gain (loss) | .11 | 2.03 | .50 | (1.45) | (.27) |
Total from investment operations | .42 | 2.29 | .79 | (1.15) | (.09) |
Distributions from net investment income | (.24) | (.26) | (.22) | (.13) | - |
Distributions from net realized gain | (.04) | (.06) | - | (.04) | - |
Total distributions | (.27) K | (.31) J | (.22) | (.17) | - |
Net asset value, end of period | $ 11.29 | $ 11.14 | $ 9.16 | $ 8.59 | $ 9.91 |
Total Return B, C | 3.91% | 25.78% | 9.56% | (11.84)% | (.90)% |
Ratios to Average Net Assets E, I | | | | |
Expenses before reductions | .81% A | .88% | .90% | .95% | 1.01% A |
Expenses net of fee waivers, if any | .81% A | .88% | .90% | .95% | 1.01% A |
Expenses net of all reductions | .81% A | .85% | .87% | .93% | .99% A |
Net investment income (loss) | 5.65% A, G | 2.58% | 3.35% | 3.05% | 2.24% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,719,312 | $ 5,710,397 | $ 5,107,633 | $ 4,503,487 | $ 3,865,058 |
Portfolio turnover rate F | 81% A | 80% | 63% | 78% | 72% A |
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 $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.46%. HFor the period December 3, 2009 (commencement of operations) to October 31, 2010. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JTotal distributions of $.31 per share is comprised of distributions from net investment income of $.256 and distributions from net realized gain of $.057 per share. KTotal distributions of $.27 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.036 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class F
| Six months ended April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.18 | $ 9.19 | $ 8.62 | $ 9.93 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .32 G | .28 | .30 | .31 | .20 |
Net realized and unrealized gain (loss) | .11 | 2.04 | .51 | (1.44) | (.27) |
Total from investment operations | .43 | 2.32 | .81 | (1.13) | (.07) |
Distributions from net investment income | (.25) | (.27) | (.24) | (.14) | - |
Distributions from net realized gain | (.04) | (.06) | - | (.04) | - |
Total distributions | (.29) | (.33) | (.24) | (.18) | - |
Net asset value, end of period | $ 11.32 | $ 11.18 | $ 9.19 | $ 8.62 | $ 9.93 |
Total Return B, C | 3.97% | 26.05% | 9.77% | (11.61)% | (.70)% |
Ratios to Average Net Assets E, I | | | | |
Expenses before reductions | .64% A | .69% | .70% | .74% | .78% A |
Expenses net of fee waivers, if any | .64% A | .69% | .70% | .74% | .78% A |
Expenses net of all reductions | .64% A | .67% | .67% | .72% | .75% A |
Net investment income (loss) | 5.82% A, G | 2.76% | 3.55% | 3.26% | 2.47% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,968,255 | $ 5,601,176 | $ 4,114,635 | $ 1,955,967 | $ 730,524 |
Portfolio turnover rate F | 81% A | 80% | 63% | 78% | 72% A |
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 $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.63%. HFor the period December 3, 2009 (commencement of operations) to October 31, 2010. 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014 (Unaudited)
1. Organization.
Fidelity® Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares of the Funds are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. Fidelity Series Emerging Markets Fund offers Series Emerging Markets shares and Class F shares. Fidelity Series International Growth Fund offers Series International Growth shares and Class F shares. Fidelity Series International Small Cap Fund offers Series International Small Cap shares and Class F shares. Fidelity Series International Value Fund offers Series International Value shares and Class F shares. All classes have equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Funds invest 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 contain the significant accounting policies (including investment valuation policies) of those funds are available on the SEC website or upon request.
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Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (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 Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), each 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 FMR Fair Value Committee (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 each Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
Each 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 each 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),
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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.
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, 2014, including information on transfers between Levels 1 and 2, is included at the end of each applicable Fund's Schedule of Investments.
Foreign Currency. The Funds 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.
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Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV 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 Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Funds determine the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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 each 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 each 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.
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3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 each 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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, 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 for each Fund:
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) on
securities and
other investments |
Fidelity Series Emerging Markets Fund | $ 7,384,040,340 | $ 1,248,910,173 | $ (403,252,529) | $ 845,657,644 |
Fidelity Series International Growth Fund | 11,464,008,626 | 3,167,477,368 | (122,340,120) | 3,045,137,248 |
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Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) on
securities and
other investments |
Fidelity Series International Small Cap Fund | $ 2,474,002,475 | $ 832,235,273 | $ (54,342,045) | $ 777,893,228 |
Fidelity Series International Value Fund | 13,368,531,888 | 1,811,384,287 | (283,974,010) | 1,527,410,277 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are 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.
| 2019 | Total with
expiration |
Fidelity Series International Value Fund | $ (54,310,384) | $ (54,310,384) |
| No expiration | | | |
| Short-term | Long-term | Total no expiration | Total capital loss
carryfoward |
Fidelity Series Emerging Markets Fund | $ (258,015,404) | $ - | $ (285,015,404) | $ (285,015,404) |
Fidelity Series International Value Fund | - | - | - | (54,310,384) |
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
Semiannual Report
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds 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 Funds used derivatives to increase returns, to gain exposure to certain types of assets 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their 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 Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds 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 Funds. 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 Funds used futures contracts to manage their 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Futures Contracts - continued
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. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.
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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fidelity Series Emerging Markets Fund recognized net realized gain (loss) of $(1,628,564) and a change in net unrealized appreciation (depreciation) of $(68,697) related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Series Emerging Markets Fund | 4,462,624,669 | 3,596,363,211 |
Fidelity Series International Growth Fund | 4,337,480,332 | 2,353,659,095 |
Fidelity Series International Small Cap Fund | 805,236,150 | 216,151,107 |
Fidelity Series International Value Fund | 7,283,233,586 | 5,216,782,982 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by 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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee for Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund is subject to a performance adjustment (up to a maximum of ± .20% of each applicable Fund's average net assets over a 36 month performance period.) The upward or downward adjustment to the management fee is based on each fund's relative investment performance of the asset-weighted return of all classes as compared to its benchmark index over the same 36 month performance period. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets, including the performance adjustment, if applicable was as follows. 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 asset for the reporting and performance periods.
Fund Name | Individual Rate | Group Rate | Total |
Fidelity Series Emerging Markets Fund | .55% | .25% | .80% |
Fidelity Series International Growth Fund | .45% | .25% | .77% |
Fidelity Series International Small Cap Fund | .60% | .25% | .95% |
Fidelity Series International Value Fund | .45% | .25% | .62% |
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 Funds. 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 each Fund except for Class F. FIIOC receives no fees for providing transfer agency services to Class F. 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:
Fidelity Series Emerging Markets Fund | Amount | % of
Average
Net Assets* |
Series Emerging Markets | $ 3,381,980 | .17 |
Fidelity Series International Growth Fund | | |
Series International Growth | 5,596,703 | .17 |
Fidelity Series International Small Cap Fund | | |
Series International Small Cap | 1,213,887 | .17 |
Fidelity Series International Value Fund | | |
Series International Value | 5,614,512 | .17 |
* Annualized
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Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each 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. Certain Funds placed a portion of their 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 as follows:
| Amount |
Fidelity Series Emerging Markets Fund | $ 63,684 |
Fidelity Series International Growth Fund | 7,543 |
Fidelity Series International Small Cap Fund | 1,357 |
Fidelity Series International Value Fund | 9,187 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR 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. Each applicable 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 |
Fidelity Series International Growth Fund | Borrower | $ 50,586,429 | .31% | $ 3,072 |
Fidelity Series International Value Fund | Borrower | $ 47,397,167 | .31% | $ 2,470 |
7. Committed Line of Credit.
Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata
Semiannual Report
7. Committed Line of Credit - continued
portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Series Emerging Markets Fund | $ 7,129 |
Fidelity Series International Growth Fund | 11,718 |
Fidelity Series International Small Cap Fund | 2,481 |
Fidelity Series International Value Fund | 11,760 |
During the period, there were no borrowings on this line of credit.
8. Security Lending.
Certain Funds lend 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 Funds. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds 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 each applicable 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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity was as follows:
| Total Security
Lending Income | Security Lending
Income From
Securities
Loaned to FCM | Value of
Securities
Loaned to FCM
at Period End |
Fidelity Series Emerging Markets Fund | $ 747,177 | $ 9,858 | $ 1,193,722 |
Fidelity Series International Growth Fund | 2,712,797 | 121,502 | 12,427,605 |
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Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
| Total Security
Lending Income | Security Lending
Income From
Securities
Loaned to FCM | Value of
Securities
Loaned to FCM
at Period End |
Fidelity Series International Small Cap Fund | $ 639,622 | $ 31,311 | $ 3,145,535 |
Fidelity Series International Value Fund | 4,773,335 | 2,096 | - |
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of Certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Brokerage Service
reduction | Custody
expense
reduction |
Fidelity Series Emerging Markets Fund | $ 38,844 | $ 195 |
Fidelity Series International Growth Fund | 56,202 | - |
Fidelity Series International Small Cap Fund | - | 1 |
Fidelity Series International Value Fund | 292,647 | - |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Fidelity Series Emerging Markets Fund | | |
From net investment income | | |
Series Emerging Markets | $ 38,549,457 | $ 42,756,925 |
Class F | 44,053,623 | 41,009,060 |
Total | $ 82,603,080 | $ 83,765,985 |
From net realized gain | | |
Series Emerging Markets | $ 1,393,354 | $ 1,733,389 |
Class F | 1,376,676 | 1,447,379 |
Total | $ 2,770,030 | $ 3,180,768 |
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10. Distributions to Shareholders - continued
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Fidelity Series International Growth Fund | | |
From net investment income | | |
Series International Growth | $ 44,982,373 | $ 79,982,034 |
Class F | 53,347,595 | 74,590,873 |
Total | $ 98,329,968 | $ 154,572,907 |
From net realized gain | | |
Series International Growth | $ 23,186,790 | $ - |
Class F | 22,798,117 | - |
Total | $ 45,984,907 | $ - |
Fidelity Series International Small Cap Fund | | |
From net investment income | | |
Series International Small Cap | $ 10,579,671 | $ 10,164,093 |
Class F | 12,074,681 | 10,323,285 |
Total | $ 22,654,352 | $ 20,487,378 |
From net realized gain | | |
Series International Small Cap | $ 37,028,847 | $ 819,685 |
Class F | 36,723,686 | 679,163 |
Total | $ 73,752,533 | $ 1,498,848 |
Fidelity Series International Value Fund | | |
From net investment income | | |
Series International Value | $ 136,444,048 | $ 139,841,918 |
Class F | 144,056,322 | 124,292,806 |
Total | $ 280,500,370 | $ 264,134,724 |
From net realized gain | | |
Series International Value | $ 20,725,678 | $ 31,136,677 |
Class F | 20,417,432 | 25,856,533 |
Total | $ 41,143,110 | $ 56,993,210 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Fidelity Series Emerging Markets Fund | | | | |
Series Emerging Markets | | | | |
Shares sold | 41,753,413 | 38,959,533 | $ 718,242,099 | $ 645,995,579 |
Reinvestment of distributions | 2,310,168 | 2,717,796 | 39,942,811 | 44,490,314 |
Shares redeemed | (18,946,608) | (31,216,858) | (322,025,138) | (524,357,869) |
Net increase (decrease) | 25,116,973 | 10,460,471 | $ 436,159,772 | $ 166,128,024 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Fidelity Series Emerging Markets Fund | | | | |
Class F | | | | |
Shares sold | 51,993,170 | 48,367,901 | $ 896,667,286 | $ 813,845,994 |
Reinvestment of distributions | 2,622,996 | 2,590,387 | 45,430,299 | 42,456,439 |
Shares redeemed | (17,524,231) | (10,556,755) | (295,750,383) | (179,653,412) |
Net increase (decrease) | 37,091,935 | 40,401,533 | $ 646,347,202 | $ 676,649,021 |
Fidelity Series International Growth Fund | | | | |
Series International Growth | | | | |
Shares sold | 98,918,816 | 39,398,443 | $ 1,378,642,826 | $ 510,170,838 |
Reinvestment of distributions | 4,921,961 | 6,859,523 | 68,169,163 | 79,982,034 |
Shares redeemed | (43,279,548) | (78,355,276) | (609,976,681) | (971,293,070) |
Net increase (decrease) | 60,561,229 | (32,097,310) | $ 836,835,308 | $ (381,140,198) |
Class F | | | | |
Shares sold | 111,660,810 | 72,396,842 | $ 1,560,598,601 | $ 918,440,640 |
Reinvestment of distributions | 5,489,958 | 6,386,205 | 76,145,712 | 74,590,873 |
Shares redeemed | (32,538,451) | (33,723,110) | (459,357,560) | (422,112,675) |
Net increase (decrease) | 84,612,317 | 45,059,937 | $ 1,177,386,753 | $ 570,918,838 |
Fidelity Series International Small Cap Fund | | | | |
Series International Small Cap | | | | |
Shares sold | 24,878,099 | 5,971,087 | $ 385,807,282 | $ 84,453,632 |
Reinvestment of distributions | 3,165,460 | 869,658 | 47,608,518 | 10,983,778 |
Shares redeemed | (8,611,235) | (16,651,980) | (134,673,630) | (224,499,941) |
Net increase (decrease) | 19,432,324 | (9,811,235) | $ 298,742,170 | $ (129,062,531) |
Class F | | | | |
Shares sold | 26,504,790 | 12,254,974 | $ 412,992,120 | $ 168,713,546 |
Reinvestment of distributions | 3,238,113 | 869,759 | 48,798,367 | 11,002,448 |
Shares redeemed | (5,663,451) | (7,885,777) | (89,069,031) | (107,516,162) |
Net increase (decrease) | 24,079,452 | 5,238,956 | $ 372,721,456 | $ 72,199,832 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Fidelity Series International Value Fund | | | | |
Series International Value | | | | |
Shares sold | 130,205,951 | 47,159,267 | $ 1,438,092,489 | $ 484,088,995 |
Reinvestment of distributions | 14,552,752 | 18,706,630 | 157,169,726 | 170,978,595 |
Shares redeemed | (62,216,931) | (110,968,953) | (688,602,026) | (1,082,752,825) |
Net increase (decrease) | 82,541,772 | (45,103,056) | $ 906,660,189 | $ (427,685,235) |
Class F | | | | |
Shares sold | 143,706,426 | 89,535,804 | $ 1,591,594,728 | $ 896,793,608 |
Reinvestment of distributions | 15,200,901 | 16,409,764 | 164,473,754 | 150,149,339 |
Shares redeemed | (44,484,199) | (52,596,433) | (492,902,782) | (517,783,907) |
Net increase (decrease) | 114,423,128 | 53,349,135 | $ 1,263,165,700 | $ 529,159,040 |
12. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Inc.
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
Custodians
The Northern Trust Company
Chicago, IL
Fidelity Series Emerging Markets Fund
State Street Bank and Trust Company
Quincy, MA
Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
GSV-S-SANN-0614
1.907946.104
Fidelity®
Total International Equity
Fund
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.43% | | | |
Actual | | $ 1,000.00 | $ 1,021.90 | $ 7.17 |
HypotheticalA | | $ 1,000.00 | $ 1,017.70 | $ 7.15 |
Class T | 1.68% | | | |
Actual | | $ 1,000.00 | $ 1,019.30 | $ 8.41 |
HypotheticalA | | $ 1,000.00 | $ 1,016.46 | $ 8.40 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,017.90 | $ 11.01 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,016.70 | $ 11.00 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Total International Equity | 1.03% | | | |
Actual | | $ 1,000.00 | $ 1,023.00 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | 1.15% | | | |
Actual | | $ 1,000.00 | $ 1,022.50 | $ 5.77 |
HypotheticalA | | $ 1,000.00 | $ 1,019.09 | $ 5.76 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United Kingdom 15.7% | |
 | Japan 12.4% | |
 | United States of America* 9.7% | |
 | Switzerland 8.2% | |
 | France 7.5% | |
 | Germany 4.7% | |
 | India 4.2% | |
 | Korea (South) 3.8% | |
 | Sweden 3.4% | |
 | Other 30.4% | |
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, 2013 |
| United Kingdom 16.7% | |
| Japan 14.4% | |
| United States of America* 7.3% | |
| France 7.1% | |
| Switzerland 6.8% | |
| Germany 5.2% | |
| Australia 3.8% | |
| India 3.0% | |
| Korea (South) 2.7% | |
| Other 33.0% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.0 | 98.4 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.0 | 1.6 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.2 | 1.6 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.8 | 1.3 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.7 | 1.5 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.7 | 1.4 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 1.4 | 1.3 |
Novartis AG (Switzerland, Pharmaceuticals) | 1.4 | 1.1 |
Prudential PLC (United Kingdom, Insurance) | 1.4 | 1.0 |
DENSO Corp. (Japan, Auto Components) | 1.3 | 1.2 |
Linde AG (Germany, Chemicals) | 1.0 | 0.8 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.0 | 0.9 |
| 14.9 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.0 | 24.3 |
Consumer Discretionary | 13.4 | 13.2 |
Consumer Staples | 12.7 | 13.8 |
Industrials | 12.3 | 12.9 |
Health Care | 12.0 | 9.3 |
Information Technology | 8.0 | 5.9 |
Materials | 6.2 | 6.3 |
Telecommunication Services | 6.0 | 5.9 |
Energy | 3.5 | 4.5 |
Utilities | 2.9 | 2.3 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.0% |
| Shares | | Value |
Australia - 3.3% |
Ansell Ltd. | 36,338 | | $ 610,682 |
Australia & New Zealand Banking Group Ltd. | 75,902 | | 2,430,582 |
CSL Ltd. | 43,674 | | 2,776,420 |
DuluxGroup Ltd. | 11,047 | | 58,805 |
Imdex Ltd. (a) | 41,667 | | 28,451 |
Ramsay Health Care Ltd. | 1,907 | | 79,386 |
RCG Corp. Ltd. | 76,989 | | 53,284 |
Sydney Airport unit | 189,266 | | 741,995 |
Telstra Corp. Ltd. | 154,967 | | 751,494 |
Transurban Group unit | 192,589 | | 1,300,713 |
Westpac Banking Corp. | 96,303 | | 3,154,358 |
TOTAL AUSTRALIA | | 11,986,170 |
Austria - 0.5% |
Andritz AG | 28,961 | | 1,797,410 |
Zumtobel AG | 3,400 | | 70,755 |
TOTAL AUSTRIA | | 1,868,165 |
Bailiwick of Guernsey - 0.1% |
Resolution Ltd. | 53,018 | | 267,025 |
Bailiwick of Jersey - 0.9% |
Informa PLC | 194,857 | | 1,586,750 |
Shire PLC | 13,080 | | 748,071 |
Wolseley PLC | 14,978 | | 865,132 |
TOTAL BAILIWICK OF JERSEY | | 3,199,953 |
Belgium - 2.7% |
Anheuser-Busch InBev SA NV (d) | 55,771 | | 6,078,810 |
Gimv NV | 1,919 | | 99,491 |
KBC Ancora (a) | 4,181 | | 153,249 |
KBC Groupe SA | 46,113 | | 2,809,137 |
UCB SA | 8,488 | | 695,834 |
TOTAL BELGIUM | | 9,836,521 |
Bermuda - 1.2% |
Hongkong Land Holdings Ltd. | 89,000 | | 623,000 |
Lazard Ltd. Class A | 17,000 | | 799,850 |
Man Wah Holdings Ltd. | 313,200 | | 513,049 |
Texwinca Holdings Ltd. | 854,000 | | 917,563 |
Vostok Nafta Investment Ltd. SDR (a) | 6,960 | | 45,492 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Vtech Holdings Ltd. | 41,300 | | $ 569,989 |
Yue Yuen Industrial (Holdings) Ltd. | 350,000 | | 1,081,201 |
TOTAL BERMUDA | | 4,550,144 |
Brazil - 0.9% |
Arezzo Industria e Comercio SA | 3,300 | | 36,926 |
Banco Bradesco SA | 20,210 | | 310,435 |
Fleury SA | 98,900 | | 663,547 |
Natura Cosmeticos SA | 36,500 | | 625,153 |
Telefonica Brasil SA | 44,400 | | 800,883 |
Terna Participacoes SA unit | 65,300 | | 584,252 |
Tractebel Energia SA | 28,900 | | 429,790 |
TOTAL BRAZIL | | 3,450,986 |
British Virgin Islands - 0.0% |
Gem Diamonds Ltd. (a) | 18,923 | | 53,036 |
Canada - 0.3% |
Canadian Pacific Railway Ltd. | 2,066 | | 322,590 |
Pason Systems, Inc. | 5,900 | | 163,857 |
Potash Corp. of Saskatchewan, Inc. | 15,200 | | 549,449 |
ShawCor Ltd. Class A | 1,600 | | 71,267 |
TOTAL CANADA | | 1,107,163 |
Cayman Islands - 2.4% |
ENN Energy Holdings Ltd. | 86,000 | | 601,216 |
Ginko International Co. Ltd. | 22,000 | | 369,760 |
Goodbaby International Holdings Ltd. | 969,000 | | 531,185 |
Gourmet Master Co. Ltd. | 109,000 | | 883,476 |
Hengan International Group Co. Ltd. | 63,500 | | 668,749 |
Mindray Medical International Ltd. sponsored ADR (d) | 14,200 | | 469,452 |
NetEase.com, Inc. sponsored ADR | 6,200 | | 422,158 |
Sands China Ltd. | 221,200 | | 1,614,859 |
Silergy Corp. | 64,000 | | 530,407 |
SITC International Holdings Co. Ltd. | 795,000 | | 350,692 |
Tencent Holdings Ltd. | 11,300 | | 704,269 |
Wynn Macau Ltd. | 374,800 | | 1,476,875 |
TOTAL CAYMAN ISLANDS | | 8,623,098 |
Chile - 0.9% |
Aguas Andinas SA | 1,086,569 | | 670,326 |
Compania Cervecerias Unidas SA sponsored ADR (d) | 49,655 | | 1,170,368 |
Common Stocks - continued |
| Shares | | Value |
Chile - continued |
Embotelladora Andina SA sponsored ADR | 24,400 | | $ 590,968 |
Quinenco SA | 370,062 | | 819,802 |
TOTAL CHILE | | 3,251,464 |
China - 0.8% |
China Communications Services Corp. Ltd. (H Shares) | 1,042,000 | | 528,194 |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 521,000 | | 536,258 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 161,400 | | 505,875 |
China Telecom Corp. Ltd. (H Shares) | 1,190,000 | | 608,791 |
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | 376,000 | | 378,282 |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 158,000 | | 455,478 |
TOTAL CHINA | | 3,012,878 |
Denmark - 1.6% |
A.P. Moller - Maersk A/S Series B | 438 | | 1,043,710 |
Jyske Bank A/S (Reg.) (a) | 15,654 | | 859,806 |
Novo Nordisk A/S Series B sponsored ADR | 74,000 | | 3,358,860 |
Spar Nord Bank A/S | 13,331 | | 149,912 |
Vestas Wind Systems A/S (a) | 13,000 | | 577,026 |
TOTAL DENMARK | | 5,989,314 |
Finland - 0.7% |
Nokian Tyres PLC | 17,358 | | 689,216 |
Sampo Oyj (A Shares) (d) | 28,353 | | 1,407,819 |
Tikkurila Oyj | 17,580 | | 436,086 |
TOTAL FINLAND | | 2,533,121 |
France - 7.5% |
Arkema SA | 8,713 | | 971,511 |
Atos Origin SA | 12,616 | | 1,089,200 |
AXA SA | 80,606 | | 2,099,585 |
BNP Paribas SA | 31,154 | | 2,338,715 |
Cap Gemini SA | 13,502 | | 953,646 |
Carrefour SA | 24,285 | | 944,381 |
GDF Suez (d) | 64,669 | | 1,630,634 |
Havas SA | 90,586 | | 720,115 |
Laurent-Perrier Group SA | 859 | | 85,924 |
Orange SA | 70,100 | | 1,135,711 |
Remy Cointreau SA | 4,581 | | 402,872 |
Renault SA | 10,211 | | 993,761 |
Safran SA | 21,914 | | 1,472,844 |
Saft Groupe SA | 1,121 | | 39,860 |
Sanofi SA | 31,513 | | 3,400,880 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Schneider Electric SA | 7,290 | | $ 683,186 |
Solocal Group SA (a) | 17,630 | | 40,357 |
Total SA (a) | 93,815 | | 6,711,921 |
Vetoquinol SA | 1,500 | | 81,784 |
Virbac SA | 410 | | 98,263 |
Vivendi SA | 50,719 | | 1,360,859 |
TOTAL FRANCE | | 27,256,009 |
Germany - 4.2% |
alstria office REIT-AG | 2,900 | | 40,012 |
BASF AG | 25,084 | | 2,903,388 |
Bayer AG (d) | 23,912 | | 3,317,431 |
Bilfinger Berger AG | 1,120 | | 133,055 |
CompuGroup Medical AG | 6,146 | | 163,797 |
Continental AG | 4,083 | | 956,459 |
CTS Eventim AG | 3,583 | | 228,163 |
Deutsche Lufthansa AG | 27,181 | | 681,789 |
Deutsche Post AG | 18,921 | | 712,295 |
Fielmann AG | 1,079 | | 145,878 |
Fresenius SE & Co. KGaA | 6,100 | | 927,104 |
Linde AG | 17,049 | | 3,534,930 |
Siemens AG | 11,062 | | 1,459,303 |
TOTAL GERMANY | | 15,203,604 |
Greece - 0.0% |
Titan Cement Co. SA (Reg.) | 3,944 | | 124,208 |
Hong Kong - 0.5% |
China Merchant Holdings International Co. Ltd. | 160,000 | | 500,455 |
Lenovo Group Ltd. | 874,000 | | 994,290 |
Techtronic Industries Co. Ltd. | 143,500 | | 457,174 |
TOTAL HONG KONG | | 1,951,919 |
India - 4.2% |
Bharti Airtel Ltd. | 127,865 | | 695,451 |
Container Corp. of India Ltd. | 39,820 | | 643,837 |
Dr. Reddy's Laboratories Ltd. | 15,012 | | 673,719 |
Exide Industries Ltd. | 296,426 | | 588,527 |
Grasim Industries Ltd. | 17,502 | | 773,160 |
Havells India Ltd. | 41,295 | | 637,688 |
Hindalco Industries Ltd. | 275,724 | | 613,939 |
Housing Development Finance Corp. Ltd. | 141,456 | | 2,105,951 |
IDFC Ltd. | 395,090 | | 746,716 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Infosys Ltd. | 27,254 | | $ 1,450,018 |
Jyothy Laboratories Ltd. (a) | 23,119 | | 72,847 |
Kotak Mahindra Bank Ltd. (a) | 63,866 | | 849,852 |
Larsen & Toubro Ltd. | 33,828 | | 725,803 |
Lupin Ltd. | 40,075 | | 683,819 |
NTPC Ltd. | 500,814 | | 966,090 |
Prestige Estates Projects Ltd. | 319,788 | | 901,599 |
Punjab National Bank | 64,685 | | 863,264 |
Shriram Transport Finance Co. Ltd. | 63,051 | | 768,132 |
Wipro Ltd. | 52,814 | | 457,726 |
TOTAL INDIA | | 15,218,138 |
Indonesia - 0.2% |
PT Bank Rakyat Indonesia Tbk | 658,100 | | 563,525 |
Ireland - 1.2% |
Actavis PLC (a) | 3,300 | | 674,289 |
CRH PLC sponsored ADR | 52,529 | | 1,538,049 |
FBD Holdings PLC | 5,372 | | 129,270 |
James Hardie Industries PLC: | | | |
CDI | 9,656 | | 123,074 |
sponsored ADR | 28,255 | | 1,812,276 |
TOTAL IRELAND | | 4,276,958 |
Israel - 0.6% |
Azrieli Group | 13,096 | | 443,156 |
Ituran Location & Control Ltd. | 1,761 | | 42,299 |
NICE Systems Ltd. sponsored ADR | 10,100 | | 436,320 |
Sarine Technologies Ltd. | 38,000 | | 83,959 |
Strauss Group Ltd. | 2,359 | | 42,667 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 26,909 | | 1,314,774 |
TOTAL ISRAEL | | 2,363,175 |
Italy - 0.9% |
Azimut Holding SpA | 21,114 | | 657,617 |
Beni Stabili SpA SIIQ | 187,010 | | 166,955 |
Interpump Group SpA | 55,991 | | 793,104 |
Prada SpA | 83,100 | | 663,475 |
Telecom Italia SpA | 309,600 | | 397,845 |
Unione di Banche Italiane ScpA | 62,459 | | 594,436 |
TOTAL ITALY | | 3,273,432 |
Common Stocks - continued |
| Shares | | Value |
Japan - 12.4% |
AEON Mall Co. Ltd. | 20,300 | | $ 483,300 |
Air Water, Inc. | 3,000 | | 42,109 |
Aozora Bank Ltd. | 259,000 | | 770,147 |
Artnature, Inc. | 4,000 | | 114,168 |
Asahi Co. Ltd. | 4,600 | | 61,102 |
Astellas Pharma, Inc. | 78,400 | | 871,921 |
Autobacs Seven Co. Ltd. | 4,400 | | 68,043 |
Azbil Corp. | 4,700 | | 106,518 |
Coca-Cola Central Japan Co. Ltd. | 20,500 | | 460,791 |
Cosmos Pharmaceutical Corp. | 800 | | 85,528 |
Daikokutenbussan Co. Ltd. | 5,000 | | 129,799 |
DENSO Corp. | 105,100 | | 4,782,366 |
Dentsu, Inc. | 18,600 | | 764,122 |
East Japan Railway Co. | 20,400 | | 1,487,174 |
Fanuc Corp. | 7,300 | | 1,313,836 |
Fast Retailing Co. Ltd. | 4,300 | | 1,336,245 |
Glory Ltd. | 2,100 | | 54,146 |
Goldcrest Co. Ltd. | 6,560 | | 136,738 |
Harmonic Drive Systems, Inc. | 3,000 | | 84,951 |
Hitachi Ltd. | 137,000 | | 974,216 |
Hoya Corp. | 38,900 | | 1,146,815 |
Iida Group Holdings Co. Ltd. (a) | 4,424 | | 65,775 |
Itochu Corp. | 141,400 | | 1,582,253 |
Iwatsuka Confectionary Co. Ltd. | 1,200 | | 65,731 |
Japan Tobacco, Inc. | 66,300 | | 2,176,386 |
KDDI Corp. | 19,300 | | 1,027,345 |
Keyence Corp. | 6,321 | | 2,435,101 |
Kobayashi Pharmaceutical Co. Ltd. | 1,700 | | 103,096 |
Koshidaka Holdings Co. Ltd. | 2,000 | | 59,275 |
Kyoto Kimono Yuzen Co. Ltd. | 2,800 | | 27,717 |
Lasertec Corp. (a) | 5,500 | | 54,712 |
Meiko Network Japan Co. Ltd. | 2,700 | | 29,183 |
Miraial Co. Ltd. | 2,400 | | 37,373 |
Mitsubishi Electric Corp. | 75,000 | | 853,181 |
Mitsubishi UFJ Financial Group, Inc. | 401,700 | | 2,136,842 |
Mitsui Fudosan Co. Ltd. | 71,000 | | 2,098,019 |
Mizuho Financial Group, Inc. | 756,900 | | 1,482,470 |
Nabtesco Corp. | 3,300 | | 70,981 |
Nagaileben Co. Ltd. | 6,100 | | 117,424 |
ND Software Co. Ltd. | 3,000 | | 54,228 |
Nihon M&A Center, Inc. | 4,200 | | 98,062 |
Nihon Parkerizing Co. Ltd. | 7,000 | | 152,619 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Nippon Seiki Co. Ltd. | 4,000 | | $ 69,839 |
Nippon Telegraph & Telephone Corp. | 26,800 | | 1,487,206 |
NS Tool Co. Ltd. | 1,900 | | 32,151 |
OBIC Co. Ltd. | 4,000 | | 119,920 |
Omron Corp. | 17,700 | | 625,001 |
ORIX Corp. | 70,000 | | 1,011,298 |
OSG Corp. | 10,700 | | 172,481 |
San-Ai Oil Co. Ltd. | 7,000 | | 46,559 |
Seven & i Holdings Co., Ltd. | 28,500 | | 1,123,720 |
Seven Bank Ltd. | 407,100 | | 1,541,035 |
SHO-BOND Holdings Co. Ltd. | 20,200 | | 909,874 |
Shoei Co. Ltd. | 5,900 | | 80,852 |
SoftBank Corp. | 47,500 | | 3,526,434 |
Software Service, Inc. | 1,600 | | 56,654 |
Sony Financial Holdings, Inc. | 44,500 | | 712,975 |
Sumitomo Mitsui Trust Holdings, Inc. | 200,920 | | 827,931 |
Techno Medica Co. Ltd. | 1,800 | | 35,530 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 10,000 | | 66,513 |
TKC Corp. | 2,000 | | 40,475 |
Tocalo Co. Ltd. | 2,800 | | 43,738 |
Tsutsumi Jewelry Co. Ltd. | 2,000 | | 45,288 |
USS Co. Ltd. | 129,700 | | 1,889,014 |
Workman Co. Ltd. | 2,000 | | 80,403 |
Yamato Kogyo Co. Ltd. | 23,100 | | 665,197 |
TOTAL JAPAN | | 45,211,896 |
Kenya - 0.1% |
Safaricom Ltd. | 2,813,700 | | 423,623 |
Korea (South) - 3.5% |
Coway Co. Ltd. | 2,597 | | 204,874 |
E-Mart Co. Ltd. | 3,664 | | 836,999 |
Hyundai Motor Co. | 9,796 | | 2,180,892 |
KEPCO Plant Service & Engineering Co. Ltd. | 20,631 | | 1,341,984 |
Kiwoom Securities Co. Ltd. | 10,628 | | 521,575 |
Korea Electric Power Corp. | 35,610 | | 1,361,805 |
KT Corp. | 35,110 | | 1,119,317 |
KT&G Corp. | 9,384 | | 752,101 |
Leeno Industrial, Inc. | 2,264 | | 65,196 |
LG Corp. | 6,510 | | 362,332 |
LG Household & Health Care Ltd. | 2,127 | | 971,778 |
Naver Corp. | 851 | | 607,916 |
Samsung Fire & Marine Insurance Co. Ltd. | 3,571 | | 846,864 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 21,400 | | $ 934,257 |
TK Corp. (a) | 26,685 | | 525,641 |
TOTAL KOREA (SOUTH) | | 12,633,531 |
Luxembourg - 0.4% |
Millicom International Cellular SA (depository receipt) | 7,600 | | 751,561 |
RTL Group SA | 5,427 | | 602,558 |
TOTAL LUXEMBOURG | | 1,354,119 |
Malaysia - 0.5% |
Axiata Group Bhd | 340,900 | | 703,221 |
Top Glove Corp. Bhd | 310,800 | | 457,269 |
YTL Corp. Bhd | 1,396,800 | | 689,302 |
TOTAL MALAYSIA | | 1,849,792 |
Mexico - 1.0% |
Banregio Grupo Financiero S.A.B. de CV | 91,800 | | 530,546 |
Bolsa Mexicana de Valores S.A.B. de CV | 289,000 | | 592,900 |
Consorcio ARA S.A.B. de CV (a) | 1,243,655 | | 546,599 |
Fomento Economico Mexicano S.A.B. de CV: | | | |
unit | 73,800 | | 673,481 |
sponsored ADR | 5,833 | | 529,461 |
Kimberly-Clark de Mexico SA de CV Series A | 187,500 | | 487,426 |
Megacable Holdings S.A.B. de CV unit | 120,500 | | 477,938 |
TOTAL MEXICO | | 3,838,351 |
Netherlands - 1.4% |
Aalberts Industries NV | 7,600 | | 252,894 |
ASM International NV (depositary receipt) | 1,250 | | 54,413 |
Heijmans NV (Certificaten Van Aandelen) | 8,481 | | 152,136 |
ING Groep NV (Certificaten Van Aandelen) (a) | 229,523 | | 3,281,000 |
Koninklijke Philips Electronics NV | 17,602 | | 563,496 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 17,900 | | 767,573 |
VastNed Retail NV | 3,338 | | 171,670 |
TOTAL NETHERLANDS | | 5,243,182 |
Philippines - 0.2% |
Jollibee Food Corp. | 14,560 | | 56,182 |
Security Bank Corp. | 205,586 | | 553,918 |
TOTAL PHILIPPINES | | 610,100 |
Poland - 0.1% |
Telekomunikacja Polska SA | 143,400 | | 489,738 |
Common Stocks - continued |
| Shares | | Value |
Portugal - 0.3% |
Jeronimo Martins SGPS SA | 71,769 | | $ 1,255,064 |
Singapore - 0.3% |
Singapore Telecommunications Ltd. | 329,000 | | 1,005,081 |
South Africa - 1.2% |
African Bank Investments Ltd. | 457,707 | | 542,522 |
Clicks Group Ltd. | 126,095 | | 768,879 |
Nampak Ltd. | 25,130 | | 93,636 |
Naspers Ltd. Class N | 9,500 | | 895,775 |
Remgro Ltd. | 39,000 | | 784,597 |
Shoprite Holdings Ltd. | 33,800 | | 564,452 |
Standard Bank Group Ltd. | 48,671 | | 638,800 |
TOTAL SOUTH AFRICA | | 4,288,661 |
Spain - 1.2% |
Amadeus IT Holding SA Class A | 19,364 | | 804,730 |
Grifols SA | 1,546 | | 82,576 |
Inditex SA | 16,362 | | 2,454,986 |
International Consolidated Airlines Group SA CDI (a) | 99,700 | | 680,236 |
Prosegur Compania de Seguridad SA (Reg.) | 79,176 | | 530,551 |
TOTAL SPAIN | | 4,553,079 |
Sweden - 3.4% |
ASSA ABLOY AB (B Shares) | 38,500 | | 2,038,033 |
Atlas Copco AB (A Shares) (d) | 56,059 | | 1,622,574 |
Fagerhult AB | 15,485 | | 769,225 |
H&M Hennes & Mauritz AB (B Shares) | 47,310 | | 1,926,685 |
Intrum Justitia AB | 28,363 | | 820,504 |
Nordea Bank AB | 134,067 | | 1,937,128 |
SKF AB (B Shares) | 43,000 | | 1,111,009 |
Svenska Cellulosa AB (SCA) (B Shares) | 33,626 | | 941,727 |
Svenska Handelsbanken AB (A Shares) | 28,415 | | 1,425,950 |
TOTAL SWEDEN | | 12,592,835 |
Switzerland - 8.2% |
Coca-Cola HBC AG | 31,720 | | 802,270 |
Nestle SA | 102,411 | | 7,914,762 |
Novartis AG | 57,423 | | 4,991,929 |
Roche Holding AG (participation certificate) | 21,360 | | 6,265,877 |
Schindler Holding AG: | | | |
(participation certificate) | 6,511 | | 1,007,611 |
(Reg.) | 2,001 | | 305,118 |
Swatch Group AG (Bearer) | 1,560 | | 1,000,591 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Swiss Re Ltd. | 17,540 | | $ 1,531,586 |
Syngenta AG (Switzerland) | 2,200 | | 871,182 |
UBS AG (NY Shares) | 247,497 | | 5,175,162 |
TOTAL SWITZERLAND | | 29,866,088 |
Taiwan - 3.0% |
Chicony Electronics Co. Ltd. | 172,000 | | 447,597 |
China Life Insurance Co. Ltd. | 705,000 | | 616,996 |
Chroma ATE, Inc. | 275,116 | | 708,641 |
CTCI Corp. | 357,000 | | 570,433 |
Edison Opto Corp. | 256,000 | | 304,242 |
EPISTAR Corp. | 185,000 | | 404,154 |
Everlight Electronics Co. Ltd. | 176,000 | | 411,914 |
GeoVision, Inc. | 62,000 | | 337,074 |
King Slide Works Co. Ltd. | 36,000 | | 469,013 |
Lextar Electronics Corp. | 406,000 | | 396,370 |
President Chain Store Corp. | 105,000 | | 781,439 |
St.Shine Optical Co. Ltd. | 19,000 | | 402,480 |
Taiwan Mobile Co. Ltd. | 185,000 | | 597,338 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 681,035 | | 2,678,913 |
Unified-President Enterprises Corp. | 696,988 | | 1,180,689 |
Wowprime Corp. | 37,200 | | 561,105 |
TOTAL TAIWAN | | 10,868,398 |
Thailand - 0.2% |
Minor International PCL (For. Reg.) | 596,500 | | 453,458 |
Thai Union Frozen Products PCL (For. Reg.) | 206,800 | | 447,342 |
TOTAL THAILAND | | 900,800 |
Turkey - 0.6% |
Albaraka Turk Katilim Bankasi A/S | 88,907 | | 70,316 |
Coca-Cola Icecek Sanayi A/S | 33,889 | | 793,640 |
Enka Insaat ve Sanayi A/S | 251,062 | | 760,956 |
Turkiye Garanti Bankasi A/S | 122,143 | | 449,938 |
TOTAL TURKEY | | 2,074,850 |
United Kingdom - 15.7% |
Advanced Computer Software Group PLC | 21,000 | | 42,282 |
AstraZeneca PLC (United Kingdom) | 34,928 | | 2,757,031 |
Babcock International Group PLC | 34,500 | | 695,503 |
Babcock International Group PLC rights 5/6/14 (a) | 11,923 | | 80,523 |
BAE Systems PLC | 168,321 | | 1,136,773 |
Barclays PLC | 392,826 | | 1,677,386 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Barclays PLC sponsored ADR | 33,233 | | $ 568,617 |
Bellway PLC | 5,928 | | 144,027 |
Berendsen PLC | 7,728 | | 135,046 |
BG Group PLC | 89,627 | | 1,812,888 |
BHP Billiton PLC | 73,061 | | 2,371,881 |
Britvic PLC | 10,317 | | 126,202 |
BT Group PLC | 123,825 | | 772,996 |
Bunzl PLC | 43,457 | | 1,233,397 |
Compass Group PLC | 79,014 | | 1,256,696 |
Dechra Pharmaceuticals PLC | 9,000 | | 104,850 |
Derwent London PLC | 2,000 | | 91,849 |
Elementis PLC | 34,808 | | 162,969 |
GlaxoSmithKline PLC | 123,897 | | 3,423,344 |
Great Portland Estates PLC | 14,772 | | 156,380 |
Hilton Food Group PLC | 5,400 | | 48,641 |
HSBC Holdings PLC sponsored ADR | 58,766 | | 3,015,871 |
Imperial Tobacco Group PLC | 53,757 | | 2,320,818 |
InterContinental Hotel Group PLC ADR | 64,747 | | 2,228,592 |
ITV PLC | 334,319 | | 1,027,325 |
Jazztel PLC (a) | 28,824 | | 442,278 |
Johnson Matthey PLC | 27,877 | | 1,540,520 |
Kingfisher PLC | 199,527 | | 1,408,501 |
Meggitt PLC | 15,735 | | 126,645 |
National Grid PLC | 178,491 | | 2,536,940 |
Next PLC | 6,400 | | 704,536 |
Persimmon PLC | 4,537 | | 100,503 |
Prudential PLC | 213,786 | | 4,914,756 |
Reckitt Benckiser Group PLC | 34,751 | | 2,801,664 |
Reed Elsevier PLC | 99,913 | | 1,471,004 |
Rexam PLC | 81,188 | | 679,906 |
Rolls-Royce Group PLC | 74,752 | | 1,325,218 |
Rotork PLC | 16,703 | | 730,697 |
Royal Dutch Shell PLC Class A sponsored ADR | 31,130 | | 2,451,176 |
SABMiller PLC | 52,863 | | 2,874,422 |
Shaftesbury PLC | 56,637 | | 632,565 |
Spectris PLC | 5,370 | | 201,734 |
Spirax-Sarco Engineering PLC | 4,807 | | 235,287 |
Standard Chartered PLC (United Kingdom) | 30,912 | | 668,838 |
Ted Baker PLC | 2,575 | | 80,388 |
Tullow Oil PLC | 33,000 | | 490,311 |
Ultra Electronics Holdings PLC | 4,101 | | 117,433 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Unite Group PLC | 84,677 | | $ 604,043 |
Vodafone Group PLC sponsored ADR | 72,626 | | 2,756,883 |
TOTAL UNITED KINGDOM | | 57,288,135 |
United States of America - 6.7% |
AbbVie, Inc. | 13,629 | | 709,798 |
ANSYS, Inc. (a) | 400 | | 30,524 |
Autoliv, Inc. | 16,054 | | 1,637,187 |
Berkshire Hathaway, Inc. Class B (a) | 7,216 | | 929,782 |
BorgWarner, Inc. | 31,394 | | 1,950,823 |
Broadridge Financial Solutions, Inc. | 1,140 | | 43,708 |
Cabot Corp. | 11,466 | | 662,735 |
Cognizant Technology Solutions Corp. Class A (a) | 9,600 | | 459,888 |
Cummins, Inc. | 6,991 | | 1,054,592 |
Dril-Quip, Inc. (a) | 770 | | 87,102 |
Evercore Partners, Inc. Class A | 1,960 | | 104,723 |
FMC Technologies, Inc. (a) | 11,403 | | 646,550 |
Google, Inc.: | | | |
Class A (a) | 1,290 | | 689,995 |
Class C (a) | 1,290 | | 679,391 |
Greenhill & Co., Inc. | 820 | | 41,123 |
JPMorgan Chase & Co. | 6,100 | | 341,478 |
Kennedy-Wilson Holdings, Inc. | 5,483 | | 119,749 |
Martin Marietta Materials, Inc. | 10,080 | | 1,253,246 |
MasterCard, Inc. Class A | 24,690 | | 1,815,950 |
Mead Johnson Nutrition Co. Class A | 9,200 | | 811,992 |
Mohawk Industries, Inc. (a) | 8,035 | | 1,063,914 |
National Oilwell Varco, Inc. | 5,046 | | 396,262 |
Oceaneering International, Inc. | 5,538 | | 405,825 |
Philip Morris International, Inc. | 13,200 | | 1,127,676 |
PriceSmart, Inc. | 8,985 | | 862,919 |
ResMed, Inc. | 17,420 | | 868,387 |
ResMed, Inc. CDI | 128,048 | | 644,745 |
Solera Holdings, Inc. | 16,594 | | 1,074,959 |
SS&C Technologies Holdings, Inc. (a) | 20,554 | | 799,962 |
T-Mobile U.S., Inc. (a) | 16,400 | | 480,356 |
The Rubicon Project, Inc. | 2,176 | | 31,269 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Union Pacific Corp. | 4,300 | | $ 818,849 |
Visa, Inc. Class A | 9,101 | | 1,843,954 |
TOTAL UNITED STATES OF AMERICA | | 24,489,413 |
TOTAL COMMON STOCKS (Cost $288,253,414) |
350,796,742
|
Nonconvertible Preferred Stocks - 1.0% |
| | | |
Brazil - 0.2% |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | 13,600 | | 643,480 |
Germany - 0.5% |
Sartorius AG (non-vtg.) | 900 | | 117,120 |
Volkswagen AG | 7,090 | | 1,909,228 |
TOTAL GERMANY | | 2,026,348 |
Korea (South) - 0.3% |
Samsung Electronics Co. Ltd. | 954 | | 957,601 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series C (a) | 10,016,768 | | 16,912 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,006,328) |
3,644,341
|
Money Market Funds - 7.2% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 10,604,459 | | 10,604,459 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 15,790,590 | | 15,790,590 |
TOTAL MONEY MARKET FUNDS (Cost $26,395,049) |
26,395,049
|
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $317,654,791) | | 380,836,132 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% | | (15,272,382) |
NET ASSETS - 100% | $ 365,563,750 |
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 | $ 3,094 |
Fidelity Securities Lending Cash Central Fund | 51,266 |
Total | $ 54,360 |
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, 2014, 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 | $ 49,881,884 | $ 49,881,884 | $ - | $ - |
Consumer Staples | 47,028,855 | 32,267,710 | 14,761,145 | - |
Energy | 13,283,718 | 6,571,797 | 6,711,921 | - |
Financials | 72,558,456 | 52,089,538 | 20,468,918 | - |
Health Care | 43,945,077 | 21,000,407 | 22,944,670 | - |
Industrials | 44,750,452 | 40,783,103 | 2,666,636 | 1,300,713 |
Information Technology | 29,040,548 | 24,453,891 | 4,586,657 | - |
Materials | 22,082,875 | 18,066,652 | 4,016,223 | - |
Telecommunication Services | 21,862,605 | 16,340,739 | 5,521,866 | - |
Utilities | 10,006,613 | 6,107,868 | 3,898,745 | - |
Money Market Funds | 26,395,049 | 26,395,049 | - | - |
Total Investments in Securities: | $ 380,836,132 | $ 293,958,638 | $ 85,576,781 | $ 1,300,713 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 10,734,229 |
Level 2 to Level 1 | $ 35,131,856 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $14,783,232) - See accompanying schedule: Unaffiliated issuers (cost $291,259,742) | $ 354,441,083 | |
Fidelity Central Funds (cost $26,395,049) | 26,395,049 | |
Total Investments (cost $317,654,791) | | $ 380,836,132 |
Cash | | 39,621 |
Foreign currency held at value (cost $78,223) | | 78,245 |
Receivable for investments sold | | 1,512,491 |
Receivable for fund shares sold | | 95,013 |
Dividends receivable | | 1,720,244 |
Distributions receivable from Fidelity Central Funds | | 16,854 |
Prepaid expenses | | 293 |
Other receivables | | 5,602 |
Total assets | | 384,304,495 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,208,970 | |
Payable for fund shares redeemed | 142,405 | |
Accrued management fee | 220,542 | |
Distribution and service plan fees payable | 9,167 | |
Other affiliated payables | 53,930 | |
Other payables and accrued expenses | 315,141 | |
Collateral on securities loaned, at value | 15,790,590 | |
Total liabilities | | 18,740,745 |
| | |
Net Assets | | $ 365,563,750 |
Net Assets consist of: | | |
Paid in capital | | $ 327,190,299 |
Undistributed net investment income | | 4,248,376 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (28,841,583) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 62,966,658 |
Net Assets | | $ 365,563,750 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,477,898 ÷ 1,161,855 shares) | | $ 8.16 |
| | |
Maximum offering price per share (100/94.25 of $8.16) | | $ 8.66 |
Class T:
Net Asset Value and redemption price per share ($9,334,218 ÷ 1,137,648 shares) | | $ 8.20 |
| | |
Maximum offering price per share (100/96.50 of $8.20) | | $ 8.50 |
Class B:
Net Asset Value and offering price per share ($184,558 ÷ 22,401 shares)A | | $ 8.24 |
| | |
Class C:
Net Asset Value and offering price per share ($3,912,266 ÷ 478,245 shares)A | | $ 8.18 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($340,447,632 ÷ 41,656,837 shares) | | $ 8.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,207,178 ÷ 271,211 shares) | | $ 8.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 6,970,236 |
Income from Fidelity Central Funds | | 54,360 |
Income before foreign taxes withheld | | 7,024,596 |
Less foreign taxes withheld | | (414,154) |
Total income | | 6,610,442 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,251,048 | |
Performance adjustment | 95,904 | |
Transfer agent fees | 228,954 | |
Distribution and service plan fees | 52,893 | |
Accounting and security lending fees | 92,747 | |
Custodian fees and expenses | 121,469 | |
Independent trustees' compensation | 696 | |
Registration fees | 32,106 | |
Audit | 42,510 | |
Legal | 798 | |
Miscellaneous | 1,477 | |
Total expenses before reductions | 1,920,602 | |
Expense reductions | (1,833) | 1,918,769 |
Net investment income (loss) | | 4,691,673 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 525,985 | |
Foreign currency transactions | (112,744) | |
Total net realized gain (loss) | | 413,241 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $102,625) | 2,931,866 | |
Assets and liabilities in foreign currencies | 7,347 | |
Total change in net unrealized appreciation (depreciation) | | 2,939,213 |
Net gain (loss) | | 3,352,454 |
Net increase (decrease) in net assets resulting from operations | | $ 8,044,127 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,691,673 | $ 5,165,980 |
Net realized gain (loss) | 413,241 | 8,529,722 |
Change in net unrealized appreciation (depreciation) | 2,939,213 | 44,726,463 |
Net increase (decrease) in net assets resulting
from operations | 8,044,127 | 58,422,165 |
Distributions to shareholders from net investment income | (5,090,375) | (5,845,552) |
Distributions to shareholders from net realized gain | (7,679,276) | (9,769,201) |
Total distributions | (12,769,651) | (15,614,753) |
Share transactions - net increase (decrease) | 22,801,376 | 10,109,727 |
Redemption fees | 2,464 | 2,498 |
Total increase (decrease) in net assets | 18,078,316 | 52,919,637 |
| | |
Net Assets | | |
Beginning of period | 347,485,434 | 294,565,797 |
End of period (including undistributed net investment income of $4,248,376 and undistributed net investment income of $4,647,078, respectively) | $ 365,563,750 | $ 347,485,434 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .09 | .09 | .13 | .11 | .08 | .06 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.69) | .95 | 1.55 |
Total from investment operations | .17 | 1.33 | .72 | (.58) | 1.03 | 1.61 |
Distributions from net investment income | (.10) | (.13) | (.08) | (.09) | (.04) | (.11) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.28) | (.37) J | (.08) | (.11) | (.07) | (.11) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.16 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 |
Total Return B, C, D | 2.19% | 19.00% | 10.88% | (8.03)% | 16.17% | 33.87% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.44% A | 1.50% | 1.57% | 1.73% | 2.02% | 2.09% |
Expenses net of fee waivers, if any | 1.43% A | 1.45% | 1.45% | 1.45% | 1.50% | 1.50% |
Expenses net of all reductions | 1.43% A | 1.43% | 1.42% | 1.42% | 1.47% | 1.47% |
Net investment income (loss) | 2.27% A | 1.21% | 1.88% | 1.44% | 1.15% | 1.13% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,478 | $ 9,034 | $ 5,767 | $ 4,307 | $ 5,029 | $ 3,727 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .08 | .07 | .11 | .09 | .06 | .04 |
Net realized and unrealized gain (loss) | .07 | 1.25 | .59 | (.68) | .95 | 1.57 |
Total from investment operations | .15 | 1.32 | .70 | (.59) | 1.01 | 1.61 |
Distributions from net investment income | (.09) | (.13) | (.06) | (.07) | - | (.09) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.27) | (.37) J | (.06) | (.09) | - | (.09) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.20 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 |
Total Return B, C, D | 1.93% | 18.73% | 10.52% | (8.08)% | 15.78% | 33.74% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.68% A | 1.75% | 1.84% | 2.02% | 2.31% | 2.34% |
Expenses net of fee waivers, if any | 1.68% A | 1.70% | 1.70% | 1.70% | 1.75% | 1.75% |
Expenses net of all reductions | 1.68% A | 1.67% | 1.67% | 1.67% | 1.72% | 1.72% |
Net investment income (loss) | 2.02% A | .96% | 1.63% | 1.19% | .90% | .88% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,334 | $ 7,909 | $ 2,348 | $ 997 | $ 1,004 | $ 1,526 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .04 | .08 | .05 | .03 | .02 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.68) | .95 | 1.56 |
Total from investment operations | .14 | 1.28 | .67 | (.63) | .98 | 1.58 |
Distributions from net investment income | (.03) | (.05) | (.02) | (.04) | - | (.05) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.21) | (.30) | (.02) | (.06) | - | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.24 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 |
Total Return B, C, D | 1.79% | 18.05% | 10.05% | (8.66)% | 15.34% | 32.95% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.22% A | 2.26% | 2.34% | 2.51% | 2.81% | 2.82% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.20% A | 2.18% | 2.17% | 2.17% | 2.22% | 2.22% |
Net investment income (loss) | 1.50% A | .46% | 1.13% | .69% | .40% | .38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 185 | $ 192 | $ 220 | $ 254 | $ 327 | $ 1,337 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .04 | .08 | .05 | .03 | .02 |
Net realized and unrealized gain (loss) | .07 | 1.25 | .58 | (.69) | .94 | 1.56 |
Total from investment operations | .13 | 1.29 | .66 | (.64) | .97 | 1.58 |
Distributions from net investment income | (.05) | (.08) | (.02) | (.03) | - | (.05) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.23) | (.32) J | (.02) | (.05) | - | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.18 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 |
Total Return B, C, D | 1.67% | 18.30% | 9.98% | (8.72)% | 15.18% | 33.10% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.22% A | 2.26% | 2.31% | 2.51% | 2.80% | 2.85% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.20% A | 2.18% | 2.17% | 2.17% | 2.22% | 2.22% |
Net investment income (loss) | 1.50% A | .46% | 1.13% | .69% | .40% | .38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,912 | $ 3,584 | $ 2,737 | $ 1,396 | $ 1,423 | $ 1,714 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .12 | .15 | .12 | .09 | .07 |
Net realized and unrealized gain (loss) | .07 | 1.24 | .58 | (.68) | .96 | 1.55 |
Total from investment operations | .18 | 1.36 | .73 | (.56) | 1.05 | 1.62 |
Distributions from net investment income | (.12) | (.15) | (.10) | (.10) | (.06) | (.12) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.30) | (.39) I | (.10) | (.12) | (.09) | (.12) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.17 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 |
Total Return B, C | 2.30% | 19.48% | 11.03% | (7.70)% | 16.45% | 34.23% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.04% A | 1.09% | 1.16% | 1.42% | 1.79% | 1.87% |
Expenses net of fee waivers, if any | 1.03% A | 1.09% | 1.16% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.03% A | 1.07% | 1.13% | 1.17% | 1.22% | 1.22% |
Net investment income (loss) | 2.67% A | 1.57% | 2.16% | 1.69% | 1.40% | 1.38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 340,448 | $ 324,395 | $ 281,979 | $ 131,338 | $ 60,826 | $ 33,061 |
Portfolio turnover rate F | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .11 | .14 | .12 | .10 | .07 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.68) | .95 | 1.55 |
Total from investment operations | .18 | 1.35 | .73 | (.56) | 1.05 | 1.62 |
Distributions from net investment income | (.12) | (.15) | (.10) | (.10) | (.08) | (.12) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.30) | (.39) I | (.10) | (.12) | (.11) | (.12) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.14 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 |
Total Return B, C | 2.25% | 19.40% | 11.06% | (7.72)% | 16.48% | 34.23% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.16% A | 1.21% | 1.27% | 1.48% | 1.82% | 1.80% |
Expenses net of fee waivers, if any | 1.15% A | 1.20% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15% A | 1.18% | 1.17% | 1.17% | 1.23% | 1.22% |
Net investment income (loss) | 2.55% A | 1.46% | 2.13% | 1.69% | 1.40% | 1.38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,207 | $ 2,372 | $ 1,514 | $ 197 | $ 28 | $ 1,308 |
Portfolio turnover rate F | 81% A | 89% | 110% | 75% | 67% | 98% |
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
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014, 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. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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. 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.
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 | $ 68,577,734 |
Gross unrealized depreciation | (6,211,211) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 62,366,523 |
| |
Tax cost | $ 318,469,609 |
Capital loss carry forwards 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 2012 (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. Capital loss carryforwards were as follows:
Fiscal year of expiration: | |
2016 | $ (2,434,120) |
2017 | (15,708,944) |
2019 | (8,855,997) |
Total capital loss carryforward | $ (26,999,061) |
Due to large subscriptions in a prior period, $26,999,061 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $150,586,677 and $141,495,612, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 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 .75% 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% | $ 11,452 | $ 422 |
Class T | .25% | .25% | 21,596 | 227 |
Class B | .75% | .25% | 937 | 708 |
Class C | .75% | .25% | 18,908 | 2,222 |
| | | $ 52,893 | $ 3,579 |
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 1,546 |
Class T | 602 |
Class B* | 2 |
Class C* | 178 |
| $ 2,328 |
* 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
Average
Net Assets* |
Class A | $ 12,283 | .27 |
Class T | 11,519 | .27 |
Class B | 282 | .30 |
Class C | 5,769 | .31 |
Total International Equity | 196,410 | .12 |
Institutional Class | 2,691 | .24 |
| $ 228,954 | |
* 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. 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 $211 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 $329 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $51,266, including $462 from securities loaned to FCM.
Semiannual Report
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 13, 2014. 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 B | 2.20% | $ 18 |
Class C | 2.20% | 421 |
| | $ 439 |
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $1,394.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 114,661 | $ 102,760 |
Class T | 92,140 | 49,034 |
Class B | 757 | 1,541 |
Class C | 24,034 | 28,314 |
Total International Equity | 4,825,256 | 5,630,153 |
Institutional Class | 33,527 | 33,750 |
Total | $ 5,090,375 | $ 5,845,552 |
From net realized gain | | |
Class A | $ 201,491 | $ 199,811 |
Class T | 179,326 | 93,853 |
Class B | 4,154 | 6,990 |
Class C | 83,657 | 92,492 |
Total International Equity | 7,158,781 | 9,320,186 |
Institutional Class | 51,867 | 55,869 |
Total | $ 7,679,276 | $ 9,769,201 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 | Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 134,715 | 510,102 | $ 1,082,299 | $ 3,880,513 |
Reinvestment of distributions | 38,586 | 41,103 | 306,761 | 293,886 |
Shares redeemed | (103,237) | (248,440) | (831,388) | (1,903,860) |
Net increase (decrease) | 70,064 | 302,765 | $ 557,672 | $ 2,270,539 |
Class T | | | | |
Shares sold | 269,598 | 807,518 | $ 2,174,639 | $ 6,202,497 |
Reinvestment of distributions | 33,829 | 19,724 | 270,968 | 142,209 |
Shares redeemed | (116,317) | (195,438) | (935,712) | (1,518,035) |
Net increase (decrease) | 187,110 | 631,804 | $ 1,509,895 | $ 4,826,671 |
Class B | | | | |
Shares sold | 2,568 | 827 | $ 21,032 | $ 6,304 |
Reinvestment of distributions | 604 | 1,165 | 4,866 | 8,437 |
Shares redeemed | (3,815) | (8,955) | (30,657) | (69,218) |
Net increase (decrease) | (643) | (6,963) | $ (4,759) | $ (54,477) |
Class C | | | | |
Shares sold | 109,066 | 129,341 | $ 887,102 | $ 986,204 |
Reinvestment of distributions | 10,201 | 12,546 | 81,608 | 90,328 |
Shares redeemed | (74,120) | (83,065) | (599,031) | (635,648) |
Net increase (decrease) | 45,147 | 58,822 | $ 369,679 | $ 440,884 |
Total International Equity | | | | |
Shares sold | 4,521,455 | 10,376,724 | $ 36,543,858 | $ 77,880,274 |
Reinvestment of distributions | 1,486,031 | 2,062,441 | 11,828,806 | 14,746,450 |
Shares redeemed | (3,472,142) | (11,840,491) | (27,878,138) | (90,585,484) |
Net increase (decrease) | 2,535,344 | 598,674 | $ 20,494,526 | $ 2,041,240 |
Institutional Class | | | | |
Shares sold | 38,663 | 142,800 | $ 311,244 | $ 1,078,337 |
Reinvestment of distributions | 10,120 | 12,587 | 80,252 | 89,619 |
Shares redeemed | (64,805) | (75,629) | (517,133) | (583,086) |
Net increase (decrease) | (16,022) | 79,758 | $ (125,637) | $ 584,870 |
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
Semiannual Report
11. Other - continued
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.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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 and Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
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
TIE-USAN-0614
1.912360.104
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total International Equity
Fund - Class A, Class T, Class B,
and Class C
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.43% | | | |
Actual | | $ 1,000.00 | $ 1,021.90 | $ 7.17 |
HypotheticalA | | $ 1,000.00 | $ 1,017.70 | $ 7.15 |
Class T | 1.68% | | | |
Actual | | $ 1,000.00 | $ 1,019.30 | $ 8.41 |
HypotheticalA | | $ 1,000.00 | $ 1,016.46 | $ 8.40 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,017.90 | $ 11.01 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,016.70 | $ 11.00 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Total International Equity | 1.03% | | | |
Actual | | $ 1,000.00 | $ 1,023.00 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | 1.15% | | | |
Actual | | $ 1,000.00 | $ 1,022.50 | $ 5.77 |
HypotheticalA | | $ 1,000.00 | $ 1,019.09 | $ 5.76 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United Kingdom 15.7% | |
 | Japan 12.4% | |
 | United States of America* 9.7% | |
 | Switzerland 8.2% | |
 | France 7.5% | |
 | Germany 4.7% | |
 | India 4.2% | |
 | Korea (South) 3.8% | |
 | Sweden 3.4% | |
 | Other 30.4% | |
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, 2013 |
| United Kingdom 16.7% | |
| Japan 14.4% | |
| United States of America* 7.3% | |
| France 7.1% | |
| Switzerland 6.8% | |
 | Germany 5.2% | |
| Australia 3.8% | |
| India 3.0% | |
| Korea (South) 2.7% | |
| Other 33.0% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.0 | 98.4 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.0 | 1.6 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.2 | 1.6 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.8 | 1.3 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.7 | 1.5 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.7 | 1.4 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 1.4 | 1.3 |
Novartis AG (Switzerland, Pharmaceuticals) | 1.4 | 1.1 |
Prudential PLC (United Kingdom, Insurance) | 1.4 | 1.0 |
DENSO Corp. (Japan, Auto Components) | 1.3 | 1.2 |
Linde AG (Germany, Chemicals) | 1.0 | 0.8 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.0 | 0.9 |
| 14.9 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.0 | 24.3 |
Consumer Discretionary | 13.4 | 13.2 |
Consumer Staples | 12.7 | 13.8 |
Industrials | 12.3 | 12.9 |
Health Care | 12.0 | 9.3 |
Information Technology | 8.0 | 5.9 |
Materials | 6.2 | 6.3 |
Telecommunication Services | 6.0 | 5.9 |
Energy | 3.5 | 4.5 |
Utilities | 2.9 | 2.3 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.0% |
| Shares | | Value |
Australia - 3.3% |
Ansell Ltd. | 36,338 | | $ 610,682 |
Australia & New Zealand Banking Group Ltd. | 75,902 | | 2,430,582 |
CSL Ltd. | 43,674 | | 2,776,420 |
DuluxGroup Ltd. | 11,047 | | 58,805 |
Imdex Ltd. (a) | 41,667 | | 28,451 |
Ramsay Health Care Ltd. | 1,907 | | 79,386 |
RCG Corp. Ltd. | 76,989 | | 53,284 |
Sydney Airport unit | 189,266 | | 741,995 |
Telstra Corp. Ltd. | 154,967 | | 751,494 |
Transurban Group unit | 192,589 | | 1,300,713 |
Westpac Banking Corp. | 96,303 | | 3,154,358 |
TOTAL AUSTRALIA | | 11,986,170 |
Austria - 0.5% |
Andritz AG | 28,961 | | 1,797,410 |
Zumtobel AG | 3,400 | | 70,755 |
TOTAL AUSTRIA | | 1,868,165 |
Bailiwick of Guernsey - 0.1% |
Resolution Ltd. | 53,018 | | 267,025 |
Bailiwick of Jersey - 0.9% |
Informa PLC | 194,857 | | 1,586,750 |
Shire PLC | 13,080 | | 748,071 |
Wolseley PLC | 14,978 | | 865,132 |
TOTAL BAILIWICK OF JERSEY | | 3,199,953 |
Belgium - 2.7% |
Anheuser-Busch InBev SA NV (d) | 55,771 | | 6,078,810 |
Gimv NV | 1,919 | | 99,491 |
KBC Ancora (a) | 4,181 | | 153,249 |
KBC Groupe SA | 46,113 | | 2,809,137 |
UCB SA | 8,488 | | 695,834 |
TOTAL BELGIUM | | 9,836,521 |
Bermuda - 1.2% |
Hongkong Land Holdings Ltd. | 89,000 | | 623,000 |
Lazard Ltd. Class A | 17,000 | | 799,850 |
Man Wah Holdings Ltd. | 313,200 | | 513,049 |
Texwinca Holdings Ltd. | 854,000 | | 917,563 |
Vostok Nafta Investment Ltd. SDR (a) | 6,960 | | 45,492 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Vtech Holdings Ltd. | 41,300 | | $ 569,989 |
Yue Yuen Industrial (Holdings) Ltd. | 350,000 | | 1,081,201 |
TOTAL BERMUDA | | 4,550,144 |
Brazil - 0.9% |
Arezzo Industria e Comercio SA | 3,300 | | 36,926 |
Banco Bradesco SA | 20,210 | | 310,435 |
Fleury SA | 98,900 | | 663,547 |
Natura Cosmeticos SA | 36,500 | | 625,153 |
Telefonica Brasil SA | 44,400 | | 800,883 |
Terna Participacoes SA unit | 65,300 | | 584,252 |
Tractebel Energia SA | 28,900 | | 429,790 |
TOTAL BRAZIL | | 3,450,986 |
British Virgin Islands - 0.0% |
Gem Diamonds Ltd. (a) | 18,923 | | 53,036 |
Canada - 0.3% |
Canadian Pacific Railway Ltd. | 2,066 | | 322,590 |
Pason Systems, Inc. | 5,900 | | 163,857 |
Potash Corp. of Saskatchewan, Inc. | 15,200 | | 549,449 |
ShawCor Ltd. Class A | 1,600 | | 71,267 |
TOTAL CANADA | | 1,107,163 |
Cayman Islands - 2.4% |
ENN Energy Holdings Ltd. | 86,000 | | 601,216 |
Ginko International Co. Ltd. | 22,000 | | 369,760 |
Goodbaby International Holdings Ltd. | 969,000 | | 531,185 |
Gourmet Master Co. Ltd. | 109,000 | | 883,476 |
Hengan International Group Co. Ltd. | 63,500 | | 668,749 |
Mindray Medical International Ltd. sponsored ADR (d) | 14,200 | | 469,452 |
NetEase.com, Inc. sponsored ADR | 6,200 | | 422,158 |
Sands China Ltd. | 221,200 | | 1,614,859 |
Silergy Corp. | 64,000 | | 530,407 |
SITC International Holdings Co. Ltd. | 795,000 | | 350,692 |
Tencent Holdings Ltd. | 11,300 | | 704,269 |
Wynn Macau Ltd. | 374,800 | | 1,476,875 |
TOTAL CAYMAN ISLANDS | | 8,623,098 |
Chile - 0.9% |
Aguas Andinas SA | 1,086,569 | | 670,326 |
Compania Cervecerias Unidas SA sponsored ADR (d) | 49,655 | | 1,170,368 |
Common Stocks - continued |
| Shares | | Value |
Chile - continued |
Embotelladora Andina SA sponsored ADR | 24,400 | | $ 590,968 |
Quinenco SA | 370,062 | | 819,802 |
TOTAL CHILE | | 3,251,464 |
China - 0.8% |
China Communications Services Corp. Ltd. (H Shares) | 1,042,000 | | 528,194 |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 521,000 | | 536,258 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 161,400 | | 505,875 |
China Telecom Corp. Ltd. (H Shares) | 1,190,000 | | 608,791 |
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | 376,000 | | 378,282 |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 158,000 | | 455,478 |
TOTAL CHINA | | 3,012,878 |
Denmark - 1.6% |
A.P. Moller - Maersk A/S Series B | 438 | | 1,043,710 |
Jyske Bank A/S (Reg.) (a) | 15,654 | | 859,806 |
Novo Nordisk A/S Series B sponsored ADR | 74,000 | | 3,358,860 |
Spar Nord Bank A/S | 13,331 | | 149,912 |
Vestas Wind Systems A/S (a) | 13,000 | | 577,026 |
TOTAL DENMARK | | 5,989,314 |
Finland - 0.7% |
Nokian Tyres PLC | 17,358 | | 689,216 |
Sampo Oyj (A Shares) (d) | 28,353 | | 1,407,819 |
Tikkurila Oyj | 17,580 | | 436,086 |
TOTAL FINLAND | | 2,533,121 |
France - 7.5% |
Arkema SA | 8,713 | | 971,511 |
Atos Origin SA | 12,616 | | 1,089,200 |
AXA SA | 80,606 | | 2,099,585 |
BNP Paribas SA | 31,154 | | 2,338,715 |
Cap Gemini SA | 13,502 | | 953,646 |
Carrefour SA | 24,285 | | 944,381 |
GDF Suez (d) | 64,669 | | 1,630,634 |
Havas SA | 90,586 | | 720,115 |
Laurent-Perrier Group SA | 859 | | 85,924 |
Orange SA | 70,100 | | 1,135,711 |
Remy Cointreau SA | 4,581 | | 402,872 |
Renault SA | 10,211 | | 993,761 |
Safran SA | 21,914 | | 1,472,844 |
Saft Groupe SA | 1,121 | | 39,860 |
Sanofi SA | 31,513 | | 3,400,880 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Schneider Electric SA | 7,290 | | $ 683,186 |
Solocal Group SA (a) | 17,630 | | 40,357 |
Total SA (a) | 93,815 | | 6,711,921 |
Vetoquinol SA | 1,500 | | 81,784 |
Virbac SA | 410 | | 98,263 |
Vivendi SA | 50,719 | | 1,360,859 |
TOTAL FRANCE | | 27,256,009 |
Germany - 4.2% |
alstria office REIT-AG | 2,900 | | 40,012 |
BASF AG | 25,084 | | 2,903,388 |
Bayer AG (d) | 23,912 | | 3,317,431 |
Bilfinger Berger AG | 1,120 | | 133,055 |
CompuGroup Medical AG | 6,146 | | 163,797 |
Continental AG | 4,083 | | 956,459 |
CTS Eventim AG | 3,583 | | 228,163 |
Deutsche Lufthansa AG | 27,181 | | 681,789 |
Deutsche Post AG | 18,921 | | 712,295 |
Fielmann AG | 1,079 | | 145,878 |
Fresenius SE & Co. KGaA | 6,100 | | 927,104 |
Linde AG | 17,049 | | 3,534,930 |
Siemens AG | 11,062 | | 1,459,303 |
TOTAL GERMANY | | 15,203,604 |
Greece - 0.0% |
Titan Cement Co. SA (Reg.) | 3,944 | | 124,208 |
Hong Kong - 0.5% |
China Merchant Holdings International Co. Ltd. | 160,000 | | 500,455 |
Lenovo Group Ltd. | 874,000 | | 994,290 |
Techtronic Industries Co. Ltd. | 143,500 | | 457,174 |
TOTAL HONG KONG | | 1,951,919 |
India - 4.2% |
Bharti Airtel Ltd. | 127,865 | | 695,451 |
Container Corp. of India Ltd. | 39,820 | | 643,837 |
Dr. Reddy's Laboratories Ltd. | 15,012 | | 673,719 |
Exide Industries Ltd. | 296,426 | | 588,527 |
Grasim Industries Ltd. | 17,502 | | 773,160 |
Havells India Ltd. | 41,295 | | 637,688 |
Hindalco Industries Ltd. | 275,724 | | 613,939 |
Housing Development Finance Corp. Ltd. | 141,456 | | 2,105,951 |
IDFC Ltd. | 395,090 | | 746,716 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Infosys Ltd. | 27,254 | | $ 1,450,018 |
Jyothy Laboratories Ltd. (a) | 23,119 | | 72,847 |
Kotak Mahindra Bank Ltd. (a) | 63,866 | | 849,852 |
Larsen & Toubro Ltd. | 33,828 | | 725,803 |
Lupin Ltd. | 40,075 | | 683,819 |
NTPC Ltd. | 500,814 | | 966,090 |
Prestige Estates Projects Ltd. | 319,788 | | 901,599 |
Punjab National Bank | 64,685 | | 863,264 |
Shriram Transport Finance Co. Ltd. | 63,051 | | 768,132 |
Wipro Ltd. | 52,814 | | 457,726 |
TOTAL INDIA | | 15,218,138 |
Indonesia - 0.2% |
PT Bank Rakyat Indonesia Tbk | 658,100 | | 563,525 |
Ireland - 1.2% |
Actavis PLC (a) | 3,300 | | 674,289 |
CRH PLC sponsored ADR | 52,529 | | 1,538,049 |
FBD Holdings PLC | 5,372 | | 129,270 |
James Hardie Industries PLC: | | | |
CDI | 9,656 | | 123,074 |
sponsored ADR | 28,255 | | 1,812,276 |
TOTAL IRELAND | | 4,276,958 |
Israel - 0.6% |
Azrieli Group | 13,096 | | 443,156 |
Ituran Location & Control Ltd. | 1,761 | | 42,299 |
NICE Systems Ltd. sponsored ADR | 10,100 | | 436,320 |
Sarine Technologies Ltd. | 38,000 | | 83,959 |
Strauss Group Ltd. | 2,359 | | 42,667 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 26,909 | | 1,314,774 |
TOTAL ISRAEL | | 2,363,175 |
Italy - 0.9% |
Azimut Holding SpA | 21,114 | | 657,617 |
Beni Stabili SpA SIIQ | 187,010 | | 166,955 |
Interpump Group SpA | 55,991 | | 793,104 |
Prada SpA | 83,100 | | 663,475 |
Telecom Italia SpA | 309,600 | | 397,845 |
Unione di Banche Italiane ScpA | 62,459 | | 594,436 |
TOTAL ITALY | | 3,273,432 |
Common Stocks - continued |
| Shares | | Value |
Japan - 12.4% |
AEON Mall Co. Ltd. | 20,300 | | $ 483,300 |
Air Water, Inc. | 3,000 | | 42,109 |
Aozora Bank Ltd. | 259,000 | | 770,147 |
Artnature, Inc. | 4,000 | | 114,168 |
Asahi Co. Ltd. | 4,600 | | 61,102 |
Astellas Pharma, Inc. | 78,400 | | 871,921 |
Autobacs Seven Co. Ltd. | 4,400 | | 68,043 |
Azbil Corp. | 4,700 | | 106,518 |
Coca-Cola Central Japan Co. Ltd. | 20,500 | | 460,791 |
Cosmos Pharmaceutical Corp. | 800 | | 85,528 |
Daikokutenbussan Co. Ltd. | 5,000 | | 129,799 |
DENSO Corp. | 105,100 | | 4,782,366 |
Dentsu, Inc. | 18,600 | | 764,122 |
East Japan Railway Co. | 20,400 | | 1,487,174 |
Fanuc Corp. | 7,300 | | 1,313,836 |
Fast Retailing Co. Ltd. | 4,300 | | 1,336,245 |
Glory Ltd. | 2,100 | | 54,146 |
Goldcrest Co. Ltd. | 6,560 | | 136,738 |
Harmonic Drive Systems, Inc. | 3,000 | | 84,951 |
Hitachi Ltd. | 137,000 | | 974,216 |
Hoya Corp. | 38,900 | | 1,146,815 |
Iida Group Holdings Co. Ltd. (a) | 4,424 | | 65,775 |
Itochu Corp. | 141,400 | | 1,582,253 |
Iwatsuka Confectionary Co. Ltd. | 1,200 | | 65,731 |
Japan Tobacco, Inc. | 66,300 | | 2,176,386 |
KDDI Corp. | 19,300 | | 1,027,345 |
Keyence Corp. | 6,321 | | 2,435,101 |
Kobayashi Pharmaceutical Co. Ltd. | 1,700 | | 103,096 |
Koshidaka Holdings Co. Ltd. | 2,000 | | 59,275 |
Kyoto Kimono Yuzen Co. Ltd. | 2,800 | | 27,717 |
Lasertec Corp. (a) | 5,500 | | 54,712 |
Meiko Network Japan Co. Ltd. | 2,700 | | 29,183 |
Miraial Co. Ltd. | 2,400 | | 37,373 |
Mitsubishi Electric Corp. | 75,000 | | 853,181 |
Mitsubishi UFJ Financial Group, Inc. | 401,700 | | 2,136,842 |
Mitsui Fudosan Co. Ltd. | 71,000 | | 2,098,019 |
Mizuho Financial Group, Inc. | 756,900 | | 1,482,470 |
Nabtesco Corp. | 3,300 | | 70,981 |
Nagaileben Co. Ltd. | 6,100 | | 117,424 |
ND Software Co. Ltd. | 3,000 | | 54,228 |
Nihon M&A Center, Inc. | 4,200 | | 98,062 |
Nihon Parkerizing Co. Ltd. | 7,000 | | 152,619 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Nippon Seiki Co. Ltd. | 4,000 | | $ 69,839 |
Nippon Telegraph & Telephone Corp. | 26,800 | | 1,487,206 |
NS Tool Co. Ltd. | 1,900 | | 32,151 |
OBIC Co. Ltd. | 4,000 | | 119,920 |
Omron Corp. | 17,700 | | 625,001 |
ORIX Corp. | 70,000 | | 1,011,298 |
OSG Corp. | 10,700 | | 172,481 |
San-Ai Oil Co. Ltd. | 7,000 | | 46,559 |
Seven & i Holdings Co., Ltd. | 28,500 | | 1,123,720 |
Seven Bank Ltd. | 407,100 | | 1,541,035 |
SHO-BOND Holdings Co. Ltd. | 20,200 | | 909,874 |
Shoei Co. Ltd. | 5,900 | | 80,852 |
SoftBank Corp. | 47,500 | | 3,526,434 |
Software Service, Inc. | 1,600 | | 56,654 |
Sony Financial Holdings, Inc. | 44,500 | | 712,975 |
Sumitomo Mitsui Trust Holdings, Inc. | 200,920 | | 827,931 |
Techno Medica Co. Ltd. | 1,800 | | 35,530 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 10,000 | | 66,513 |
TKC Corp. | 2,000 | | 40,475 |
Tocalo Co. Ltd. | 2,800 | | 43,738 |
Tsutsumi Jewelry Co. Ltd. | 2,000 | | 45,288 |
USS Co. Ltd. | 129,700 | | 1,889,014 |
Workman Co. Ltd. | 2,000 | | 80,403 |
Yamato Kogyo Co. Ltd. | 23,100 | | 665,197 |
TOTAL JAPAN | | 45,211,896 |
Kenya - 0.1% |
Safaricom Ltd. | 2,813,700 | | 423,623 |
Korea (South) - 3.5% |
Coway Co. Ltd. | 2,597 | | 204,874 |
E-Mart Co. Ltd. | 3,664 | | 836,999 |
Hyundai Motor Co. | 9,796 | | 2,180,892 |
KEPCO Plant Service & Engineering Co. Ltd. | 20,631 | | 1,341,984 |
Kiwoom Securities Co. Ltd. | 10,628 | | 521,575 |
Korea Electric Power Corp. | 35,610 | | 1,361,805 |
KT Corp. | 35,110 | | 1,119,317 |
KT&G Corp. | 9,384 | | 752,101 |
Leeno Industrial, Inc. | 2,264 | | 65,196 |
LG Corp. | 6,510 | | 362,332 |
LG Household & Health Care Ltd. | 2,127 | | 971,778 |
Naver Corp. | 851 | | 607,916 |
Samsung Fire & Marine Insurance Co. Ltd. | 3,571 | | 846,864 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 21,400 | | $ 934,257 |
TK Corp. (a) | 26,685 | | 525,641 |
TOTAL KOREA (SOUTH) | | 12,633,531 |
Luxembourg - 0.4% |
Millicom International Cellular SA (depository receipt) | 7,600 | | 751,561 |
RTL Group SA | 5,427 | | 602,558 |
TOTAL LUXEMBOURG | | 1,354,119 |
Malaysia - 0.5% |
Axiata Group Bhd | 340,900 | | 703,221 |
Top Glove Corp. Bhd | 310,800 | | 457,269 |
YTL Corp. Bhd | 1,396,800 | | 689,302 |
TOTAL MALAYSIA | | 1,849,792 |
Mexico - 1.0% |
Banregio Grupo Financiero S.A.B. de CV | 91,800 | | 530,546 |
Bolsa Mexicana de Valores S.A.B. de CV | 289,000 | | 592,900 |
Consorcio ARA S.A.B. de CV (a) | 1,243,655 | | 546,599 |
Fomento Economico Mexicano S.A.B. de CV: | | | |
unit | 73,800 | | 673,481 |
sponsored ADR | 5,833 | | 529,461 |
Kimberly-Clark de Mexico SA de CV Series A | 187,500 | | 487,426 |
Megacable Holdings S.A.B. de CV unit | 120,500 | | 477,938 |
TOTAL MEXICO | | 3,838,351 |
Netherlands - 1.4% |
Aalberts Industries NV | 7,600 | | 252,894 |
ASM International NV (depositary receipt) | 1,250 | | 54,413 |
Heijmans NV (Certificaten Van Aandelen) | 8,481 | | 152,136 |
ING Groep NV (Certificaten Van Aandelen) (a) | 229,523 | | 3,281,000 |
Koninklijke Philips Electronics NV | 17,602 | | 563,496 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 17,900 | | 767,573 |
VastNed Retail NV | 3,338 | | 171,670 |
TOTAL NETHERLANDS | | 5,243,182 |
Philippines - 0.2% |
Jollibee Food Corp. | 14,560 | | 56,182 |
Security Bank Corp. | 205,586 | | 553,918 |
TOTAL PHILIPPINES | | 610,100 |
Poland - 0.1% |
Telekomunikacja Polska SA | 143,400 | | 489,738 |
Common Stocks - continued |
| Shares | | Value |
Portugal - 0.3% |
Jeronimo Martins SGPS SA | 71,769 | | $ 1,255,064 |
Singapore - 0.3% |
Singapore Telecommunications Ltd. | 329,000 | | 1,005,081 |
South Africa - 1.2% |
African Bank Investments Ltd. | 457,707 | | 542,522 |
Clicks Group Ltd. | 126,095 | | 768,879 |
Nampak Ltd. | 25,130 | | 93,636 |
Naspers Ltd. Class N | 9,500 | | 895,775 |
Remgro Ltd. | 39,000 | | 784,597 |
Shoprite Holdings Ltd. | 33,800 | | 564,452 |
Standard Bank Group Ltd. | 48,671 | | 638,800 |
TOTAL SOUTH AFRICA | | 4,288,661 |
Spain - 1.2% |
Amadeus IT Holding SA Class A | 19,364 | | 804,730 |
Grifols SA | 1,546 | | 82,576 |
Inditex SA | 16,362 | | 2,454,986 |
International Consolidated Airlines Group SA CDI (a) | 99,700 | | 680,236 |
Prosegur Compania de Seguridad SA (Reg.) | 79,176 | | 530,551 |
TOTAL SPAIN | | 4,553,079 |
Sweden - 3.4% |
ASSA ABLOY AB (B Shares) | 38,500 | | 2,038,033 |
Atlas Copco AB (A Shares) (d) | 56,059 | | 1,622,574 |
Fagerhult AB | 15,485 | | 769,225 |
H&M Hennes & Mauritz AB (B Shares) | 47,310 | | 1,926,685 |
Intrum Justitia AB | 28,363 | | 820,504 |
Nordea Bank AB | 134,067 | | 1,937,128 |
SKF AB (B Shares) | 43,000 | | 1,111,009 |
Svenska Cellulosa AB (SCA) (B Shares) | 33,626 | | 941,727 |
Svenska Handelsbanken AB (A Shares) | 28,415 | | 1,425,950 |
TOTAL SWEDEN | | 12,592,835 |
Switzerland - 8.2% |
Coca-Cola HBC AG | 31,720 | | 802,270 |
Nestle SA | 102,411 | | 7,914,762 |
Novartis AG | 57,423 | | 4,991,929 |
Roche Holding AG (participation certificate) | 21,360 | | 6,265,877 |
Schindler Holding AG: | | | |
(participation certificate) | 6,511 | | 1,007,611 |
(Reg.) | 2,001 | | 305,118 |
Swatch Group AG (Bearer) | 1,560 | | 1,000,591 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Swiss Re Ltd. | 17,540 | | $ 1,531,586 |
Syngenta AG (Switzerland) | 2,200 | | 871,182 |
UBS AG (NY Shares) | 247,497 | | 5,175,162 |
TOTAL SWITZERLAND | | 29,866,088 |
Taiwan - 3.0% |
Chicony Electronics Co. Ltd. | 172,000 | | 447,597 |
China Life Insurance Co. Ltd. | 705,000 | | 616,996 |
Chroma ATE, Inc. | 275,116 | | 708,641 |
CTCI Corp. | 357,000 | | 570,433 |
Edison Opto Corp. | 256,000 | | 304,242 |
EPISTAR Corp. | 185,000 | | 404,154 |
Everlight Electronics Co. Ltd. | 176,000 | | 411,914 |
GeoVision, Inc. | 62,000 | | 337,074 |
King Slide Works Co. Ltd. | 36,000 | | 469,013 |
Lextar Electronics Corp. | 406,000 | | 396,370 |
President Chain Store Corp. | 105,000 | | 781,439 |
St.Shine Optical Co. Ltd. | 19,000 | | 402,480 |
Taiwan Mobile Co. Ltd. | 185,000 | | 597,338 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 681,035 | | 2,678,913 |
Unified-President Enterprises Corp. | 696,988 | | 1,180,689 |
Wowprime Corp. | 37,200 | | 561,105 |
TOTAL TAIWAN | | 10,868,398 |
Thailand - 0.2% |
Minor International PCL (For. Reg.) | 596,500 | | 453,458 |
Thai Union Frozen Products PCL (For. Reg.) | 206,800 | | 447,342 |
TOTAL THAILAND | | 900,800 |
Turkey - 0.6% |
Albaraka Turk Katilim Bankasi A/S | 88,907 | | 70,316 |
Coca-Cola Icecek Sanayi A/S | 33,889 | | 793,640 |
Enka Insaat ve Sanayi A/S | 251,062 | | 760,956 |
Turkiye Garanti Bankasi A/S | 122,143 | | 449,938 |
TOTAL TURKEY | | 2,074,850 |
United Kingdom - 15.7% |
Advanced Computer Software Group PLC | 21,000 | | 42,282 |
AstraZeneca PLC (United Kingdom) | 34,928 | | 2,757,031 |
Babcock International Group PLC | 34,500 | | 695,503 |
Babcock International Group PLC rights 5/6/14 (a) | 11,923 | | 80,523 |
BAE Systems PLC | 168,321 | | 1,136,773 |
Barclays PLC | 392,826 | | 1,677,386 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Barclays PLC sponsored ADR | 33,233 | | $ 568,617 |
Bellway PLC | 5,928 | | 144,027 |
Berendsen PLC | 7,728 | | 135,046 |
BG Group PLC | 89,627 | | 1,812,888 |
BHP Billiton PLC | 73,061 | | 2,371,881 |
Britvic PLC | 10,317 | | 126,202 |
BT Group PLC | 123,825 | | 772,996 |
Bunzl PLC | 43,457 | | 1,233,397 |
Compass Group PLC | 79,014 | | 1,256,696 |
Dechra Pharmaceuticals PLC | 9,000 | | 104,850 |
Derwent London PLC | 2,000 | | 91,849 |
Elementis PLC | 34,808 | | 162,969 |
GlaxoSmithKline PLC | 123,897 | | 3,423,344 |
Great Portland Estates PLC | 14,772 | | 156,380 |
Hilton Food Group PLC | 5,400 | | 48,641 |
HSBC Holdings PLC sponsored ADR | 58,766 | | 3,015,871 |
Imperial Tobacco Group PLC | 53,757 | | 2,320,818 |
InterContinental Hotel Group PLC ADR | 64,747 | | 2,228,592 |
ITV PLC | 334,319 | | 1,027,325 |
Jazztel PLC (a) | 28,824 | | 442,278 |
Johnson Matthey PLC | 27,877 | | 1,540,520 |
Kingfisher PLC | 199,527 | | 1,408,501 |
Meggitt PLC | 15,735 | | 126,645 |
National Grid PLC | 178,491 | | 2,536,940 |
Next PLC | 6,400 | | 704,536 |
Persimmon PLC | 4,537 | | 100,503 |
Prudential PLC | 213,786 | | 4,914,756 |
Reckitt Benckiser Group PLC | 34,751 | | 2,801,664 |
Reed Elsevier PLC | 99,913 | | 1,471,004 |
Rexam PLC | 81,188 | | 679,906 |
Rolls-Royce Group PLC | 74,752 | | 1,325,218 |
Rotork PLC | 16,703 | | 730,697 |
Royal Dutch Shell PLC Class A sponsored ADR | 31,130 | | 2,451,176 |
SABMiller PLC | 52,863 | | 2,874,422 |
Shaftesbury PLC | 56,637 | | 632,565 |
Spectris PLC | 5,370 | | 201,734 |
Spirax-Sarco Engineering PLC | 4,807 | | 235,287 |
Standard Chartered PLC (United Kingdom) | 30,912 | | 668,838 |
Ted Baker PLC | 2,575 | | 80,388 |
Tullow Oil PLC | 33,000 | | 490,311 |
Ultra Electronics Holdings PLC | 4,101 | | 117,433 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Unite Group PLC | 84,677 | | $ 604,043 |
Vodafone Group PLC sponsored ADR | 72,626 | | 2,756,883 |
TOTAL UNITED KINGDOM | | 57,288,135 |
United States of America - 6.7% |
AbbVie, Inc. | 13,629 | | 709,798 |
ANSYS, Inc. (a) | 400 | | 30,524 |
Autoliv, Inc. | 16,054 | | 1,637,187 |
Berkshire Hathaway, Inc. Class B (a) | 7,216 | | 929,782 |
BorgWarner, Inc. | 31,394 | | 1,950,823 |
Broadridge Financial Solutions, Inc. | 1,140 | | 43,708 |
Cabot Corp. | 11,466 | | 662,735 |
Cognizant Technology Solutions Corp. Class A (a) | 9,600 | | 459,888 |
Cummins, Inc. | 6,991 | | 1,054,592 |
Dril-Quip, Inc. (a) | 770 | | 87,102 |
Evercore Partners, Inc. Class A | 1,960 | | 104,723 |
FMC Technologies, Inc. (a) | 11,403 | | 646,550 |
Google, Inc.: | | | |
Class A (a) | 1,290 | | 689,995 |
Class C (a) | 1,290 | | 679,391 |
Greenhill & Co., Inc. | 820 | | 41,123 |
JPMorgan Chase & Co. | 6,100 | | 341,478 |
Kennedy-Wilson Holdings, Inc. | 5,483 | | 119,749 |
Martin Marietta Materials, Inc. | 10,080 | | 1,253,246 |
MasterCard, Inc. Class A | 24,690 | | 1,815,950 |
Mead Johnson Nutrition Co. Class A | 9,200 | | 811,992 |
Mohawk Industries, Inc. (a) | 8,035 | | 1,063,914 |
National Oilwell Varco, Inc. | 5,046 | | 396,262 |
Oceaneering International, Inc. | 5,538 | | 405,825 |
Philip Morris International, Inc. | 13,200 | | 1,127,676 |
PriceSmart, Inc. | 8,985 | | 862,919 |
ResMed, Inc. | 17,420 | | 868,387 |
ResMed, Inc. CDI | 128,048 | | 644,745 |
Solera Holdings, Inc. | 16,594 | | 1,074,959 |
SS&C Technologies Holdings, Inc. (a) | 20,554 | | 799,962 |
T-Mobile U.S., Inc. (a) | 16,400 | | 480,356 |
The Rubicon Project, Inc. | 2,176 | | 31,269 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Union Pacific Corp. | 4,300 | | $ 818,849 |
Visa, Inc. Class A | 9,101 | | 1,843,954 |
TOTAL UNITED STATES OF AMERICA | | 24,489,413 |
TOTAL COMMON STOCKS (Cost $288,253,414) |
350,796,742
|
Nonconvertible Preferred Stocks - 1.0% |
| | | |
Brazil - 0.2% |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | 13,600 | | 643,480 |
Germany - 0.5% |
Sartorius AG (non-vtg.) | 900 | | 117,120 |
Volkswagen AG | 7,090 | | 1,909,228 |
TOTAL GERMANY | | 2,026,348 |
Korea (South) - 0.3% |
Samsung Electronics Co. Ltd. | 954 | | 957,601 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series C (a) | 10,016,768 | | 16,912 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,006,328) |
3,644,341
|
Money Market Funds - 7.2% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 10,604,459 | | 10,604,459 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 15,790,590 | | 15,790,590 |
TOTAL MONEY MARKET FUNDS (Cost $26,395,049) |
26,395,049
|
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $317,654,791) | | 380,836,132 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% | | (15,272,382) |
NET ASSETS - 100% | $ 365,563,750 |
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 | $ 3,094 |
Fidelity Securities Lending Cash Central Fund | 51,266 |
Total | $ 54,360 |
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, 2014, 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 | $ 49,881,884 | $ 49,881,884 | $ - | $ - |
Consumer Staples | 47,028,855 | 32,267,710 | 14,761,145 | - |
Energy | 13,283,718 | 6,571,797 | 6,711,921 | - |
Financials | 72,558,456 | 52,089,538 | 20,468,918 | - |
Health Care | 43,945,077 | 21,000,407 | 22,944,670 | - |
Industrials | 44,750,452 | 40,783,103 | 2,666,636 | 1,300,713 |
Information Technology | 29,040,548 | 24,453,891 | 4,586,657 | - |
Materials | 22,082,875 | 18,066,652 | 4,016,223 | - |
Telecommunication Services | 21,862,605 | 16,340,739 | 5,521,866 | - |
Utilities | 10,006,613 | 6,107,868 | 3,898,745 | - |
Money Market Funds | 26,395,049 | 26,395,049 | - | - |
Total Investments in Securities: | $ 380,836,132 | $ 293,958,638 | $ 85,576,781 | $ 1,300,713 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 10,734,229 |
Level 2 to Level 1 | $ 35,131,856 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $14,783,232) - See accompanying schedule: Unaffiliated issuers (cost $291,259,742) | $ 354,441,083 | |
Fidelity Central Funds (cost $26,395,049) | 26,395,049 | |
Total Investments (cost $317,654,791) | | $ 380,836,132 |
Cash | | 39,621 |
Foreign currency held at value (cost $78,223) | | 78,245 |
Receivable for investments sold | | 1,512,491 |
Receivable for fund shares sold | | 95,013 |
Dividends receivable | | 1,720,244 |
Distributions receivable from Fidelity Central Funds | | 16,854 |
Prepaid expenses | | 293 |
Other receivables | | 5,602 |
Total assets | | 384,304,495 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,208,970 | |
Payable for fund shares redeemed | 142,405 | |
Accrued management fee | 220,542 | |
Distribution and service plan fees payable | 9,167 | |
Other affiliated payables | 53,930 | |
Other payables and accrued expenses | 315,141 | |
Collateral on securities loaned, at value | 15,790,590 | |
Total liabilities | | 18,740,745 |
| | |
Net Assets | | $ 365,563,750 |
Net Assets consist of: | | |
Paid in capital | | $ 327,190,299 |
Undistributed net investment income | | 4,248,376 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (28,841,583) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 62,966,658 |
Net Assets | | $ 365,563,750 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,477,898 ÷ 1,161,855 shares) | | $ 8.16 |
| | |
Maximum offering price per share (100/94.25 of $8.16) | | $ 8.66 |
Class T:
Net Asset Value and redemption price per share ($9,334,218 ÷ 1,137,648 shares) | | $ 8.20 |
| | |
Maximum offering price per share (100/96.50 of $8.20) | | $ 8.50 |
Class B:
Net Asset Value and offering price per share ($184,558 ÷ 22,401 shares)A | | $ 8.24 |
| | |
Class C:
Net Asset Value and offering price per share ($3,912,266 ÷ 478,245 shares)A | | $ 8.18 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($340,447,632 ÷ 41,656,837 shares) | | $ 8.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,207,178 ÷ 271,211 shares) | | $ 8.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 6,970,236 |
Income from Fidelity Central Funds | | 54,360 |
Income before foreign taxes withheld | | 7,024,596 |
Less foreign taxes withheld | | (414,154) |
Total income | | 6,610,442 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,251,048 | |
Performance adjustment | 95,904 | |
Transfer agent fees | 228,954 | |
Distribution and service plan fees | 52,893 | |
Accounting and security lending fees | 92,747 | |
Custodian fees and expenses | 121,469 | |
Independent trustees' compensation | 696 | |
Registration fees | 32,106 | |
Audit | 42,510 | |
Legal | 798 | |
Miscellaneous | 1,477 | |
Total expenses before reductions | 1,920,602 | |
Expense reductions | (1,833) | 1,918,769 |
Net investment income (loss) | | 4,691,673 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 525,985 | |
Foreign currency transactions | (112,744) | |
Total net realized gain (loss) | | 413,241 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $102,625) | 2,931,866 | |
Assets and liabilities in foreign currencies | 7,347 | |
Total change in net unrealized appreciation (depreciation) | | 2,939,213 |
Net gain (loss) | | 3,352,454 |
Net increase (decrease) in net assets resulting from operations | | $ 8,044,127 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,691,673 | $ 5,165,980 |
Net realized gain (loss) | 413,241 | 8,529,722 |
Change in net unrealized appreciation (depreciation) | 2,939,213 | 44,726,463 |
Net increase (decrease) in net assets resulting
from operations | 8,044,127 | 58,422,165 |
Distributions to shareholders from net investment income | (5,090,375) | (5,845,552) |
Distributions to shareholders from net realized gain | (7,679,276) | (9,769,201) |
Total distributions | (12,769,651) | (15,614,753) |
Share transactions - net increase (decrease) | 22,801,376 | 10,109,727 |
Redemption fees | 2,464 | 2,498 |
Total increase (decrease) in net assets | 18,078,316 | 52,919,637 |
| | |
Net Assets | | |
Beginning of period | 347,485,434 | 294,565,797 |
End of period (including undistributed net investment income of $4,248,376 and undistributed net investment income of $4,647,078, respectively) | $ 365,563,750 | $ 347,485,434 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .09 | .09 | .13 | .11 | .08 | .06 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.69) | .95 | 1.55 |
Total from investment operations | .17 | 1.33 | .72 | (.58) | 1.03 | 1.61 |
Distributions from net investment income | (.10) | (.13) | (.08) | (.09) | (.04) | (.11) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.28) | (.37) J | (.08) | (.11) | (.07) | (.11) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.16 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 |
Total Return B, C, D | 2.19% | 19.00% | 10.88% | (8.03)% | 16.17% | 33.87% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.44% A | 1.50% | 1.57% | 1.73% | 2.02% | 2.09% |
Expenses net of fee waivers, if any | 1.43% A | 1.45% | 1.45% | 1.45% | 1.50% | 1.50% |
Expenses net of all reductions | 1.43% A | 1.43% | 1.42% | 1.42% | 1.47% | 1.47% |
Net investment income (loss) | 2.27% A | 1.21% | 1.88% | 1.44% | 1.15% | 1.13% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,478 | $ 9,034 | $ 5,767 | $ 4,307 | $ 5,029 | $ 3,727 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .08 | .07 | .11 | .09 | .06 | .04 |
Net realized and unrealized gain (loss) | .07 | 1.25 | .59 | (.68) | .95 | 1.57 |
Total from investment operations | .15 | 1.32 | .70 | (.59) | 1.01 | 1.61 |
Distributions from net investment income | (.09) | (.13) | (.06) | (.07) | - | (.09) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.27) | (.37) J | (.06) | (.09) | - | (.09) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.20 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 |
Total Return B, C, D | 1.93% | 18.73% | 10.52% | (8.08)% | 15.78% | 33.74% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.68% A | 1.75% | 1.84% | 2.02% | 2.31% | 2.34% |
Expenses net of fee waivers, if any | 1.68% A | 1.70% | 1.70% | 1.70% | 1.75% | 1.75% |
Expenses net of all reductions | 1.68% A | 1.67% | 1.67% | 1.67% | 1.72% | 1.72% |
Net investment income (loss) | 2.02% A | .96% | 1.63% | 1.19% | .90% | .88% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,334 | $ 7,909 | $ 2,348 | $ 997 | $ 1,004 | $ 1,526 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .04 | .08 | .05 | .03 | .02 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.68) | .95 | 1.56 |
Total from investment operations | .14 | 1.28 | .67 | (.63) | .98 | 1.58 |
Distributions from net investment income | (.03) | (.05) | (.02) | (.04) | - | (.05) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.21) | (.30) | (.02) | (.06) | - | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.24 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 |
Total Return B, C, D | 1.79% | 18.05% | 10.05% | (8.66)% | 15.34% | 32.95% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.22% A | 2.26% | 2.34% | 2.51% | 2.81% | 2.82% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.20% A | 2.18% | 2.17% | 2.17% | 2.22% | 2.22% |
Net investment income (loss) | 1.50% A | .46% | 1.13% | .69% | .40% | .38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 185 | $ 192 | $ 220 | $ 254 | $ 327 | $ 1,337 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .04 | .08 | .05 | .03 | .02 |
Net realized and unrealized gain (loss) | .07 | 1.25 | .58 | (.69) | .94 | 1.56 |
Total from investment operations | .13 | 1.29 | .66 | (.64) | .97 | 1.58 |
Distributions from net investment income | (.05) | (.08) | (.02) | (.03) | - | (.05) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.23) | (.32) J | (.02) | (.05) | - | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.18 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 |
Total Return B, C, D | 1.67% | 18.30% | 9.98% | (8.72)% | 15.18% | 33.10% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.22% A | 2.26% | 2.31% | 2.51% | 2.80% | 2.85% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.20% A | 2.18% | 2.17% | 2.17% | 2.22% | 2.22% |
Net investment income (loss) | 1.50% A | .46% | 1.13% | .69% | .40% | .38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,912 | $ 3,584 | $ 2,737 | $ 1,396 | $ 1,423 | $ 1,714 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .12 | .15 | .12 | .09 | .07 |
Net realized and unrealized gain (loss) | .07 | 1.24 | .58 | (.68) | .96 | 1.55 |
Total from investment operations | .18 | 1.36 | .73 | (.56) | 1.05 | 1.62 |
Distributions from net investment income | (.12) | (.15) | (.10) | (.10) | (.06) | (.12) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.30) | (.39) I | (.10) | (.12) | (.09) | (.12) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.17 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 |
Total Return B, C | 2.30% | 19.48% | 11.03% | (7.70)% | 16.45% | 34.23% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.04% A | 1.09% | 1.16% | 1.42% | 1.79% | 1.87% |
Expenses net of fee waivers, if any | 1.03% A | 1.09% | 1.16% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.03% A | 1.07% | 1.13% | 1.17% | 1.22% | 1.22% |
Net investment income (loss) | 2.67% A | 1.57% | 2.16% | 1.69% | 1.40% | 1.38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 340,448 | $ 324,395 | $ 281,979 | $ 131,338 | $ 60,826 | $ 33,061 |
Portfolio turnover rate F | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .11 | .14 | .12 | .10 | .07 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.68) | .95 | 1.55 |
Total from investment operations | .18 | 1.35 | .73 | (.56) | 1.05 | 1.62 |
Distributions from net investment income | (.12) | (.15) | (.10) | (.10) | (.08) | (.12) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.30) | (.39) I | (.10) | (.12) | (.11) | (.12) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.14 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 |
Total Return B, C | 2.25% | 19.40% | 11.06% | (7.72)% | 16.48% | 34.23% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.16% A | 1.21% | 1.27% | 1.48% | 1.82% | 1.80% |
Expenses net of fee waivers, if any | 1.15% A | 1.20% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15% A | 1.18% | 1.17% | 1.17% | 1.23% | 1.22% |
Net investment income (loss) | 2.55% A | 1.46% | 2.13% | 1.69% | 1.40% | 1.38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,207 | $ 2,372 | $ 1,514 | $ 197 | $ 28 | $ 1,308 |
Portfolio turnover rate F | 81% A | 89% | 110% | 75% | 67% | 98% |
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
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014, 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. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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. 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.
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 | $ 68,577,734 |
Gross unrealized depreciation | (6,211,211) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 62,366,523 |
| |
Tax cost | $ 318,469,609 |
Capital loss carry forwards 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 2012 (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. Capital loss carryforwards were as follows:
Fiscal year of expiration: | |
2016 | $ (2,434,120) |
2017 | (15,708,944) |
2019 | (8,855,997) |
Total capital loss carryforward | $ (26,999,061) |
Due to large subscriptions in a prior period, $26,999,061 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $150,586,677 and $141,495,612, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 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 .75% 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% | $ 11,452 | $ 422 |
Class T | .25% | .25% | 21,596 | 227 |
Class B | .75% | .25% | 937 | 708 |
Class C | .75% | .25% | 18,908 | 2,222 |
| | | $ 52,893 | $ 3,579 |
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 1,546 |
Class T | 602 |
Class B* | 2 |
Class C* | 178 |
| $ 2,328 |
* 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
Average
Net Assets* |
Class A | $ 12,283 | .27 |
Class T | 11,519 | .27 |
Class B | 282 | .30 |
Class C | 5,769 | .31 |
Total International Equity | 196,410 | .12 |
Institutional Class | 2,691 | .24 |
| $ 228,954 | |
* 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. 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 $211 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 $329 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $51,266, including $462 from securities loaned to FCM.
Semiannual Report
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 13, 2014. 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 B | 2.20% | $ 18 |
Class C | 2.20% | 421 |
| | $ 439 |
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $1,394.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 114,661 | $ 102,760 |
Class T | 92,140 | 49,034 |
Class B | 757 | 1,541 |
Class C | 24,034 | 28,314 |
Total International Equity | 4,825,256 | 5,630,153 |
Institutional Class | 33,527 | 33,750 |
Total | $ 5,090,375 | $ 5,845,552 |
From net realized gain | | |
Class A | $ 201,491 | $ 199,811 |
Class T | 179,326 | 93,853 |
Class B | 4,154 | 6,990 |
Class C | 83,657 | 92,492 |
Total International Equity | 7,158,781 | 9,320,186 |
Institutional Class | 51,867 | 55,869 |
Total | $ 7,679,276 | $ 9,769,201 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 | Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 134,715 | 510,102 | $ 1,082,299 | $ 3,880,513 |
Reinvestment of distributions | 38,586 | 41,103 | 306,761 | 293,886 |
Shares redeemed | (103,237) | (248,440) | (831,388) | (1,903,860) |
Net increase (decrease) | 70,064 | 302,765 | $ 557,672 | $ 2,270,539 |
Class T | | | | |
Shares sold | 269,598 | 807,518 | $ 2,174,639 | $ 6,202,497 |
Reinvestment of distributions | 33,829 | 19,724 | 270,968 | 142,209 |
Shares redeemed | (116,317) | (195,438) | (935,712) | (1,518,035) |
Net increase (decrease) | 187,110 | 631,804 | $ 1,509,895 | $ 4,826,671 |
Class B | | | | |
Shares sold | 2,568 | 827 | $ 21,032 | $ 6,304 |
Reinvestment of distributions | 604 | 1,165 | 4,866 | 8,437 |
Shares redeemed | (3,815) | (8,955) | (30,657) | (69,218) |
Net increase (decrease) | (643) | (6,963) | $ (4,759) | $ (54,477) |
Class C | | | | |
Shares sold | 109,066 | 129,341 | $ 887,102 | $ 986,204 |
Reinvestment of distributions | 10,201 | 12,546 | 81,608 | 90,328 |
Shares redeemed | (74,120) | (83,065) | (599,031) | (635,648) |
Net increase (decrease) | 45,147 | 58,822 | $ 369,679 | $ 440,884 |
Total International Equity | | | | |
Shares sold | 4,521,455 | 10,376,724 | $ 36,543,858 | $ 77,880,274 |
Reinvestment of distributions | 1,486,031 | 2,062,441 | 11,828,806 | 14,746,450 |
Shares redeemed | (3,472,142) | (11,840,491) | (27,878,138) | (90,585,484) |
Net increase (decrease) | 2,535,344 | 598,674 | $ 20,494,526 | $ 2,041,240 |
Institutional Class | | | | |
Shares sold | 38,663 | 142,800 | $ 311,244 | $ 1,078,337 |
Reinvestment of distributions | 10,120 | 12,587 | 80,252 | 89,619 |
Shares redeemed | (64,805) | (75,629) | (517,133) | (583,086) |
Net increase (decrease) | (16,022) | 79,758 | $ (125,637) | $ 584,870 |
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
Semiannual Report
11. Other - continued
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.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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-0614
1.853366.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total International Equity
Fund - Institutional Class
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.43% | | | |
Actual | | $ 1,000.00 | $ 1,021.90 | $ 7.17 |
HypotheticalA | | $ 1,000.00 | $ 1,017.70 | $ 7.15 |
Class T | 1.68% | | | |
Actual | | $ 1,000.00 | $ 1,019.30 | $ 8.41 |
HypotheticalA | | $ 1,000.00 | $ 1,016.46 | $ 8.40 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,017.90 | $ 11.01 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,016.70 | $ 11.00 |
HypotheticalA | | $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Total International Equity | 1.03% | | | |
Actual | | $ 1,000.00 | $ 1,023.00 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | 1.15% | | | |
Actual | | $ 1,000.00 | $ 1,022.50 | $ 5.77 |
HypotheticalA | | $ 1,000.00 | $ 1,019.09 | $ 5.76 |
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
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United Kingdom 15.7% | |
 | Japan 12.4% | |
 | United States of America* 9.7% | |
 | Switzerland 8.2% | |
 | France 7.5% | |
 | Germany 4.7% | |
 | India 4.2% | |
 | Korea (South) 3.8% | |
 | Sweden 3.4% | |
 | Other 30.4% | |
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, 2013 |
| United Kingdom 16.7% | |
| Japan 14.4% | |
| United States of America* 7.3% | |
| France 7.1% | |
| Switzerland 6.8% | |
| Germany 5.2% | |
| Australia 3.8% | |
| India 3.0% | |
| Korea (South) 2.7% | |
| Other 33.0% | |
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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.0 | 98.4 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.0 | 1.6 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.2 | 1.6 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.8 | 1.3 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.7 | 1.5 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.7 | 1.4 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 1.4 | 1.3 |
Novartis AG (Switzerland, Pharmaceuticals) | 1.4 | 1.1 |
Prudential PLC (United Kingdom, Insurance) | 1.4 | 1.0 |
DENSO Corp. (Japan, Auto Components) | 1.3 | 1.2 |
Linde AG (Germany, Chemicals) | 1.0 | 0.8 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.0 | 0.9 |
| 14.9 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.0 | 24.3 |
Consumer Discretionary | 13.4 | 13.2 |
Consumer Staples | 12.7 | 13.8 |
Industrials | 12.3 | 12.9 |
Health Care | 12.0 | 9.3 |
Information Technology | 8.0 | 5.9 |
Materials | 6.2 | 6.3 |
Telecommunication Services | 6.0 | 5.9 |
Energy | 3.5 | 4.5 |
Utilities | 2.9 | 2.3 |
Semiannual Report
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.0% |
| Shares | | Value |
Australia - 3.3% |
Ansell Ltd. | 36,338 | | $ 610,682 |
Australia & New Zealand Banking Group Ltd. | 75,902 | | 2,430,582 |
CSL Ltd. | 43,674 | | 2,776,420 |
DuluxGroup Ltd. | 11,047 | | 58,805 |
Imdex Ltd. (a) | 41,667 | | 28,451 |
Ramsay Health Care Ltd. | 1,907 | | 79,386 |
RCG Corp. Ltd. | 76,989 | | 53,284 |
Sydney Airport unit | 189,266 | | 741,995 |
Telstra Corp. Ltd. | 154,967 | | 751,494 |
Transurban Group unit | 192,589 | | 1,300,713 |
Westpac Banking Corp. | 96,303 | | 3,154,358 |
TOTAL AUSTRALIA | | 11,986,170 |
Austria - 0.5% |
Andritz AG | 28,961 | | 1,797,410 |
Zumtobel AG | 3,400 | | 70,755 |
TOTAL AUSTRIA | | 1,868,165 |
Bailiwick of Guernsey - 0.1% |
Resolution Ltd. | 53,018 | | 267,025 |
Bailiwick of Jersey - 0.9% |
Informa PLC | 194,857 | | 1,586,750 |
Shire PLC | 13,080 | | 748,071 |
Wolseley PLC | 14,978 | | 865,132 |
TOTAL BAILIWICK OF JERSEY | | 3,199,953 |
Belgium - 2.7% |
Anheuser-Busch InBev SA NV (d) | 55,771 | | 6,078,810 |
Gimv NV | 1,919 | | 99,491 |
KBC Ancora (a) | 4,181 | | 153,249 |
KBC Groupe SA | 46,113 | | 2,809,137 |
UCB SA | 8,488 | | 695,834 |
TOTAL BELGIUM | | 9,836,521 |
Bermuda - 1.2% |
Hongkong Land Holdings Ltd. | 89,000 | | 623,000 |
Lazard Ltd. Class A | 17,000 | | 799,850 |
Man Wah Holdings Ltd. | 313,200 | | 513,049 |
Texwinca Holdings Ltd. | 854,000 | | 917,563 |
Vostok Nafta Investment Ltd. SDR (a) | 6,960 | | 45,492 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Vtech Holdings Ltd. | 41,300 | | $ 569,989 |
Yue Yuen Industrial (Holdings) Ltd. | 350,000 | | 1,081,201 |
TOTAL BERMUDA | | 4,550,144 |
Brazil - 0.9% |
Arezzo Industria e Comercio SA | 3,300 | | 36,926 |
Banco Bradesco SA | 20,210 | | 310,435 |
Fleury SA | 98,900 | | 663,547 |
Natura Cosmeticos SA | 36,500 | | 625,153 |
Telefonica Brasil SA | 44,400 | | 800,883 |
Terna Participacoes SA unit | 65,300 | | 584,252 |
Tractebel Energia SA | 28,900 | | 429,790 |
TOTAL BRAZIL | | 3,450,986 |
British Virgin Islands - 0.0% |
Gem Diamonds Ltd. (a) | 18,923 | | 53,036 |
Canada - 0.3% |
Canadian Pacific Railway Ltd. | 2,066 | | 322,590 |
Pason Systems, Inc. | 5,900 | | 163,857 |
Potash Corp. of Saskatchewan, Inc. | 15,200 | | 549,449 |
ShawCor Ltd. Class A | 1,600 | | 71,267 |
TOTAL CANADA | | 1,107,163 |
Cayman Islands - 2.4% |
ENN Energy Holdings Ltd. | 86,000 | | 601,216 |
Ginko International Co. Ltd. | 22,000 | | 369,760 |
Goodbaby International Holdings Ltd. | 969,000 | | 531,185 |
Gourmet Master Co. Ltd. | 109,000 | | 883,476 |
Hengan International Group Co. Ltd. | 63,500 | | 668,749 |
Mindray Medical International Ltd. sponsored ADR (d) | 14,200 | | 469,452 |
NetEase.com, Inc. sponsored ADR | 6,200 | | 422,158 |
Sands China Ltd. | 221,200 | | 1,614,859 |
Silergy Corp. | 64,000 | | 530,407 |
SITC International Holdings Co. Ltd. | 795,000 | | 350,692 |
Tencent Holdings Ltd. | 11,300 | | 704,269 |
Wynn Macau Ltd. | 374,800 | | 1,476,875 |
TOTAL CAYMAN ISLANDS | | 8,623,098 |
Chile - 0.9% |
Aguas Andinas SA | 1,086,569 | | 670,326 |
Compania Cervecerias Unidas SA sponsored ADR (d) | 49,655 | | 1,170,368 |
Common Stocks - continued |
| Shares | | Value |
Chile - continued |
Embotelladora Andina SA sponsored ADR | 24,400 | | $ 590,968 |
Quinenco SA | 370,062 | | 819,802 |
TOTAL CHILE | | 3,251,464 |
China - 0.8% |
China Communications Services Corp. Ltd. (H Shares) | 1,042,000 | | 528,194 |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 521,000 | | 536,258 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 161,400 | | 505,875 |
China Telecom Corp. Ltd. (H Shares) | 1,190,000 | | 608,791 |
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | 376,000 | | 378,282 |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 158,000 | | 455,478 |
TOTAL CHINA | | 3,012,878 |
Denmark - 1.6% |
A.P. Moller - Maersk A/S Series B | 438 | | 1,043,710 |
Jyske Bank A/S (Reg.) (a) | 15,654 | | 859,806 |
Novo Nordisk A/S Series B sponsored ADR | 74,000 | | 3,358,860 |
Spar Nord Bank A/S | 13,331 | | 149,912 |
Vestas Wind Systems A/S (a) | 13,000 | | 577,026 |
TOTAL DENMARK | | 5,989,314 |
Finland - 0.7% |
Nokian Tyres PLC | 17,358 | | 689,216 |
Sampo Oyj (A Shares) (d) | 28,353 | | 1,407,819 |
Tikkurila Oyj | 17,580 | | 436,086 |
TOTAL FINLAND | | 2,533,121 |
France - 7.5% |
Arkema SA | 8,713 | | 971,511 |
Atos Origin SA | 12,616 | | 1,089,200 |
AXA SA | 80,606 | | 2,099,585 |
BNP Paribas SA | 31,154 | | 2,338,715 |
Cap Gemini SA | 13,502 | | 953,646 |
Carrefour SA | 24,285 | | 944,381 |
GDF Suez (d) | 64,669 | | 1,630,634 |
Havas SA | 90,586 | | 720,115 |
Laurent-Perrier Group SA | 859 | | 85,924 |
Orange SA | 70,100 | | 1,135,711 |
Remy Cointreau SA | 4,581 | | 402,872 |
Renault SA | 10,211 | | 993,761 |
Safran SA | 21,914 | | 1,472,844 |
Saft Groupe SA | 1,121 | | 39,860 |
Sanofi SA | 31,513 | | 3,400,880 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Schneider Electric SA | 7,290 | | $ 683,186 |
Solocal Group SA (a) | 17,630 | | 40,357 |
Total SA (a) | 93,815 | | 6,711,921 |
Vetoquinol SA | 1,500 | | 81,784 |
Virbac SA | 410 | | 98,263 |
Vivendi SA | 50,719 | | 1,360,859 |
TOTAL FRANCE | | 27,256,009 |
Germany - 4.2% |
alstria office REIT-AG | 2,900 | | 40,012 |
BASF AG | 25,084 | | 2,903,388 |
Bayer AG (d) | 23,912 | | 3,317,431 |
Bilfinger Berger AG | 1,120 | | 133,055 |
CompuGroup Medical AG | 6,146 | | 163,797 |
Continental AG | 4,083 | | 956,459 |
CTS Eventim AG | 3,583 | | 228,163 |
Deutsche Lufthansa AG | 27,181 | | 681,789 |
Deutsche Post AG | 18,921 | | 712,295 |
Fielmann AG | 1,079 | | 145,878 |
Fresenius SE & Co. KGaA | 6,100 | | 927,104 |
Linde AG | 17,049 | | 3,534,930 |
Siemens AG | 11,062 | | 1,459,303 |
TOTAL GERMANY | | 15,203,604 |
Greece - 0.0% |
Titan Cement Co. SA (Reg.) | 3,944 | | 124,208 |
Hong Kong - 0.5% |
China Merchant Holdings International Co. Ltd. | 160,000 | | 500,455 |
Lenovo Group Ltd. | 874,000 | | 994,290 |
Techtronic Industries Co. Ltd. | 143,500 | | 457,174 |
TOTAL HONG KONG | | 1,951,919 |
India - 4.2% |
Bharti Airtel Ltd. | 127,865 | | 695,451 |
Container Corp. of India Ltd. | 39,820 | | 643,837 |
Dr. Reddy's Laboratories Ltd. | 15,012 | | 673,719 |
Exide Industries Ltd. | 296,426 | | 588,527 |
Grasim Industries Ltd. | 17,502 | | 773,160 |
Havells India Ltd. | 41,295 | | 637,688 |
Hindalco Industries Ltd. | 275,724 | | 613,939 |
Housing Development Finance Corp. Ltd. | 141,456 | | 2,105,951 |
IDFC Ltd. | 395,090 | | 746,716 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
Infosys Ltd. | 27,254 | | $ 1,450,018 |
Jyothy Laboratories Ltd. (a) | 23,119 | | 72,847 |
Kotak Mahindra Bank Ltd. (a) | 63,866 | | 849,852 |
Larsen & Toubro Ltd. | 33,828 | | 725,803 |
Lupin Ltd. | 40,075 | | 683,819 |
NTPC Ltd. | 500,814 | | 966,090 |
Prestige Estates Projects Ltd. | 319,788 | | 901,599 |
Punjab National Bank | 64,685 | | 863,264 |
Shriram Transport Finance Co. Ltd. | 63,051 | | 768,132 |
Wipro Ltd. | 52,814 | | 457,726 |
TOTAL INDIA | | 15,218,138 |
Indonesia - 0.2% |
PT Bank Rakyat Indonesia Tbk | 658,100 | | 563,525 |
Ireland - 1.2% |
Actavis PLC (a) | 3,300 | | 674,289 |
CRH PLC sponsored ADR | 52,529 | | 1,538,049 |
FBD Holdings PLC | 5,372 | | 129,270 |
James Hardie Industries PLC: | | | |
CDI | 9,656 | | 123,074 |
sponsored ADR | 28,255 | | 1,812,276 |
TOTAL IRELAND | | 4,276,958 |
Israel - 0.6% |
Azrieli Group | 13,096 | | 443,156 |
Ituran Location & Control Ltd. | 1,761 | | 42,299 |
NICE Systems Ltd. sponsored ADR | 10,100 | | 436,320 |
Sarine Technologies Ltd. | 38,000 | | 83,959 |
Strauss Group Ltd. | 2,359 | | 42,667 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 26,909 | | 1,314,774 |
TOTAL ISRAEL | | 2,363,175 |
Italy - 0.9% |
Azimut Holding SpA | 21,114 | | 657,617 |
Beni Stabili SpA SIIQ | 187,010 | | 166,955 |
Interpump Group SpA | 55,991 | | 793,104 |
Prada SpA | 83,100 | | 663,475 |
Telecom Italia SpA | 309,600 | | 397,845 |
Unione di Banche Italiane ScpA | 62,459 | | 594,436 |
TOTAL ITALY | | 3,273,432 |
Common Stocks - continued |
| Shares | | Value |
Japan - 12.4% |
AEON Mall Co. Ltd. | 20,300 | | $ 483,300 |
Air Water, Inc. | 3,000 | | 42,109 |
Aozora Bank Ltd. | 259,000 | | 770,147 |
Artnature, Inc. | 4,000 | | 114,168 |
Asahi Co. Ltd. | 4,600 | | 61,102 |
Astellas Pharma, Inc. | 78,400 | | 871,921 |
Autobacs Seven Co. Ltd. | 4,400 | | 68,043 |
Azbil Corp. | 4,700 | | 106,518 |
Coca-Cola Central Japan Co. Ltd. | 20,500 | | 460,791 |
Cosmos Pharmaceutical Corp. | 800 | | 85,528 |
Daikokutenbussan Co. Ltd. | 5,000 | | 129,799 |
DENSO Corp. | 105,100 | | 4,782,366 |
Dentsu, Inc. | 18,600 | | 764,122 |
East Japan Railway Co. | 20,400 | | 1,487,174 |
Fanuc Corp. | 7,300 | | 1,313,836 |
Fast Retailing Co. Ltd. | 4,300 | | 1,336,245 |
Glory Ltd. | 2,100 | | 54,146 |
Goldcrest Co. Ltd. | 6,560 | | 136,738 |
Harmonic Drive Systems, Inc. | 3,000 | | 84,951 |
Hitachi Ltd. | 137,000 | | 974,216 |
Hoya Corp. | 38,900 | | 1,146,815 |
Iida Group Holdings Co. Ltd. (a) | 4,424 | | 65,775 |
Itochu Corp. | 141,400 | | 1,582,253 |
Iwatsuka Confectionary Co. Ltd. | 1,200 | | 65,731 |
Japan Tobacco, Inc. | 66,300 | | 2,176,386 |
KDDI Corp. | 19,300 | | 1,027,345 |
Keyence Corp. | 6,321 | | 2,435,101 |
Kobayashi Pharmaceutical Co. Ltd. | 1,700 | | 103,096 |
Koshidaka Holdings Co. Ltd. | 2,000 | | 59,275 |
Kyoto Kimono Yuzen Co. Ltd. | 2,800 | | 27,717 |
Lasertec Corp. (a) | 5,500 | | 54,712 |
Meiko Network Japan Co. Ltd. | 2,700 | | 29,183 |
Miraial Co. Ltd. | 2,400 | | 37,373 |
Mitsubishi Electric Corp. | 75,000 | | 853,181 |
Mitsubishi UFJ Financial Group, Inc. | 401,700 | | 2,136,842 |
Mitsui Fudosan Co. Ltd. | 71,000 | | 2,098,019 |
Mizuho Financial Group, Inc. | 756,900 | | 1,482,470 |
Nabtesco Corp. | 3,300 | | 70,981 |
Nagaileben Co. Ltd. | 6,100 | | 117,424 |
ND Software Co. Ltd. | 3,000 | | 54,228 |
Nihon M&A Center, Inc. | 4,200 | | 98,062 |
Nihon Parkerizing Co. Ltd. | 7,000 | | 152,619 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Nippon Seiki Co. Ltd. | 4,000 | | $ 69,839 |
Nippon Telegraph & Telephone Corp. | 26,800 | | 1,487,206 |
NS Tool Co. Ltd. | 1,900 | | 32,151 |
OBIC Co. Ltd. | 4,000 | | 119,920 |
Omron Corp. | 17,700 | | 625,001 |
ORIX Corp. | 70,000 | | 1,011,298 |
OSG Corp. | 10,700 | | 172,481 |
San-Ai Oil Co. Ltd. | 7,000 | | 46,559 |
Seven & i Holdings Co., Ltd. | 28,500 | | 1,123,720 |
Seven Bank Ltd. | 407,100 | | 1,541,035 |
SHO-BOND Holdings Co. Ltd. | 20,200 | | 909,874 |
Shoei Co. Ltd. | 5,900 | | 80,852 |
SoftBank Corp. | 47,500 | | 3,526,434 |
Software Service, Inc. | 1,600 | | 56,654 |
Sony Financial Holdings, Inc. | 44,500 | | 712,975 |
Sumitomo Mitsui Trust Holdings, Inc. | 200,920 | | 827,931 |
Techno Medica Co. Ltd. | 1,800 | | 35,530 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 10,000 | | 66,513 |
TKC Corp. | 2,000 | | 40,475 |
Tocalo Co. Ltd. | 2,800 | | 43,738 |
Tsutsumi Jewelry Co. Ltd. | 2,000 | | 45,288 |
USS Co. Ltd. | 129,700 | | 1,889,014 |
Workman Co. Ltd. | 2,000 | | 80,403 |
Yamato Kogyo Co. Ltd. | 23,100 | | 665,197 |
TOTAL JAPAN | | 45,211,896 |
Kenya - 0.1% |
Safaricom Ltd. | 2,813,700 | | 423,623 |
Korea (South) - 3.5% |
Coway Co. Ltd. | 2,597 | | 204,874 |
E-Mart Co. Ltd. | 3,664 | | 836,999 |
Hyundai Motor Co. | 9,796 | | 2,180,892 |
KEPCO Plant Service & Engineering Co. Ltd. | 20,631 | | 1,341,984 |
Kiwoom Securities Co. Ltd. | 10,628 | | 521,575 |
Korea Electric Power Corp. | 35,610 | | 1,361,805 |
KT Corp. | 35,110 | | 1,119,317 |
KT&G Corp. | 9,384 | | 752,101 |
Leeno Industrial, Inc. | 2,264 | | 65,196 |
LG Corp. | 6,510 | | 362,332 |
LG Household & Health Care Ltd. | 2,127 | | 971,778 |
Naver Corp. | 851 | | 607,916 |
Samsung Fire & Marine Insurance Co. Ltd. | 3,571 | | 846,864 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Shinhan Financial Group Co. Ltd. | 21,400 | | $ 934,257 |
TK Corp. (a) | 26,685 | | 525,641 |
TOTAL KOREA (SOUTH) | | 12,633,531 |
Luxembourg - 0.4% |
Millicom International Cellular SA (depository receipt) | 7,600 | | 751,561 |
RTL Group SA | 5,427 | | 602,558 |
TOTAL LUXEMBOURG | | 1,354,119 |
Malaysia - 0.5% |
Axiata Group Bhd | 340,900 | | 703,221 |
Top Glove Corp. Bhd | 310,800 | | 457,269 |
YTL Corp. Bhd | 1,396,800 | | 689,302 |
TOTAL MALAYSIA | | 1,849,792 |
Mexico - 1.0% |
Banregio Grupo Financiero S.A.B. de CV | 91,800 | | 530,546 |
Bolsa Mexicana de Valores S.A.B. de CV | 289,000 | | 592,900 |
Consorcio ARA S.A.B. de CV (a) | 1,243,655 | | 546,599 |
Fomento Economico Mexicano S.A.B. de CV: | | | |
unit | 73,800 | | 673,481 |
sponsored ADR | 5,833 | | 529,461 |
Kimberly-Clark de Mexico SA de CV Series A | 187,500 | | 487,426 |
Megacable Holdings S.A.B. de CV unit | 120,500 | | 477,938 |
TOTAL MEXICO | | 3,838,351 |
Netherlands - 1.4% |
Aalberts Industries NV | 7,600 | | 252,894 |
ASM International NV (depositary receipt) | 1,250 | | 54,413 |
Heijmans NV (Certificaten Van Aandelen) | 8,481 | | 152,136 |
ING Groep NV (Certificaten Van Aandelen) (a) | 229,523 | | 3,281,000 |
Koninklijke Philips Electronics NV | 17,602 | | 563,496 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 17,900 | | 767,573 |
VastNed Retail NV | 3,338 | | 171,670 |
TOTAL NETHERLANDS | | 5,243,182 |
Philippines - 0.2% |
Jollibee Food Corp. | 14,560 | | 56,182 |
Security Bank Corp. | 205,586 | | 553,918 |
TOTAL PHILIPPINES | | 610,100 |
Poland - 0.1% |
Telekomunikacja Polska SA | 143,400 | | 489,738 |
Common Stocks - continued |
| Shares | | Value |
Portugal - 0.3% |
Jeronimo Martins SGPS SA | 71,769 | | $ 1,255,064 |
Singapore - 0.3% |
Singapore Telecommunications Ltd. | 329,000 | | 1,005,081 |
South Africa - 1.2% |
African Bank Investments Ltd. | 457,707 | | 542,522 |
Clicks Group Ltd. | 126,095 | | 768,879 |
Nampak Ltd. | 25,130 | | 93,636 |
Naspers Ltd. Class N | 9,500 | | 895,775 |
Remgro Ltd. | 39,000 | | 784,597 |
Shoprite Holdings Ltd. | 33,800 | | 564,452 |
Standard Bank Group Ltd. | 48,671 | | 638,800 |
TOTAL SOUTH AFRICA | | 4,288,661 |
Spain - 1.2% |
Amadeus IT Holding SA Class A | 19,364 | | 804,730 |
Grifols SA | 1,546 | | 82,576 |
Inditex SA | 16,362 | | 2,454,986 |
International Consolidated Airlines Group SA CDI (a) | 99,700 | | 680,236 |
Prosegur Compania de Seguridad SA (Reg.) | 79,176 | | 530,551 |
TOTAL SPAIN | | 4,553,079 |
Sweden - 3.4% |
ASSA ABLOY AB (B Shares) | 38,500 | | 2,038,033 |
Atlas Copco AB (A Shares) (d) | 56,059 | | 1,622,574 |
Fagerhult AB | 15,485 | | 769,225 |
H&M Hennes & Mauritz AB (B Shares) | 47,310 | | 1,926,685 |
Intrum Justitia AB | 28,363 | | 820,504 |
Nordea Bank AB | 134,067 | | 1,937,128 |
SKF AB (B Shares) | 43,000 | | 1,111,009 |
Svenska Cellulosa AB (SCA) (B Shares) | 33,626 | | 941,727 |
Svenska Handelsbanken AB (A Shares) | 28,415 | | 1,425,950 |
TOTAL SWEDEN | | 12,592,835 |
Switzerland - 8.2% |
Coca-Cola HBC AG | 31,720 | | 802,270 |
Nestle SA | 102,411 | | 7,914,762 |
Novartis AG | 57,423 | | 4,991,929 |
Roche Holding AG (participation certificate) | 21,360 | | 6,265,877 |
Schindler Holding AG: | | | |
(participation certificate) | 6,511 | | 1,007,611 |
(Reg.) | 2,001 | | 305,118 |
Swatch Group AG (Bearer) | 1,560 | | 1,000,591 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Swiss Re Ltd. | 17,540 | | $ 1,531,586 |
Syngenta AG (Switzerland) | 2,200 | | 871,182 |
UBS AG (NY Shares) | 247,497 | | 5,175,162 |
TOTAL SWITZERLAND | | 29,866,088 |
Taiwan - 3.0% |
Chicony Electronics Co. Ltd. | 172,000 | | 447,597 |
China Life Insurance Co. Ltd. | 705,000 | | 616,996 |
Chroma ATE, Inc. | 275,116 | | 708,641 |
CTCI Corp. | 357,000 | | 570,433 |
Edison Opto Corp. | 256,000 | | 304,242 |
EPISTAR Corp. | 185,000 | | 404,154 |
Everlight Electronics Co. Ltd. | 176,000 | | 411,914 |
GeoVision, Inc. | 62,000 | | 337,074 |
King Slide Works Co. Ltd. | 36,000 | | 469,013 |
Lextar Electronics Corp. | 406,000 | | 396,370 |
President Chain Store Corp. | 105,000 | | 781,439 |
St.Shine Optical Co. Ltd. | 19,000 | | 402,480 |
Taiwan Mobile Co. Ltd. | 185,000 | | 597,338 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 681,035 | | 2,678,913 |
Unified-President Enterprises Corp. | 696,988 | | 1,180,689 |
Wowprime Corp. | 37,200 | | 561,105 |
TOTAL TAIWAN | | 10,868,398 |
Thailand - 0.2% |
Minor International PCL (For. Reg.) | 596,500 | | 453,458 |
Thai Union Frozen Products PCL (For. Reg.) | 206,800 | | 447,342 |
TOTAL THAILAND | | 900,800 |
Turkey - 0.6% |
Albaraka Turk Katilim Bankasi A/S | 88,907 | | 70,316 |
Coca-Cola Icecek Sanayi A/S | 33,889 | | 793,640 |
Enka Insaat ve Sanayi A/S | 251,062 | | 760,956 |
Turkiye Garanti Bankasi A/S | 122,143 | | 449,938 |
TOTAL TURKEY | | 2,074,850 |
United Kingdom - 15.7% |
Advanced Computer Software Group PLC | 21,000 | | 42,282 |
AstraZeneca PLC (United Kingdom) | 34,928 | | 2,757,031 |
Babcock International Group PLC | 34,500 | | 695,503 |
Babcock International Group PLC rights 5/6/14 (a) | 11,923 | | 80,523 |
BAE Systems PLC | 168,321 | | 1,136,773 |
Barclays PLC | 392,826 | | 1,677,386 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Barclays PLC sponsored ADR | 33,233 | | $ 568,617 |
Bellway PLC | 5,928 | | 144,027 |
Berendsen PLC | 7,728 | | 135,046 |
BG Group PLC | 89,627 | | 1,812,888 |
BHP Billiton PLC | 73,061 | | 2,371,881 |
Britvic PLC | 10,317 | | 126,202 |
BT Group PLC | 123,825 | | 772,996 |
Bunzl PLC | 43,457 | | 1,233,397 |
Compass Group PLC | 79,014 | | 1,256,696 |
Dechra Pharmaceuticals PLC | 9,000 | | 104,850 |
Derwent London PLC | 2,000 | | 91,849 |
Elementis PLC | 34,808 | | 162,969 |
GlaxoSmithKline PLC | 123,897 | | 3,423,344 |
Great Portland Estates PLC | 14,772 | | 156,380 |
Hilton Food Group PLC | 5,400 | | 48,641 |
HSBC Holdings PLC sponsored ADR | 58,766 | | 3,015,871 |
Imperial Tobacco Group PLC | 53,757 | | 2,320,818 |
InterContinental Hotel Group PLC ADR | 64,747 | | 2,228,592 |
ITV PLC | 334,319 | | 1,027,325 |
Jazztel PLC (a) | 28,824 | | 442,278 |
Johnson Matthey PLC | 27,877 | | 1,540,520 |
Kingfisher PLC | 199,527 | | 1,408,501 |
Meggitt PLC | 15,735 | | 126,645 |
National Grid PLC | 178,491 | | 2,536,940 |
Next PLC | 6,400 | | 704,536 |
Persimmon PLC | 4,537 | | 100,503 |
Prudential PLC | 213,786 | | 4,914,756 |
Reckitt Benckiser Group PLC | 34,751 | | 2,801,664 |
Reed Elsevier PLC | 99,913 | | 1,471,004 |
Rexam PLC | 81,188 | | 679,906 |
Rolls-Royce Group PLC | 74,752 | | 1,325,218 |
Rotork PLC | 16,703 | | 730,697 |
Royal Dutch Shell PLC Class A sponsored ADR | 31,130 | | 2,451,176 |
SABMiller PLC | 52,863 | | 2,874,422 |
Shaftesbury PLC | 56,637 | | 632,565 |
Spectris PLC | 5,370 | | 201,734 |
Spirax-Sarco Engineering PLC | 4,807 | | 235,287 |
Standard Chartered PLC (United Kingdom) | 30,912 | | 668,838 |
Ted Baker PLC | 2,575 | | 80,388 |
Tullow Oil PLC | 33,000 | | 490,311 |
Ultra Electronics Holdings PLC | 4,101 | | 117,433 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Unite Group PLC | 84,677 | | $ 604,043 |
Vodafone Group PLC sponsored ADR | 72,626 | | 2,756,883 |
TOTAL UNITED KINGDOM | | 57,288,135 |
United States of America - 6.7% |
AbbVie, Inc. | 13,629 | | 709,798 |
ANSYS, Inc. (a) | 400 | | 30,524 |
Autoliv, Inc. | 16,054 | | 1,637,187 |
Berkshire Hathaway, Inc. Class B (a) | 7,216 | | 929,782 |
BorgWarner, Inc. | 31,394 | | 1,950,823 |
Broadridge Financial Solutions, Inc. | 1,140 | | 43,708 |
Cabot Corp. | 11,466 | | 662,735 |
Cognizant Technology Solutions Corp. Class A (a) | 9,600 | | 459,888 |
Cummins, Inc. | 6,991 | | 1,054,592 |
Dril-Quip, Inc. (a) | 770 | | 87,102 |
Evercore Partners, Inc. Class A | 1,960 | | 104,723 |
FMC Technologies, Inc. (a) | 11,403 | | 646,550 |
Google, Inc.: | | | |
Class A (a) | 1,290 | | 689,995 |
Class C (a) | 1,290 | | 679,391 |
Greenhill & Co., Inc. | 820 | | 41,123 |
JPMorgan Chase & Co. | 6,100 | | 341,478 |
Kennedy-Wilson Holdings, Inc. | 5,483 | | 119,749 |
Martin Marietta Materials, Inc. | 10,080 | | 1,253,246 |
MasterCard, Inc. Class A | 24,690 | | 1,815,950 |
Mead Johnson Nutrition Co. Class A | 9,200 | | 811,992 |
Mohawk Industries, Inc. (a) | 8,035 | | 1,063,914 |
National Oilwell Varco, Inc. | 5,046 | | 396,262 |
Oceaneering International, Inc. | 5,538 | | 405,825 |
Philip Morris International, Inc. | 13,200 | | 1,127,676 |
PriceSmart, Inc. | 8,985 | | 862,919 |
ResMed, Inc. | 17,420 | | 868,387 |
ResMed, Inc. CDI | 128,048 | | 644,745 |
Solera Holdings, Inc. | 16,594 | | 1,074,959 |
SS&C Technologies Holdings, Inc. (a) | 20,554 | | 799,962 |
T-Mobile U.S., Inc. (a) | 16,400 | | 480,356 |
The Rubicon Project, Inc. | 2,176 | | 31,269 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Union Pacific Corp. | 4,300 | | $ 818,849 |
Visa, Inc. Class A | 9,101 | | 1,843,954 |
TOTAL UNITED STATES OF AMERICA | | 24,489,413 |
TOTAL COMMON STOCKS (Cost $288,253,414) |
350,796,742
|
Nonconvertible Preferred Stocks - 1.0% |
| | | |
Brazil - 0.2% |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | 13,600 | | 643,480 |
Germany - 0.5% |
Sartorius AG (non-vtg.) | 900 | | 117,120 |
Volkswagen AG | 7,090 | | 1,909,228 |
TOTAL GERMANY | | 2,026,348 |
Korea (South) - 0.3% |
Samsung Electronics Co. Ltd. | 954 | | 957,601 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series C (a) | 10,016,768 | | 16,912 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,006,328) |
3,644,341
|
Money Market Funds - 7.2% |
| | | |
Fidelity Cash Central Fund, 0.11% (b) | 10,604,459 | | 10,604,459 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 15,790,590 | | 15,790,590 |
TOTAL MONEY MARKET FUNDS (Cost $26,395,049) |
26,395,049
|
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $317,654,791) | | 380,836,132 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% | | (15,272,382) |
NET ASSETS - 100% | $ 365,563,750 |
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 | $ 3,094 |
Fidelity Securities Lending Cash Central Fund | 51,266 |
Total | $ 54,360 |
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, 2014, 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 | $ 49,881,884 | $ 49,881,884 | $ - | $ - |
Consumer Staples | 47,028,855 | 32,267,710 | 14,761,145 | - |
Energy | 13,283,718 | 6,571,797 | 6,711,921 | - |
Financials | 72,558,456 | 52,089,538 | 20,468,918 | - |
Health Care | 43,945,077 | 21,000,407 | 22,944,670 | - |
Industrials | 44,750,452 | 40,783,103 | 2,666,636 | 1,300,713 |
Information Technology | 29,040,548 | 24,453,891 | 4,586,657 | - |
Materials | 22,082,875 | 18,066,652 | 4,016,223 | - |
Telecommunication Services | 21,862,605 | 16,340,739 | 5,521,866 | - |
Utilities | 10,006,613 | 6,107,868 | 3,898,745 | - |
Money Market Funds | 26,395,049 | 26,395,049 | - | - |
Total Investments in Securities: | $ 380,836,132 | $ 293,958,638 | $ 85,576,781 | $ 1,300,713 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 10,734,229 |
Level 2 to Level 1 | $ 35,131,856 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $14,783,232) - See accompanying schedule: Unaffiliated issuers (cost $291,259,742) | $ 354,441,083 | |
Fidelity Central Funds (cost $26,395,049) | 26,395,049 | |
Total Investments (cost $317,654,791) | | $ 380,836,132 |
Cash | | 39,621 |
Foreign currency held at value (cost $78,223) | | 78,245 |
Receivable for investments sold | | 1,512,491 |
Receivable for fund shares sold | | 95,013 |
Dividends receivable | | 1,720,244 |
Distributions receivable from Fidelity Central Funds | | 16,854 |
Prepaid expenses | | 293 |
Other receivables | | 5,602 |
Total assets | | 384,304,495 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,208,970 | |
Payable for fund shares redeemed | 142,405 | |
Accrued management fee | 220,542 | |
Distribution and service plan fees payable | 9,167 | |
Other affiliated payables | 53,930 | |
Other payables and accrued expenses | 315,141 | |
Collateral on securities loaned, at value | 15,790,590 | |
Total liabilities | | 18,740,745 |
| | |
Net Assets | | $ 365,563,750 |
Net Assets consist of: | | |
Paid in capital | | $ 327,190,299 |
Undistributed net investment income | | 4,248,376 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (28,841,583) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 62,966,658 |
Net Assets | | $ 365,563,750 |
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, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,477,898 ÷ 1,161,855 shares) | | $ 8.16 |
| | |
Maximum offering price per share (100/94.25 of $8.16) | | $ 8.66 |
Class T:
Net Asset Value and redemption price per share ($9,334,218 ÷ 1,137,648 shares) | | $ 8.20 |
| | |
Maximum offering price per share (100/96.50 of $8.20) | | $ 8.50 |
Class B:
Net Asset Value and offering price per share ($184,558 ÷ 22,401 shares)A | | $ 8.24 |
| | |
Class C:
Net Asset Value and offering price per share ($3,912,266 ÷ 478,245 shares)A | | $ 8.18 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($340,447,632 ÷ 41,656,837 shares) | | $ 8.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,207,178 ÷ 271,211 shares) | | $ 8.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 6,970,236 |
Income from Fidelity Central Funds | | 54,360 |
Income before foreign taxes withheld | | 7,024,596 |
Less foreign taxes withheld | | (414,154) |
Total income | | 6,610,442 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,251,048 | |
Performance adjustment | 95,904 | |
Transfer agent fees | 228,954 | |
Distribution and service plan fees | 52,893 | |
Accounting and security lending fees | 92,747 | |
Custodian fees and expenses | 121,469 | |
Independent trustees' compensation | 696 | |
Registration fees | 32,106 | |
Audit | 42,510 | |
Legal | 798 | |
Miscellaneous | 1,477 | |
Total expenses before reductions | 1,920,602 | |
Expense reductions | (1,833) | 1,918,769 |
Net investment income (loss) | | 4,691,673 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 525,985 | |
Foreign currency transactions | (112,744) | |
Total net realized gain (loss) | | 413,241 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $102,625) | 2,931,866 | |
Assets and liabilities in foreign currencies | 7,347 | |
Total change in net unrealized appreciation (depreciation) | | 2,939,213 |
Net gain (loss) | | 3,352,454 |
Net increase (decrease) in net assets resulting from operations | | $ 8,044,127 |
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, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,691,673 | $ 5,165,980 |
Net realized gain (loss) | 413,241 | 8,529,722 |
Change in net unrealized appreciation (depreciation) | 2,939,213 | 44,726,463 |
Net increase (decrease) in net assets resulting
from operations | 8,044,127 | 58,422,165 |
Distributions to shareholders from net investment income | (5,090,375) | (5,845,552) |
Distributions to shareholders from net realized gain | (7,679,276) | (9,769,201) |
Total distributions | (12,769,651) | (15,614,753) |
Share transactions - net increase (decrease) | 22,801,376 | 10,109,727 |
Redemption fees | 2,464 | 2,498 |
Total increase (decrease) in net assets | 18,078,316 | 52,919,637 |
| | |
Net Assets | | |
Beginning of period | 347,485,434 | 294,565,797 |
End of period (including undistributed net investment income of $4,248,376 and undistributed net investment income of $4,647,078, respectively) | $ 365,563,750 | $ 347,485,434 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .09 | .09 | .13 | .11 | .08 | .06 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.69) | .95 | 1.55 |
Total from investment operations | .17 | 1.33 | .72 | (.58) | 1.03 | 1.61 |
Distributions from net investment income | (.10) | (.13) | (.08) | (.09) | (.04) | (.11) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.28) | (.37) J | (.08) | (.11) | (.07) | (.11) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.16 | $ 8.27 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.40 |
Total Return B, C, D | 2.19% | 19.00% | 10.88% | (8.03)% | 16.17% | 33.87% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.44% A | 1.50% | 1.57% | 1.73% | 2.02% | 2.09% |
Expenses net of fee waivers, if any | 1.43% A | 1.45% | 1.45% | 1.45% | 1.50% | 1.50% |
Expenses net of all reductions | 1.43% A | 1.43% | 1.42% | 1.42% | 1.47% | 1.47% |
Net investment income (loss) | 2.27% A | 1.21% | 1.88% | 1.44% | 1.15% | 1.13% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,478 | $ 9,034 | $ 5,767 | $ 4,307 | $ 5,029 | $ 3,727 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .08 | .07 | .11 | .09 | .06 | .04 |
Net realized and unrealized gain (loss) | .07 | 1.25 | .59 | (.68) | .95 | 1.57 |
Total from investment operations | .15 | 1.32 | .70 | (.59) | 1.01 | 1.61 |
Distributions from net investment income | (.09) | (.13) | (.06) | (.07) | - | (.09) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.27) | (.37) J | (.06) | (.09) | - | (.09) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.20 | $ 8.32 | $ 7.37 | $ 6.73 | $ 7.41 | $ 6.40 |
Total Return B, C, D | 1.93% | 18.73% | 10.52% | (8.08)% | 15.78% | 33.74% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.68% A | 1.75% | 1.84% | 2.02% | 2.31% | 2.34% |
Expenses net of fee waivers, if any | 1.68% A | 1.70% | 1.70% | 1.70% | 1.75% | 1.75% |
Expenses net of all reductions | 1.68% A | 1.67% | 1.67% | 1.67% | 1.72% | 1.72% |
Net investment income (loss) | 2.02% A | .96% | 1.63% | 1.19% | .90% | .88% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,334 | $ 7,909 | $ 2,348 | $ 997 | $ 1,004 | $ 1,526 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .04 | .08 | .05 | .03 | .02 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.68) | .95 | 1.56 |
Total from investment operations | .14 | 1.28 | .67 | (.63) | .98 | 1.58 |
Distributions from net investment income | (.03) | (.05) | (.02) | (.04) | - | (.05) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.21) | (.30) | (.02) | (.06) | - | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.24 | $ 8.31 | $ 7.33 | $ 6.68 | $ 7.37 | $ 6.39 |
Total Return B, C, D | 1.79% | 18.05% | 10.05% | (8.66)% | 15.34% | 32.95% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.22% A | 2.26% | 2.34% | 2.51% | 2.81% | 2.82% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.20% A | 2.18% | 2.17% | 2.17% | 2.22% | 2.22% |
Net investment income (loss) | 1.50% A | .46% | 1.13% | .69% | .40% | .38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 185 | $ 192 | $ 220 | $ 254 | $ 327 | $ 1,337 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .04 | .08 | .05 | .03 | .02 |
Net realized and unrealized gain (loss) | .07 | 1.25 | .58 | (.69) | .94 | 1.56 |
Total from investment operations | .13 | 1.29 | .66 | (.64) | .97 | 1.58 |
Distributions from net investment income | (.05) | (.08) | (.02) | (.03) | - | (.05) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | - | - |
Total distributions | (.23) | (.32) J | (.02) | (.05) | - | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 8.18 | $ 8.28 | $ 7.31 | $ 6.67 | $ 7.36 | $ 6.39 |
Total Return B, C, D | 1.67% | 18.30% | 9.98% | (8.72)% | 15.18% | 33.10% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.22% A | 2.26% | 2.31% | 2.51% | 2.80% | 2.85% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.20% | 2.20% | 2.25% | 2.25% |
Expenses net of all reductions | 2.20% A | 2.18% | 2.17% | 2.17% | 2.22% | 2.22% |
Net investment income (loss) | 1.50% A | .46% | 1.13% | .69% | .40% | .38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,912 | $ 3,584 | $ 2,737 | $ 1,396 | $ 1,423 | $ 1,714 |
Portfolio turnover rate G | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .12 | .15 | .12 | .09 | .07 |
Net realized and unrealized gain (loss) | .07 | 1.24 | .58 | (.68) | .96 | 1.55 |
Total from investment operations | .18 | 1.36 | .73 | (.56) | 1.05 | 1.62 |
Distributions from net investment income | (.12) | (.15) | (.10) | (.10) | (.06) | (.12) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.30) | (.39) I | (.10) | (.12) | (.09) | (.12) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.17 | $ 8.29 | $ 7.32 | $ 6.69 | $ 7.37 | $ 6.41 |
Total Return B, C | 2.30% | 19.48% | 11.03% | (7.70)% | 16.45% | 34.23% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.04% A | 1.09% | 1.16% | 1.42% | 1.79% | 1.87% |
Expenses net of fee waivers, if any | 1.03% A | 1.09% | 1.16% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.03% A | 1.07% | 1.13% | 1.17% | 1.22% | 1.22% |
Net investment income (loss) | 2.67% A | 1.57% | 2.16% | 1.69% | 1.40% | 1.38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 340,448 | $ 324,395 | $ 281,979 | $ 131,338 | $ 60,826 | $ 33,061 |
Portfolio turnover rate F | 81% A | 89% | 110% | 75% | 67% | 98% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .11 | .14 | .12 | .10 | .07 |
Net realized and unrealized gain (loss) | .08 | 1.24 | .59 | (.68) | .95 | 1.55 |
Total from investment operations | .18 | 1.35 | .73 | (.56) | 1.05 | 1.62 |
Distributions from net investment income | (.12) | (.15) | (.10) | (.10) | (.08) | (.12) |
Distributions from net realized gain | (.18) | (.25) | - | (.02) | (.03) | - |
Total distributions | (.30) | (.39) I | (.10) | (.12) | (.11) | (.12) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 8.14 | $ 8.26 | $ 7.30 | $ 6.67 | $ 7.35 | $ 6.41 |
Total Return B, C | 2.25% | 19.40% | 11.06% | (7.72)% | 16.48% | 34.23% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.16% A | 1.21% | 1.27% | 1.48% | 1.82% | 1.80% |
Expenses net of fee waivers, if any | 1.15% A | 1.20% | 1.20% | 1.20% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15% A | 1.18% | 1.17% | 1.17% | 1.23% | 1.22% |
Net investment income (loss) | 2.55% A | 1.46% | 2.13% | 1.69% | 1.40% | 1.38% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,207 | $ 2,372 | $ 1,514 | $ 197 | $ 28 | $ 1,308 |
Portfolio turnover rate F | 81% A | 89% | 110% | 75% | 67% | 98% |
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
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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, 2014, 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. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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. 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.
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 | $ 68,577,734 |
Gross unrealized depreciation | (6,211,211) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 62,366,523 |
| |
Tax cost | $ 318,469,609 |
Capital loss carry forwards 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 2012 (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. Capital loss carryforwards were as follows:
Fiscal year of expiration: | |
2016 | $ (2,434,120) |
2017 | (15,708,944) |
2019 | (8,855,997) |
Total capital loss carryforward | $ (26,999,061) |
Due to large subscriptions in a prior period, $26,999,061 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $150,586,677 and $141,495,612, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 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 .75% 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% | $ 11,452 | $ 422 |
Class T | .25% | .25% | 21,596 | 227 |
Class B | .75% | .25% | 937 | 708 |
Class C | .75% | .25% | 18,908 | 2,222 |
| | | $ 52,893 | $ 3,579 |
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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 | $ 1,546 |
Class T | 602 |
Class B* | 2 |
Class C* | 178 |
| $ 2,328 |
* 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
Average
Net Assets* |
Class A | $ 12,283 | .27 |
Class T | 11,519 | .27 |
Class B | 282 | .30 |
Class C | 5,769 | .31 |
Total International Equity | 196,410 | .12 |
Institutional Class | 2,691 | .24 |
| $ 228,954 | |
* 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. 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 $211 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 $329 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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 Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $51,266, including $462 from securities loaned to FCM.
Semiannual Report
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 13, 2014. 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 B | 2.20% | $ 18 |
Class C | 2.20% | 421 |
| | $ 439 |
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $1,394.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 114,661 | $ 102,760 |
Class T | 92,140 | 49,034 |
Class B | 757 | 1,541 |
Class C | 24,034 | 28,314 |
Total International Equity | 4,825,256 | 5,630,153 |
Institutional Class | 33,527 | 33,750 |
Total | $ 5,090,375 | $ 5,845,552 |
From net realized gain | | |
Class A | $ 201,491 | $ 199,811 |
Class T | 179,326 | 93,853 |
Class B | 4,154 | 6,990 |
Class C | 83,657 | 92,492 |
Total International Equity | 7,158,781 | 9,320,186 |
Institutional Class | 51,867 | 55,869 |
Total | $ 7,679,276 | $ 9,769,201 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 | Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 134,715 | 510,102 | $ 1,082,299 | $ 3,880,513 |
Reinvestment of distributions | 38,586 | 41,103 | 306,761 | 293,886 |
Shares redeemed | (103,237) | (248,440) | (831,388) | (1,903,860) |
Net increase (decrease) | 70,064 | 302,765 | $ 557,672 | $ 2,270,539 |
Class T | | | | |
Shares sold | 269,598 | 807,518 | $ 2,174,639 | $ 6,202,497 |
Reinvestment of distributions | 33,829 | 19,724 | 270,968 | 142,209 |
Shares redeemed | (116,317) | (195,438) | (935,712) | (1,518,035) |
Net increase (decrease) | 187,110 | 631,804 | $ 1,509,895 | $ 4,826,671 |
Class B | | | | |
Shares sold | 2,568 | 827 | $ 21,032 | $ 6,304 |
Reinvestment of distributions | 604 | 1,165 | 4,866 | 8,437 |
Shares redeemed | (3,815) | (8,955) | (30,657) | (69,218) |
Net increase (decrease) | (643) | (6,963) | $ (4,759) | $ (54,477) |
Class C | | | | |
Shares sold | 109,066 | 129,341 | $ 887,102 | $ 986,204 |
Reinvestment of distributions | 10,201 | 12,546 | 81,608 | 90,328 |
Shares redeemed | (74,120) | (83,065) | (599,031) | (635,648) |
Net increase (decrease) | 45,147 | 58,822 | $ 369,679 | $ 440,884 |
Total International Equity | | | | |
Shares sold | 4,521,455 | 10,376,724 | $ 36,543,858 | $ 77,880,274 |
Reinvestment of distributions | 1,486,031 | 2,062,441 | 11,828,806 | 14,746,450 |
Shares redeemed | (3,472,142) | (11,840,491) | (27,878,138) | (90,585,484) |
Net increase (decrease) | 2,535,344 | 598,674 | $ 20,494,526 | $ 2,041,240 |
Institutional Class | | | | |
Shares sold | 38,663 | 142,800 | $ 311,244 | $ 1,078,337 |
Reinvestment of distributions | 10,120 | 12,587 | 80,252 | 89,619 |
Shares redeemed | (64,805) | (75,629) | (517,133) | (583,086) |
Net increase (decrease) | (16,022) | 79,758 | $ (125,637) | $ 584,870 |
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
Semiannual Report
11. Other - continued
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.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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-0614
1.853359.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Worldwide Fund
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.36% | | | |
Actual | | $ 1,000.00 | $ 1,037.90 | $ 6.87 |
Hypothetical A | | $ 1,000.00 | $ 1,018.05 | $ 6.81 |
Class T | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,036.20 | $ 8.23 |
Hypothetical A | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.84 |
Hypothetical A | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.08% | | | |
Actual | | $ 1,000.00 | $ 1,034.10 | $ 10.49 |
Hypothetical A | | $ 1,000.00 | $ 1,014.48 | $ 10.39 |
Worldwide | 1.03% | | | |
Actual | | $ 1,000.00 | $ 1,039.40 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | 1.06% | | | |
Actual | | $ 1,000.00 | $ 1,039.20 | $ 5.36 |
Hypothetical A | | $ 1,000.00 | $ 1,019.54 | $ 5.31 |
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 Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United States of America* | 55.3% | |
 | Japan | 7.2% | |
 | United Kingdom | 6.7% | |
 | Germany | 4.5% | |
 | France | 3.9% | |
 | Switzerland | 3.8% | |
 | Ireland | 2.6% | |
 | Sweden | 2.3% | |
 | Netherlands | 1.9% | |
 | Other | 11.8% | |
* 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, 2013 |
| United States of America* | 52.6% | |
| Japan | 8.4% | |
| United Kingdom | 7.2% | |
| France | 4.9% | |
| Germany | 4.0% | |
| Ireland | 3.3% | |
| Switzerland | 3.1% | |
| Sweden | 1.9% | |
| Spain | 1.7% | |
| Other | 12.9% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 94.4 | 97.2 |
Bonds | 0.0 | 0.1 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.5 | 2.7 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) | 3.1 | 2.2 |
Cabot Oil & Gas Corp. (United States of America, Oil, Gas & Consumable Fuels) | 3.0 | 2.3 |
Cummins, Inc. (United States of America, Machinery) | 2.8 | 1.9 |
Adobe Systems, Inc. (United States of America, Software) | 2.3 | 1.0 |
Google, Inc. Class A (United States of America, Internet Software & Services) | 2.2 | 2.0 |
Ameriprise Financial, Inc. (United States of America, Capital Markets) | 1.8 | 1.2 |
American Airlines Group, Inc. (United States of America, Airlines) | 1.8 | 0.0 |
TJX Companies, Inc. (United States of America, Specialty Retail) | 1.6 | 0.9 |
Thermo Fisher Scientific, Inc. (United States of America, Life Sciences Tools & Services) | 1.6 | 0.0 |
Range Resources Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.6 | 0.0 |
| 21.8 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 16.1 | 19.6 |
Industrials | 14.7 | 12.2 |
Information Technology | 14.3 | 15.6 |
Health Care | 12.9 | 14.1 |
Consumer Discretionary | 12.7 | 12.6 |
Energy | 9.3 | 8.9 |
Consumer Staples | 6.5 | 6.3 |
Materials | 3.1 | 5.4 |
Telecommunication Services | 2.5 | 2.0 |
Utilities | 1.4 | 0.2 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value |
Australia - 1.1% |
Ansell Ltd. | 174,223 | | $ 2,927,924 |
Australia & New Zealand Banking Group Ltd. | 392,333 | | 12,563,535 |
Ramsay Health Care Ltd. | 80,656 | | 3,357,588 |
TOTAL AUSTRALIA | | 18,849,047 |
Austria - 0.1% |
Andritz AG | 28,200 | | 1,750,179 |
Bailiwick of Jersey - 0.8% |
Experian PLC | 166,400 | | 3,191,589 |
Shire PLC | 31,241 | | 1,786,735 |
Wolseley PLC | 87,992 | | 5,082,432 |
WPP PLC | 140,700 | | 3,033,718 |
TOTAL BAILIWICK OF JERSEY | | 13,094,474 |
Belgium - 1.1% |
Anheuser-Busch InBev SA NV (d) | 71,611 | | 7,805,305 |
Arseus NV | 14,800 | | 839,791 |
KBC Groupe SA | 155,759 | | 9,488,611 |
TOTAL BELGIUM | | 18,133,707 |
Bermuda - 0.1% |
Nabors Industries Ltd. | 13,000 | | 331,760 |
PAX Global Technology Ltd. (a) | 3,590,000 | | 1,870,720 |
TOTAL BERMUDA | | 2,202,480 |
Canada - 0.9% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 86,100 | | 2,426,558 |
Constellation Software, Inc. | 16,700 | | 3,698,668 |
First Quantum Minerals Ltd. | 105,700 | | 2,105,224 |
Imperial Oil Ltd. | 5,400 | | 263,681 |
Suncor Energy, Inc. | 123,400 | | 4,760,141 |
TransForce, Inc. | 90,200 | | 1,969,332 |
TOTAL CANADA | | 15,223,604 |
Cayman Islands - 0.5% |
Cimc Enric Holdings Ltd. | 788,000 | | 1,140,387 |
ENN Energy Holdings Ltd. | 198,000 | | 1,384,196 |
Greatview Aseptic Pack Co. Ltd. | 1,799,000 | | 1,097,553 |
iKang Healthcare Group, Inc. sponsored ADR | 5,100 | | 70,023 |
Sands China Ltd. | 277,200 | | 2,023,684 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 53,700 | | 1,825,800 |
TOTAL CAYMAN ISLANDS | | 7,541,643 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 31,822 | | 34,655 |
Denmark - 0.9% |
ISS Holdings A/S (a) | 45,600 | | 1,587,524 |
Novo Nordisk A/S Series B | 181,380 | | 8,232,116 |
|
| Shares | | Value |
Pandora A/S | 34,300 | | $ 2,307,281 |
Vestas Wind Systems A/S (a) | 81,200 | | 3,604,193 |
TOTAL DENMARK | | 15,731,114 |
Finland - 0.4% |
Raisio Group PLC (V Shares) | 139,000 | | 908,284 |
Sampo Oyj (A Shares) | 107,000 | | 5,312,898 |
TOTAL FINLAND | | 6,221,182 |
France - 3.9% |
Arkema SA | 29,430 | | 3,281,484 |
Atos Origin SA | 32,799 | | 2,831,695 |
AXA SA | 327,500 | | 8,530,555 |
BNP Paribas SA | 97,830 | | 7,344,050 |
Bureau Veritas SA | 86,700 | | 2,646,231 |
Havas SA | 390,700 | | 3,105,876 |
Iliad SA | 12,793 | | 3,452,058 |
Lafarge SA (Bearer) | 37,800 | | 3,453,295 |
Rexel SA | 224,300 | | 5,663,523 |
Schneider Electric SA | 84,600 | | 7,928,331 |
SR Teleperformance SA | 24,500 | | 1,403,450 |
Total SA (a) | 209,200 | | 14,967,050 |
TOTAL FRANCE | | 64,607,598 |
Germany - 3.9% |
Aareal Bank AG | 63,891 | | 2,896,285 |
adidas AG | 39,500 | | 4,215,789 |
BASF AG | 77,939 | | 9,021,175 |
Bayer AG (d) | 96,600 | | 13,401,801 |
Brenntag AG | 29,700 | | 5,370,980 |
Continental AG | 16,200 | | 3,794,916 |
Drillisch AG | 127,100 | | 4,732,756 |
GEA Group AG | 91,867 | | 4,109,680 |
HeidelbergCement Finance AG | 31,000 | | 2,688,851 |
KION Group AG | 95,589 | | 4,518,207 |
LEG Immobilien AG | 19,100 | | 1,274,042 |
Siemens AG | 73,564 | | 9,704,590 |
TOTAL GERMANY | | 65,729,072 |
Greece - 0.1% |
Folli Follie SA (a) | 59,300 | | 2,056,746 |
Hong Kong - 0.8% |
AIA Group Ltd. | 1,344,000 | | 6,518,087 |
Techtronic Industries Co. Ltd. | 2,334,000 | | 7,435,853 |
TOTAL HONG KONG | | 13,953,940 |
India - 0.6% |
Bharti Infratel Ltd. (a) | 343,664 | | 1,228,735 |
Housing Development Finance Corp. Ltd. | 378,171 | | 5,630,086 |
Lupin Ltd. | 124,317 | | 2,121,281 |
United Spirits Ltd. | 16,241 | | 745,473 |
TOTAL INDIA | | 9,725,575 |
Common Stocks - continued |
| Shares | | Value |
Ireland - 2.5% |
Actavis PLC (a) | 80,000 | | $ 16,346,400 |
Alkermes PLC (a) | 84,000 | | 3,885,840 |
Bank of Ireland (a) | 3,692,100 | | 1,444,862 |
Greencore Group PLC | 2,008,941 | | 8,856,240 |
James Hardie Industries PLC CDI | 365,087 | | 4,653,355 |
Kerry Group PLC Class A | 68,900 | | 5,438,981 |
Trinity Biotech PLC sponsored ADR | 15,000 | | 367,650 |
TOTAL IRELAND | | 40,993,328 |
Italy - 0.6% |
De Longhi SpA | 149,600 | | 3,246,044 |
UniCredit SpA | 560,300 | | 5,006,019 |
World Duty Free SpA (a) | 159,397 | | 2,135,101 |
TOTAL ITALY | | 10,387,164 |
Japan - 7.2% |
ABC-MART, Inc. | 21,800 | | 977,679 |
ACOM Co. Ltd. (a)(d) | 640,600 | | 2,180,553 |
Aozora Bank Ltd. | 983,000 | | 2,922,991 |
Astellas Pharma, Inc. | 610,500 | | 6,789,637 |
Coca-Cola Central Japan Co. Ltd. | 98,800 | | 2,220,789 |
Daikin Industries Ltd. | 67,300 | | 3,884,553 |
Don Quijote Holdings Co. Ltd. | 87,100 | | 4,583,538 |
Harmonic Drive Systems, Inc. | 64,400 | | 1,823,622 |
Hitachi Ltd. | 409,000 | | 2,908,427 |
Hoya Corp. | 131,600 | | 3,879,712 |
Iida Group Holdings Co. Ltd. (a) | 61,690 | | 917,189 |
Japan Exchange Group, Inc. | 159,500 | | 3,148,344 |
Japan Tobacco, Inc. | 238,400 | | 7,825,797 |
Kakaku.com, Inc. | 123,200 | | 1,753,372 |
KDDI Corp. | 87,900 | | 4,678,944 |
Keyence Corp. | 18,460 | | 7,111,528 |
NEC Corp. | 1,438,000 | | 4,036,837 |
Olympus Corp. (a) | 95,600 | | 2,917,514 |
OMRON Corp. | 128,500 | | 4,537,438 |
ORIX Corp. | 554,600 | | 8,012,366 |
Park24 Co. Ltd. | 83,900 | | 1,531,348 |
Rakuten, Inc. | 359,600 | | 4,649,985 |
Santen Pharmaceutical Co. Ltd. | 71,900 | | 3,206,964 |
Seven & i Holdings Co., Ltd. | 171,200 | | 6,750,205 |
Seven Bank Ltd. | 1,114,500 | | 4,218,824 |
Ship Healthcare Holdings, Inc. | 67,000 | | 2,280,628 |
SoftBank Corp. | 129,700 | | 9,629,021 |
Toshiba Plant Systems & Services Corp. | 155,300 | | 2,283,131 |
Toyota Motor Corp. | 139,500 | | 7,536,928 |
Tsuruha Holdings, Inc. | 12,900 | | 1,297,129 |
TOTAL JAPAN | | 120,494,993 |
Kenya - 0.2% |
Safaricom Ltd. | 18,905,500 | | 2,846,363 |
|
| Shares | | Value |
Korea (South) - 0.5% |
Hyundai Motor Co. | 12,766 | | $ 2,842,108 |
Naver Corp. | 6,963 | | 4,974,055 |
TOTAL KOREA (SOUTH) | | 7,816,163 |
Luxembourg - 0.2% |
Altice S.A. | 48,300 | | 2,760,101 |
Netherlands - 1.9% |
AEGON NV | 292,700 | | 2,683,011 |
AerCap Holdings NV (a) | 342,200 | | 14,280,006 |
Airbus Group NV | 24,000 | | 1,647,839 |
Koninklijke KPN NV (a) | 780,491 | | 2,772,985 |
Koninklijke Philips Electronics NV | 214,500 | | 6,866,830 |
Royal DSM NV | 48,000 | | 3,441,516 |
TOTAL NETHERLANDS | | 31,692,187 |
New Zealand - 0.2% |
EBOS Group Ltd. | 34,324 | | 278,217 |
Ryman Healthcare Group Ltd. | 459,616 | | 3,428,227 |
TOTAL NEW ZEALAND | | 3,706,444 |
Philippines - 0.1% |
Alliance Global Group, Inc. | 1,671,800 | | 1,168,291 |
Portugal - 0.1% |
CTT Correios de Portugal SA | 37,774 | | 415,525 |
Espirito Santo Saude SGPS SA | 163,137 | | 787,622 |
TOTAL PORTUGAL | | 1,203,147 |
Singapore - 0.2% |
Ezion Holdings Ltd. | 792,000 | | 1,434,027 |
Global Logistic Properties Ltd. | 1,015,000 | | 2,307,370 |
TOTAL SINGAPORE | | 3,741,397 |
South Africa - 0.3% |
Distell Group Ltd. | 126,410 | | 1,501,949 |
Naspers Ltd. Class N | 41,100 | | 3,875,405 |
TOTAL SOUTH AFRICA | | 5,377,354 |
Spain - 1.3% |
Amadeus IT Holding SA Class A | 91,200 | | 3,790,096 |
Atresmedia Corporacion de Medios de Comunicacion SA | 93,500 | | 1,339,979 |
Banco Bilbao Vizcaya Argentaria SA | 378,631 | | 4,663,880 |
Criteria CaixaCorp SA | 495,883 | | 3,020,159 |
Grifols SA ADR | 112,842 | | 4,631,036 |
Inditex SA | 28,781 | | 4,318,356 |
TOTAL SPAIN | | 21,763,506 |
Sweden - 2.3% |
ASSA ABLOY AB (B Shares) | 132,400 | | 7,008,717 |
Eniro AB (a) | 303,500 | | 2,408,508 |
H&M Hennes & Mauritz AB (B Shares) | 66,882 | | 2,723,748 |
HEXPOL AB (B Shares) | 17,500 | | 1,652,518 |
Intrum Justitia AB | 115,000 | | 3,326,797 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Investment AB Kinnevik (B Shares) | 25,600 | | $ 899,634 |
Nordea Bank AB | 591,800 | | 8,550,892 |
Svenska Cellulosa AB (SCA) (B Shares) | 284,400 | | 7,964,880 |
Svenska Handelsbanken AB (A Shares) | 87,700 | | 4,401,050 |
TOTAL SWEDEN | | 38,936,744 |
Switzerland - 3.8% |
Compagnie Financiere Richemont SA Series A | 14,680 | | 1,489,517 |
Lonza Group AG | 47,211 | | 4,932,453 |
Partners Group Holding AG | 13,818 | | 3,780,678 |
Roche Holding AG (participation certificate) | 56,372 | | 16,536,517 |
Schindler Holding AG (participation certificate) | 11,367 | | 1,759,102 |
Syngenta AG (Switzerland) | 11,110 | | 4,399,467 |
TE Connectivity Ltd. | 380,000 | | 22,412,400 |
UBS AG | 371,406 | | 7,767,540 |
TOTAL SWITZERLAND | | 63,077,674 |
Taiwan - 0.7% |
ECLAT Textile Co. Ltd. | 149,940 | | 1,640,291 |
MediaTek, Inc. | 289,000 | | 4,521,987 |
Merida Industry Co. Ltd. | 295,000 | | 1,975,435 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 801,000 | | 3,150,806 |
TOTAL TAIWAN | | 11,288,519 |
United Kingdom - 6.7% |
Aberdeen Asset Management PLC | 355,842 | | 2,624,310 |
Alabama Noor Hospitals Group PLC | 169,000 | | 2,847,689 |
Associated British Foods PLC | 48,600 | | 2,437,891 |
Barclays PLC | 1,024,038 | | 4,372,693 |
BG Group PLC | 261,200 | | 5,283,301 |
BHP Billiton PLC | 154,101 | | 5,002,794 |
British American Tobacco PLC (United Kingdom) | 67,200 | | 3,880,463 |
Bunzl PLC | 72,900 | | 2,069,048 |
Diageo PLC | 264,983 | | 8,119,031 |
Exova Group Ltd. PLC (a) | 534,277 | | 1,986,816 |
Hikma Pharmaceuticals PLC | 241,212 | | 6,320,712 |
Hilton Food Group PLC | 350,100 | | 3,153,566 |
HSBC Holdings PLC (United Kingdom) | 425,450 | | 4,347,088 |
ITV PLC | 907,700 | | 2,789,260 |
Jazztel PLC (a) | 284,917 | | 4,371,792 |
Legal & General Group PLC | 591,242 | | 2,114,300 |
Liberty Global PLC: | | | |
Class A (a) | 41,200 | | 1,640,584 |
Class C | 41,200 | | 1,583,316 |
London Stock Exchange Group PLC | 168,200 | | 5,145,879 |
Meggitt PLC | 419,676 | | 3,377,805 |
Melrose PLC | 445,600 | | 2,147,962 |
Next PLC | 57,000 | | 6,274,770 |
Ocado Group PLC (a) | 51,000 | | 289,324 |
|
| Shares | | Value |
Persimmon PLC | 129,000 | | $ 2,857,583 |
Poundland Group PLC (a) | 248,394 | | 1,457,375 |
Reckitt Benckiser Group PLC | 48,500 | | 3,910,123 |
Rolls-Royce Group PLC | 271,600 | | 4,814,979 |
Rotork PLC | 44,510 | | 1,947,154 |
St. James's Place Capital PLC | 362,000 | | 4,706,246 |
Sthree PLC | 344,400 | | 2,357,922 |
Taylor Wimpey PLC | 761,900 | | 1,351,998 |
The Restaurant Group PLC | 123,700 | | 1,303,256 |
Ultra Electronics Holdings PLC | 36,900 | | 1,056,641 |
Vodafone Group PLC | 741,209 | | 2,814,083 |
TOTAL UNITED KINGDOM | | 110,757,754 |
United States of America - 48.8% |
Adobe Systems, Inc. (a) | 629,200 | | 38,815,348 |
Alexion Pharmaceuticals, Inc. (a) | 14,800 | | 2,341,360 |
American Airlines Group, Inc. | 843,000 | | 29,564,010 |
American Electric Power Co., Inc. | 13,000 | | 699,530 |
American Express Co. | 72,000 | | 6,294,960 |
Ameriprise Financial, Inc. | 270,400 | | 30,184,752 |
Anadarko Petroleum Corp. | 59,000 | | 5,842,180 |
ANSYS, Inc. (a) | 50,000 | | 3,815,500 |
AutoZone, Inc. (a) | 25,500 | | 13,614,195 |
Baker Hughes, Inc. | 39,000 | | 2,726,100 |
Biogen Idec, Inc. (a) | 31,000 | | 8,900,720 |
Boston Scientific Corp. (a) | 470,200 | | 5,929,222 |
Cabot Oil & Gas Corp. | 1,282,000 | | 50,356,960 |
Caterpillar, Inc. | 38,000 | | 4,005,200 |
CBS Corp. Class B | 26,000 | | 1,501,760 |
Charles Schwab Corp. | 175,000 | | 4,646,250 |
Church & Dwight Co., Inc. | 31,000 | | 2,139,310 |
Comcast Corp. Class A | 452,000 | | 23,395,520 |
Computer Sciences Corp. | 45,000 | | 2,663,100 |
CONSOL Energy, Inc. | 13,000 | | 578,630 |
Continental Resources, Inc. (a) | 5,000 | | 692,600 |
Cummins, Inc. | 304,700 | | 45,963,995 |
CVS Caremark Corp. | 144,000 | | 10,471,680 |
Devon Energy Corp. | 13,000 | | 910,000 |
Dynegy, Inc. (a) | 23,100 | | 657,195 |
Endocyte, Inc. (a) | 24,700 | | 447,317 |
Estee Lauder Companies, Inc. Class A | 144,000 | | 10,450,080 |
Facebook, Inc. Class A (a) | 131,000 | | 7,831,180 |
Fidelity National Information Services, Inc. | 267,000 | | 14,265,810 |
Freeport-McMoRan Copper & Gold, Inc. | 276,000 | | 9,486,120 |
Google, Inc.: | | | |
Class A (a) | 67,800 | | 36,264,864 |
Class C (a) | 5,600 | | 2,949,296 |
Halliburton Co. | 294,000 | | 18,542,580 |
Illumina, Inc. (a) | 168,100 | | 22,836,385 |
inContact, Inc. (a) | 167,000 | | 1,377,750 |
Intercept Pharmaceuticals, Inc. (a) | 35,300 | | 9,323,436 |
InterMune, Inc. (a) | 50,000 | | 1,604,000 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Isis Pharmaceuticals, Inc. (a) | 10,900 | | $ 290,049 |
Johnson & Johnson | 179,000 | | 18,130,910 |
Kate Spade & Co. (a) | 30,800 | | 1,070,916 |
Las Vegas Sands Corp. | 130,900 | | 10,358,117 |
Lumber Liquidators Holdings, Inc. (a) | 13,000 | | 1,133,080 |
Marriott International, Inc. Class A | 238,000 | | 13,787,340 |
MasterCard, Inc. Class A | 166,600 | | 12,253,430 |
McGraw Hill Financial, Inc. | 693,400 | | 51,263,063 |
Moody's Corp. | 104,000 | | 8,164,000 |
Morgan Stanley | 139,000 | | 4,299,270 |
MPLX LP | 1,200 | | 64,956 |
Neurocrine Biosciences, Inc. (a) | 41,600 | | 583,232 |
NextEra Energy, Inc. | 28,000 | | 2,795,800 |
Noble Energy, Inc. | 156,000 | | 11,197,680 |
Norfolk Southern Corp. | 199,900 | | 18,896,547 |
Oceaneering International, Inc. | 76,000 | | 5,569,280 |
Oracle Corp. | 358,000 | | 14,635,040 |
Phillips 66 Partners LP | 7,100 | | 380,702 |
Pioneer Natural Resources Co. | 27,900 | | 5,392,233 |
Prestige Brands Holdings, Inc. (a) | 116,505 | | 3,905,248 |
priceline.com, Inc. (a) | 2,700 | | 3,125,925 |
QUALCOMM, Inc. | 67,000 | | 5,273,570 |
Range Resources Corp. | 285,000 | | 25,778,250 |
Rex Energy Corp. (a) | 25,000 | | 526,500 |
salesforce.com, Inc. (a) | 147,300 | | 7,608,045 |
Sempra Energy | 190,000 | | 18,735,900 |
Spectra Energy Corp. | 13,000 | | 516,230 |
Spirit Airlines, Inc. (a) | 81,900 | | 4,655,196 |
The Coca-Cola Co. | 228,000 | | 9,300,120 |
The Cooper Companies, Inc. | 23,800 | | 3,139,458 |
The Walt Disney Co. | 120,000 | | 9,520,800 |
Thermo Fisher Scientific, Inc. | 231,000 | | 26,334,000 |
TJX Companies, Inc. | 454,900 | | 26,466,082 |
Union Pacific Corp. | 108,400 | | 20,642,612 |
Visa, Inc. Class A | 16,400 | | 3,322,804 |
Web.com Group, Inc. (a) | 77,100 | | 2,367,741 |
Wells Fargo & Co. | 273,000 | | 13,551,720 |
Workday, Inc. Class A (a) | 13,100 | | 957,217 |
Zebra Technologies Corp. Class A (a) | 194,799 | | 13,526,843 |
TOTAL UNITED STATES OF AMERICA | | 811,608,801 |
TOTAL COMMON STOCKS (Cost $1,318,229,538) |
1,544,474,946
|
Nonconvertible Preferred Stocks - 0.6% |
| | | |
Germany - 0.6% |
Volkswagen AG | 39,200 | | 10,555,958 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 36,394,400 | | $ 61,448 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $7,520,304) |
10,617,406
|
Government Obligations - 0.1% |
| Principal Amount (h) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14 (g)
(Cost $994,973) | | $ 995,000 | |
994,988
|
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (e)(f)
(Cost $1,935,053) | EUR | 1,260,000 | |
1,947,054
|
Money Market Funds - 6.3% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 80,440,386 | | 80,440,386 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 24,095,602 | | 24,095,602 |
TOTAL MONEY MARKET FUNDS (Cost $104,535,988) |
104,535,988
|
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $1,433,215,856) | | 1,662,570,382 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | | 1,127,076 |
NET ASSETS - 100% | $ 1,663,697,458 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized
Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
242 CME Nikkei 225 Index Contracts | June 2014 | | $ 17,309,050 | | $ (1,236,567) |
|
The face value of futures purchased as a percentage of net assets is 1.0% |
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) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,947,054 or 0.1% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) 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 $994,988. |
(h) Amount is stated in United States dollars unless otherwise noted. |
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 | $ 29,626 |
Fidelity Securities Lending Cash Central Fund | 120,100 |
Total | $ 149,726 |
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, 2014, 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 | $ 211,470,934 | $ 200,900,288 | $ 10,570,646 | $ - |
Consumer Staples | 107,603,854 | 87,799,055 | 19,804,799 | - |
Energy | 156,114,841 | 141,147,791 | 14,967,050 | - |
Financials | 266,315,508 | 241,036,434 | 25,279,074 | - |
Health Care | 213,885,502 | 185,208,853 | 28,676,649 | - |
Industrials | 249,213,724 | 232,642,304 | 16,571,420 | - |
Information Technology | 238,027,529 | 234,876,723 | 3,150,806 | - |
Materials | 50,283,352 | 40,881,091 | 9,402,261 | - |
Telecommunication Services | 37,904,487 | 32,317,419 | 5,587,068 | - |
Utilities | 24,272,621 | 24,272,621 | - | - |
Government Obligations | 994,988 | - | 994,988 | - |
Preferred Securities | 1,947,054 | - | 1,947,054 | - |
Money Market Funds | 104,535,988 | 104,535,988 | - | - |
Total Investments in Securities: | $ 1,662,570,382 | $ 1,525,618,567 | $ 136,951,815 | $ - |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (1,236,567) | $ (1,236,567) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 19,023,104 |
Level 2 to Level 1 | $ 92,862,143 |
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, 2014. 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) | $ - | $ (1,236,567) |
Total Value of Derivatives | $ - | $ (1,236,567) |
(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 Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $22,555,351) - See accompanying schedule: Unaffiliated issuers (cost $1,328,679,868) | $ 1,558,034,394 | |
Fidelity Central Funds (cost $104,535,988) | 104,535,988 | |
Total Investments (cost $1,433,215,856) | | $ 1,662,570,382 |
Foreign currency held at value (cost $52) | | 52 |
Receivable for investments sold | | 68,415,908 |
Receivable for fund shares sold | | 1,484,763 |
Dividends receivable | | 3,212,936 |
Interest receivable | | 191 |
Distributions receivable from Fidelity Central Funds | | 39,519 |
Prepaid expenses | | 1,261 |
Other receivables | | 253,850 |
Total assets | | 1,735,978,862 |
| | |
Liabilities | | |
Payable for investments purchased | $ 45,159,562 | |
Payable for fund shares redeemed | 1,447,317 | |
Accrued management fee | 952,662 | |
Distribution and service plan fees payable | 25,026 | |
Payable for daily variation margin for derivative instruments | 199,650 | |
Other affiliated payables | 316,712 | |
Other payables and accrued expenses | 84,873 | |
Collateral on securities loaned, at value | 24,095,602 | |
Total liabilities | | 72,281,404 |
| | |
Net Assets | | $ 1,663,697,458 |
Net Assets consist of: | | |
Paid in capital | | $ 1,310,015,718 |
Undistributed net investment income | | 1,479,915 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 124,153,105 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 228,048,720 |
Net Assets | | $ 1,663,697,458 |
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($35,512,784 ÷ 1,476,268 shares) | | $ 24.06 |
| | |
Maximum offering price per share (100/94.25 of $24.06) | | $ 25.53 |
Class T:
Net Asset Value and redemption price per share ($11,898,138 ÷ 497,174 shares) | | $ 23.93 |
| | |
Maximum offering price per share (100/96.50 of $23.93) | | $ 24.80 |
Class B:
Net Asset Value and offering price per share ($677,897 ÷ 28,579 shares)A | | $ 23.72 |
| | |
Class C:
Net Asset Value and offering price per share ($14,391,470 ÷ 609,110 shares)A | | $ 23.63 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,578,956,008 ÷ 65,013,550 shares) | | $ 24.29 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($22,261,161 ÷ 920,566 shares) | | $ 24.18 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 10,543,027 |
Interest | | 1,137 |
Income from Fidelity Central Funds | | 149,726 |
Income before foreign taxes withheld | | 10,693,890 |
Less foreign taxes withheld | | (616,440) |
Total income | | 10,077,450 |
�� | | |
Expenses | | |
Management fee Basic fee | $ 5,741,879 | |
Performance adjustment | 631,678 | |
Transfer agent fees | 1,566,180 | |
Distribution and service plan fees | 139,482 | |
Accounting and security lending fees | 309,170 | |
Custodian fees and expenses | 90,515 | |
Independent trustees' compensation | 3,242 | |
Registration fees | 92,358 | |
Audit | 33,965 | |
Legal | 3,748 | |
Miscellaneous | 5,683 | |
Total expenses before reductions | 8,617,900 | |
Expense reductions | (17,167) | 8,600,733 |
Net investment income (loss) | | 1,476,717 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 132,730,021 | |
Foreign currency transactions | (120,144) | |
Futures contracts | 372,794 | |
Total net realized gain (loss) | | 132,982,671 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (74,165,213) | |
Assets and liabilities in foreign currencies | 8,373 | |
Futures contracts | (1,484,599) | |
Total change in net unrealized appreciation (depreciation) | | (75,641,439) |
Net gain (loss) | | 57,341,232 |
Net increase (decrease) in net assets resulting from operations | | $ 58,817,949 |
Statement of Changes in Net Assets
| Six months ended April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,476,717 | $ 5,393,168 |
Net realized gain (loss) | 132,982,671 | 127,458,993 |
Change in net unrealized appreciation (depreciation) | (75,641,439) | 200,895,469 |
Net increase (decrease) in net assets resulting from operations | 58,817,949 | 333,747,630 |
Distributions to shareholders from net investment income | (5,150,884) | (8,778,977) |
Distributions to shareholders from net realized gain | (120,193,598) | (4,461,887) |
Total distributions | (125,344,482) | (13,240,864) |
Share transactions - net increase (decrease) | 205,178,991 | 92,658,787 |
Redemption fees | 19,886 | 24,982 |
Total increase (decrease) in net assets | 138,672,344 | 413,190,535 |
| | |
Net Assets | | |
Beginning of period | 1,525,025,114 | 1,111,834,579 |
End of period (including undistributed net investment income of $1,479,915 and undistributed net investment income of $5,154,082, respectively) | $ 1,663,697,458 | $ 1,525,025,114 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.02) | .02 | .10 | .05 | .03 | (.01) |
Net realized and unrealized gain (loss) | .92 | 5.66 | 1.72 | .47 | 2.63 | 4.09 |
Total from investment operations | .90 | 5.68 | 1.82 | .52 | 2.66 | 4.08 |
Distributions from net investment income | (.04) | (.11) | (.02) | (.08) | (.10) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.02) | (.19) | (.02) | (.13) | (.12) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 24.06 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 |
Total Return B, C, D | 3.79% | 29.10% | 10.20% | 2.94% | 17.85% | 37.50% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 1.36% A | 1.45% | 1.43% | 1.41% | 1.43% | 1.52% A |
Expenses net of fee waivers, if any | 1.36% A | 1.45% | 1.43% | 1.40% | 1.43% | 1.52% A |
Expenses net of all reductions | 1.36% A | 1.42% | 1.41% | 1.38% | 1.41% | 1.49% A |
Net investment income (loss) | (.13)% A | .09% | .52% | .28% | .21% | (.06)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 35,513 | $ 28,661 | $ 18,723 | $ 13,153 | $ 7,530 | $ 993 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.05) | (.04) | .05 | .01 | (.01) | (.01) |
Net realized and unrealized gain (loss) | .91 | 5.63 | 1.73 | .45 | 2.62 | 4.07 |
Total from investment operations | .86 | 5.59 | 1.78 | .46 | 2.61 | 4.06 |
Distributions from net investment income | - | (.07) | - | (.04) | (.08) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (1.98) | (.15) | - | (.09) | (.09) K | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.93 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 |
Total Return B, C, D | 3.62% | 28.73% | 9.98% | 2.61% | 17.53% | 37.32% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 1.63% A | 1.71% | 1.68% | 1.66% | 1.70% | 1.73% A |
Expenses net of fee waivers, if any | 1.63% A | 1.70% | 1.68% | 1.65% | 1.70% | 1.73% A |
Expenses net of all reductions | 1.63% A | 1.68% | 1.66% | 1.63% | 1.68% | 1.70% A |
Net investment income (loss) | (.40)% A | (.16)% | .26% | .03% | (.05)% | (.08)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,898 | $ 9,822 | $ 5,550 | $ 2,187 | $ 1,120 | $ 458 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.11) | (.14) | (.04) | (.09) | (.09) | (.03) |
Net realized and unrealized gain (loss) | .90 | 5.59 | 1.71 | .47 | 2.61 | 4.04 |
Total from investment operations | .79 | 5.45 | 1.67 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (1.89) | (.07) | - | - | (.01) | - |
Total distributions | (1.89) | (.07) | - | - | (.02) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.72 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 |
Total Return B, C, D | 3.36% | 28.13% | 9.40% | 2.19% | 16.92% | 36.86% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.18% | 2.16% | 2.19% | 2.20% A |
Expenses net of fee waivers, if any | 2.15% A | 2.19% | 2.18% | 2.16% | 2.19% | 2.20% A |
Expenses net of all reductions | 2.15% A | 2.17% | 2.16% | 2.13% | 2.17% | 2.17% A |
Net investment income (loss) | (.92)% A | (.65)% | (.23)% | (.47)% | (.55)% | (.30)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 678 | $ 710 | $ 304 | $ 256 | $ 305 | $ 224 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.10) | (.14) | (.04) | (.09) | (.09) | (.04) |
Net realized and unrealized gain (loss) | .90 | 5.58 | 1.71 | .47 | 2.61 | 4.05 |
Total from investment operations | .80 | 5.44 | 1.67 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | - | - | (.03) | - |
Distributions from net realized gain | (1.95) | (.07) | - | - | (.02) | - |
Total distributions | (1.95) | (.07) | - | - | (.05) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.63 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 |
Total Return B, C, D | 3.41% | 28.12% | 9.41% | 2.19% | 16.94% | 36.86% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 2.08% A | 2.15% | 2.18% | 2.16% | 2.19% | 2.18% A |
Expenses net of fee waivers, if any | 2.08% A | 2.14% | 2.18% | 2.15% | 2.19% | 2.18% A |
Expenses net of all reductions | 2.08% A | 2.12% | 2.16% | 2.13% | 2.16% | 2.15% A |
Net investment income (loss) | (.85)% A | (.60)% | (.23)% | (.47)% | (.54)% | (.39)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,391 | $ 10,778 | $ 1,726 | $ 1,297 | $ 710 | $ 335 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 - Worldwide
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .02 | .10 | .16 | .11 | .08 | .12 |
Net realized and unrealized gain (loss) | .93 | 5.70 | 1.74 | .48 | 2.63 | 1.63 |
Total from investment operations | .95 | 5.80 | 1.90 | .59 | 2.71 | 1.75 |
Distributions from net investment income | (.09) | (.16) | (.07) | (.10) | (.10) | (.17) |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.07) | (.24) | (.07) | (.15) | (.11) I | (.17) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 24.29 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 |
Total Return B, C | 3.94% | 29.54% | 10.56% | 3.32% | 18.18% | 13.39% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.03% A | 1.11% | 1.11% | 1.08% | 1.15% | 1.27% |
Expenses net of fee waivers, if any | 1.03% A | 1.11% | 1.11% | 1.08% | 1.15% | 1.27% |
Expenses net of all reductions | 1.03% A | 1.08% | 1.09% | 1.05% | 1.12% | 1.24% |
Net investment income (loss) | .20% A | .43% | .84% | .60% | .50% | .92% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,578,956 | $ 1,464,415 | $ 1,081,240 | $ 1,114,694 | $ 1,087,928 | $ 991,996 |
Portfolio turnover rate F | 175% A | 161% | 186% | 203% | 166% | 224% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .02 | .08 | .14 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .92 | 5.68 | 1.74 | .47 | 2.63 | 4.06 |
Total from investment operations | .94 | 5.76 | 1.88 | .57 | 2.70 | 4.12 |
Distributions from net investment income | (.09) | (.15) | (.08) | (.11) | (.11) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.07) | (.23) | (.08) | (.16) | (.13) | - |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 24.18 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 |
Total Return B, C | 3.92% | 29.44% | 10.49% | 3.23% | 18.08% | 37.87% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.06% A | 1.17% | 1.18% | 1.13% | 1.21% | 1.17% A |
Expenses net of fee waivers, if any | 1.06% A | 1.17% | 1.18% | 1.13% | 1.21% | 1.17% A |
Expenses net of all reductions | 1.05% A | 1.14% | 1.16% | 1.10% | 1.19% | 1.15% A |
Net investment income (loss) | .18% A | .37% | .77% | .56% | .44% | .62% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 22,261 | $ 10,639 | $ 4,291 | $ 3,086 | $ 335 | $ 290 |
Portfolio turnover rate F | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
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, 2014, 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. 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 and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ 241,646,852 |
Gross unrealized depreciation | (20,016,802) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 221,630,050 |
| |
Tax cost | $ 1,440,940,332 |
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.
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.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Futures Contracts - continued
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 $372,794 and a change in net unrealized appreciation (depreciation) of $(1,484,599) 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 $1,398,864,150 and $1,377,954,655, 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 .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 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 .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.
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% | $ 43,846 | $ 1,502 |
Class T | .25% | .25% | 28,078 | 252 |
Class B | .75% | .25% | 3,541 | 2,670 |
Class C | .75% | .25% | 64,017 | 15,319 |
| | | $ 139,482 | $ 19,743 |
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 | $ 6,182 |
Class T | 2,359 |
Class B* | 253 |
Class C* | 493 |
| $ 9,287 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of 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
Average
Net Assets* |
Class A | $ 47,369 | .27 |
Class T | 16,243 | .29 |
Class B | 1,080 | .31 |
Class C | 15,330 | .24 |
Worldwide | 1,468,573 | .19 |
Institutional Class | 17,585 | .21 |
| $ 1,566,180 | |
* 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 $27,574 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 $1,492 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 $120,100, including $224 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 $10,033 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 $36.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $7,098.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 57,793 | $ 102,433 |
Class T | - | 21,836 |
Class B | - | - |
Class C | - | - |
Worldwide | 5,057,505 | 8,622,428 |
Institutional Class | 35,586 | 32,280 |
Total | $ 5,150,884 | $ 8,778,977 |
From net realized gain | | |
Class A | $ 2,599,391 | $ 75,180 |
Class T | 810,701 | 23,606 |
Class B | 53,916 | 1,126 |
Class C | 885,815 | 6,545 |
Worldwide | 115,043,498 | 4,338,328 |
Institutional Class | 800,277 | 17,102 |
Total | $ 120,193,598 | $ 4,461,887 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2014 | Year ended
October 31, 2013 | Six months ended April 30, 2014 | Year ended
October 31, 2013 |
Class A | | | | |
Shares sold | 529,342 | 491,761 | $ 13,076,625 | $ 11,054,215 |
Reinvestment of distributions | 85,788 | 6,945 | 2,012,595 | 138,266 |
Shares redeemed | (276,992) | (311,295) | (6,726,916) | (6,852,432) |
Net increase (decrease) | 338,138 | 187,411 | $ 8,362,304 | $ 4,340,049 |
Class T | | | | |
Shares sold | 107,730 | 169,111 | $ 2,635,638 | $ 3,777,852 |
Reinvestment of distributions | 34,507 | 2,272 | 806,094 | 45,089 |
Shares redeemed | (37,158) | (62,341) | (899,613) | (1,376,268) |
Net increase (decrease) | 105,079 | 109,042 | $ 2,542,119 | $ 2,446,673 |
Class B | | | | |
Shares sold | 1,492 | 20,337 | $ 35,790 | $ 444,905 |
Reinvestment of distributions | 2,096 | 53 | 48,630 | 1,043 |
Shares redeemed | (3,610) | (7,424) | (87,302) | (167,624) |
Net increase (decrease) | (22) | 12,966 | $ (2,882) | $ 278,324 |
Class C | | | | |
Shares sold | 171,404 | 396,584 | $ 4,118,580 | $ 8,655,233 |
Reinvestment of distributions | 37,262 | 325 | 860,745 | 6,404 |
Shares redeemed | (34,478) | (50,941) | (820,094) | (1,138,699) |
Net increase (decrease) | 174,188 | 345,968 | $ 4,159,231 | $ 7,522,938 |
Worldwide | | | | |
Shares sold | 7,738,800 | 11,150,143 | $ 191,914,263 | $ 252,015,125 |
Reinvestment of distributions | 4,935,499 | 628,809 | 116,724,543 | 12,588,791 |
Shares redeemed | (5,296,247) | (8,612,327) | (130,587,528) | (191,232,967) |
Net increase (decrease) | 7,378,052 | 3,166,625 | $ 178,051,278 | $ 73,370,949 |
Institutional Class | | | | |
Shares sold | 652,128 | 275,603 | $ 15,896,134 | $ 6,347,280 |
Reinvestment of distributions | 32,218 | 2,425 | 758,744 | 48,393 |
Shares redeemed | (184,087) | (74,630) | (4,587,937) | (1,695,819) |
Net increase (decrease) | 500,259 | 203,398 | $ 12,066,941 | $ 4,699,854 |
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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
AWLD-USAN-0614
1.883449.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Worldwide Fund
Institutional Class
Semiannual Report
April 30, 2014
(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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013
to April 30, 2014 |
Class A | 1.36% | | | |
Actual | | $ 1,000.00 | $ 1,037.90 | $ 6.87 |
Hypothetical A | | $ 1,000.00 | $ 1,018.05 | $ 6.81 |
Class T | 1.63% | | | |
Actual | | $ 1,000.00 | $ 1,036.20 | $ 8.23 |
Hypothetical A | | $ 1,000.00 | $ 1,016.71 | $ 8.15 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,033.60 | $ 10.84 |
Hypothetical A | | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.08% | | | |
Actual | | $ 1,000.00 | $ 1,034.10 | $ 10.49 |
Hypothetical A | | $ 1,000.00 | $ 1,014.48 | $ 10.39 |
Worldwide | 1.03% | | | |
Actual | | $ 1,000.00 | $ 1,039.40 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | 1.06% | | | |
Actual | | $ 1,000.00 | $ 1,039.20 | $ 5.36 |
Hypothetical A | | $ 1,000.00 | $ 1,019.54 | $ 5.31 |
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 Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2014 |
 | United States of America* | 55.3% | |
 | Japan | 7.2% | |
 | United Kingdom | 6.7% | |
 | Germany | 4.5% | |
 | France | 3.9% | |
 | Switzerland | 3.8% | |
 | Ireland | 2.6% | |
 | Sweden | 2.3% | |
 | Netherlands | 1.9% | |
 | Other | 11.8% | |
* 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, 2013 |
| United States of America* | 52.6% | |
| Japan | 8.4% | |
| United Kingdom | 7.2% | |
| France | 4.9% | |
| Germany | 4.0% | |
| Ireland | 3.3% | |
| Switzerland | 3.1% | |
| Sweden | 1.9% | |
| Spain | 1.7% | |
| Other | 12.9% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 94.4 | 97.2 |
Bonds | 0.0 | 0.1 |
Other Investments | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.5 | 2.7 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) | 3.1 | 2.2 |
Cabot Oil & Gas Corp. (United States of America, Oil, Gas & Consumable Fuels) | 3.0 | 2.3 |
Cummins, Inc. (United States of America, Machinery) | 2.8 | 1.9 |
Adobe Systems, Inc. (United States of America, Software) | 2.3 | 1.0 |
Google, Inc. Class A (United States of America, Internet Software & Services) | 2.2 | 2.0 |
Ameriprise Financial, Inc. (United States of America, Capital Markets) | 1.8 | 1.2 |
American Airlines Group, Inc. (United States of America, Airlines) | 1.8 | 0.0 |
TJX Companies, Inc. (United States of America, Specialty Retail) | 1.6 | 0.9 |
Thermo Fisher Scientific, Inc. (United States of America, Life Sciences Tools & Services) | 1.6 | 0.0 |
Range Resources Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.6 | 0.0 |
| 21.8 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 16.1 | 19.6 |
Industrials | 14.7 | 12.2 |
Information Technology | 14.3 | 15.6 |
Health Care | 12.9 | 14.1 |
Consumer Discretionary | 12.7 | 12.6 |
Energy | 9.3 | 8.9 |
Consumer Staples | 6.5 | 6.3 |
Materials | 3.1 | 5.4 |
Telecommunication Services | 2.5 | 2.0 |
Utilities | 1.4 | 0.2 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2014 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% |
| Shares | | Value |
Australia - 1.1% |
Ansell Ltd. | 174,223 | | $ 2,927,924 |
Australia & New Zealand Banking Group Ltd. | 392,333 | | 12,563,535 |
Ramsay Health Care Ltd. | 80,656 | | 3,357,588 |
TOTAL AUSTRALIA | | 18,849,047 |
Austria - 0.1% |
Andritz AG | 28,200 | | 1,750,179 |
Bailiwick of Jersey - 0.8% |
Experian PLC | 166,400 | | 3,191,589 |
Shire PLC | 31,241 | | 1,786,735 |
Wolseley PLC | 87,992 | | 5,082,432 |
WPP PLC | 140,700 | | 3,033,718 |
TOTAL BAILIWICK OF JERSEY | | 13,094,474 |
Belgium - 1.1% |
Anheuser-Busch InBev SA NV (d) | 71,611 | | 7,805,305 |
Arseus NV | 14,800 | | 839,791 |
KBC Groupe SA | 155,759 | | 9,488,611 |
TOTAL BELGIUM | | 18,133,707 |
Bermuda - 0.1% |
Nabors Industries Ltd. | 13,000 | | 331,760 |
PAX Global Technology Ltd. (a) | 3,590,000 | | 1,870,720 |
TOTAL BERMUDA | | 2,202,480 |
Canada - 0.9% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 86,100 | | 2,426,558 |
Constellation Software, Inc. | 16,700 | | 3,698,668 |
First Quantum Minerals Ltd. | 105,700 | | 2,105,224 |
Imperial Oil Ltd. | 5,400 | | 263,681 |
Suncor Energy, Inc. | 123,400 | | 4,760,141 |
TransForce, Inc. | 90,200 | | 1,969,332 |
TOTAL CANADA | | 15,223,604 |
Cayman Islands - 0.5% |
Cimc Enric Holdings Ltd. | 788,000 | | 1,140,387 |
ENN Energy Holdings Ltd. | 198,000 | | 1,384,196 |
Greatview Aseptic Pack Co. Ltd. | 1,799,000 | | 1,097,553 |
iKang Healthcare Group, Inc. sponsored ADR | 5,100 | | 70,023 |
Sands China Ltd. | 277,200 | | 2,023,684 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 53,700 | | 1,825,800 |
TOTAL CAYMAN ISLANDS | | 7,541,643 |
Cyprus - 0.0% |
SPDI Secure Property Development & Investment PLC (a) | 31,822 | | 34,655 |
Denmark - 0.9% |
ISS Holdings A/S (a) | 45,600 | | 1,587,524 |
Novo Nordisk A/S Series B | 181,380 | | 8,232,116 |
|
| Shares | | Value |
Pandora A/S | 34,300 | | $ 2,307,281 |
Vestas Wind Systems A/S (a) | 81,200 | | 3,604,193 |
TOTAL DENMARK | | 15,731,114 |
Finland - 0.4% |
Raisio Group PLC (V Shares) | 139,000 | | 908,284 |
Sampo Oyj (A Shares) | 107,000 | | 5,312,898 |
TOTAL FINLAND | | 6,221,182 |
France - 3.9% |
Arkema SA | 29,430 | | 3,281,484 |
Atos Origin SA | 32,799 | | 2,831,695 |
AXA SA | 327,500 | | 8,530,555 |
BNP Paribas SA | 97,830 | | 7,344,050 |
Bureau Veritas SA | 86,700 | | 2,646,231 |
Havas SA | 390,700 | | 3,105,876 |
Iliad SA | 12,793 | | 3,452,058 |
Lafarge SA (Bearer) | 37,800 | | 3,453,295 |
Rexel SA | 224,300 | | 5,663,523 |
Schneider Electric SA | 84,600 | | 7,928,331 |
SR Teleperformance SA | 24,500 | | 1,403,450 |
Total SA (a) | 209,200 | | 14,967,050 |
TOTAL FRANCE | | 64,607,598 |
Germany - 3.9% |
Aareal Bank AG | 63,891 | | 2,896,285 |
adidas AG | 39,500 | | 4,215,789 |
BASF AG | 77,939 | | 9,021,175 |
Bayer AG (d) | 96,600 | | 13,401,801 |
Brenntag AG | 29,700 | | 5,370,980 |
Continental AG | 16,200 | | 3,794,916 |
Drillisch AG | 127,100 | | 4,732,756 |
GEA Group AG | 91,867 | | 4,109,680 |
HeidelbergCement Finance AG | 31,000 | | 2,688,851 |
KION Group AG | 95,589 | | 4,518,207 |
LEG Immobilien AG | 19,100 | | 1,274,042 |
Siemens AG | 73,564 | | 9,704,590 |
TOTAL GERMANY | | 65,729,072 |
Greece - 0.1% |
Folli Follie SA (a) | 59,300 | | 2,056,746 |
Hong Kong - 0.8% |
AIA Group Ltd. | 1,344,000 | | 6,518,087 |
Techtronic Industries Co. Ltd. | 2,334,000 | | 7,435,853 |
TOTAL HONG KONG | | 13,953,940 |
India - 0.6% |
Bharti Infratel Ltd. (a) | 343,664 | | 1,228,735 |
Housing Development Finance Corp. Ltd. | 378,171 | | 5,630,086 |
Lupin Ltd. | 124,317 | | 2,121,281 |
United Spirits Ltd. | 16,241 | | 745,473 |
TOTAL INDIA | | 9,725,575 |
Common Stocks - continued |
| Shares | | Value |
Ireland - 2.5% |
Actavis PLC (a) | 80,000 | | $ 16,346,400 |
Alkermes PLC (a) | 84,000 | | 3,885,840 |
Bank of Ireland (a) | 3,692,100 | | 1,444,862 |
Greencore Group PLC | 2,008,941 | | 8,856,240 |
James Hardie Industries PLC CDI | 365,087 | | 4,653,355 |
Kerry Group PLC Class A | 68,900 | | 5,438,981 |
Trinity Biotech PLC sponsored ADR | 15,000 | | 367,650 |
TOTAL IRELAND | | 40,993,328 |
Italy - 0.6% |
De Longhi SpA | 149,600 | | 3,246,044 |
UniCredit SpA | 560,300 | | 5,006,019 |
World Duty Free SpA (a) | 159,397 | | 2,135,101 |
TOTAL ITALY | | 10,387,164 |
Japan - 7.2% |
ABC-MART, Inc. | 21,800 | | 977,679 |
ACOM Co. Ltd. (a)(d) | 640,600 | | 2,180,553 |
Aozora Bank Ltd. | 983,000 | | 2,922,991 |
Astellas Pharma, Inc. | 610,500 | | 6,789,637 |
Coca-Cola Central Japan Co. Ltd. | 98,800 | | 2,220,789 |
Daikin Industries Ltd. | 67,300 | | 3,884,553 |
Don Quijote Holdings Co. Ltd. | 87,100 | | 4,583,538 |
Harmonic Drive Systems, Inc. | 64,400 | | 1,823,622 |
Hitachi Ltd. | 409,000 | | 2,908,427 |
Hoya Corp. | 131,600 | | 3,879,712 |
Iida Group Holdings Co. Ltd. (a) | 61,690 | | 917,189 |
Japan Exchange Group, Inc. | 159,500 | | 3,148,344 |
Japan Tobacco, Inc. | 238,400 | | 7,825,797 |
Kakaku.com, Inc. | 123,200 | | 1,753,372 |
KDDI Corp. | 87,900 | | 4,678,944 |
Keyence Corp. | 18,460 | | 7,111,528 |
NEC Corp. | 1,438,000 | | 4,036,837 |
Olympus Corp. (a) | 95,600 | | 2,917,514 |
OMRON Corp. | 128,500 | | 4,537,438 |
ORIX Corp. | 554,600 | | 8,012,366 |
Park24 Co. Ltd. | 83,900 | | 1,531,348 |
Rakuten, Inc. | 359,600 | | 4,649,985 |
Santen Pharmaceutical Co. Ltd. | 71,900 | | 3,206,964 |
Seven & i Holdings Co., Ltd. | 171,200 | | 6,750,205 |
Seven Bank Ltd. | 1,114,500 | | 4,218,824 |
Ship Healthcare Holdings, Inc. | 67,000 | | 2,280,628 |
SoftBank Corp. | 129,700 | | 9,629,021 |
Toshiba Plant Systems & Services Corp. | 155,300 | | 2,283,131 |
Toyota Motor Corp. | 139,500 | | 7,536,928 |
Tsuruha Holdings, Inc. | 12,900 | | 1,297,129 |
TOTAL JAPAN | | 120,494,993 |
Kenya - 0.2% |
Safaricom Ltd. | 18,905,500 | | 2,846,363 |
|
| Shares | | Value |
Korea (South) - 0.5% |
Hyundai Motor Co. | 12,766 | | $ 2,842,108 |
Naver Corp. | 6,963 | | 4,974,055 |
TOTAL KOREA (SOUTH) | | 7,816,163 |
Luxembourg - 0.2% |
Altice S.A. | 48,300 | | 2,760,101 |
Netherlands - 1.9% |
AEGON NV | 292,700 | | 2,683,011 |
AerCap Holdings NV (a) | 342,200 | | 14,280,006 |
Airbus Group NV | 24,000 | | 1,647,839 |
Koninklijke KPN NV (a) | 780,491 | | 2,772,985 |
Koninklijke Philips Electronics NV | 214,500 | | 6,866,830 |
Royal DSM NV | 48,000 | | 3,441,516 |
TOTAL NETHERLANDS | | 31,692,187 |
New Zealand - 0.2% |
EBOS Group Ltd. | 34,324 | | 278,217 |
Ryman Healthcare Group Ltd. | 459,616 | | 3,428,227 |
TOTAL NEW ZEALAND | | 3,706,444 |
Philippines - 0.1% |
Alliance Global Group, Inc. | 1,671,800 | | 1,168,291 |
Portugal - 0.1% |
CTT Correios de Portugal SA | 37,774 | | 415,525 |
Espirito Santo Saude SGPS SA | 163,137 | | 787,622 |
TOTAL PORTUGAL | | 1,203,147 |
Singapore - 0.2% |
Ezion Holdings Ltd. | 792,000 | | 1,434,027 |
Global Logistic Properties Ltd. | 1,015,000 | | 2,307,370 |
TOTAL SINGAPORE | | 3,741,397 |
South Africa - 0.3% |
Distell Group Ltd. | 126,410 | | 1,501,949 |
Naspers Ltd. Class N | 41,100 | | 3,875,405 |
TOTAL SOUTH AFRICA | | 5,377,354 |
Spain - 1.3% |
Amadeus IT Holding SA Class A | 91,200 | | 3,790,096 |
Atresmedia Corporacion de Medios de Comunicacion SA | 93,500 | | 1,339,979 |
Banco Bilbao Vizcaya Argentaria SA | 378,631 | | 4,663,880 |
Criteria CaixaCorp SA | 495,883 | | 3,020,159 |
Grifols SA ADR | 112,842 | | 4,631,036 |
Inditex SA | 28,781 | | 4,318,356 |
TOTAL SPAIN | | 21,763,506 |
Sweden - 2.3% |
ASSA ABLOY AB (B Shares) | 132,400 | | 7,008,717 |
Eniro AB (a) | 303,500 | | 2,408,508 |
H&M Hennes & Mauritz AB (B Shares) | 66,882 | | 2,723,748 |
HEXPOL AB (B Shares) | 17,500 | | 1,652,518 |
Intrum Justitia AB | 115,000 | | 3,326,797 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Investment AB Kinnevik (B Shares) | 25,600 | | $ 899,634 |
Nordea Bank AB | 591,800 | | 8,550,892 |
Svenska Cellulosa AB (SCA) (B Shares) | 284,400 | | 7,964,880 |
Svenska Handelsbanken AB (A Shares) | 87,700 | | 4,401,050 |
TOTAL SWEDEN | | 38,936,744 |
Switzerland - 3.8% |
Compagnie Financiere Richemont SA Series A | 14,680 | | 1,489,517 |
Lonza Group AG | 47,211 | | 4,932,453 |
Partners Group Holding AG | 13,818 | | 3,780,678 |
Roche Holding AG (participation certificate) | 56,372 | | 16,536,517 |
Schindler Holding AG (participation certificate) | 11,367 | | 1,759,102 |
Syngenta AG (Switzerland) | 11,110 | | 4,399,467 |
TE Connectivity Ltd. | 380,000 | | 22,412,400 |
UBS AG | 371,406 | | 7,767,540 |
TOTAL SWITZERLAND | | 63,077,674 |
Taiwan - 0.7% |
ECLAT Textile Co. Ltd. | 149,940 | | 1,640,291 |
MediaTek, Inc. | 289,000 | | 4,521,987 |
Merida Industry Co. Ltd. | 295,000 | | 1,975,435 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 801,000 | | 3,150,806 |
TOTAL TAIWAN | | 11,288,519 |
United Kingdom - 6.7% |
Aberdeen Asset Management PLC | 355,842 | | 2,624,310 |
Alabama Noor Hospitals Group PLC | 169,000 | | 2,847,689 |
Associated British Foods PLC | 48,600 | | 2,437,891 |
Barclays PLC | 1,024,038 | | 4,372,693 |
BG Group PLC | 261,200 | | 5,283,301 |
BHP Billiton PLC | 154,101 | | 5,002,794 |
British American Tobacco PLC (United Kingdom) | 67,200 | | 3,880,463 |
Bunzl PLC | 72,900 | | 2,069,048 |
Diageo PLC | 264,983 | | 8,119,031 |
Exova Group Ltd. PLC (a) | 534,277 | | 1,986,816 |
Hikma Pharmaceuticals PLC | 241,212 | | 6,320,712 |
Hilton Food Group PLC | 350,100 | | 3,153,566 |
HSBC Holdings PLC (United Kingdom) | 425,450 | | 4,347,088 |
ITV PLC | 907,700 | | 2,789,260 |
Jazztel PLC (a) | 284,917 | | 4,371,792 |
Legal & General Group PLC | 591,242 | | 2,114,300 |
Liberty Global PLC: | | | |
Class A (a) | 41,200 | | 1,640,584 |
Class C | 41,200 | | 1,583,316 |
London Stock Exchange Group PLC | 168,200 | | 5,145,879 |
Meggitt PLC | 419,676 | | 3,377,805 |
Melrose PLC | 445,600 | | 2,147,962 |
Next PLC | 57,000 | | 6,274,770 |
Ocado Group PLC (a) | 51,000 | | 289,324 |
|
| Shares | | Value |
Persimmon PLC | 129,000 | | $ 2,857,583 |
Poundland Group PLC (a) | 248,394 | | 1,457,375 |
Reckitt Benckiser Group PLC | 48,500 | | 3,910,123 |
Rolls-Royce Group PLC | 271,600 | | 4,814,979 |
Rotork PLC | 44,510 | | 1,947,154 |
St. James's Place Capital PLC | 362,000 | | 4,706,246 |
Sthree PLC | 344,400 | | 2,357,922 |
Taylor Wimpey PLC | 761,900 | | 1,351,998 |
The Restaurant Group PLC | 123,700 | | 1,303,256 |
Ultra Electronics Holdings PLC | 36,900 | | 1,056,641 |
Vodafone Group PLC | 741,209 | | 2,814,083 |
TOTAL UNITED KINGDOM | | 110,757,754 |
United States of America - 48.8% |
Adobe Systems, Inc. (a) | 629,200 | | 38,815,348 |
Alexion Pharmaceuticals, Inc. (a) | 14,800 | | 2,341,360 |
American Airlines Group, Inc. | 843,000 | | 29,564,010 |
American Electric Power Co., Inc. | 13,000 | | 699,530 |
American Express Co. | 72,000 | | 6,294,960 |
Ameriprise Financial, Inc. | 270,400 | | 30,184,752 |
Anadarko Petroleum Corp. | 59,000 | | 5,842,180 |
ANSYS, Inc. (a) | 50,000 | | 3,815,500 |
AutoZone, Inc. (a) | 25,500 | | 13,614,195 |
Baker Hughes, Inc. | 39,000 | | 2,726,100 |
Biogen Idec, Inc. (a) | 31,000 | | 8,900,720 |
Boston Scientific Corp. (a) | 470,200 | | 5,929,222 |
Cabot Oil & Gas Corp. | 1,282,000 | | 50,356,960 |
Caterpillar, Inc. | 38,000 | | 4,005,200 |
CBS Corp. Class B | 26,000 | | 1,501,760 |
Charles Schwab Corp. | 175,000 | | 4,646,250 |
Church & Dwight Co., Inc. | 31,000 | | 2,139,310 |
Comcast Corp. Class A | 452,000 | | 23,395,520 |
Computer Sciences Corp. | 45,000 | | 2,663,100 |
CONSOL Energy, Inc. | 13,000 | | 578,630 |
Continental Resources, Inc. (a) | 5,000 | | 692,600 |
Cummins, Inc. | 304,700 | | 45,963,995 |
CVS Caremark Corp. | 144,000 | | 10,471,680 |
Devon Energy Corp. | 13,000 | | 910,000 |
Dynegy, Inc. (a) | 23,100 | | 657,195 |
Endocyte, Inc. (a) | 24,700 | | 447,317 |
Estee Lauder Companies, Inc. Class A | 144,000 | | 10,450,080 |
Facebook, Inc. Class A (a) | 131,000 | | 7,831,180 |
Fidelity National Information Services, Inc. | 267,000 | | 14,265,810 |
Freeport-McMoRan Copper & Gold, Inc. | 276,000 | | 9,486,120 |
Google, Inc.: | | | |
Class A (a) | 67,800 | | 36,264,864 |
Class C (a) | 5,600 | | 2,949,296 |
Halliburton Co. | 294,000 | | 18,542,580 |
Illumina, Inc. (a) | 168,100 | | 22,836,385 |
inContact, Inc. (a) | 167,000 | | 1,377,750 |
Intercept Pharmaceuticals, Inc. (a) | 35,300 | | 9,323,436 |
InterMune, Inc. (a) | 50,000 | | 1,604,000 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Isis Pharmaceuticals, Inc. (a) | 10,900 | | $ 290,049 |
Johnson & Johnson | 179,000 | | 18,130,910 |
Kate Spade & Co. (a) | 30,800 | | 1,070,916 |
Las Vegas Sands Corp. | 130,900 | | 10,358,117 |
Lumber Liquidators Holdings, Inc. (a) | 13,000 | | 1,133,080 |
Marriott International, Inc. Class A | 238,000 | | 13,787,340 |
MasterCard, Inc. Class A | 166,600 | | 12,253,430 |
McGraw Hill Financial, Inc. | 693,400 | | 51,263,063 |
Moody's Corp. | 104,000 | | 8,164,000 |
Morgan Stanley | 139,000 | | 4,299,270 |
MPLX LP | 1,200 | | 64,956 |
Neurocrine Biosciences, Inc. (a) | 41,600 | | 583,232 |
NextEra Energy, Inc. | 28,000 | | 2,795,800 |
Noble Energy, Inc. | 156,000 | | 11,197,680 |
Norfolk Southern Corp. | 199,900 | | 18,896,547 |
Oceaneering International, Inc. | 76,000 | | 5,569,280 |
Oracle Corp. | 358,000 | | 14,635,040 |
Phillips 66 Partners LP | 7,100 | | 380,702 |
Pioneer Natural Resources Co. | 27,900 | | 5,392,233 |
Prestige Brands Holdings, Inc. (a) | 116,505 | | 3,905,248 |
priceline.com, Inc. (a) | 2,700 | | 3,125,925 |
QUALCOMM, Inc. | 67,000 | | 5,273,570 |
Range Resources Corp. | 285,000 | | 25,778,250 |
Rex Energy Corp. (a) | 25,000 | | 526,500 |
salesforce.com, Inc. (a) | 147,300 | | 7,608,045 |
Sempra Energy | 190,000 | | 18,735,900 |
Spectra Energy Corp. | 13,000 | | 516,230 |
Spirit Airlines, Inc. (a) | 81,900 | | 4,655,196 |
The Coca-Cola Co. | 228,000 | | 9,300,120 |
The Cooper Companies, Inc. | 23,800 | | 3,139,458 |
The Walt Disney Co. | 120,000 | | 9,520,800 |
Thermo Fisher Scientific, Inc. | 231,000 | | 26,334,000 |
TJX Companies, Inc. | 454,900 | | 26,466,082 |
Union Pacific Corp. | 108,400 | | 20,642,612 |
Visa, Inc. Class A | 16,400 | | 3,322,804 |
Web.com Group, Inc. (a) | 77,100 | | 2,367,741 |
Wells Fargo & Co. | 273,000 | | 13,551,720 |
Workday, Inc. Class A (a) | 13,100 | | 957,217 |
Zebra Technologies Corp. Class A (a) | 194,799 | | 13,526,843 |
TOTAL UNITED STATES OF AMERICA | | 811,608,801 |
TOTAL COMMON STOCKS (Cost $1,318,229,538) |
1,544,474,946
|
Nonconvertible Preferred Stocks - 0.6% |
| | | |
Germany - 0.6% |
Volkswagen AG | 39,200 | | 10,555,958 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC (C Shares) | 36,394,400 | | $ 61,448 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $7,520,304) |
10,617,406
|
Government Obligations - 0.1% |
| Principal Amount (h) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 0.05% to 0.06% 5/8/14 to 5/29/14 (g)
(Cost $994,973) | | $ 995,000 | |
994,988
|
Preferred Securities - 0.1% |
| | | | |
Ireland - 0.1% |
Baggot Securities Ltd. 10.24% (e)(f)
(Cost $1,935,053) | EUR | 1,260,000 | |
1,947,054
|
Money Market Funds - 6.3% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 80,440,386 | | 80,440,386 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 24,095,602 | | 24,095,602 |
TOTAL MONEY MARKET FUNDS (Cost $104,535,988) |
104,535,988
|
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $1,433,215,856) | | 1,662,570,382 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | | 1,127,076 |
NET ASSETS - 100% | $ 1,663,697,458 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized
Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
242 CME Nikkei 225 Index Contracts | June 2014 | | $ 17,309,050 | | $ (1,236,567) |
|
The face value of futures purchased as a percentage of net assets is 1.0% |
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) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,947,054 or 0.1% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) 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 $994,988. |
(h) Amount is stated in United States dollars unless otherwise noted. |
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 | $ 29,626 |
Fidelity Securities Lending Cash Central Fund | 120,100 |
Total | $ 149,726 |
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, 2014, 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 | $ 211,470,934 | $ 200,900,288 | $ 10,570,646 | $ - |
Consumer Staples | 107,603,854 | 87,799,055 | 19,804,799 | - |
Energy | 156,114,841 | 141,147,791 | 14,967,050 | - |
Financials | 266,315,508 | 241,036,434 | 25,279,074 | - |
Health Care | 213,885,502 | 185,208,853 | 28,676,649 | - |
Industrials | 249,213,724 | 232,642,304 | 16,571,420 | - |
Information Technology | 238,027,529 | 234,876,723 | 3,150,806 | - |
Materials | 50,283,352 | 40,881,091 | 9,402,261 | - |
Telecommunication Services | 37,904,487 | 32,317,419 | 5,587,068 | - |
Utilities | 24,272,621 | 24,272,621 | - | - |
Government Obligations | 994,988 | - | 994,988 | - |
Preferred Securities | 1,947,054 | - | 1,947,054 | - |
Money Market Funds | 104,535,988 | 104,535,988 | - | - |
Total Investments in Securities: | $ 1,662,570,382 | $ 1,525,618,567 | $ 136,951,815 | $ - |
Derivative Instruments: | | | | |
Liabilities | | | | |
Futures Contracts | $ (1,236,567) | $ (1,236,567) | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 19,023,104 |
Level 2 to Level 1 | $ 92,862,143 |
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, 2014. 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) | $ - | $ (1,236,567) |
Total Value of Derivatives | $ - | $ (1,236,567) |
(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 Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2014 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $22,555,351) - See accompanying schedule: Unaffiliated issuers (cost $1,328,679,868) | $ 1,558,034,394 | |
Fidelity Central Funds (cost $104,535,988) | 104,535,988 | |
Total Investments (cost $1,433,215,856) | | $ 1,662,570,382 |
Foreign currency held at value (cost $52) | | 52 |
Receivable for investments sold | | 68,415,908 |
Receivable for fund shares sold | | 1,484,763 |
Dividends receivable | | 3,212,936 |
Interest receivable | | 191 |
Distributions receivable from Fidelity Central Funds | | 39,519 |
Prepaid expenses | | 1,261 |
Other receivables | | 253,850 |
Total assets | | 1,735,978,862 |
| | |
Liabilities | | |
Payable for investments purchased | $ 45,159,562 | |
Payable for fund shares redeemed | 1,447,317 | |
Accrued management fee | 952,662 | |
Distribution and service plan fees payable | 25,026 | |
Payable for daily variation margin for derivative instruments | 199,650 | |
Other affiliated payables | 316,712 | |
Other payables and accrued expenses | 84,873 | |
Collateral on securities loaned, at value | 24,095,602 | |
Total liabilities | | 72,281,404 |
| | |
Net Assets | | $ 1,663,697,458 |
Net Assets consist of: | | |
Paid in capital | | $ 1,310,015,718 |
Undistributed net investment income | | 1,479,915 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 124,153,105 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 228,048,720 |
Net Assets | | $ 1,663,697,458 |
Statement of Assets and Liabilities - continued
| April 30, 2014 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($35,512,784 ÷ 1,476,268 shares) | | $ 24.06 |
| | |
Maximum offering price per share (100/94.25 of $24.06) | | $ 25.53 |
Class T:
Net Asset Value and redemption price per share ($11,898,138 ÷ 497,174 shares) | | $ 23.93 |
| | |
Maximum offering price per share (100/96.50 of $23.93) | | $ 24.80 |
Class B:
Net Asset Value and offering price per share ($677,897 ÷ 28,579 shares)A | | $ 23.72 |
| | |
Class C:
Net Asset Value and offering price per share ($14,391,470 ÷ 609,110 shares)A | | $ 23.63 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,578,956,008 ÷ 65,013,550 shares) | | $ 24.29 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($22,261,161 ÷ 920,566 shares) | | $ 24.18 |
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, 2014 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 10,543,027 |
Interest | | 1,137 |
Income from Fidelity Central Funds | | 149,726 |
Income before foreign taxes withheld | | 10,693,890 |
Less foreign taxes withheld | | (616,440) |
Total income | | 10,077,450 |
| | |
Expenses | | |
Management fee Basic fee | $ 5,741,879 | |
Performance adjustment | 631,678 | |
Transfer agent fees | 1,566,180 | |
Distribution and service plan fees | 139,482 | |
Accounting and security lending fees | 309,170 | |
Custodian fees and expenses | 90,515 | |
Independent trustees' compensation | 3,242 | |
Registration fees | 92,358 | |
Audit | 33,965 | |
Legal | 3,748 | |
Miscellaneous | 5,683 | |
Total expenses before reductions | 8,617,900 | |
Expense reductions | (17,167) | 8,600,733 |
Net investment income (loss) | | 1,476,717 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 132,730,021 | |
Foreign currency transactions | (120,144) | |
Futures contracts | 372,794 | |
Total net realized gain (loss) | | 132,982,671 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (74,165,213) | |
Assets and liabilities in foreign currencies | 8,373 | |
Futures contracts | (1,484,599) | |
Total change in net unrealized appreciation (depreciation) | | (75,641,439) |
Net gain (loss) | | 57,341,232 |
Net increase (decrease) in net assets resulting from operations | | $ 58,817,949 |
Statement of Changes in Net Assets
| Six months ended April 30, 2014
(Unaudited) | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,476,717 | $ 5,393,168 |
Net realized gain (loss) | 132,982,671 | 127,458,993 |
Change in net unrealized appreciation (depreciation) | (75,641,439) | 200,895,469 |
Net increase (decrease) in net assets resulting from operations | 58,817,949 | 333,747,630 |
Distributions to shareholders from net investment income | (5,150,884) | (8,778,977) |
Distributions to shareholders from net realized gain | (120,193,598) | (4,461,887) |
Total distributions | (125,344,482) | (13,240,864) |
Share transactions - net increase (decrease) | 205,178,991 | 92,658,787 |
Redemption fees | 19,886 | 24,982 |
Total increase (decrease) in net assets | 138,672,344 | 413,190,535 |
| | |
Net Assets | | |
Beginning of period | 1,525,025,114 | 1,111,834,579 |
End of period (including undistributed net investment income of $1,479,915 and undistributed net investment income of $5,154,082, respectively) | $ 1,663,697,458 | $ 1,525,025,114 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.02) | .02 | .10 | .05 | .03 | (.01) |
Net realized and unrealized gain (loss) | .92 | 5.66 | 1.72 | .47 | 2.63 | 4.09 |
Total from investment operations | .90 | 5.68 | 1.82 | .52 | 2.66 | 4.08 |
Distributions from net investment income | (.04) | (.11) | (.02) | (.08) | (.10) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.02) | (.19) | (.02) | (.13) | (.12) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 24.06 | $ 25.18 | $ 19.69 | $ 17.89 | $ 17.50 | $ 14.96 |
Total Return B, C, D | 3.79% | 29.10% | 10.20% | 2.94% | 17.85% | 37.50% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 1.36% A | 1.45% | 1.43% | 1.41% | 1.43% | 1.52% A |
Expenses net of fee waivers, if any | 1.36% A | 1.45% | 1.43% | 1.40% | 1.43% | 1.52% A |
Expenses net of all reductions | 1.36% A | 1.42% | 1.41% | 1.38% | 1.41% | 1.49% A |
Net investment income (loss) | (.13)% A | .09% | .52% | .28% | .21% | (.06)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 35,513 | $ 28,661 | $ 18,723 | $ 13,153 | $ 7,530 | $ 993 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.05) | (.04) | .05 | .01 | (.01) | (.01) |
Net realized and unrealized gain (loss) | .91 | 5.63 | 1.73 | .45 | 2.62 | 4.07 |
Total from investment operations | .86 | 5.59 | 1.78 | .46 | 2.61 | 4.06 |
Distributions from net investment income | - | (.07) | - | (.04) | (.08) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (1.98) | (.15) | - | (.09) | (.09) K | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.93 | $ 25.05 | $ 19.61 | $ 17.83 | $ 17.46 | $ 14.94 |
Total Return B, C, D | 3.62% | 28.73% | 9.98% | 2.61% | 17.53% | 37.32% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 1.63% A | 1.71% | 1.68% | 1.66% | 1.70% | 1.73% A |
Expenses net of fee waivers, if any | 1.63% A | 1.70% | 1.68% | 1.65% | 1.70% | 1.73% A |
Expenses net of all reductions | 1.63% A | 1.68% | 1.66% | 1.63% | 1.68% | 1.70% A |
Net investment income (loss) | (.40)% A | (.16)% | .26% | .03% | (.05)% | (.08)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,898 | $ 9,822 | $ 5,550 | $ 2,187 | $ 1,120 | $ 458 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 $.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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.11) | (.14) | (.04) | (.09) | (.09) | (.03) |
Net realized and unrealized gain (loss) | .90 | 5.59 | 1.71 | .47 | 2.61 | 4.04 |
Total from investment operations | .79 | 5.45 | 1.67 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (1.89) | (.07) | - | - | (.01) | - |
Total distributions | (1.89) | (.07) | - | - | (.02) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.72 | $ 24.82 | $ 19.44 | $ 17.77 | $ 17.39 | $ 14.89 |
Total Return B, C, D | 3.36% | 28.13% | 9.40% | 2.19% | 16.92% | 36.86% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 2.15% A | 2.19% | 2.18% | 2.16% | 2.19% | 2.20% A |
Expenses net of fee waivers, if any | 2.15% A | 2.19% | 2.18% | 2.16% | 2.19% | 2.20% A |
Expenses net of all reductions | 2.15% A | 2.17% | 2.16% | 2.13% | 2.17% | 2.17% A |
Net investment income (loss) | (.92)% A | (.65)% | (.23)% | (.47)% | (.55)% | (.30)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 678 | $ 710 | $ 304 | $ 256 | $ 305 | $ 224 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.10) | (.14) | (.04) | (.09) | (.09) | (.04) |
Net realized and unrealized gain (loss) | .90 | 5.58 | 1.71 | .47 | 2.61 | 4.05 |
Total from investment operations | .80 | 5.44 | 1.67 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | - | - | (.03) | - |
Distributions from net realized gain | (1.95) | (.07) | - | - | (.02) | - |
Total distributions | (1.95) | (.07) | - | - | (.05) | - |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 23.63 | $ 24.78 | $ 19.41 | $ 17.74 | $ 17.36 | $ 14.89 |
Total Return B, C, D | 3.41% | 28.12% | 9.41% | 2.19% | 16.94% | 36.86% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 2.08% A | 2.15% | 2.18% | 2.16% | 2.19% | 2.18% A |
Expenses net of fee waivers, if any | 2.08% A | 2.14% | 2.18% | 2.15% | 2.19% | 2.18% A |
Expenses net of all reductions | 2.08% A | 2.12% | 2.16% | 2.13% | 2.16% | 2.15% A |
Net investment income (loss) | (.85)% A | (.60)% | (.23)% | (.47)% | (.54)% | (.39)% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,391 | $ 10,778 | $ 1,726 | $ 1,297 | $ 710 | $ 335 |
Portfolio turnover rate G | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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 - Worldwide
| Six months ended
April 30, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .02 | .10 | .16 | .11 | .08 | .12 |
Net realized and unrealized gain (loss) | .93 | 5.70 | 1.74 | .48 | 2.63 | 1.63 |
Total from investment operations | .95 | 5.80 | 1.90 | .59 | 2.71 | 1.75 |
Distributions from net investment income | (.09) | (.16) | (.07) | (.10) | (.10) | (.17) |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.07) | (.24) | (.07) | (.15) | (.11) I | (.17) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 24.29 | $ 25.41 | $ 19.85 | $ 18.02 | $ 17.58 | $ 14.98 |
Total Return B, C | 3.94% | 29.54% | 10.56% | 3.32% | 18.18% | 13.39% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.03% A | 1.11% | 1.11% | 1.08% | 1.15% | 1.27% |
Expenses net of fee waivers, if any | 1.03% A | 1.11% | 1.11% | 1.08% | 1.15% | 1.27% |
Expenses net of all reductions | 1.03% A | 1.08% | 1.09% | 1.05% | 1.12% | 1.24% |
Net investment income (loss) | .20% A | .43% | .84% | .60% | .50% | .92% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,578,956 | $ 1,464,415 | $ 1,081,240 | $ 1,114,694 | $ 1,087,928 | $ 991,996 |
Portfolio turnover rate F | 175% A | 161% | 186% | 203% | 166% | 224% |
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, 2014 | Years ended October 31, |
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 | $ 10.88 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .02 | .08 | .14 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | .92 | 5.68 | 1.74 | .47 | 2.63 | 4.06 |
Total from investment operations | .94 | 5.76 | 1.88 | .57 | 2.70 | 4.12 |
Distributions from net investment income | (.09) | (.15) | (.08) | (.11) | (.11) | - |
Distributions from net realized gain | (1.98) | (.08) | - | (.05) | (.02) | - |
Total distributions | (2.07) | (.23) | (.08) | (.16) | (.13) | - |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 24.18 | $ 25.31 | $ 19.78 | $ 17.98 | $ 17.57 | $ 15.00 |
Total Return B, C | 3.92% | 29.44% | 10.49% | 3.23% | 18.08% | 37.87% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | 1.06% A | 1.17% | 1.18% | 1.13% | 1.21% | 1.17% A |
Expenses net of fee waivers, if any | 1.06% A | 1.17% | 1.18% | 1.13% | 1.21% | 1.17% A |
Expenses net of all reductions | 1.05% A | 1.14% | 1.16% | 1.10% | 1.19% | 1.15% A |
Net investment income (loss) | .18% A | .37% | .77% | .56% | .44% | .62% A |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 22,261 | $ 10,639 | $ 4,291 | $ 3,086 | $ 335 | $ 290 |
Portfolio turnover rate F | 175% A | 161% | 186% | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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
Notes to Financial Statements
For the period ended April 30, 2014 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
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, 2014, 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. 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 and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ 241,646,852 |
Gross unrealized depreciation | (20,016,802) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 221,630,050 |
| |
Tax cost | $ 1,440,940,332 |
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.
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.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Futures Contracts - continued
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 $372,794 and a change in net unrealized appreciation (depreciation) of $(1,484,599) 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 $1,398,864,150 and $1,377,954,655, 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 .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 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 .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.
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% | $ 43,846 | $ 1,502 |
Class T | .25% | .25% | 28,078 | 252 |
Class B | .75% | .25% | 3,541 | 2,670 |
Class C | .75% | .25% | 64,017 | 15,319 |
| | | $ 139,482 | $ 19,743 |
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 | $ 6,182 |
Class T | 2,359 |
Class B* | 253 |
Class C* | 493 |
| $ 9,287 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of 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
Average
Net Assets* |
Class A | $ 47,369 | .27 |
Class T | 16,243 | .29 |
Class B | 1,080 | .31 |
Class C | 15,330 | .24 |
Worldwide | 1,468,573 | .19 |
Institutional Class | 17,585 | .21 |
| $ 1,566,180 | |
* 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 $27,574 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 $1,492 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 $120,100, including $224 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 $10,033 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 $36.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $7,098.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2014 | Year ended
October 31, 2013 |
From net investment income | | |
Class A | $ 57,793 | $ 102,433 |
Class T | - | 21,836 |
Class B | - | - |
Class C | - | - |
Worldwide | 5,057,505 | 8,622,428 |
Institutional Class | 35,586 | 32,280 |
Total | $ 5,150,884 | $ 8,778,977 |
From net realized gain | | |
Class A | $ 2,599,391 | $ 75,180 |
Class T | 810,701 | 23,606 |
Class B | 53,916 | 1,126 |
Class C | 885,815 | 6,545 |
Worldwide | 115,043,498 | 4,338,328 |
Institutional Class | 800,277 | 17,102 |
Total | $ 120,193,598 | $ 4,461,887 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2014 | Year ended
October 31, 2013 | Six months ended April 30, 2014 | Year ended
October 31, 2013 |
Class A | | | | |
Shares sold | 529,342 | 491,761 | $ 13,076,625 | $ 11,054,215 |
Reinvestment of distributions | 85,788 | 6,945 | 2,012,595 | 138,266 |
Shares redeemed | (276,992) | (311,295) | (6,726,916) | (6,852,432) |
Net increase (decrease) | 338,138 | 187,411 | $ 8,362,304 | $ 4,340,049 |
Class T | | | | |
Shares sold | 107,730 | 169,111 | $ 2,635,638 | $ 3,777,852 |
Reinvestment of distributions | 34,507 | 2,272 | 806,094 | 45,089 |
Shares redeemed | (37,158) | (62,341) | (899,613) | (1,376,268) |
Net increase (decrease) | 105,079 | 109,042 | $ 2,542,119 | $ 2,446,673 |
Class B | | | | |
Shares sold | 1,492 | 20,337 | $ 35,790 | $ 444,905 |
Reinvestment of distributions | 2,096 | 53 | 48,630 | 1,043 |
Shares redeemed | (3,610) | (7,424) | (87,302) | (167,624) |
Net increase (decrease) | (22) | 12,966 | $ (2,882) | $ 278,324 |
Class C | | | | |
Shares sold | 171,404 | 396,584 | $ 4,118,580 | $ 8,655,233 |
Reinvestment of distributions | 37,262 | 325 | 860,745 | 6,404 |
Shares redeemed | (34,478) | (50,941) | (820,094) | (1,138,699) |
Net increase (decrease) | 174,188 | 345,968 | $ 4,159,231 | $ 7,522,938 |
Worldwide | | | | |
Shares sold | 7,738,800 | 11,150,143 | $ 191,914,263 | $ 252,015,125 |
Reinvestment of distributions | 4,935,499 | 628,809 | 116,724,543 | 12,588,791 |
Shares redeemed | (5,296,247) | (8,612,327) | (130,587,528) | (191,232,967) |
Net increase (decrease) | 7,378,052 | 3,166,625 | $ 178,051,278 | $ 73,370,949 |
Institutional Class | | | | |
Shares sold | 652,128 | 275,603 | $ 15,896,134 | $ 6,347,280 |
Reinvestment of distributions | 32,218 | 2,425 | 758,744 | 48,393 |
Shares redeemed | (184,087) | (74,630) | (4,587,937) | (1,695,819) |
Net increase (decrease) | 500,259 | 203,398 | $ 12,066,941 | $ 4,699,854 |
Semiannual Report
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
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
AWLDI-USAN-0614
1.883439.105
Fidelity®
International Small Cap
Fund
Semiannual Report
April 30, 2014
(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 financial statements. |
Report of Independent Registered Public Accounting Firm | (Click Here) | |
Proxy Voting Results | (Click Here) | |
Board Approval of Investment Advisory Contracts and Management Fees | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.52% | | | |
Actual | | $ 1,000.00 | $ 1,026.20 | $ 7.64 |
HypotheticalA | | $ 1,000.00 | $ 1,017.26 | $ 7.60 |
Class T | 1.78% | | | |
Actual | | $ 1,000.00 | $ 1,025.20 | $ 8.94 |
HypotheticalA | | $ 1,000.00 | $ 1,015.97 | $ 8.90 |
Class B | 2.30% | | | |
Actual | | $ 1,000.00 | $ 1,022.30 | $ 11.48 |
HypotheticalA | | $ 1,000.00 | $ 1,013.44 | $ 11.43 |
Class C | 2.23% | | | |
Actual | | $ 1,000.00 | $ 1,023.00 | $ 11.19 |
HypotheticalA | | $ 1,000.00 | $ 1,013.74 | $ 11.13 |
International Small Cap | 1.22% | | | |
Actual | | $ 1,000.00 | $ 1,027.90 | $ 6.13 |
HypotheticalA | | $ 1,000.00 | $ 1,018.74 | $ 6.11 |
Institutional Class | 1.10% | | | |
Actual | | $ 1,000.00 | $ 1,028.50 | $ 5.53 |
HypotheticalA | | $ 1,000.00 | $ 1,019.34 | $ 5.51 |
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, 2014 |
 | Japan 19.0% | |
 | United Kingdom 16.1% | |
 | United States of America* 9.8% | |
 | Germany 6.1% | |
 | France 5.6% | |
 | Australia 5.0% | |
 | Cayman Islands 3.7% | |
 | Bermuda 3.6% | |
 | Switzerland 2.8% | |
 | Other 28.3% | |
* 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, 2013 |
| Japan 26.4% | |
| United Kingdom 18.0% | |
| Germany 9.7% | |
| United States of America* 5.6% | |
| France 3.9% | |
| Cayman Islands 3.4% | |
| Australia 3.4% | |
| Ireland 2.7% | |
| Bermuda 2.6% | |
| Other 24.3% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 91.4 | 94.3 |
Bonds | 0.2 | 0.2 |
Investment Companies | 4.5 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9 | 5.5 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Tsuruha Holdings, Inc. (Japan, Food & Staples Retailing) | 1.5 | 0.0 |
Nitori Holdings Co. Ltd. (Japan, Specialty Retail) | 1.1 | 0.0 |
Meggitt PLC (United Kingdom, Aerospace & Defense) | 1.1 | 0.0 |
Moneysupermarket.com Group PLC (United Kingdom, Internet Software & Services) | 1.1 | 0.9 |
Ultra Electronics Holdings PLC (United Kingdom, Aerospace & Defense) | 1.0 | 0.0 |
Close Brothers Group PLC (United Kingdom, Capital Markets) | 1.0 | 0.6 |
Grand City Properties SA (Luxembourg, Real Estate Management & Development) | 1.0 | 0.7 |
AMEC PLC (United Kingdom, Energy Equipment & Services) | 0.9 | 0.0 |
Clicks Group Ltd. (South Africa, Food & Staples Retailing) | 0.9 | 0.0 |
EBOS Group Ltd. (New Zealand, Health Care Providers & Service) | 0.9 | 0.0 |
| 10.5 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 18.6 | 16.1 |
Financials | 17.9 | 17.7 |
Consumer Discretionary | 15.6 | 22.5 |
Information Technology | 11.4 | 14.4 |
Materials | 9.0 | 4.7 |
Health Care | 7.4 | 8.7 |
Energy | 5.6 | 4.8 |
Consumer Staples | 5.2 | 3.2 |
Telecommunication Services | 0.6 | 0.5 |
Utilities | 0.3 | 1.9 |
Semiannual Report
Investments April 30, 2014
Showing Percentage of Net Assets
Common Stocks - 91.4% |
| Shares | | Value |
Australia - 5.0% |
Austal Ltd. (a)(d) | 3,396,893 | | $ 3,313,499 |
Boart Longyear Ltd. (d) | 12,086,691 | | 3,200,133 |
Bradken Ltd. | 1,550,943 | | 6,094,694 |
Challenger Ltd. | 845,650 | | 5,538,542 |
Charter Hall Group unit | 1,196,020 | | 4,666,631 |
Clinuvel Pharmaceuticals Ltd. (a)(d) | 325,070 | | 440,905 |
GUD Holdings Ltd. | 1,884,479 | | 9,366,143 |
iiNet Ltd. | 455,468 | | 3,029,609 |
Iluka Resources Ltd. | 10 | | 83 |
Imdex Ltd. (a) | 5,754,982 | | 3,929,588 |
Life Healthcare Group Ltd. (a) | 1,826,612 | | 3,818,076 |
Nanosonics Ltd. (a) | 1,455,582 | | 1,095,311 |
RCG Corp. Ltd. | 2,518,231 | | 1,742,880 |
Slater & Gordon Ltd. | 1,756,224 | | 7,668,201 |
SomnoMed Ltd. (a) | 584,445 | | 770,988 |
Southern Cross Media Group Ltd. | 1,287,150 | | 1,536,555 |
Spark Infrastructure Group unit | 71 | | 116 |
Vision Group Holdings Ltd. (a) | 1,221,604 | | 697,945 |
TOTAL AUSTRALIA | | 56,909,899 |
Austria - 0.7% |
Andritz AG | 96,612 | | 5,996,040 |
RHI AG | 65,333 | | 2,287,747 |
TOTAL AUSTRIA | | 8,283,787 |
Bailiwick of Jersey - 1.1% |
Informa PLC | 744,720 | | 6,064,369 |
LXB Retail Properties PLC (a) | 497,911 | | 1,030,875 |
Regus PLC | 1,682,500 | | 5,937,132 |
TOTAL BAILIWICK OF JERSEY | | 13,032,376 |
Belgium - 1.0% |
Barco NV | 79,803 | | 5,943,165 |
Econocom Group SA (d) | 536,082 | | 5,750,546 |
TOTAL BELGIUM | | 11,693,711 |
Bermuda - 3.6% |
APT Satellite Holdings Ltd. | 2,096,000 | | 2,627,789 |
Asia Satellite Telecommunications Holdings Ltd. | 271,000 | | 1,080,092 |
BW Offshore Ltd. | 5,523,413 | | 7,210,552 |
Great Eagle Holdings Ltd. | 1,825,000 | | 6,532,191 |
Hiscox Ltd. | 530,595 | | 6,324,748 |
Kofax Ltd. (a) | 22,301 | | 167,462 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Oakley Capital Investments Ltd. (a) | 1,319,969 | | $ 3,833,253 |
Oriental Watch Holdings Ltd. | 554,000 | | 125,049 |
PAX Global Technology Ltd. (a) | 6,064,000 | | 3,159,902 |
Petra Diamonds Ltd. (a) | 2,255,500 | | 6,207,343 |
STELUX Holdings International | 2,958,000 | | 911,862 |
Vtech Holdings Ltd. | 185,900 | | 2,565,643 |
TOTAL BERMUDA | | 40,745,886 |
British Virgin Islands - 0.5% |
Kalahari Energy (a)(f) | 1,451,000 | | 15 |
Leyshon Energy Ltd. (a) | 757,227 | | 44,748 |
Mail.Ru Group Ltd.: | | | |
GDR (a)(e) | 112,800 | | 3,064,776 |
GDR (Reg. S) (a) | 108,724 | | 2,954,031 |
TOTAL BRITISH VIRGIN ISLANDS | | 6,063,570 |
Canada - 2.5% |
AirSea Lines (a)(f) | 1,893,338 | | 26 |
Constellation Software, Inc. | 18,466 | | 4,089,797 |
First Quantum Minerals Ltd. | 172,898 | | 3,443,605 |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 319,160 | | 6,432,411 |
Rock Well Petroleum, Inc. (a)(f) | 770,400 | | 7 |
ShawCor Ltd. Class A | 154,929 | | 6,900,811 |
Western Energy Services Corp. | 6 | | 62 |
Whitecap Resources, Inc. (d) | 585,981 | | 7,730,747 |
TOTAL CANADA | | 28,597,466 |
Cayman Islands - 3.7% |
AMVIG Holdings Ltd. | 2,514,000 | | 914,424 |
Bonjour Holdings Ltd. | 43,448,000 | | 7,453,400 |
Changshouhua Food Co. Ltd. | 872,000 | | 885,165 |
China High Precision Automation Group Ltd. (a) | 712,000 | | 27,551 |
China Metal Recycling (Holdings)Ltd. (a) | 436,800 | | 1 |
China Outfitters Holdings Ltd. | 170,000 | | 26,313 |
Hop Hing Group Holdings Ltd. | 6,752,000 | | 196,822 |
Lee's Pharmaceutical Holdings Ltd. | 3,150,000 | | 3,534,784 |
Lifestyle International Holdings Ltd. | 3,551,000 | | 6,952,732 |
Lombard Medical, Inc. (a) | 315,100 | | 3,097,433 |
Marwyn Value Investors II Ltd. | 2,064,327 | | 7,127,663 |
Ming Fai International Holdings Ltd. | 6,304,000 | | 609,832 |
Pico Far East Holdings Ltd. | 15,344,000 | | 4,096,773 |
Shenguan Holdings Group Ltd. | 3,154,000 | | 1,350,619 |
SITC International Holdings Co. Ltd. | 3,852,000 | | 1,699,204 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
SouFun Holdings Ltd. ADR | 247,000 | | $ 2,907,190 |
VST Holdings Ltd. | 2,767,600 | | 703,238 |
Xinyi Glass Holdings Ltd. | 1,670,000 | | 1,313,951 |
TOTAL CAYMAN ISLANDS | | 42,897,095 |
Denmark - 1.1% |
FLSmidth & Co. A/S (d) | 116,059 | | 6,202,038 |
Jyske Bank A/S (Reg.) (a) | 107,279 | | 5,892,369 |
TOTAL DENMARK | | 12,094,407 |
Finland - 2.2% |
Amer Group PLC (A Shares) | 297,916 | | 6,150,109 |
Kemira Oyj | 405,300 | | 6,185,223 |
Rakentajain Konevuokraamo Oyj (B Shares) | 343,656 | | 7,652,177 |
Tikkurila Oyj | 205,600 | | 5,100,076 |
TOTAL FINLAND | | 25,087,585 |
France - 5.6% |
ALTEN | 165,500 | | 8,446,072 |
Arkema SA | 56,379 | | 6,286,333 |
Audika SA (a) | 113,900 | | 2,087,433 |
Faurecia SA (a) | 92,473 | | 4,156,033 |
Ipsos SA | 222,790 | | 8,635,911 |
Parrot SA (a) | 208,950 | | 6,392,004 |
Sopra Group SA | 61,000 | | 7,045,310 |
The Lisi Group | 52,800 | | 8,570,493 |
The Vicat Group | 80,198 | | 6,959,482 |
Wendel SA | 39,952 | | 6,016,645 |
TOTAL FRANCE | | 64,595,716 |
Germany - 6.1% |
Aareal Bank AG | 144,351 | | 6,543,671 |
AURELIUS AG | 158,535 | | 5,885,689 |
Bilfinger Berger AG | 67,664 | | 8,038,401 |
CompuGroup Medical AG | 239,549 | | 6,384,219 |
Deutsche Beteiligungs AG | 53,682 | | 1,444,829 |
GEA Group AG | 149,744 | | 6,698,813 |
GfK AG | 195,601 | | 10,094,854 |
Lanxess AG | 61,222 | | 4,654,512 |
LEG Immobilien AG | 99,977 | | 6,668,845 |
LEONI AG | 82,747 | | 6,145,193 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Pfeiffer Vacuum Technology AG | 36,091 | | $ 4,293,575 |
SHW Group | 49,128 | | 2,950,207 |
TOTAL GERMANY | | 69,802,808 |
Greece - 1.1% |
Metka SA | 324,600 | | 5,809,306 |
Motor Oil (HELLAS)Corinth Refineries SA | 529,850 | | 6,674,594 |
TOTAL GREECE | | 12,483,900 |
Hong Kong - 1.0% |
Dah Sing Banking Group Ltd. | 1,861,600 | | 2,790,137 |
Magnificent Estates Ltd. | 82,044,000 | | 3,968,360 |
Singamas Container Holdings Ltd. | 6,158,000 | | 1,334,388 |
Techtronic Industries Co. Ltd. | 1,184,500 | | 3,773,680 |
TOTAL HONG KONG | | 11,866,565 |
India - 0.6% |
Page Industries Ltd. | 37,081 | | 3,579,302 |
Shriram City Union Finance Ltd. | 6,875 | | 134,776 |
Shriram Transport Finance Co. Ltd. | 242,317 | | 2,952,077 |
Thangamayil Jewellery Ltd. | 32,258 | | 70,223 |
TOTAL INDIA | | 6,736,378 |
Indonesia - 0.2% |
PT Clipan Finance Indonesia Tbk | 7,430,200 | | 260,280 |
PT Media Nusantara Citra Tbk | 8,361,100 | | 1,963,447 |
TOTAL INDONESIA | | 2,223,727 |
Ireland - 1.1% |
Smurfit Kappa Group PLC | 287,600 | | 6,397,995 |
United Drug PLC (United Kingdom) | 1,007,649 | | 6,102,615 |
TOTAL IRELAND | | 12,500,610 |
Isle of Man - 0.6% |
Lamprell PLC (a) | 2,616,188 | | 6,780,359 |
Israel - 0.5% |
Frutarom Industries Ltd. | 242,110 | | 5,807,002 |
Italy - 1.2% |
Danieli & C. Officine Meccaniche SpA | 180,697 | | 6,477,829 |
Prysmian SpA (d) | 263,900 | | 6,861,120 |
TOTAL ITALY | | 13,338,949 |
Common Stocks - continued |
| Shares | | Value |
Japan - 19.0% |
Accordia Golf Co. Ltd. (d) | 467,700 | | $ 5,992,928 |
ACOM Co. Ltd. (a)(d) | 1,029,600 | | 3,504,678 |
Aeon Delight Co. Ltd. | 130,900 | | 2,883,423 |
Ain Pharmaciez, Inc. | 66,000 | | 2,901,844 |
Aozora Bank Ltd. | 2,161,000 | | 6,425,823 |
Asahi Co. Ltd. | 239,400 | | 3,179,979 |
Broadleaf Co. Ltd. | 229,800 | | 3,690,826 |
Daiwa Industries Ltd. | 303,000 | | 1,867,169 |
Fuji Corp. | 68,800 | | 1,426,001 |
Fukuda Denshi Co. Ltd. | 76,800 | | 3,898,782 |
GMO Internet, Inc. | 753,000 | | 6,636,211 |
Higashi Nihon House Co. Ltd. | 1,108,400 | | 5,301,586 |
Hoshizaki Electric Co. Ltd. | 162,800 | | 6,584,614 |
Iida Group Holdings Co. Ltd. (a) | 626,351 | | 9,312,403 |
Iwatsuka Confectionary Co. Ltd. | 24,100 | | 1,320,096 |
JSR Corp. | 545,600 | | 8,939,013 |
KAWAI Musical Instruments Manufacturing Co. Ltd. | 1,991,000 | | 3,544,403 |
Koshidaka Holdings Co. Ltd. | 37,200 | | 1,102,519 |
Kotobuki Spirits Co. Ltd. | 87,700 | | 1,807,443 |
Leopalace21 Corp. (a) | 1,920,600 | | 9,919,077 |
Meitec Corp. | 240,000 | | 6,382,941 |
Miraca Holdings, Inc. | 139,600 | | 6,049,083 |
Mitani Shoji Co. Ltd. | 72,600 | | 1,633,296 |
Mitsubishi Pencil Co. Ltd. | 32,900 | | 976,686 |
Nakanishi, Inc. | 97,500 | | 3,328,361 |
Nihon Nohyaku Co. Ltd. | 366,000 | | 4,557,324 |
Nippon Koei Co. Ltd. | 281,000 | | 1,346,799 |
Nippon Shinyaku Co. Ltd. | 360,000 | | 6,334,817 |
Nitori Holdings Co. Ltd. | 284,100 | | 13,019,108 |
Nomura Real Estate Holdings, Inc. | 233,000 | | 4,343,894 |
Pal Co. Ltd. | 71,000 | | 1,354,233 |
Paramount Bed Holdings Co. Ltd. | 132,300 | | 3,985,758 |
Ricoh Leasing Co. Ltd. | 238,100 | | 6,211,304 |
Rohto Pharmaceutical Co. Ltd. | 3,400 | | 59,962 |
Sakata INX Corp. | 364,800 | | 3,207,856 |
San-Ai Oil Co. Ltd. | 779,000 | | 5,181,396 |
Shinko Kogyo Co. Ltd. | 314,700 | | 2,992,013 |
Takata Corp. | 125,100 | | 2,945,329 |
TFP Consulting Group Co. Ltd. | 70,000 | | 1,524,136 |
TKC Corp. | 185,100 | | 3,745,996 |
Tokyo Ohka Kogyo Co. Ltd. | 301,300 | | 6,881,552 |
Toshiba Plant Systems & Services Corp. | 464,900 | | 6,834,692 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Toyo Suisan Kaisha Ltd. | 195,000 | | $ 6,237,101 |
Tsuruha Holdings, Inc. | 170,300 | | 17,124,116 |
Uchiyama Holdings Co. Ltd. (d) | 381,600 | | 2,441,105 |
VT Holdings Co. Ltd. | 1,157,100 | | 6,632,372 |
Welcia Holdings Co. Ltd. (d) | 32,800 | | 1,979,518 |
TOTAL JAPAN | | 217,549,566 |
Korea (South)- 1.8% |
Hy-Lok Corp. | 119,715 | | 3,482,178 |
Koh Young Technology, Inc. | 159,703 | | 3,802,822 |
KEPCO Plant Service & Engineering Co. Ltd. | 95,360 | | 6,202,880 |
Leeno Industrial, Inc. | 48,695 | | 1,402,262 |
Soulbrain Co. Ltd. | 46,386 | | 1,847,628 |
TK Corp. (a) | 172,528 | | 3,398,458 |
TOTAL KOREA (SOUTH) | | 20,136,228 |
Luxembourg - 1.1% |
Grand City Properties SA (a) | 1,009,573 | | 11,373,125 |
RM2 International SA (a)(d) | 1,278,800 | | 1,414,227 |
TOTAL LUXEMBOURG | | 12,787,352 |
Netherlands - 0.8% |
Amsterdam Commodities NV | 270,721 | | 6,722,968 |
Ichor Coal NV (a) | 355,000 | | 2,314,301 |
TOTAL NETHERLANDS | | 9,037,269 |
New Zealand - 1.5% |
EBOS Group Ltd. | 1,264,619 | | 10,250,521 |
Nuplex Industries Ltd. | 2,204,863 | | 6,654,387 |
TOTAL NEW ZEALAND | | 16,904,908 |
Norway - 1.5% |
ABG Sundal Collier ASA (a) | 6,803,251 | | 6,294,750 |
Ekornes A/S | 405,297 | | 6,426,197 |
Kongsberg Gruppen ASA (a) | 187,819 | | 4,407,710 |
Sevan Drilling ASA (a) | 869,757 | | 460,901 |
TOTAL NORWAY | | 17,589,558 |
Singapore - 1.7% |
Amtek Engineering Ltd. | 5,859,000 | | 2,897,487 |
Boustead Singapore Ltd. | 2,261,000 | | 3,417,560 |
Goodpack Ltd. | 2,305,000 | | 4,412,539 |
Hour Glass Ltd. | 301,000 | | 408,152 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Mapletree Industrial (REIT) | 1,303,312 | | $ 1,496,984 |
OSIM International Ltd. | 1,572,000 | | 3,636,277 |
Sino Grandness Food Industry Group Ltd. (a) | 1,545,000 | | 850,323 |
Venture Corp. Ltd. | 347,000 | | 2,122,908 |
TOTAL SINGAPORE | | 19,242,230 |
South Africa - 2.3% |
Blue Label Telecoms Ltd. | 6,875,600 | | 5,960,313 |
Clicks Group Ltd. | 1,736,037 | | 10,585,692 |
Pinnacle Technology Holdings Ltd. | 2,281,330 | | 2,819,000 |
SA Corporate Real Estate Fund | 17,242,106 | | 6,768,680 |
TOTAL SOUTH AFRICA | | 26,133,685 |
Sweden - 0.3% |
AddTech AB (B Shares) | 204,656 | | 3,123,882 |
Rezidor Hotel Group AB rights 12/31/99 (a) | 1,290,198 | | 598,582 |
TOTAL SWEDEN | | 3,722,464 |
Switzerland - 2.8% |
Clariant AG (Reg.) | 307,372 | | 6,048,952 |
Daetwyler Holdings AG | 20,416 | | 3,224,434 |
Pargesa Holding SA | 111,676 | | 10,125,832 |
Vontobel Holdings AG | 147,811 | | 5,785,807 |
VZ Holding AG (d) | 37,391 | | 6,275,026 |
TOTAL SWITZERLAND | | 31,460,051 |
Taiwan - 0.8% |
Pacific Hospital Supply Co. Ltd. | 1,055,000 | | 2,727,951 |
Tripod Technology Corp. | 3,369,000 | | 6,634,022 |
TOTAL TAIWAN | | 9,361,973 |
Thailand - 0.6% |
Delta Electronics PCL (For. Reg.) | 3,795,000 | | 6,684,642 |
Turkey - 0.3% |
Aygaz A/S | 821,000 | | 3,382,681 |
United Kingdom - 16.1% |
Aberdeen Asset Management PLC | 996,500 | | 7,349,119 |
AMEC PLC | 513,481 | | 10,706,972 |
Ashmore Group PLC (d) | 1,223,193 | | 7,236,598 |
BBA Aviation PLC | 1,719,881 | | 9,001,926 |
Bond International Software PLC | 843,266 | | 1,850,901 |
Brammer PLC | 784,864 | | 6,218,334 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Brewin Dolphin Holding PLC | 980,163 | | $ 5,345,350 |
Cineworld Group PLC (d) | 247,976 | | 1,351,298 |
Close Brothers Group PLC | 485,800 | | 11,450,337 |
Countrywide PLC | 858,100 | | 8,569,747 |
Craneware PLC | 772,825 | | 7,046,124 |
Devro PLC | 144,637 | | 516,494 |
Diploma PLC | 499,552 | | 5,554,076 |
Exova Group Ltd. PLC (a) | 248,400 | | 923,725 |
ITE Group PLC | 964,200 | | 3,744,297 |
John Wood Group PLC | 470,700 | | 6,226,709 |
Kennedy Wilson Europe Real Estate PLC | 170,000 | | 2,927,686 |
Keronite PLC (a)(f) | 136 | | 0 |
Mears Group PLC | 750,060 | | 6,376,331 |
Meggitt PLC | 1,604,455 | | 12,913,621 |
Micro Focus International PLC | 491,727 | | 6,434,297 |
Moneysupermarket.com Group PLC | 4,001,600 | | 12,296,469 |
Morgan Advanced Materials PLC | 560,608 | | 3,170,877 |
Provident Financial PLC | 270,578 | | 9,077,488 |
Pureprofile Media PLC (a)(f) | 1,108,572 | | 860,988 |
Regenersis PLC (d) | 174,790 | | 1,047,660 |
Silverdell PLC (a) | 12,644,400 | | 213 |
Sinclair Pharma PLC (a) | 8,403,003 | | 4,362,696 |
Spectris PLC | 164,300 | | 6,172,242 |
Spirent Communications PLC | 3,759,400 | | 6,039,523 |
Sthree PLC | 7 | | 48 |
Synergy Health PLC | 353,353 | | 7,397,855 |
TMO Renewables Ltd. (a)(f) | 1,000,000 | | 67,536 |
Ultra Electronics Holdings PLC | 416,244 | | 11,919,257 |
TOTAL UNITED KINGDOM | | 184,156,794 |
United States of America - 1.4% |
Dillard's, Inc. Class A | 104,271 | | 10,211,259 |
Integrated Silicon Solution, Inc. (a) | 432,830 | | 6,258,722 |
Mudalla Technology, Inc. (Reg. S) (a) | 996,527 | | 17 |
YOU On Demand Holdings, Inc. (a)(f) | 27,500 | | 81,675 |
YOU On Demand Holdings, Inc. warrants 8/30/17 (a)(f) | 27,500 | | 280 |
TOTAL UNITED STATES OF AMERICA | | 16,551,953 |
TOTAL COMMON STOCKS (Cost $976,458,320) |
1,046,243,150
|
Investment Companies - 4.5% |
| Shares | | Value |
United States of America - 4.5% |
iShares MSCI EAFE Small Cap Index ETF
(Cost $51,512,335) | 1,006,800 | | $ 52,373,733 |
Convertible Bonds - 0.2% |
| Principal Amount | | |
Canada - 0.2% |
Caracal Energy, Inc. 12.5% 9/30/17 (f)
(Cost $1,400,000) | | $ 1,400,000 | |
2,113,538
|
Money Market Funds - 6.0% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 43,278,805 | | 43,278,805 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 25,240,283 | | 25,240,283 |
TOTAL MONEY MARKET FUNDS (Cost $68,519,088) |
68,519,088
|
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $1,097,889,743) | 1,169,249,509 |
NET OTHER ASSETS (LIABILITIES)- (2.1)% | (24,536,712) |
NET ASSETS - 100% | $ 1,144,712,797 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
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) 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 $3,064,776 or 0.3% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,124,065 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Caracal Energy, Inc. 12.5% 9/30/17 | 9/12/12 | $ 1,400,000 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
TMO Renewables Ltd. | 10/27/05 | $ 535,065 |
YOU On Demand Holdings, Inc. | 8/29/12 | $ 110,000 |
YOU On Demand Holdings, Inc. warrants 8/30/17 | 9/14/12 | $ 0 |
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 | $ 33,276 |
Fidelity Securities Lending Cash Central Fund | 219,462 |
Total | $ 252,738 |
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 |
Pertama Holdings Ltd. | $ 12,066,495 | $ - | $ 12,052,911 | $ 64,973 | $ - |
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, 2014, 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 | $ 179,014,442 | $ 178,415,563 | $ 598,862 | $ 17 |
Consumer Staples | 59,520,444 | 59,520,444 | - | - |
Energy | 63,649,734 | 63,649,712 | - | 22 |
Financials | 204,124,526 | 204,124,526 | - | - |
Health Care | 85,980,260 | 85,912,724 | - | 67,536 |
Industrials | 211,028,047 | 211,027,808 | - | 239 |
Information Technology | 130,668,518 | 129,779,979 | - | 888,539 |
Materials | 102,136,892 | 102,136,891 | - | 1 |
Telecommunication Services | 6,737,490 | 6,737,490 | - | - |
Utilities | 3,382,797 | 3,382,797 | - | - |
Investment Companies | 52,373,733 | 52,373,733 | - | - |
Corporate Bonds | 2,113,538 | - | 2,113,538 | - |
Money Market Funds | 68,519,088 | 68,519,088 | - | - |
Total Investments in Securities: | $ 1,169,249,509 | $ 1,165,580,755 | $ 2,712,400 | $ 956,354 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 58,386,607 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $23,833,010) - See accompanying schedule: Unaffiliated issuers (cost $1,029,370,655) | $ 1,100,730,421 | |
Fidelity Central Funds (cost $68,519,088) | 68,519,088 | |
Total Investments (cost $1,097,889,743) | | $ 1,169,249,509 |
Cash | | 314,645 |
Foreign currency held at value (cost $723,752) | | 724,663 |
Receivable for investments sold | | 26,611,287 |
Receivable for fund shares sold | | 848,200 |
Dividends receivable | | 4,837,869 |
Interest receivable | | 15,217 |
Distributions receivable from Fidelity Central Funds | | 50,880 |
Prepaid expenses | | 782 |
Other receivables | | 29,435 |
Total assets | | 1,202,682,487 |
| | |
Liabilities | | |
Payable for investments purchased | $ 28,600,343 | |
Payable for fund shares redeemed | 2,832,064 | |
Accrued management fee | 837,162 | |
Distribution and service plan fees payable | 26,088 | |
Other affiliated payables | 274,521 | |
Other payables and accrued expenses | 159,229 | |
Collateral on securities loaned, at value | 25,240,283 | |
Total liabilities | | 57,969,690 |
| | |
Net Assets | | $ 1,144,712,797 |
Net Assets consist of: | | |
Paid in capital | | $ 933,888,205 |
Undistributed net investment income | | 3,217,327 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 136,242,915 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 71,364,350 |
Net Assets | | $ 1,144,712,797 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($27,527,048 ÷ 1,043,966 shares) | | $ 26.37 |
| | |
Maximum offering price per share (100/94.25 of $26.37) | | $ 27.98 |
Class T:
Net Asset Value and redemption price per share ($14,110,781 ÷ 538,206 shares) | | $ 26.22 |
| | |
Maximum offering price per share (100/96.50 of $26.22) | | $ 27.17 |
Class B:
Net Asset Value and offering price per share ($652,497 ÷ 25,126 shares)A | | $ 25.97 |
| | |
Class C:
Net Asset Value and offering price per share ($15,880,929 ÷ 617,814 shares)A | | $ 25.71 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,011,882,966 ÷ 37,889,913 shares) | | $ 26.71 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($74,658,576 ÷ 2,797,161 shares) | | $ 26.69 |
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, 2014 |
| | |
Investment Income | | |
Dividends (including $64,973 earned from other affiliated issuers) | | $ 11,124,580 |
Interest | | 98,763 |
Income from Fidelity Central Funds | | 252,738 |
Income before foreign taxes withheld | | 11,476,081 |
Less foreign taxes withheld | | (763,986) |
Total income | | 10,712,095 |
| | |
Expenses | | |
Management fee
Basic fee | $ 5,155,237 | |
Performance adjustment | 194,161 | |
Transfer agent fees | 1,354,160 | |
Distribution and service plan fees | 149,816 | |
Accounting and security lending fees | 279,652 | |
Custodian fees and expenses | 169,607 | |
Independent trustees' compensation | 2,353 | |
Registration fees | 75,669 | |
Audit | 77,643 | |
Legal | 6,373 | |
Miscellaneous | 35,519 | |
Total expenses before reductions | 7,500,190 | |
Expense reductions | (11,975) | 7,488,215 |
Net investment income (loss) | | 3,223,880 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 199,331,576 | |
Other affiliated issuers | 5,640,625 | |
Foreign currency transactions | (232,695) | |
Total net realized gain (loss) | | 204,739,506 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (174,617,139) | |
Assets and liabilities in foreign currencies | 28,413 | |
Total change in net unrealized appreciation (depreciation) | | (174,588,726) |
Net gain (loss) | | 30,150,780 |
Net increase (decrease) in net assets resulting from operations | | $ 33,374,660 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,223,880 | $ 4,434,071 |
Net realized gain (loss) | 204,739,506 | 66,068,952 |
Change in net unrealized appreciation (depreciation) | (174,588,726) | 198,875,293 |
Net increase (decrease) in net assets resulting
from operations | 33,374,660 | 269,378,316 |
Distributions to shareholders from net investment income | (4,012,677) | (4,769,550) |
Distributions to shareholders from net realized gain | (26,257,450) | (11,754,787) |
Total distributions | (30,270,127) | (16,524,337) |
Share transactions - net increase (decrease) | (7,053,323) | 162,217,941 |
Redemption fees | 222,461 | 119,206 |
Total increase (decrease) in net assets | (3,726,329) | 415,191,126 |
| | |
Net Assets | | |
Beginning of period | 1,148,439,126 | 733,248,000 |
End of period (including undistributed net investment income of $3,217,327 and undistributed net investment income of $4,006,124, respectively) | $ 1,144,712,797 | $ 1,148,439,126 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.34 | $ 19.74 | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .06 | .06 | .10 | .03 | .06 |
Net realized and unrealized gain (loss) | .65 | 6.94 | 1.09 | (.88) | 3.51 | 5.31 |
Total from investment operations | .68 | 7.00 | 1.15 | (.78) | 3.54 | 5.37 |
Distributions from net investment income | (.05) | (.07) | (.11) | (.02) | (.06) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.65) | (.40) | (.38) | (.68) | (.40) | - |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | - I | - I |
Net asset value, end of period | $ 26.37 | $ 26.34 | $ 19.74 | $ 18.97 | $ 20.42 | $ 17.28 |
Total Return B,C,D | 2.62% | 36.18% | 6.28% | (4.00)% | 20.85% | 45.09% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.52% A | 1.61% | 1.63% | 1.56% | 1.71% | 1.75% |
Expenses net of fee waivers, if any | 1.52% A | 1.61% | 1.63% | 1.55% | 1.65% | 1.65% |
Expenses net of all reductions | 1.52% A | 1.60% | 1.60% | 1.54% | 1.63% | 1.62% |
Net investment income (loss) | .25% A | .25% | .32% | .49% | .16% | .41% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 27,527 | $ 24,020 | $ 14,125 | $ 17,185 | $ 19,720 | $ 17,590 |
Portfolio turnover rate G | 155% A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.17 | $ 19.59 | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | - I | .01 | .05 | (.02) | .02 |
Net realized and unrealized gain (loss) | .65 | 6.90 | 1.08 | (.86) | 3.47 | 5.28 |
Total from investment operations | .65 | 6.90 | 1.09 | (.81) | 3.45 | 5.30 |
Distributions from net investment income | - | - | (.03) | - | (.02) | - |
Distributions from net realized gain | (.60) | (.32) | (.27) | (.63) | (.34) | - |
Total distributions | (.60) | (.32) | (.30) | (.63) | (.36) | - |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | - I | - I |
Net asset value, end of period | $ 26.22 | $ 26.17 | $ 19.59 | $ 18.80 | $ 20.23 | $ 17.14 |
Total Return B,C,D | 2.52% | 35.80% | 5.97% | (4.18)% | 20.46% | 44.76% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.78% A | 1.87% | 1.88% | 1.82% | 1.97% | 2.00% |
Expenses net of fee waivers, if any | 1.78% A | 1.87% | 1.88% | 1.81% | 1.90% | 1.90% |
Expenses net of all reductions | 1.78% A | 1.85% | 1.85% | 1.79% | 1.88% | 1.86% |
Net investment income (loss) | (.01)% A | (.01)% | .07% | .24% | (.09)% | .16% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,111 | $ 13,530 | $ 9,262 | $ 13,744 | $ 16,092 | $ 15,760 |
Portfolio turnover rate G | 155% A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.87 | $ 19.22 | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.07) | (.11) | (.08) | (.05) | (.10) | (.04) |
Net realized and unrealized gain (loss) | .64 | 6.84 | 1.07 | (.85) | 3.39 | 5.17 |
Total from investment operations | .57 | 6.73 | .99 | (.90) | 3.29 | 5.13 |
Distributions from net realized gain | (.47) | (.08) | (.15) | (.52) | (.28) | - |
Redemption fees added to paid in capital E | -I | -I | -I | .01 | -I | -I |
Net asset value, end of period | $ 25.97 | $ 25.87 | $ 19.22 | $ 18.38 | $ 19.79 | $ 16.78 |
Total ReturnB,C,D | 2.23% | 35.14% | 5.45% | (4.68)% | 19.90% | 44.03% |
Ratios to Average Net AssetsF,H | | | | | |
Expenses before reductions | 2.30%A | 2.37% | 2.38% | 2.32% | 2.47% | 2.49% |
Expenses net of fee waivers, if any | 2.30%A | 2.36% | 2.38% | 2.30% | 2.40% | 2.40% |
Expenses net of all reductions | 2.30%A | 2.35% | 2.35% | 2.29% | 2.38% | 2.36% |
Net investment income (loss) | (.53)%A | (.51)% | (.43)% | (.26)% | (.59)% | (.33)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 652 | $ 795 | $ 790 | $ 2,067 | $ 3,457 | $ 3,601 |
Portfolio turnover rateG | 155%A | 54% | 68% | 47% | 66% | 81% |
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, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 25.68 | $ 19.18 | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 |
Income from Investment Operations | | | | | | |
Net investment income (loss)E | (.06) | (.11) | (.08) | (.04) | (.10) | (.04) |
Net realized and unrealized gain (loss) | .64 | 6.79 | 1.07 | (.85) | 3.40 | 5.19 |
Total from investment operations | .58 | 6.68 | .99 | (.89) | 3.30 | 5.15 |
Distributions from net realized gain | (.55) | (.18) | (.19) | (.59) | (.30) | - |
Redemption fees added to paid in capitalE | -I | -I | -I | .01 | -I | -I |
Net asset value, end of period | $ 25.71 | $ 25.68 | $ 19.18 | $ 18.38 | $ 19.85 | $ 16.85 |
Total ReturnB,C,D | 2.30% | 35.15% | 5.46% | (4.64)% | 19.86% | 44.02% |
Ratios to Average Net AssetsF,H | | | | | |
Expenses before reductions | 2.24%A | 2.33% | 2.38% | 2.27% | 2.42% | 2.49% |
Expenses net of fee waivers, if any | 2.23%A | 2.33% | 2.38% | 2.26% | 2.40% | 2.40% |
Expenses net of all reductions | 2.23%A | 2.32% | 2.35% | 2.24% | 2.37% | 2.36% |
Net investment income (loss) | (.46)%A | (.47)% | (.43)% | (.21)% | (.59)% | (.33)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,881 | $ 13,426 | $ 6,799 | $ 9,545 | $ 13,501 | $ 5,814 |
Portfolio turnover rateG | 155%A | 54% | 68% | 47% | 66% | 81% |
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 - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.67 | $ 19.99 | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 |
Income from Investment Operations | | | | | | |
Net investment income (loss)D | .07 | .12 | .11 | .17 | .07 | .08 |
Net realized and unrealized gain (loss) | .66 | 7.02 | 1.10 | (.89) | 3.53 | 5.37 |
Total from investment operations | .73 | 7.14 | 1.21 | (.72) | 3.60 | 5.45 |
Distributions from net investment income | (.09) | (.14) | (.18) | (.06) | (.08) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.69) | (.46)I | (.45) | (.72) | (.42) | - |
Redemption fees added to paid in capitalD | -H | -H | -H | .01 | -H | -H |
Net asset value, end of period | $ 26.71 | $ 26.67 | $ 19.99 | $ 19.23 | $ 20.66 | $ 17.48 |
Total ReturnB,C | 2.79% | 36.56% | 6.55% | (3.65)% | 21.02% | 45.30% |
Ratios to Average Net AssetsE,G | | | | | |
Expenses before reductions | 1.22%A | 1.33% | 1.35% | 1.26% | 1.44% | 1.48% |
Expenses net of fee waivers, if any | 1.22%A | 1.32% | 1.35% | 1.25% | 1.44% | 1.48% |
Expenses net of all reductions | 1.22%A | 1.31% | 1.33% | 1.23% | 1.42% | 1.44% |
Net investment income (loss) | .55%A | .53% | .59% | .80% | .37% | .58% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,011,883 | $ 1,029,629 | $ 692,769 | $ 856,692 | $ 808,478 | $ 669,035 |
Portfolio turnover rateF | 155%A | 54% | 68% | 47% | 66% | 81% |
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 $.46 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.327 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.67 | $ 20.00 | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 |
Income from Investment Operations | | | | | | |
Net investment income (loss)D | .09 | .16 | .13 | .18 | .09 | .09 |
Net realized and unrealized gain (loss) | .66 | 7.00 | 1.10 | (.89) | 3.53 | 5.37 |
Total from investment operations | .75 | 7.16 | 1.23 | (.71) | 3.62 | 5.46 |
Distributions from net investment income | (.13) | (.16) | (.20) | (.06) | (.09) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.73) | (.49) | (.47) | (.72) | (.43) | - |
Redemption fees added to paid in capitalD | -H | -H | -H | .01 | -H | -H |
Net asset value, end of period | $ 26.69 | $ 26.67 | $ 20.00 | $ 19.24 | $ 20.66 | $ 17.47 |
Total ReturnB,C | 2.85% | 36.68% | 6.65% | (3.62)% | 21.15% | 45.46% |
Ratios to Average Net AssetsE,G | | | | | |
Expenses before reductions | 1.10%A | 1.20% | 1.25% | 1.22% | 1.34% | 1.45% |
Expenses net of fee waivers, if any | 1.10%A | 1.20% | 1.25% | 1.21% | 1.34% | 1.40% |
Expenses net of all reductions | 1.10%A | 1.18% | 1.22% | 1.19% | 1.31% | 1.37% |
Net investment income (loss) | .67%A | .66% | .70% | .84% | .47% | .66% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 74,659 | $ 67,038 | $ 9,503 | $ 15,752 | $ 8,231 | $ 2,696 |
Portfolio turnover rateF | 155%A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014
1. Organization.
Fidelity® International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Small Cap 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
Semiannual Report
Notes to Financial Statements - continued
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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.
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. ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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, 2014, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 futures transactions, 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 | $ 113,033,500 |
Gross unrealized depreciation | (50,727,427) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 62,306,073 |
| |
Tax cost | $ 1,106,943,436 |
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.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Fiscal year of expiration | |
2017 | $ (30,539,357) |
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 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $884,573,783 and $898,956,876, 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 .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. 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 International Small Cap as compared to its benchmark index, the MSCI All Country World ex USA Small Cap Index, effective April 1, 2014 (the MSCI EAFE Small Cap Index prior to April 1, 2014), over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .88%
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 32,966 | $ 942 |
Class T | .25% | .25% | 36,092 | 412 |
Class B | .75% | .25% | 3,789 | 2,855 |
Class C | .75% | .25% | 76,969 | 15,628 |
| | | $ 149,816 | $ 19,837 |
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 | $ 10,880 |
Class T | 2,596 |
Class B* | 584 |
Class C* | 1,102 |
| $ 15,162 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements - 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 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
Average
Net Assets* |
Class A | $ 36,611 | .28 |
Class T | 20,962 | .29 |
Class B | 1,160 | .31 |
Class C | 18,843 | .24 |
International Small Cap | 1,226,893 | .23 |
Institutional Class | 49,691 | .11 |
| $ 1,354,160 | |
* 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 $942 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 $1,117 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $81,675. 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 $219,462, including $2,622 from securities loaned to FCM.
8. Expense Reductions.
The investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $11,975.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 48,211 | $ 53,369 |
International Small Cap | 3,601,145 | 4,638,246 |
Institutional Class | 363,321 | 77,935 |
Total | $ 4,012,677 | $ 4,769,550 |
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Notes to Financial Statements - continued
9. Distributions to Shareholders - continued
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net realized gain | | |
Class A | $ 564,345 | $ 235,834 |
Class T | 310,220 | 146,972 |
Class B | 14,343 | 3,106 |
Class C | 305,689 | 61,233 |
International Small Cap | 23,368,303 | 11,152,248 |
Institutional Class | 1,694,550 | 155,394 |
Total | $ 26,257,450 | $ 11,754,787 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 244,401 | 398,633 | $ 6,439,599 | $ 9,321,444 |
Reinvestment of distributions | 22,103 | 13,843 | 571,356 | 269,801 |
Shares redeemed | (134,616) | (215,812) | (3,528,257) | (4,750,681) |
Net increase (decrease) | 131,888 | 196,664 | $ 3,482,698 | $ 4,840,564 |
Class T | | | | |
Shares sold | 86,535 | 141,247 | $ 2,260,266 | $ 3,379,516 |
Reinvestment of distributions | 11,686 | 7,380 | 300,676 | 143,239 |
Shares redeemed | (76,975) | (104,387) | (2,017,388) | (2,281,922) |
Net increase (decrease) | 21,246 | 44,240 | $ 543,554 | $ 1,240,833 |
Class B | | | | |
Shares sold | 2,495 | 4,525 | $ 63,966 | $ 108,233 |
Reinvestment of distributions | 538 | 157 | 13,734 | 3,023 |
Shares redeemed | (8,636) | (15,050) | (224,083) | (330,538) |
Net increase (decrease) | (5,603) | (10,368) | $ (146,383) | $ (219,282) |
Class C | | | | |
Shares sold | 159,994 | 275,046 | $ 4,102,388 | $ 6,270,694 |
Reinvestment of distributions | 10,499 | 2,855 | 265,425 | 54,609 |
Shares redeemed | (75,418) | (109,571) | (1,937,255) | (2,419,306) |
Net increase (decrease) | 95,075 | 168,330 | $ 2,430,558 | $ 3,905,997 |
International Small Cap | | | | |
Shares sold | 4,920,791 | 11,248,438 | $ 131,112,287 | $ 266,912,412 |
Reinvestment of distributions | 988,313 | 770,505 | 25,844,387 | 15,163,539 |
Shares redeemed | (6,630,250) | (8,061,607) | (176,725,032) | (180,218,306) |
Net increase (decrease) | (721,146) | 3,957,336 | $ (19,768,358) | $ 101,857,645 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Institutional Class | | | | |
Shares sold | 1,779,034 | 2,333,500 | $ 46,753,572 | $ 57,218,863 |
Reinvestment of distributions | 61,170 | 8,409 | 1,598,368 | 165,323 |
Shares redeemed | (1,556,440) | (303,629) | (41,947,332) | (6,792,002) |
Net increase (decrease) | 283,764 | 2,038,280 | $ 6,404,608 | $ 50,592,184 |
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 14% of the total outstanding shares of the Fund.
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2014, 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, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013. 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, 2014, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2014, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 24, 2014
Semiannual Report
A special meeting of the fund's shareholders was held on March 18, 2014. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To approve a change in the performance adjustment index for the fund. |
| # of
Votes | % of
Votes |
Affirmative | 659,102,813.34 | 91.252 |
Against | 41,779,512.26 | 5.784 |
Abstain | 21,410,547.93 | 2.964 |
TOTAL | 722,292,873.53 | 100.000 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Fund
On November 13, 2013, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended management contract (the Amended Contract) for the fund and to submit the Amended Contract to shareholders for their approval, with the intention of differentiating the fund and increasing its appeal by including Canada and emerging markets within its target investment universe. If approved by shareholders, the Amended Contract will prospectively change the index used to calculate the fund's performance adjustment from the MSCI EAFE Small Cap Index (the Current Index), which represents non-U.S. small cap issuers across 21 developed market countries, excluding Canada, to the MSCI All Country World ex U.S. Small Cap Index (the Proposed Index), which represents non-U.S. small cap issuers across 22 developed market countries, including Canada, and 21 emerging market countries.
In considering whether to approve the Amended Contract for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of the Amended Contract is in the best interests of the fund and its shareholders and that the compensation payable under the Amended Contract is fair and reasonable. The Board, in reaching its determination to approve the Amended Contract, was aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity Management & Research Company (FMR), and the sub-advisers, including the backgrounds of the fund's investment personnel. The Board also considered the fund's investment objective, strategies, and related investment philosophy, and compared those to Fidelity's other international small cap offerings.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees took note of the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel, which it had reviewed in connection with its annual renewal of the fund's advisory contracts in July 2013. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading and risk management capabilities and resources, which are an integral part of the investment management process.
Semiannual Report
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by FMR under the Amended Contract. The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is a part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services.
Investment Performance. In determining whether the Proposed Index is an appropriate index against which to measure the fund's investment performance, the Board considered that, subject to shareholder approval of the Amended Contract, FMR expects to increase the fund's exposure to investments in Canada and emerging markets. The Board noted that because the Proposed Index includes securities of issuers from Canada and emerging markets in addition to those of the same countries included in the Current Index, it will provide a more meaningful performance comparison for the fund going forward.
The Board considered the rolling 36-month returns of the fund's retail class compared to the rolling 36-month returns of the Current Index and the Proposed Index over the last three years ended September 30, 2013. The Board noted that the fund generally outperformed the Current Index and outperformed and underperformed the Proposed Index at different times over that period.
The Board compared the current weightings and characteristics of the Proposed Index to the Current Index. The Board also considered the performance of each index over the past ten calendar years and for the nine months ended September 30, 2013. The Board noted that the Proposed Index slightly outperformed the Current Index over the past 10 years. The Board recognized that past performance would have no impact on performance in the future and noted that historical performance differences between the Current and Proposed Index were primarily related to Canadian and emerging markets holdings.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund under the Amended Contract should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered that, because the change in the index used to calculate the fund's performance adjustment will be implemented prospectively, the future impact on management fees will depend solely on the fund's future performance relative to the Proposed Index. Nonetheless, the Board considered the management fee that the fund incurred under the current management contract (with the Current Index) for the 12-month period ended September 30, 2013, compared to the hypothetical management fee that the fund would have incurred if the Amended Contract (with the Proposed Index) had been in effect during that period. The Board noted that, under the current management contract, the fund's basic fee was increased by a positive performance adjustment of approximately 0.12% and that, if the Amended Contract had been in effect during the 12-month period ended September 30, 2013, the fund's basic fee would have increased by a positive performance adjustment of 0.16%. As a result, the fund's hypothetical management fee would have been 0.04% ($371,854) higher if the Amended Contract had been in effect during that period. The Board noted that the fund outperformed the Current Index and the Proposed Index over that period.
In its review, the Board noted that at its July 2013 meeting it received and considered materials relating to its review of total expenses for the fund in connection with its renewal of the fund's current advisory contracts. This information included Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. Because the fund's management fee impacts the fund's total expenses - and because the future impact on management fees will depend solely on the fund's future performance relative to the Proposed Index - the Board will next review the fund's total expenses compared to competitive fund median expenses in connection with its future renewal of the fund's advisory contracts.
Based on its review, the Board concluded that the fund's management fee was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. Because the Board was approving an arrangement under which the management fee that the fund pays FMR will depend solely on the fund's future performance relative to the Proposed Index, it did not consider data regarding the impact on Fidelity's costs of services, revenues, or profitability to be a significant factor in its decision. The Board noted that it considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders in connection with its annual renewal of the fund's advisory contracts in July 2013, and that the Board will consider Fidelity's costs of services and profitability in connection with its future renewal of the fund's advisory contracts.
Semiannual Report
Economies of Scale. The Board recognized that the fund's Amended Contract, like the current contract, incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under management increase, and for higher group fee rates as total fund assets under management decrease. FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as assets under management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board noted that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the fund, whether the fund has appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale in connection with its annual renewal of the fund's advisory contracts in July 2013, and that the Board will consider economies of scale In connection with its future renewal of the fund's advisory contracts.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the Amended Contract should be approved and submitted to shareholders for their approval.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
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(Japan) Inc.
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FIL Investments (Japan) Limited
FIL Investment Advisors (UK)
Limited
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Fidelity Distributors Corporation
Smithfield, RI
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Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
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ISC-USAN-0614
1.800661.110
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Small Cap
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Class A, Class T, Class B, and
Class C are classes of Fidelity®
International Small Cap 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 financial statements. |
Report of Independent Registered Public Accounting Firm | (Click Here) | |
Proxy Voting Results | (Click Here) | |
Board Approval of Investment Advisory Contracts and Management Fees | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.52% | | | |
Actual | | $ 1,000.00 | $ 1,026.20 | $ 7.64 |
HypotheticalA | | $ 1,000.00 | $ 1,017.26 | $ 7.60 |
Class T | 1.78% | | | |
Actual | | $ 1,000.00 | $ 1,025.20 | $ 8.94 |
HypotheticalA | | $ 1,000.00 | $ 1,015.97 | $ 8.90 |
Class B | 2.30% | | | |
Actual | | $ 1,000.00 | $ 1,022.30 | $ 11.48 |
HypotheticalA | | $ 1,000.00 | $ 1,013.44 | $ 11.43 |
Class C | 2.23% | | | |
Actual | | $ 1,000.00 | $ 1,023.00 | $ 11.19 |
HypotheticalA | | $ 1,000.00 | $ 1,013.74 | $ 11.13 |
International Small Cap | 1.22% | | | |
Actual | | $ 1,000.00 | $ 1,027.90 | $ 6.13 |
HypotheticalA | | $ 1,000.00 | $ 1,018.74 | $ 6.11 |
Institutional Class | 1.10% | | | |
Actual | | $ 1,000.00 | $ 1,028.50 | $ 5.53 |
HypotheticalA | | $ 1,000.00 | $ 1,019.34 | $ 5.51 |
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, 2014 |
 | Japan 19.0% | |
 | United Kingdom 16.1% | |
 | United States of America* 9.8% | |
 | Germany 6.1% | |
 | France 5.6% | |
 | Australia 5.0% | |
 | Cayman Islands 3.7% | |
 | Bermuda 3.6% | |
 | Switzerland 2.8% | |
 | Other 28.3% | |
* 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, 2013 |
| Japan 26.4% | |
| United Kingdom 18.0% | |
| Germany 9.7% | |
| United States of America* 5.6% | |
| France 3.9% | |
| Cayman Islands 3.4% | |
| Australia 3.4% | |
| Ireland 2.7% | |
| Bermuda 2.6% | |
| Other 24.3% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 91.4 | 94.3 |
Bonds | 0.2 | 0.2 |
Investment Companies | 4.5 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9 | 5.5 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Tsuruha Holdings, Inc. (Japan, Food & Staples Retailing) | 1.5 | 0.0 |
Nitori Holdings Co. Ltd. (Japan, Specialty Retail) | 1.1 | 0.0 |
Meggitt PLC (United Kingdom, Aerospace & Defense) | 1.1 | 0.0 |
Moneysupermarket.com Group PLC (United Kingdom, Internet Software & Services) | 1.1 | 0.9 |
Ultra Electronics Holdings PLC (United Kingdom, Aerospace & Defense) | 1.0 | 0.0 |
Close Brothers Group PLC (United Kingdom, Capital Markets) | 1.0 | 0.6 |
Grand City Properties SA (Luxembourg, Real Estate Management & Development) | 1.0 | 0.7 |
AMEC PLC (United Kingdom, Energy Equipment & Services) | 0.9 | 0.0 |
Clicks Group Ltd. (South Africa, Food & Staples Retailing) | 0.9 | 0.0 |
EBOS Group Ltd. (New Zealand, Health Care Providers & Service) | 0.9 | 0.0 |
| 10.5 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 18.6 | 16.1 |
Financials | 17.9 | 17.7 |
Consumer Discretionary | 15.6 | 22.5 |
Information Technology | 11.4 | 14.4 |
Materials | 9.0 | 4.7 |
Health Care | 7.4 | 8.7 |
Energy | 5.6 | 4.8 |
Consumer Staples | 5.2 | 3.2 |
Telecommunication Services | 0.6 | 0.5 |
Utilities | 0.3 | 1.9 |
Semiannual Report
Investments April 30, 2014
Showing Percentage of Net Assets
Common Stocks - 91.4% |
| Shares | | Value |
Australia - 5.0% |
Austal Ltd. (a)(d) | 3,396,893 | | $ 3,313,499 |
Boart Longyear Ltd. (d) | 12,086,691 | | 3,200,133 |
Bradken Ltd. | 1,550,943 | | 6,094,694 |
Challenger Ltd. | 845,650 | | 5,538,542 |
Charter Hall Group unit | 1,196,020 | | 4,666,631 |
Clinuvel Pharmaceuticals Ltd. (a)(d) | 325,070 | | 440,905 |
GUD Holdings Ltd. | 1,884,479 | | 9,366,143 |
iiNet Ltd. | 455,468 | | 3,029,609 |
Iluka Resources Ltd. | 10 | | 83 |
Imdex Ltd. (a) | 5,754,982 | | 3,929,588 |
Life Healthcare Group Ltd. (a) | 1,826,612 | | 3,818,076 |
Nanosonics Ltd. (a) | 1,455,582 | | 1,095,311 |
RCG Corp. Ltd. | 2,518,231 | | 1,742,880 |
Slater & Gordon Ltd. | 1,756,224 | | 7,668,201 |
SomnoMed Ltd. (a) | 584,445 | | 770,988 |
Southern Cross Media Group Ltd. | 1,287,150 | | 1,536,555 |
Spark Infrastructure Group unit | 71 | | 116 |
Vision Group Holdings Ltd. (a) | 1,221,604 | | 697,945 |
TOTAL AUSTRALIA | | 56,909,899 |
Austria - 0.7% |
Andritz AG | 96,612 | | 5,996,040 |
RHI AG | 65,333 | | 2,287,747 |
TOTAL AUSTRIA | | 8,283,787 |
Bailiwick of Jersey - 1.1% |
Informa PLC | 744,720 | | 6,064,369 |
LXB Retail Properties PLC (a) | 497,911 | | 1,030,875 |
Regus PLC | 1,682,500 | | 5,937,132 |
TOTAL BAILIWICK OF JERSEY | | 13,032,376 |
Belgium - 1.0% |
Barco NV | 79,803 | | 5,943,165 |
Econocom Group SA (d) | 536,082 | | 5,750,546 |
TOTAL BELGIUM | | 11,693,711 |
Bermuda - 3.6% |
APT Satellite Holdings Ltd. | 2,096,000 | | 2,627,789 |
Asia Satellite Telecommunications Holdings Ltd. | 271,000 | | 1,080,092 |
BW Offshore Ltd. | 5,523,413 | | 7,210,552 |
Great Eagle Holdings Ltd. | 1,825,000 | | 6,532,191 |
Hiscox Ltd. | 530,595 | | 6,324,748 |
Kofax Ltd. (a) | 22,301 | | 167,462 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Oakley Capital Investments Ltd. (a) | 1,319,969 | | $ 3,833,253 |
Oriental Watch Holdings Ltd. | 554,000 | | 125,049 |
PAX Global Technology Ltd. (a) | 6,064,000 | | 3,159,902 |
Petra Diamonds Ltd. (a) | 2,255,500 | | 6,207,343 |
STELUX Holdings International | 2,958,000 | | 911,862 |
Vtech Holdings Ltd. | 185,900 | | 2,565,643 |
TOTAL BERMUDA | | 40,745,886 |
British Virgin Islands - 0.5% |
Kalahari Energy (a)(f) | 1,451,000 | | 15 |
Leyshon Energy Ltd. (a) | 757,227 | | 44,748 |
Mail.Ru Group Ltd.: | | | |
GDR (a)(e) | 112,800 | | 3,064,776 |
GDR (Reg. S) (a) | 108,724 | | 2,954,031 |
TOTAL BRITISH VIRGIN ISLANDS | | 6,063,570 |
Canada - 2.5% |
AirSea Lines (a)(f) | 1,893,338 | | 26 |
Constellation Software, Inc. | 18,466 | | 4,089,797 |
First Quantum Minerals Ltd. | 172,898 | | 3,443,605 |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 319,160 | | 6,432,411 |
Rock Well Petroleum, Inc. (a)(f) | 770,400 | | 7 |
ShawCor Ltd. Class A | 154,929 | | 6,900,811 |
Western Energy Services Corp. | 6 | | 62 |
Whitecap Resources, Inc. (d) | 585,981 | | 7,730,747 |
TOTAL CANADA | | 28,597,466 |
Cayman Islands - 3.7% |
AMVIG Holdings Ltd. | 2,514,000 | | 914,424 |
Bonjour Holdings Ltd. | 43,448,000 | | 7,453,400 |
Changshouhua Food Co. Ltd. | 872,000 | | 885,165 |
China High Precision Automation Group Ltd. (a) | 712,000 | | 27,551 |
China Metal Recycling (Holdings)Ltd. (a) | 436,800 | | 1 |
China Outfitters Holdings Ltd. | 170,000 | | 26,313 |
Hop Hing Group Holdings Ltd. | 6,752,000 | | 196,822 |
Lee's Pharmaceutical Holdings Ltd. | 3,150,000 | | 3,534,784 |
Lifestyle International Holdings Ltd. | 3,551,000 | | 6,952,732 |
Lombard Medical, Inc. (a) | 315,100 | | 3,097,433 |
Marwyn Value Investors II Ltd. | 2,064,327 | | 7,127,663 |
Ming Fai International Holdings Ltd. | 6,304,000 | | 609,832 |
Pico Far East Holdings Ltd. | 15,344,000 | | 4,096,773 |
Shenguan Holdings Group Ltd. | 3,154,000 | | 1,350,619 |
SITC International Holdings Co. Ltd. | 3,852,000 | | 1,699,204 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
SouFun Holdings Ltd. ADR | 247,000 | | $ 2,907,190 |
VST Holdings Ltd. | 2,767,600 | | 703,238 |
Xinyi Glass Holdings Ltd. | 1,670,000 | | 1,313,951 |
TOTAL CAYMAN ISLANDS | | 42,897,095 |
Denmark - 1.1% |
FLSmidth & Co. A/S (d) | 116,059 | | 6,202,038 |
Jyske Bank A/S (Reg.) (a) | 107,279 | | 5,892,369 |
TOTAL DENMARK | | 12,094,407 |
Finland - 2.2% |
Amer Group PLC (A Shares) | 297,916 | | 6,150,109 |
Kemira Oyj | 405,300 | | 6,185,223 |
Rakentajain Konevuokraamo Oyj (B Shares) | 343,656 | | 7,652,177 |
Tikkurila Oyj | 205,600 | | 5,100,076 |
TOTAL FINLAND | | 25,087,585 |
France - 5.6% |
ALTEN | 165,500 | | 8,446,072 |
Arkema SA | 56,379 | | 6,286,333 |
Audika SA (a) | 113,900 | | 2,087,433 |
Faurecia SA (a) | 92,473 | | 4,156,033 |
Ipsos SA | 222,790 | | 8,635,911 |
Parrot SA (a) | 208,950 | | 6,392,004 |
Sopra Group SA | 61,000 | | 7,045,310 |
The Lisi Group | 52,800 | | 8,570,493 |
The Vicat Group | 80,198 | | 6,959,482 |
Wendel SA | 39,952 | | 6,016,645 |
TOTAL FRANCE | | 64,595,716 |
Germany - 6.1% |
Aareal Bank AG | 144,351 | | 6,543,671 |
AURELIUS AG | 158,535 | | 5,885,689 |
Bilfinger Berger AG | 67,664 | | 8,038,401 |
CompuGroup Medical AG | 239,549 | | 6,384,219 |
Deutsche Beteiligungs AG | 53,682 | | 1,444,829 |
GEA Group AG | 149,744 | | 6,698,813 |
GfK AG | 195,601 | | 10,094,854 |
Lanxess AG | 61,222 | | 4,654,512 |
LEG Immobilien AG | 99,977 | | 6,668,845 |
LEONI AG | 82,747 | | 6,145,193 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Pfeiffer Vacuum Technology AG | 36,091 | | $ 4,293,575 |
SHW Group | 49,128 | | 2,950,207 |
TOTAL GERMANY | | 69,802,808 |
Greece - 1.1% |
Metka SA | 324,600 | | 5,809,306 |
Motor Oil (HELLAS)Corinth Refineries SA | 529,850 | | 6,674,594 |
TOTAL GREECE | | 12,483,900 |
Hong Kong - 1.0% |
Dah Sing Banking Group Ltd. | 1,861,600 | | 2,790,137 |
Magnificent Estates Ltd. | 82,044,000 | | 3,968,360 |
Singamas Container Holdings Ltd. | 6,158,000 | | 1,334,388 |
Techtronic Industries Co. Ltd. | 1,184,500 | | 3,773,680 |
TOTAL HONG KONG | | 11,866,565 |
India - 0.6% |
Page Industries Ltd. | 37,081 | | 3,579,302 |
Shriram City Union Finance Ltd. | 6,875 | | 134,776 |
Shriram Transport Finance Co. Ltd. | 242,317 | | 2,952,077 |
Thangamayil Jewellery Ltd. | 32,258 | | 70,223 |
TOTAL INDIA | | 6,736,378 |
Indonesia - 0.2% |
PT Clipan Finance Indonesia Tbk | 7,430,200 | | 260,280 |
PT Media Nusantara Citra Tbk | 8,361,100 | | 1,963,447 |
TOTAL INDONESIA | | 2,223,727 |
Ireland - 1.1% |
Smurfit Kappa Group PLC | 287,600 | | 6,397,995 |
United Drug PLC (United Kingdom) | 1,007,649 | | 6,102,615 |
TOTAL IRELAND | | 12,500,610 |
Isle of Man - 0.6% |
Lamprell PLC (a) | 2,616,188 | | 6,780,359 |
Israel - 0.5% |
Frutarom Industries Ltd. | 242,110 | | 5,807,002 |
Italy - 1.2% |
Danieli & C. Officine Meccaniche SpA | 180,697 | | 6,477,829 |
Prysmian SpA (d) | 263,900 | | 6,861,120 |
TOTAL ITALY | | 13,338,949 |
Common Stocks - continued |
| Shares | | Value |
Japan - 19.0% |
Accordia Golf Co. Ltd. (d) | 467,700 | | $ 5,992,928 |
ACOM Co. Ltd. (a)(d) | 1,029,600 | | 3,504,678 |
Aeon Delight Co. Ltd. | 130,900 | | 2,883,423 |
Ain Pharmaciez, Inc. | 66,000 | | 2,901,844 |
Aozora Bank Ltd. | 2,161,000 | | 6,425,823 |
Asahi Co. Ltd. | 239,400 | | 3,179,979 |
Broadleaf Co. Ltd. | 229,800 | | 3,690,826 |
Daiwa Industries Ltd. | 303,000 | | 1,867,169 |
Fuji Corp. | 68,800 | | 1,426,001 |
Fukuda Denshi Co. Ltd. | 76,800 | | 3,898,782 |
GMO Internet, Inc. | 753,000 | | 6,636,211 |
Higashi Nihon House Co. Ltd. | 1,108,400 | | 5,301,586 |
Hoshizaki Electric Co. Ltd. | 162,800 | | 6,584,614 |
Iida Group Holdings Co. Ltd. (a) | 626,351 | | 9,312,403 |
Iwatsuka Confectionary Co. Ltd. | 24,100 | | 1,320,096 |
JSR Corp. | 545,600 | | 8,939,013 |
KAWAI Musical Instruments Manufacturing Co. Ltd. | 1,991,000 | | 3,544,403 |
Koshidaka Holdings Co. Ltd. | 37,200 | | 1,102,519 |
Kotobuki Spirits Co. Ltd. | 87,700 | | 1,807,443 |
Leopalace21 Corp. (a) | 1,920,600 | | 9,919,077 |
Meitec Corp. | 240,000 | | 6,382,941 |
Miraca Holdings, Inc. | 139,600 | | 6,049,083 |
Mitani Shoji Co. Ltd. | 72,600 | | 1,633,296 |
Mitsubishi Pencil Co. Ltd. | 32,900 | | 976,686 |
Nakanishi, Inc. | 97,500 | | 3,328,361 |
Nihon Nohyaku Co. Ltd. | 366,000 | | 4,557,324 |
Nippon Koei Co. Ltd. | 281,000 | | 1,346,799 |
Nippon Shinyaku Co. Ltd. | 360,000 | | 6,334,817 |
Nitori Holdings Co. Ltd. | 284,100 | | 13,019,108 |
Nomura Real Estate Holdings, Inc. | 233,000 | | 4,343,894 |
Pal Co. Ltd. | 71,000 | | 1,354,233 |
Paramount Bed Holdings Co. Ltd. | 132,300 | | 3,985,758 |
Ricoh Leasing Co. Ltd. | 238,100 | | 6,211,304 |
Rohto Pharmaceutical Co. Ltd. | 3,400 | | 59,962 |
Sakata INX Corp. | 364,800 | | 3,207,856 |
San-Ai Oil Co. Ltd. | 779,000 | | 5,181,396 |
Shinko Kogyo Co. Ltd. | 314,700 | | 2,992,013 |
Takata Corp. | 125,100 | | 2,945,329 |
TFP Consulting Group Co. Ltd. | 70,000 | | 1,524,136 |
TKC Corp. | 185,100 | | 3,745,996 |
Tokyo Ohka Kogyo Co. Ltd. | 301,300 | | 6,881,552 |
Toshiba Plant Systems & Services Corp. | 464,900 | | 6,834,692 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Toyo Suisan Kaisha Ltd. | 195,000 | | $ 6,237,101 |
Tsuruha Holdings, Inc. | 170,300 | | 17,124,116 |
Uchiyama Holdings Co. Ltd. (d) | 381,600 | | 2,441,105 |
VT Holdings Co. Ltd. | 1,157,100 | | 6,632,372 |
Welcia Holdings Co. Ltd. (d) | 32,800 | | 1,979,518 |
TOTAL JAPAN | | 217,549,566 |
Korea (South)- 1.8% |
Hy-Lok Corp. | 119,715 | | 3,482,178 |
Koh Young Technology, Inc. | 159,703 | | 3,802,822 |
KEPCO Plant Service & Engineering Co. Ltd. | 95,360 | | 6,202,880 |
Leeno Industrial, Inc. | 48,695 | | 1,402,262 |
Soulbrain Co. Ltd. | 46,386 | | 1,847,628 |
TK Corp. (a) | 172,528 | | 3,398,458 |
TOTAL KOREA (SOUTH) | | 20,136,228 |
Luxembourg - 1.1% |
Grand City Properties SA (a) | 1,009,573 | | 11,373,125 |
RM2 International SA (a)(d) | 1,278,800 | | 1,414,227 |
TOTAL LUXEMBOURG | | 12,787,352 |
Netherlands - 0.8% |
Amsterdam Commodities NV | 270,721 | | 6,722,968 |
Ichor Coal NV (a) | 355,000 | | 2,314,301 |
TOTAL NETHERLANDS | | 9,037,269 |
New Zealand - 1.5% |
EBOS Group Ltd. | 1,264,619 | | 10,250,521 |
Nuplex Industries Ltd. | 2,204,863 | | 6,654,387 |
TOTAL NEW ZEALAND | | 16,904,908 |
Norway - 1.5% |
ABG Sundal Collier ASA (a) | 6,803,251 | | 6,294,750 |
Ekornes A/S | 405,297 | | 6,426,197 |
Kongsberg Gruppen ASA (a) | 187,819 | | 4,407,710 |
Sevan Drilling ASA (a) | 869,757 | | 460,901 |
TOTAL NORWAY | | 17,589,558 |
Singapore - 1.7% |
Amtek Engineering Ltd. | 5,859,000 | | 2,897,487 |
Boustead Singapore Ltd. | 2,261,000 | | 3,417,560 |
Goodpack Ltd. | 2,305,000 | | 4,412,539 |
Hour Glass Ltd. | 301,000 | | 408,152 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Mapletree Industrial (REIT) | 1,303,312 | | $ 1,496,984 |
OSIM International Ltd. | 1,572,000 | | 3,636,277 |
Sino Grandness Food Industry Group Ltd. (a) | 1,545,000 | | 850,323 |
Venture Corp. Ltd. | 347,000 | | 2,122,908 |
TOTAL SINGAPORE | | 19,242,230 |
South Africa - 2.3% |
Blue Label Telecoms Ltd. | 6,875,600 | | 5,960,313 |
Clicks Group Ltd. | 1,736,037 | | 10,585,692 |
Pinnacle Technology Holdings Ltd. | 2,281,330 | | 2,819,000 |
SA Corporate Real Estate Fund | 17,242,106 | | 6,768,680 |
TOTAL SOUTH AFRICA | | 26,133,685 |
Sweden - 0.3% |
AddTech AB (B Shares) | 204,656 | | 3,123,882 |
Rezidor Hotel Group AB rights 12/31/99 (a) | 1,290,198 | | 598,582 |
TOTAL SWEDEN | | 3,722,464 |
Switzerland - 2.8% |
Clariant AG (Reg.) | 307,372 | | 6,048,952 |
Daetwyler Holdings AG | 20,416 | | 3,224,434 |
Pargesa Holding SA | 111,676 | | 10,125,832 |
Vontobel Holdings AG | 147,811 | | 5,785,807 |
VZ Holding AG (d) | 37,391 | | 6,275,026 |
TOTAL SWITZERLAND | | 31,460,051 |
Taiwan - 0.8% |
Pacific Hospital Supply Co. Ltd. | 1,055,000 | | 2,727,951 |
Tripod Technology Corp. | 3,369,000 | | 6,634,022 |
TOTAL TAIWAN | | 9,361,973 |
Thailand - 0.6% |
Delta Electronics PCL (For. Reg.) | 3,795,000 | | 6,684,642 |
Turkey - 0.3% |
Aygaz A/S | 821,000 | | 3,382,681 |
United Kingdom - 16.1% |
Aberdeen Asset Management PLC | 996,500 | | 7,349,119 |
AMEC PLC | 513,481 | | 10,706,972 |
Ashmore Group PLC (d) | 1,223,193 | | 7,236,598 |
BBA Aviation PLC | 1,719,881 | | 9,001,926 |
Bond International Software PLC | 843,266 | | 1,850,901 |
Brammer PLC | 784,864 | | 6,218,334 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Brewin Dolphin Holding PLC | 980,163 | | $ 5,345,350 |
Cineworld Group PLC (d) | 247,976 | | 1,351,298 |
Close Brothers Group PLC | 485,800 | | 11,450,337 |
Countrywide PLC | 858,100 | | 8,569,747 |
Craneware PLC | 772,825 | | 7,046,124 |
Devro PLC | 144,637 | | 516,494 |
Diploma PLC | 499,552 | | 5,554,076 |
Exova Group Ltd. PLC (a) | 248,400 | | 923,725 |
ITE Group PLC | 964,200 | | 3,744,297 |
John Wood Group PLC | 470,700 | | 6,226,709 |
Kennedy Wilson Europe Real Estate PLC | 170,000 | | 2,927,686 |
Keronite PLC (a)(f) | 136 | | 0 |
Mears Group PLC | 750,060 | | 6,376,331 |
Meggitt PLC | 1,604,455 | | 12,913,621 |
Micro Focus International PLC | 491,727 | | 6,434,297 |
Moneysupermarket.com Group PLC | 4,001,600 | | 12,296,469 |
Morgan Advanced Materials PLC | 560,608 | | 3,170,877 |
Provident Financial PLC | 270,578 | | 9,077,488 |
Pureprofile Media PLC (a)(f) | 1,108,572 | | 860,988 |
Regenersis PLC (d) | 174,790 | | 1,047,660 |
Silverdell PLC (a) | 12,644,400 | | 213 |
Sinclair Pharma PLC (a) | 8,403,003 | | 4,362,696 |
Spectris PLC | 164,300 | | 6,172,242 |
Spirent Communications PLC | 3,759,400 | | 6,039,523 |
Sthree PLC | 7 | | 48 |
Synergy Health PLC | 353,353 | | 7,397,855 |
TMO Renewables Ltd. (a)(f) | 1,000,000 | | 67,536 |
Ultra Electronics Holdings PLC | 416,244 | | 11,919,257 |
TOTAL UNITED KINGDOM | | 184,156,794 |
United States of America - 1.4% |
Dillard's, Inc. Class A | 104,271 | | 10,211,259 |
Integrated Silicon Solution, Inc. (a) | 432,830 | | 6,258,722 |
Mudalla Technology, Inc. (Reg. S) (a) | 996,527 | | 17 |
YOU On Demand Holdings, Inc. (a)(f) | 27,500 | | 81,675 |
YOU On Demand Holdings, Inc. warrants 8/30/17 (a)(f) | 27,500 | | 280 |
TOTAL UNITED STATES OF AMERICA | | 16,551,953 |
TOTAL COMMON STOCKS (Cost $976,458,320) |
1,046,243,150
|
Investment Companies - 4.5% |
| Shares | | Value |
United States of America - 4.5% |
iShares MSCI EAFE Small Cap Index ETF
(Cost $51,512,335) | 1,006,800 | | $ 52,373,733 |
Convertible Bonds - 0.2% |
| Principal Amount | | |
Canada - 0.2% |
Caracal Energy, Inc. 12.5% 9/30/17 (f)
(Cost $1,400,000) | | $ 1,400,000 | |
2,113,538
|
Money Market Funds - 6.0% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 43,278,805 | | 43,278,805 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 25,240,283 | | 25,240,283 |
TOTAL MONEY MARKET FUNDS (Cost $68,519,088) |
68,519,088
|
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $1,097,889,743) | 1,169,249,509 |
NET OTHER ASSETS (LIABILITIES)- (2.1)% | (24,536,712) |
NET ASSETS - 100% | $ 1,144,712,797 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
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) 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 $3,064,776 or 0.3% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,124,065 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Caracal Energy, Inc. 12.5% 9/30/17 | 9/12/12 | $ 1,400,000 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
TMO Renewables Ltd. | 10/27/05 | $ 535,065 |
YOU On Demand Holdings, Inc. | 8/29/12 | $ 110,000 |
YOU On Demand Holdings, Inc. warrants 8/30/17 | 9/14/12 | $ 0 |
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 | $ 33,276 |
Fidelity Securities Lending Cash Central Fund | 219,462 |
Total | $ 252,738 |
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 |
Pertama Holdings Ltd. | $ 12,066,495 | $ - | $ 12,052,911 | $ 64,973 | $ - |
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, 2014, 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 | $ 179,014,442 | $ 178,415,563 | $ 598,862 | $ 17 |
Consumer Staples | 59,520,444 | 59,520,444 | - | - |
Energy | 63,649,734 | 63,649,712 | - | 22 |
Financials | 204,124,526 | 204,124,526 | - | - |
Health Care | 85,980,260 | 85,912,724 | - | 67,536 |
Industrials | 211,028,047 | 211,027,808 | - | 239 |
Information Technology | 130,668,518 | 129,779,979 | - | 888,539 |
Materials | 102,136,892 | 102,136,891 | - | 1 |
Telecommunication Services | 6,737,490 | 6,737,490 | - | - |
Utilities | 3,382,797 | 3,382,797 | - | - |
Investment Companies | 52,373,733 | 52,373,733 | - | - |
Corporate Bonds | 2,113,538 | - | 2,113,538 | - |
Money Market Funds | 68,519,088 | 68,519,088 | - | - |
Total Investments in Securities: | $ 1,169,249,509 | $ 1,165,580,755 | $ 2,712,400 | $ 956,354 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 58,386,607 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $23,833,010) - See accompanying schedule: Unaffiliated issuers (cost $1,029,370,655) | $ 1,100,730,421 | |
Fidelity Central Funds (cost $68,519,088) | 68,519,088 | |
Total Investments (cost $1,097,889,743) | | $ 1,169,249,509 |
Cash | | 314,645 |
Foreign currency held at value (cost $723,752) | | 724,663 |
Receivable for investments sold | | 26,611,287 |
Receivable for fund shares sold | | 848,200 |
Dividends receivable | | 4,837,869 |
Interest receivable | | 15,217 |
Distributions receivable from Fidelity Central Funds | | 50,880 |
Prepaid expenses | | 782 |
Other receivables | | 29,435 |
Total assets | | 1,202,682,487 |
| | |
Liabilities | | |
Payable for investments purchased | $ 28,600,343 | |
Payable for fund shares redeemed | 2,832,064 | |
Accrued management fee | 837,162 | |
Distribution and service plan fees payable | 26,088 | |
Other affiliated payables | 274,521 | |
Other payables and accrued expenses | 159,229 | |
Collateral on securities loaned, at value | 25,240,283 | |
Total liabilities | | 57,969,690 |
| | |
Net Assets | | $ 1,144,712,797 |
Net Assets consist of: | | |
Paid in capital | | $ 933,888,205 |
Undistributed net investment income | | 3,217,327 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 136,242,915 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 71,364,350 |
Net Assets | | $ 1,144,712,797 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($27,527,048 ÷ 1,043,966 shares) | | $ 26.37 |
| | |
Maximum offering price per share (100/94.25 of $26.37) | | $ 27.98 |
Class T:
Net Asset Value and redemption price per share ($14,110,781 ÷ 538,206 shares) | | $ 26.22 |
| | |
Maximum offering price per share (100/96.50 of $26.22) | | $ 27.17 |
Class B:
Net Asset Value and offering price per share ($652,497 ÷ 25,126 shares)A | | $ 25.97 |
| | |
Class C:
Net Asset Value and offering price per share ($15,880,929 ÷ 617,814 shares)A | | $ 25.71 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,011,882,966 ÷ 37,889,913 shares) | | $ 26.71 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($74,658,576 ÷ 2,797,161 shares) | | $ 26.69 |
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, 2014 |
| | |
Investment Income | | |
Dividends (including $64,973 earned from other affiliated issuers) | | $ 11,124,580 |
Interest | | 98,763 |
Income from Fidelity Central Funds | | 252,738 |
Income before foreign taxes withheld | | 11,476,081 |
Less foreign taxes withheld | | (763,986) |
Total income | | 10,712,095 |
| | |
Expenses | | |
Management fee
Basic fee | $ 5,155,237 | |
Performance adjustment | 194,161 | |
Transfer agent fees | 1,354,160 | |
Distribution and service plan fees | 149,816 | |
Accounting and security lending fees | 279,652 | |
Custodian fees and expenses | 169,607 | |
Independent trustees' compensation | 2,353 | |
Registration fees | 75,669 | |
Audit | 77,643 | |
Legal | 6,373 | |
Miscellaneous | 35,519 | |
Total expenses before reductions | 7,500,190 | |
Expense reductions | (11,975) | 7,488,215 |
Net investment income (loss) | | 3,223,880 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 199,331,576 | |
Other affiliated issuers | 5,640,625 | |
Foreign currency transactions | (232,695) | |
Total net realized gain (loss) | | 204,739,506 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (174,617,139) | |
Assets and liabilities in foreign currencies | 28,413 | |
Total change in net unrealized appreciation (depreciation) | | (174,588,726) |
Net gain (loss) | | 30,150,780 |
Net increase (decrease) in net assets resulting from operations | | $ 33,374,660 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,223,880 | $ 4,434,071 |
Net realized gain (loss) | 204,739,506 | 66,068,952 |
Change in net unrealized appreciation (depreciation) | (174,588,726) | 198,875,293 |
Net increase (decrease) in net assets resulting
from operations | 33,374,660 | 269,378,316 |
Distributions to shareholders from net investment income | (4,012,677) | (4,769,550) |
Distributions to shareholders from net realized gain | (26,257,450) | (11,754,787) |
Total distributions | (30,270,127) | (16,524,337) |
Share transactions - net increase (decrease) | (7,053,323) | 162,217,941 |
Redemption fees | 222,461 | 119,206 |
Total increase (decrease) in net assets | (3,726,329) | 415,191,126 |
| | |
Net Assets | | |
Beginning of period | 1,148,439,126 | 733,248,000 |
End of period (including undistributed net investment income of $3,217,327 and undistributed net investment income of $4,006,124, respectively) | $ 1,144,712,797 | $ 1,148,439,126 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.34 | $ 19.74 | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .06 | .06 | .10 | .03 | .06 |
Net realized and unrealized gain (loss) | .65 | 6.94 | 1.09 | (.88) | 3.51 | 5.31 |
Total from investment operations | .68 | 7.00 | 1.15 | (.78) | 3.54 | 5.37 |
Distributions from net investment income | (.05) | (.07) | (.11) | (.02) | (.06) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.65) | (.40) | (.38) | (.68) | (.40) | - |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | - I | - I |
Net asset value, end of period | $ 26.37 | $ 26.34 | $ 19.74 | $ 18.97 | $ 20.42 | $ 17.28 |
Total Return B,C,D | 2.62% | 36.18% | 6.28% | (4.00)% | 20.85% | 45.09% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.52% A | 1.61% | 1.63% | 1.56% | 1.71% | 1.75% |
Expenses net of fee waivers, if any | 1.52% A | 1.61% | 1.63% | 1.55% | 1.65% | 1.65% |
Expenses net of all reductions | 1.52% A | 1.60% | 1.60% | 1.54% | 1.63% | 1.62% |
Net investment income (loss) | .25% A | .25% | .32% | .49% | .16% | .41% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 27,527 | $ 24,020 | $ 14,125 | $ 17,185 | $ 19,720 | $ 17,590 |
Portfolio turnover rate G | 155% A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.17 | $ 19.59 | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | - I | .01 | .05 | (.02) | .02 |
Net realized and unrealized gain (loss) | .65 | 6.90 | 1.08 | (.86) | 3.47 | 5.28 |
Total from investment operations | .65 | 6.90 | 1.09 | (.81) | 3.45 | 5.30 |
Distributions from net investment income | - | - | (.03) | - | (.02) | - |
Distributions from net realized gain | (.60) | (.32) | (.27) | (.63) | (.34) | - |
Total distributions | (.60) | (.32) | (.30) | (.63) | (.36) | - |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | - I | - I |
Net asset value, end of period | $ 26.22 | $ 26.17 | $ 19.59 | $ 18.80 | $ 20.23 | $ 17.14 |
Total Return B,C,D | 2.52% | 35.80% | 5.97% | (4.18)% | 20.46% | 44.76% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.78% A | 1.87% | 1.88% | 1.82% | 1.97% | 2.00% |
Expenses net of fee waivers, if any | 1.78% A | 1.87% | 1.88% | 1.81% | 1.90% | 1.90% |
Expenses net of all reductions | 1.78% A | 1.85% | 1.85% | 1.79% | 1.88% | 1.86% |
Net investment income (loss) | (.01)% A | (.01)% | .07% | .24% | (.09)% | .16% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,111 | $ 13,530 | $ 9,262 | $ 13,744 | $ 16,092 | $ 15,760 |
Portfolio turnover rate G | 155% A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.87 | $ 19.22 | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.07) | (.11) | (.08) | (.05) | (.10) | (.04) |
Net realized and unrealized gain (loss) | .64 | 6.84 | 1.07 | (.85) | 3.39 | 5.17 |
Total from investment operations | .57 | 6.73 | .99 | (.90) | 3.29 | 5.13 |
Distributions from net realized gain | (.47) | (.08) | (.15) | (.52) | (.28) | - |
Redemption fees added to paid in capital E | -I | -I | -I | .01 | -I | -I |
Net asset value, end of period | $ 25.97 | $ 25.87 | $ 19.22 | $ 18.38 | $ 19.79 | $ 16.78 |
Total ReturnB,C,D | 2.23% | 35.14% | 5.45% | (4.68)% | 19.90% | 44.03% |
Ratios to Average Net AssetsF,H | | | | | |
Expenses before reductions | 2.30%A | 2.37% | 2.38% | 2.32% | 2.47% | 2.49% |
Expenses net of fee waivers, if any | 2.30%A | 2.36% | 2.38% | 2.30% | 2.40% | 2.40% |
Expenses net of all reductions | 2.30%A | 2.35% | 2.35% | 2.29% | 2.38% | 2.36% |
Net investment income (loss) | (.53)%A | (.51)% | (.43)% | (.26)% | (.59)% | (.33)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 652 | $ 795 | $ 790 | $ 2,067 | $ 3,457 | $ 3,601 |
Portfolio turnover rateG | 155%A | 54% | 68% | 47% | 66% | 81% |
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, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 25.68 | $ 19.18 | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 |
Income from Investment Operations | | | | | | |
Net investment income (loss)E | (.06) | (.11) | (.08) | (.04) | (.10) | (.04) |
Net realized and unrealized gain (loss) | .64 | 6.79 | 1.07 | (.85) | 3.40 | 5.19 |
Total from investment operations | .58 | 6.68 | .99 | (.89) | 3.30 | 5.15 |
Distributions from net realized gain | (.55) | (.18) | (.19) | (.59) | (.30) | - |
Redemption fees added to paid in capitalE | -I | -I | -I | .01 | -I | -I |
Net asset value, end of period | $ 25.71 | $ 25.68 | $ 19.18 | $ 18.38 | $ 19.85 | $ 16.85 |
Total ReturnB,C,D | 2.30% | 35.15% | 5.46% | (4.64)% | 19.86% | 44.02% |
Ratios to Average Net AssetsF,H | | | | | |
Expenses before reductions | 2.24%A | 2.33% | 2.38% | 2.27% | 2.42% | 2.49% |
Expenses net of fee waivers, if any | 2.23%A | 2.33% | 2.38% | 2.26% | 2.40% | 2.40% |
Expenses net of all reductions | 2.23%A | 2.32% | 2.35% | 2.24% | 2.37% | 2.36% |
Net investment income (loss) | (.46)%A | (.47)% | (.43)% | (.21)% | (.59)% | (.33)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,881 | $ 13,426 | $ 6,799 | $ 9,545 | $ 13,501 | $ 5,814 |
Portfolio turnover rateG | 155%A | 54% | 68% | 47% | 66% | 81% |
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 - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.67 | $ 19.99 | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 |
Income from Investment Operations | | | | | | |
Net investment income (loss)D | .07 | .12 | .11 | .17 | .07 | .08 |
Net realized and unrealized gain (loss) | .66 | 7.02 | 1.10 | (.89) | 3.53 | 5.37 |
Total from investment operations | .73 | 7.14 | 1.21 | (.72) | 3.60 | 5.45 |
Distributions from net investment income | (.09) | (.14) | (.18) | (.06) | (.08) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.69) | (.46)I | (.45) | (.72) | (.42) | - |
Redemption fees added to paid in capitalD | -H | -H | -H | .01 | -H | -H |
Net asset value, end of period | $ 26.71 | $ 26.67 | $ 19.99 | $ 19.23 | $ 20.66 | $ 17.48 |
Total ReturnB,C | 2.79% | 36.56% | 6.55% | (3.65)% | 21.02% | 45.30% |
Ratios to Average Net AssetsE,G | | | | | |
Expenses before reductions | 1.22%A | 1.33% | 1.35% | 1.26% | 1.44% | 1.48% |
Expenses net of fee waivers, if any | 1.22%A | 1.32% | 1.35% | 1.25% | 1.44% | 1.48% |
Expenses net of all reductions | 1.22%A | 1.31% | 1.33% | 1.23% | 1.42% | 1.44% |
Net investment income (loss) | .55%A | .53% | .59% | .80% | .37% | .58% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,011,883 | $ 1,029,629 | $ 692,769 | $ 856,692 | $ 808,478 | $ 669,035 |
Portfolio turnover rateF | 155%A | 54% | 68% | 47% | 66% | 81% |
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 $.46 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.327 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.67 | $ 20.00 | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 |
Income from Investment Operations | | | | | | |
Net investment income (loss)D | .09 | .16 | .13 | .18 | .09 | .09 |
Net realized and unrealized gain (loss) | .66 | 7.00 | 1.10 | (.89) | 3.53 | 5.37 |
Total from investment operations | .75 | 7.16 | 1.23 | (.71) | 3.62 | 5.46 |
Distributions from net investment income | (.13) | (.16) | (.20) | (.06) | (.09) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.73) | (.49) | (.47) | (.72) | (.43) | - |
Redemption fees added to paid in capitalD | -H | -H | -H | .01 | -H | -H |
Net asset value, end of period | $ 26.69 | $ 26.67 | $ 20.00 | $ 19.24 | $ 20.66 | $ 17.47 |
Total ReturnB,C | 2.85% | 36.68% | 6.65% | (3.62)% | 21.15% | 45.46% |
Ratios to Average Net AssetsE,G | | | | | |
Expenses before reductions | 1.10%A | 1.20% | 1.25% | 1.22% | 1.34% | 1.45% |
Expenses net of fee waivers, if any | 1.10%A | 1.20% | 1.25% | 1.21% | 1.34% | 1.40% |
Expenses net of all reductions | 1.10%A | 1.18% | 1.22% | 1.19% | 1.31% | 1.37% |
Net investment income (loss) | .67%A | .66% | .70% | .84% | .47% | .66% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 74,659 | $ 67,038 | $ 9,503 | $ 15,752 | $ 8,231 | $ 2,696 |
Portfolio turnover rateF | 155%A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014
1. Organization.
Fidelity® International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Small Cap 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
Semiannual Report
Notes to Financial Statements - continued
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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.
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. ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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, 2014, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 futures transactions, 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 | $ 113,033,500 |
Gross unrealized depreciation | (50,727,427) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 62,306,073 |
| |
Tax cost | $ 1,106,943,436 |
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.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Fiscal year of expiration | |
2017 | $ (30,539,357) |
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 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $884,573,783 and $898,956,876, 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 .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. 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 International Small Cap as compared to its benchmark index, the MSCI All Country World ex USA Small Cap Index, effective April 1, 2014 (the MSCI EAFE Small Cap Index prior to April 1, 2014), over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .88%
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 32,966 | $ 942 |
Class T | .25% | .25% | 36,092 | 412 |
Class B | .75% | .25% | 3,789 | 2,855 |
Class C | .75% | .25% | 76,969 | 15,628 |
| | | $ 149,816 | $ 19,837 |
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 | $ 10,880 |
Class T | 2,596 |
Class B* | 584 |
Class C* | 1,102 |
| $ 15,162 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements - 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 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
Average
Net Assets* |
Class A | $ 36,611 | .28 |
Class T | 20,962 | .29 |
Class B | 1,160 | .31 |
Class C | 18,843 | .24 |
International Small Cap | 1,226,893 | .23 |
Institutional Class | 49,691 | .11 |
| $ 1,354,160 | |
* 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 $942 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 $1,117 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $81,675. 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 $219,462, including $2,622 from securities loaned to FCM.
8. Expense Reductions.
The investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $11,975.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 48,211 | $ 53,369 |
International Small Cap | 3,601,145 | 4,638,246 |
Institutional Class | 363,321 | 77,935 |
Total | $ 4,012,677 | $ 4,769,550 |
Semiannual Report
Notes to Financial Statements - continued
9. Distributions to Shareholders - continued
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net realized gain | | |
Class A | $ 564,345 | $ 235,834 |
Class T | 310,220 | 146,972 |
Class B | 14,343 | 3,106 |
Class C | 305,689 | 61,233 |
International Small Cap | 23,368,303 | 11,152,248 |
Institutional Class | 1,694,550 | 155,394 |
Total | $ 26,257,450 | $ 11,754,787 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 244,401 | 398,633 | $ 6,439,599 | $ 9,321,444 |
Reinvestment of distributions | 22,103 | 13,843 | 571,356 | 269,801 |
Shares redeemed | (134,616) | (215,812) | (3,528,257) | (4,750,681) |
Net increase (decrease) | 131,888 | 196,664 | $ 3,482,698 | $ 4,840,564 |
Class T | | | | |
Shares sold | 86,535 | 141,247 | $ 2,260,266 | $ 3,379,516 |
Reinvestment of distributions | 11,686 | 7,380 | 300,676 | 143,239 |
Shares redeemed | (76,975) | (104,387) | (2,017,388) | (2,281,922) |
Net increase (decrease) | 21,246 | 44,240 | $ 543,554 | $ 1,240,833 |
Class B | | | | |
Shares sold | 2,495 | 4,525 | $ 63,966 | $ 108,233 |
Reinvestment of distributions | 538 | 157 | 13,734 | 3,023 |
Shares redeemed | (8,636) | (15,050) | (224,083) | (330,538) |
Net increase (decrease) | (5,603) | (10,368) | $ (146,383) | $ (219,282) |
Class C | | | | |
Shares sold | 159,994 | 275,046 | $ 4,102,388 | $ 6,270,694 |
Reinvestment of distributions | 10,499 | 2,855 | 265,425 | 54,609 |
Shares redeemed | (75,418) | (109,571) | (1,937,255) | (2,419,306) |
Net increase (decrease) | 95,075 | 168,330 | $ 2,430,558 | $ 3,905,997 |
International Small Cap | | | | |
Shares sold | 4,920,791 | 11,248,438 | $ 131,112,287 | $ 266,912,412 |
Reinvestment of distributions | 988,313 | 770,505 | 25,844,387 | 15,163,539 |
Shares redeemed | (6,630,250) | (8,061,607) | (176,725,032) | (180,218,306) |
Net increase (decrease) | (721,146) | 3,957,336 | $ (19,768,358) | $ 101,857,645 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Institutional Class | | | | |
Shares sold | 1,779,034 | 2,333,500 | $ 46,753,572 | $ 57,218,863 |
Reinvestment of distributions | 61,170 | 8,409 | 1,598,368 | 165,323 |
Shares redeemed | (1,556,440) | (303,629) | (41,947,332) | (6,792,002) |
Net increase (decrease) | 283,764 | 2,038,280 | $ 6,404,608 | $ 50,592,184 |
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 14% of the total outstanding shares of the Fund.
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2014, 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, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013. 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, 2014, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2014, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 24, 2014
Semiannual Report
A special meeting of the fund's shareholders was held on March 18, 2014. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To approve a change in the performance adjustment index for the fund. |
| # of
Votes | % of
Votes |
Affirmative | 659,102,813.34 | 91.252 |
Against | 41,779,512.26 | 5.784 |
Abstain | 21,410,547.93 | 2.964 |
TOTAL | 722,292,873.53 | 100.000 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Fund
On November 13, 2013, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended management contract (the Amended Contract) for the fund and to submit the Amended Contract to shareholders for their approval, with the intention of differentiating the fund and increasing its appeal by including Canada and emerging markets within its target investment universe. If approved by shareholders, the Amended Contract will prospectively change the index used to calculate the fund's performance adjustment from the MSCI EAFE Small Cap Index (the Current Index), which represents non-U.S. small cap issuers across 21 developed market countries, excluding Canada, to the MSCI All Country World ex U.S. Small Cap Index (the Proposed Index), which represents non-U.S. small cap issuers across 22 developed market countries, including Canada, and 21 emerging market countries.
In considering whether to approve the Amended Contract for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of the Amended Contract is in the best interests of the fund and its shareholders and that the compensation payable under the Amended Contract is fair and reasonable. The Board, in reaching its determination to approve the Amended Contract, was aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity Management & Research Company (FMR), and the sub-advisers, including the backgrounds of the fund's investment personnel. The Board also considered the fund's investment objective, strategies, and related investment philosophy, and compared those to Fidelity's other international small cap offerings.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees took note of the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel, which it had reviewed in connection with its annual renewal of the fund's advisory contracts in July 2013. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading and risk management capabilities and resources, which are an integral part of the investment management process.
Semiannual Report
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by FMR under the Amended Contract. The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is a part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services.
Investment Performance. In determining whether the Proposed Index is an appropriate index against which to measure the fund's investment performance, the Board considered that, subject to shareholder approval of the Amended Contract, FMR expects to increase the fund's exposure to investments in Canada and emerging markets. The Board noted that because the Proposed Index includes securities of issuers from Canada and emerging markets in addition to those of the same countries included in the Current Index, it will provide a more meaningful performance comparison for the fund going forward.
The Board considered the rolling 36-month returns of the fund's retail class compared to the rolling 36-month returns of the Current Index and the Proposed Index over the last three years ended September 30, 2013. The Board noted that the fund generally outperformed the Current Index and outperformed and underperformed the Proposed Index at different times over that period.
The Board compared the current weightings and characteristics of the Proposed Index to the Current Index. The Board also considered the performance of each index over the past ten calendar years and for the nine months ended September 30, 2013. The Board noted that the Proposed Index slightly outperformed the Current Index over the past 10 years. The Board recognized that past performance would have no impact on performance in the future and noted that historical performance differences between the Current and Proposed Index were primarily related to Canadian and emerging markets holdings.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund under the Amended Contract should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered that, because the change in the index used to calculate the fund's performance adjustment will be implemented prospectively, the future impact on management fees will depend solely on the fund's future performance relative to the Proposed Index. Nonetheless, the Board considered the management fee that the fund incurred under the current management contract (with the Current Index) for the 12-month period ended September 30, 2013, compared to the hypothetical management fee that the fund would have incurred if the Amended Contract (with the Proposed Index) had been in effect during that period. The Board noted that, under the current management contract, the fund's basic fee was increased by a positive performance adjustment of approximately 0.12% and that, if the Amended Contract had been in effect during the 12-month period ended September 30, 2013, the fund's basic fee would have increased by a positive performance adjustment of 0.16%. As a result, the fund's hypothetical management fee would have been 0.04% ($371,854) higher if the Amended Contract had been in effect during that period. The Board noted that the fund outperformed the Current Index and the Proposed Index over that period.
In its review, the Board noted that at its July 2013 meeting it received and considered materials relating to its review of total expenses for the fund in connection with its renewal of the fund's current advisory contracts. This information included Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. Because the fund's management fee impacts the fund's total expenses - and because the future impact on management fees will depend solely on the fund's future performance relative to the Proposed Index - the Board will next review the fund's total expenses compared to competitive fund median expenses in connection with its future renewal of the fund's advisory contracts.
Based on its review, the Board concluded that the fund's management fee was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. Because the Board was approving an arrangement under which the management fee that the fund pays FMR will depend solely on the fund's future performance relative to the Proposed Index, it did not consider data regarding the impact on Fidelity's costs of services, revenues, or profitability to be a significant factor in its decision. The Board noted that it considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders in connection with its annual renewal of the fund's advisory contracts in July 2013, and that the Board will consider Fidelity's costs of services and profitability in connection with its future renewal of the fund's advisory contracts.
Semiannual Report
Economies of Scale. The Board recognized that the fund's Amended Contract, like the current contract, incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under management increase, and for higher group fee rates as total fund assets under management decrease. FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as assets under management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board noted that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the fund, whether the fund has appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale in connection with its annual renewal of the fund's advisory contracts in July 2013, and that the Board will consider economies of scale In connection with its future renewal of the fund's advisory contracts.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the Amended Contract should be approved and submitted to shareholders for their approval.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
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
Custodian
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
AISC-USAN-0614
1.800643.110
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Small Cap
Fund - Institutional Class
Semiannual Report
April 30, 2014
(Fidelity Cover Art)
Institutional Class is a class of
Fidelity® International Small Cap 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 financial statements. |
Report of Independent Registered Public Accounting Firm | (Click Here) | |
Proxy Voting Results | (Click Here) | |
Board Approval of Investment Advisory Contracts and Management Fees | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/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. © 2014 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, 2013 to April 30, 2014).
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, 2013 | Ending
Account Value
April 30, 2014 | Expenses Paid
During Period*
November 1, 2013 to April 30, 2014 |
Class A | 1.52% | | | |
Actual | | $ 1,000.00 | $ 1,026.20 | $ 7.64 |
HypotheticalA | | $ 1,000.00 | $ 1,017.26 | $ 7.60 |
Class T | 1.78% | | | |
Actual | | $ 1,000.00 | $ 1,025.20 | $ 8.94 |
HypotheticalA | | $ 1,000.00 | $ 1,015.97 | $ 8.90 |
Class B | 2.30% | | | |
Actual | | $ 1,000.00 | $ 1,022.30 | $ 11.48 |
HypotheticalA | | $ 1,000.00 | $ 1,013.44 | $ 11.43 |
Class C | 2.23% | | | |
Actual | | $ 1,000.00 | $ 1,023.00 | $ 11.19 |
HypotheticalA | | $ 1,000.00 | $ 1,013.74 | $ 11.13 |
International Small Cap | 1.22% | | | |
Actual | | $ 1,000.00 | $ 1,027.90 | $ 6.13 |
HypotheticalA | | $ 1,000.00 | $ 1,018.74 | $ 6.11 |
Institutional Class | 1.10% | | | |
Actual | | $ 1,000.00 | $ 1,028.50 | $ 5.53 |
HypotheticalA | | $ 1,000.00 | $ 1,019.34 | $ 5.51 |
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, 2014 |
 | Japan 19.0% | |
 | United Kingdom 16.1% | |
 | United States of America* 9.8% | |
 | Germany 6.1% | |
 | France 5.6% | |
 | Australia 5.0% | |
 | Cayman Islands 3.7% | |
 | Bermuda 3.6% | |
 | Switzerland 2.8% | |
 | Other 28.3% | |
* 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, 2013 |
| Japan 26.4% | |
| United Kingdom 18.0% | |
| Germany 9.7% | |
| United States of America* 5.6% | |
| France 3.9% | |
| Cayman Islands 3.4% | |
| Australia 3.4% | |
| Ireland 2.7% | |
| Bermuda 2.6% | |
| Other 24.3% | |
* 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, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 91.4 | 94.3 |
Bonds | 0.2 | 0.2 |
Investment Companies | 4.5 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.9 | 5.5 |
Top Ten Stocks as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Tsuruha Holdings, Inc. (Japan, Food & Staples Retailing) | 1.5 | 0.0 |
Nitori Holdings Co. Ltd. (Japan, Specialty Retail) | 1.1 | 0.0 |
Meggitt PLC (United Kingdom, Aerospace & Defense) | 1.1 | 0.0 |
Moneysupermarket.com Group PLC (United Kingdom, Internet Software & Services) | 1.1 | 0.9 |
Ultra Electronics Holdings PLC (United Kingdom, Aerospace & Defense) | 1.0 | 0.0 |
Close Brothers Group PLC (United Kingdom, Capital Markets) | 1.0 | 0.6 |
Grand City Properties SA (Luxembourg, Real Estate Management & Development) | 1.0 | 0.7 |
AMEC PLC (United Kingdom, Energy Equipment & Services) | 0.9 | 0.0 |
Clicks Group Ltd. (South Africa, Food & Staples Retailing) | 0.9 | 0.0 |
EBOS Group Ltd. (New Zealand, Health Care Providers & Service) | 0.9 | 0.0 |
| 10.5 | |
Market Sectors as of April 30, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 18.6 | 16.1 |
Financials | 17.9 | 17.7 |
Consumer Discretionary | 15.6 | 22.5 |
Information Technology | 11.4 | 14.4 |
Materials | 9.0 | 4.7 |
Health Care | 7.4 | 8.7 |
Energy | 5.6 | 4.8 |
Consumer Staples | 5.2 | 3.2 |
Telecommunication Services | 0.6 | 0.5 |
Utilities | 0.3 | 1.9 |
Semiannual Report
Investments April 30, 2014
Showing Percentage of Net Assets
Common Stocks - 91.4% |
| Shares | | Value |
Australia - 5.0% |
Austal Ltd. (a)(d) | 3,396,893 | | $ 3,313,499 |
Boart Longyear Ltd. (d) | 12,086,691 | | 3,200,133 |
Bradken Ltd. | 1,550,943 | | 6,094,694 |
Challenger Ltd. | 845,650 | | 5,538,542 |
Charter Hall Group unit | 1,196,020 | | 4,666,631 |
Clinuvel Pharmaceuticals Ltd. (a)(d) | 325,070 | | 440,905 |
GUD Holdings Ltd. | 1,884,479 | | 9,366,143 |
iiNet Ltd. | 455,468 | | 3,029,609 |
Iluka Resources Ltd. | 10 | | 83 |
Imdex Ltd. (a) | 5,754,982 | | 3,929,588 |
Life Healthcare Group Ltd. (a) | 1,826,612 | | 3,818,076 |
Nanosonics Ltd. (a) | 1,455,582 | | 1,095,311 |
RCG Corp. Ltd. | 2,518,231 | | 1,742,880 |
Slater & Gordon Ltd. | 1,756,224 | | 7,668,201 |
SomnoMed Ltd. (a) | 584,445 | | 770,988 |
Southern Cross Media Group Ltd. | 1,287,150 | | 1,536,555 |
Spark Infrastructure Group unit | 71 | | 116 |
Vision Group Holdings Ltd. (a) | 1,221,604 | | 697,945 |
TOTAL AUSTRALIA | | 56,909,899 |
Austria - 0.7% |
Andritz AG | 96,612 | | 5,996,040 |
RHI AG | 65,333 | | 2,287,747 |
TOTAL AUSTRIA | | 8,283,787 |
Bailiwick of Jersey - 1.1% |
Informa PLC | 744,720 | | 6,064,369 |
LXB Retail Properties PLC (a) | 497,911 | | 1,030,875 |
Regus PLC | 1,682,500 | | 5,937,132 |
TOTAL BAILIWICK OF JERSEY | | 13,032,376 |
Belgium - 1.0% |
Barco NV | 79,803 | | 5,943,165 |
Econocom Group SA (d) | 536,082 | | 5,750,546 |
TOTAL BELGIUM | | 11,693,711 |
Bermuda - 3.6% |
APT Satellite Holdings Ltd. | 2,096,000 | | 2,627,789 |
Asia Satellite Telecommunications Holdings Ltd. | 271,000 | | 1,080,092 |
BW Offshore Ltd. | 5,523,413 | | 7,210,552 |
Great Eagle Holdings Ltd. | 1,825,000 | | 6,532,191 |
Hiscox Ltd. | 530,595 | | 6,324,748 |
Kofax Ltd. (a) | 22,301 | | 167,462 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Oakley Capital Investments Ltd. (a) | 1,319,969 | | $ 3,833,253 |
Oriental Watch Holdings Ltd. | 554,000 | | 125,049 |
PAX Global Technology Ltd. (a) | 6,064,000 | | 3,159,902 |
Petra Diamonds Ltd. (a) | 2,255,500 | | 6,207,343 |
STELUX Holdings International | 2,958,000 | | 911,862 |
Vtech Holdings Ltd. | 185,900 | | 2,565,643 |
TOTAL BERMUDA | | 40,745,886 |
British Virgin Islands - 0.5% |
Kalahari Energy (a)(f) | 1,451,000 | | 15 |
Leyshon Energy Ltd. (a) | 757,227 | | 44,748 |
Mail.Ru Group Ltd.: | | | |
GDR (a)(e) | 112,800 | | 3,064,776 |
GDR (Reg. S) (a) | 108,724 | | 2,954,031 |
TOTAL BRITISH VIRGIN ISLANDS | | 6,063,570 |
Canada - 2.5% |
AirSea Lines (a)(f) | 1,893,338 | | 26 |
Constellation Software, Inc. | 18,466 | | 4,089,797 |
First Quantum Minerals Ltd. | 172,898 | | 3,443,605 |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 319,160 | | 6,432,411 |
Rock Well Petroleum, Inc. (a)(f) | 770,400 | | 7 |
ShawCor Ltd. Class A | 154,929 | | 6,900,811 |
Western Energy Services Corp. | 6 | | 62 |
Whitecap Resources, Inc. (d) | 585,981 | | 7,730,747 |
TOTAL CANADA | | 28,597,466 |
Cayman Islands - 3.7% |
AMVIG Holdings Ltd. | 2,514,000 | | 914,424 |
Bonjour Holdings Ltd. | 43,448,000 | | 7,453,400 |
Changshouhua Food Co. Ltd. | 872,000 | | 885,165 |
China High Precision Automation Group Ltd. (a) | 712,000 | | 27,551 |
China Metal Recycling (Holdings)Ltd. (a) | 436,800 | | 1 |
China Outfitters Holdings Ltd. | 170,000 | | 26,313 |
Hop Hing Group Holdings Ltd. | 6,752,000 | | 196,822 |
Lee's Pharmaceutical Holdings Ltd. | 3,150,000 | | 3,534,784 |
Lifestyle International Holdings Ltd. | 3,551,000 | | 6,952,732 |
Lombard Medical, Inc. (a) | 315,100 | | 3,097,433 |
Marwyn Value Investors II Ltd. | 2,064,327 | | 7,127,663 |
Ming Fai International Holdings Ltd. | 6,304,000 | | 609,832 |
Pico Far East Holdings Ltd. | 15,344,000 | | 4,096,773 |
Shenguan Holdings Group Ltd. | 3,154,000 | | 1,350,619 |
SITC International Holdings Co. Ltd. | 3,852,000 | | 1,699,204 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
SouFun Holdings Ltd. ADR | 247,000 | | $ 2,907,190 |
VST Holdings Ltd. | 2,767,600 | | 703,238 |
Xinyi Glass Holdings Ltd. | 1,670,000 | | 1,313,951 |
TOTAL CAYMAN ISLANDS | | 42,897,095 |
Denmark - 1.1% |
FLSmidth & Co. A/S (d) | 116,059 | | 6,202,038 |
Jyske Bank A/S (Reg.) (a) | 107,279 | | 5,892,369 |
TOTAL DENMARK | | 12,094,407 |
Finland - 2.2% |
Amer Group PLC (A Shares) | 297,916 | | 6,150,109 |
Kemira Oyj | 405,300 | | 6,185,223 |
Rakentajain Konevuokraamo Oyj (B Shares) | 343,656 | | 7,652,177 |
Tikkurila Oyj | 205,600 | | 5,100,076 |
TOTAL FINLAND | | 25,087,585 |
France - 5.6% |
ALTEN | 165,500 | | 8,446,072 |
Arkema SA | 56,379 | | 6,286,333 |
Audika SA (a) | 113,900 | | 2,087,433 |
Faurecia SA (a) | 92,473 | | 4,156,033 |
Ipsos SA | 222,790 | | 8,635,911 |
Parrot SA (a) | 208,950 | | 6,392,004 |
Sopra Group SA | 61,000 | | 7,045,310 |
The Lisi Group | 52,800 | | 8,570,493 |
The Vicat Group | 80,198 | | 6,959,482 |
Wendel SA | 39,952 | | 6,016,645 |
TOTAL FRANCE | | 64,595,716 |
Germany - 6.1% |
Aareal Bank AG | 144,351 | | 6,543,671 |
AURELIUS AG | 158,535 | | 5,885,689 |
Bilfinger Berger AG | 67,664 | | 8,038,401 |
CompuGroup Medical AG | 239,549 | | 6,384,219 |
Deutsche Beteiligungs AG | 53,682 | | 1,444,829 |
GEA Group AG | 149,744 | | 6,698,813 |
GfK AG | 195,601 | | 10,094,854 |
Lanxess AG | 61,222 | | 4,654,512 |
LEG Immobilien AG | 99,977 | | 6,668,845 |
LEONI AG | 82,747 | | 6,145,193 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Pfeiffer Vacuum Technology AG | 36,091 | | $ 4,293,575 |
SHW Group | 49,128 | | 2,950,207 |
TOTAL GERMANY | | 69,802,808 |
Greece - 1.1% |
Metka SA | 324,600 | | 5,809,306 |
Motor Oil (HELLAS)Corinth Refineries SA | 529,850 | | 6,674,594 |
TOTAL GREECE | | 12,483,900 |
Hong Kong - 1.0% |
Dah Sing Banking Group Ltd. | 1,861,600 | | 2,790,137 |
Magnificent Estates Ltd. | 82,044,000 | | 3,968,360 |
Singamas Container Holdings Ltd. | 6,158,000 | | 1,334,388 |
Techtronic Industries Co. Ltd. | 1,184,500 | | 3,773,680 |
TOTAL HONG KONG | | 11,866,565 |
India - 0.6% |
Page Industries Ltd. | 37,081 | | 3,579,302 |
Shriram City Union Finance Ltd. | 6,875 | | 134,776 |
Shriram Transport Finance Co. Ltd. | 242,317 | | 2,952,077 |
Thangamayil Jewellery Ltd. | 32,258 | | 70,223 |
TOTAL INDIA | | 6,736,378 |
Indonesia - 0.2% |
PT Clipan Finance Indonesia Tbk | 7,430,200 | | 260,280 |
PT Media Nusantara Citra Tbk | 8,361,100 | | 1,963,447 |
TOTAL INDONESIA | | 2,223,727 |
Ireland - 1.1% |
Smurfit Kappa Group PLC | 287,600 | | 6,397,995 |
United Drug PLC (United Kingdom) | 1,007,649 | | 6,102,615 |
TOTAL IRELAND | | 12,500,610 |
Isle of Man - 0.6% |
Lamprell PLC (a) | 2,616,188 | | 6,780,359 |
Israel - 0.5% |
Frutarom Industries Ltd. | 242,110 | | 5,807,002 |
Italy - 1.2% |
Danieli & C. Officine Meccaniche SpA | 180,697 | | 6,477,829 |
Prysmian SpA (d) | 263,900 | | 6,861,120 |
TOTAL ITALY | | 13,338,949 |
Common Stocks - continued |
| Shares | | Value |
Japan - 19.0% |
Accordia Golf Co. Ltd. (d) | 467,700 | | $ 5,992,928 |
ACOM Co. Ltd. (a)(d) | 1,029,600 | | 3,504,678 |
Aeon Delight Co. Ltd. | 130,900 | | 2,883,423 |
Ain Pharmaciez, Inc. | 66,000 | | 2,901,844 |
Aozora Bank Ltd. | 2,161,000 | | 6,425,823 |
Asahi Co. Ltd. | 239,400 | | 3,179,979 |
Broadleaf Co. Ltd. | 229,800 | | 3,690,826 |
Daiwa Industries Ltd. | 303,000 | | 1,867,169 |
Fuji Corp. | 68,800 | | 1,426,001 |
Fukuda Denshi Co. Ltd. | 76,800 | | 3,898,782 |
GMO Internet, Inc. | 753,000 | | 6,636,211 |
Higashi Nihon House Co. Ltd. | 1,108,400 | | 5,301,586 |
Hoshizaki Electric Co. Ltd. | 162,800 | | 6,584,614 |
Iida Group Holdings Co. Ltd. (a) | 626,351 | | 9,312,403 |
Iwatsuka Confectionary Co. Ltd. | 24,100 | | 1,320,096 |
JSR Corp. | 545,600 | | 8,939,013 |
KAWAI Musical Instruments Manufacturing Co. Ltd. | 1,991,000 | | 3,544,403 |
Koshidaka Holdings Co. Ltd. | 37,200 | | 1,102,519 |
Kotobuki Spirits Co. Ltd. | 87,700 | | 1,807,443 |
Leopalace21 Corp. (a) | 1,920,600 | | 9,919,077 |
Meitec Corp. | 240,000 | | 6,382,941 |
Miraca Holdings, Inc. | 139,600 | | 6,049,083 |
Mitani Shoji Co. Ltd. | 72,600 | | 1,633,296 |
Mitsubishi Pencil Co. Ltd. | 32,900 | | 976,686 |
Nakanishi, Inc. | 97,500 | | 3,328,361 |
Nihon Nohyaku Co. Ltd. | 366,000 | | 4,557,324 |
Nippon Koei Co. Ltd. | 281,000 | | 1,346,799 |
Nippon Shinyaku Co. Ltd. | 360,000 | | 6,334,817 |
Nitori Holdings Co. Ltd. | 284,100 | | 13,019,108 |
Nomura Real Estate Holdings, Inc. | 233,000 | | 4,343,894 |
Pal Co. Ltd. | 71,000 | | 1,354,233 |
Paramount Bed Holdings Co. Ltd. | 132,300 | | 3,985,758 |
Ricoh Leasing Co. Ltd. | 238,100 | | 6,211,304 |
Rohto Pharmaceutical Co. Ltd. | 3,400 | | 59,962 |
Sakata INX Corp. | 364,800 | | 3,207,856 |
San-Ai Oil Co. Ltd. | 779,000 | | 5,181,396 |
Shinko Kogyo Co. Ltd. | 314,700 | | 2,992,013 |
Takata Corp. | 125,100 | | 2,945,329 |
TFP Consulting Group Co. Ltd. | 70,000 | | 1,524,136 |
TKC Corp. | 185,100 | | 3,745,996 |
Tokyo Ohka Kogyo Co. Ltd. | 301,300 | | 6,881,552 |
Toshiba Plant Systems & Services Corp. | 464,900 | | 6,834,692 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Toyo Suisan Kaisha Ltd. | 195,000 | | $ 6,237,101 |
Tsuruha Holdings, Inc. | 170,300 | | 17,124,116 |
Uchiyama Holdings Co. Ltd. (d) | 381,600 | | 2,441,105 |
VT Holdings Co. Ltd. | 1,157,100 | | 6,632,372 |
Welcia Holdings Co. Ltd. (d) | 32,800 | | 1,979,518 |
TOTAL JAPAN | | 217,549,566 |
Korea (South)- 1.8% |
Hy-Lok Corp. | 119,715 | | 3,482,178 |
Koh Young Technology, Inc. | 159,703 | | 3,802,822 |
KEPCO Plant Service & Engineering Co. Ltd. | 95,360 | | 6,202,880 |
Leeno Industrial, Inc. | 48,695 | | 1,402,262 |
Soulbrain Co. Ltd. | 46,386 | | 1,847,628 |
TK Corp. (a) | 172,528 | | 3,398,458 |
TOTAL KOREA (SOUTH) | | 20,136,228 |
Luxembourg - 1.1% |
Grand City Properties SA (a) | 1,009,573 | | 11,373,125 |
RM2 International SA (a)(d) | 1,278,800 | | 1,414,227 |
TOTAL LUXEMBOURG | | 12,787,352 |
Netherlands - 0.8% |
Amsterdam Commodities NV | 270,721 | | 6,722,968 |
Ichor Coal NV (a) | 355,000 | | 2,314,301 |
TOTAL NETHERLANDS | | 9,037,269 |
New Zealand - 1.5% |
EBOS Group Ltd. | 1,264,619 | | 10,250,521 |
Nuplex Industries Ltd. | 2,204,863 | | 6,654,387 |
TOTAL NEW ZEALAND | | 16,904,908 |
Norway - 1.5% |
ABG Sundal Collier ASA (a) | 6,803,251 | | 6,294,750 |
Ekornes A/S | 405,297 | | 6,426,197 |
Kongsberg Gruppen ASA (a) | 187,819 | | 4,407,710 |
Sevan Drilling ASA (a) | 869,757 | | 460,901 |
TOTAL NORWAY | | 17,589,558 |
Singapore - 1.7% |
Amtek Engineering Ltd. | 5,859,000 | | 2,897,487 |
Boustead Singapore Ltd. | 2,261,000 | | 3,417,560 |
Goodpack Ltd. | 2,305,000 | | 4,412,539 |
Hour Glass Ltd. | 301,000 | | 408,152 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Mapletree Industrial (REIT) | 1,303,312 | | $ 1,496,984 |
OSIM International Ltd. | 1,572,000 | | 3,636,277 |
Sino Grandness Food Industry Group Ltd. (a) | 1,545,000 | | 850,323 |
Venture Corp. Ltd. | 347,000 | | 2,122,908 |
TOTAL SINGAPORE | | 19,242,230 |
South Africa - 2.3% |
Blue Label Telecoms Ltd. | 6,875,600 | | 5,960,313 |
Clicks Group Ltd. | 1,736,037 | | 10,585,692 |
Pinnacle Technology Holdings Ltd. | 2,281,330 | | 2,819,000 |
SA Corporate Real Estate Fund | 17,242,106 | | 6,768,680 |
TOTAL SOUTH AFRICA | | 26,133,685 |
Sweden - 0.3% |
AddTech AB (B Shares) | 204,656 | | 3,123,882 |
Rezidor Hotel Group AB rights 12/31/99 (a) | 1,290,198 | | 598,582 |
TOTAL SWEDEN | | 3,722,464 |
Switzerland - 2.8% |
Clariant AG (Reg.) | 307,372 | | 6,048,952 |
Daetwyler Holdings AG | 20,416 | | 3,224,434 |
Pargesa Holding SA | 111,676 | | 10,125,832 |
Vontobel Holdings AG | 147,811 | | 5,785,807 |
VZ Holding AG (d) | 37,391 | | 6,275,026 |
TOTAL SWITZERLAND | | 31,460,051 |
Taiwan - 0.8% |
Pacific Hospital Supply Co. Ltd. | 1,055,000 | | 2,727,951 |
Tripod Technology Corp. | 3,369,000 | | 6,634,022 |
TOTAL TAIWAN | | 9,361,973 |
Thailand - 0.6% |
Delta Electronics PCL (For. Reg.) | 3,795,000 | | 6,684,642 |
Turkey - 0.3% |
Aygaz A/S | 821,000 | | 3,382,681 |
United Kingdom - 16.1% |
Aberdeen Asset Management PLC | 996,500 | | 7,349,119 |
AMEC PLC | 513,481 | | 10,706,972 |
Ashmore Group PLC (d) | 1,223,193 | | 7,236,598 |
BBA Aviation PLC | 1,719,881 | | 9,001,926 |
Bond International Software PLC | 843,266 | | 1,850,901 |
Brammer PLC | 784,864 | | 6,218,334 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Brewin Dolphin Holding PLC | 980,163 | | $ 5,345,350 |
Cineworld Group PLC (d) | 247,976 | | 1,351,298 |
Close Brothers Group PLC | 485,800 | | 11,450,337 |
Countrywide PLC | 858,100 | | 8,569,747 |
Craneware PLC | 772,825 | | 7,046,124 |
Devro PLC | 144,637 | | 516,494 |
Diploma PLC | 499,552 | | 5,554,076 |
Exova Group Ltd. PLC (a) | 248,400 | | 923,725 |
ITE Group PLC | 964,200 | | 3,744,297 |
John Wood Group PLC | 470,700 | | 6,226,709 |
Kennedy Wilson Europe Real Estate PLC | 170,000 | | 2,927,686 |
Keronite PLC (a)(f) | 136 | | 0 |
Mears Group PLC | 750,060 | | 6,376,331 |
Meggitt PLC | 1,604,455 | | 12,913,621 |
Micro Focus International PLC | 491,727 | | 6,434,297 |
Moneysupermarket.com Group PLC | 4,001,600 | | 12,296,469 |
Morgan Advanced Materials PLC | 560,608 | | 3,170,877 |
Provident Financial PLC | 270,578 | | 9,077,488 |
Pureprofile Media PLC (a)(f) | 1,108,572 | | 860,988 |
Regenersis PLC (d) | 174,790 | | 1,047,660 |
Silverdell PLC (a) | 12,644,400 | | 213 |
Sinclair Pharma PLC (a) | 8,403,003 | | 4,362,696 |
Spectris PLC | 164,300 | | 6,172,242 |
Spirent Communications PLC | 3,759,400 | | 6,039,523 |
Sthree PLC | 7 | | 48 |
Synergy Health PLC | 353,353 | | 7,397,855 |
TMO Renewables Ltd. (a)(f) | 1,000,000 | | 67,536 |
Ultra Electronics Holdings PLC | 416,244 | | 11,919,257 |
TOTAL UNITED KINGDOM | | 184,156,794 |
United States of America - 1.4% |
Dillard's, Inc. Class A | 104,271 | | 10,211,259 |
Integrated Silicon Solution, Inc. (a) | 432,830 | | 6,258,722 |
Mudalla Technology, Inc. (Reg. S) (a) | 996,527 | | 17 |
YOU On Demand Holdings, Inc. (a)(f) | 27,500 | | 81,675 |
YOU On Demand Holdings, Inc. warrants 8/30/17 (a)(f) | 27,500 | | 280 |
TOTAL UNITED STATES OF AMERICA | | 16,551,953 |
TOTAL COMMON STOCKS (Cost $976,458,320) |
1,046,243,150
|
Investment Companies - 4.5% |
| Shares | | Value |
United States of America - 4.5% |
iShares MSCI EAFE Small Cap Index ETF
(Cost $51,512,335) | 1,006,800 | | $ 52,373,733 |
Convertible Bonds - 0.2% |
| Principal Amount | | |
Canada - 0.2% |
Caracal Energy, Inc. 12.5% 9/30/17 (f)
(Cost $1,400,000) | | $ 1,400,000 | |
2,113,538
|
Money Market Funds - 6.0% |
| Shares | | |
Fidelity Cash Central Fund, 0.11% (b) | 43,278,805 | | 43,278,805 |
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) | 25,240,283 | | 25,240,283 |
TOTAL MONEY MARKET FUNDS (Cost $68,519,088) |
68,519,088
|
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $1,097,889,743) | 1,169,249,509 |
NET OTHER ASSETS (LIABILITIES)- (2.1)% | (24,536,712) |
NET ASSETS - 100% | $ 1,144,712,797 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
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) 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 $3,064,776 or 0.3% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,124,065 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Caracal Energy, Inc. 12.5% 9/30/17 | 9/12/12 | $ 1,400,000 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
TMO Renewables Ltd. | 10/27/05 | $ 535,065 |
YOU On Demand Holdings, Inc. | 8/29/12 | $ 110,000 |
YOU On Demand Holdings, Inc. warrants 8/30/17 | 9/14/12 | $ 0 |
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 | $ 33,276 |
Fidelity Securities Lending Cash Central Fund | 219,462 |
Total | $ 252,738 |
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 |
Pertama Holdings Ltd. | $ 12,066,495 | $ - | $ 12,052,911 | $ 64,973 | $ - |
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, 2014, 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 | $ 179,014,442 | $ 178,415,563 | $ 598,862 | $ 17 |
Consumer Staples | 59,520,444 | 59,520,444 | - | - |
Energy | 63,649,734 | 63,649,712 | - | 22 |
Financials | 204,124,526 | 204,124,526 | - | - |
Health Care | 85,980,260 | 85,912,724 | - | 67,536 |
Industrials | 211,028,047 | 211,027,808 | - | 239 |
Information Technology | 130,668,518 | 129,779,979 | - | 888,539 |
Materials | 102,136,892 | 102,136,891 | - | 1 |
Telecommunication Services | 6,737,490 | 6,737,490 | - | - |
Utilities | 3,382,797 | 3,382,797 | - | - |
Investment Companies | 52,373,733 | 52,373,733 | - | - |
Corporate Bonds | 2,113,538 | - | 2,113,538 | - |
Money Market Funds | 68,519,088 | 68,519,088 | - | - |
Total Investments in Securities: | $ 1,169,249,509 | $ 1,165,580,755 | $ 2,712,400 | $ 956,354 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2014. 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 | $ 58,386,607 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2014 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $23,833,010) - See accompanying schedule: Unaffiliated issuers (cost $1,029,370,655) | $ 1,100,730,421 | |
Fidelity Central Funds (cost $68,519,088) | 68,519,088 | |
Total Investments (cost $1,097,889,743) | | $ 1,169,249,509 |
Cash | | 314,645 |
Foreign currency held at value (cost $723,752) | | 724,663 |
Receivable for investments sold | | 26,611,287 |
Receivable for fund shares sold | | 848,200 |
Dividends receivable | | 4,837,869 |
Interest receivable | | 15,217 |
Distributions receivable from Fidelity Central Funds | | 50,880 |
Prepaid expenses | | 782 |
Other receivables | | 29,435 |
Total assets | | 1,202,682,487 |
| | |
Liabilities | | |
Payable for investments purchased | $ 28,600,343 | |
Payable for fund shares redeemed | 2,832,064 | |
Accrued management fee | 837,162 | |
Distribution and service plan fees payable | 26,088 | |
Other affiliated payables | 274,521 | |
Other payables and accrued expenses | 159,229 | |
Collateral on securities loaned, at value | 25,240,283 | |
Total liabilities | | 57,969,690 |
| | |
Net Assets | | $ 1,144,712,797 |
Net Assets consist of: | | |
Paid in capital | | $ 933,888,205 |
Undistributed net investment income | | 3,217,327 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 136,242,915 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 71,364,350 |
Net Assets | | $ 1,144,712,797 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2014 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($27,527,048 ÷ 1,043,966 shares) | | $ 26.37 |
| | |
Maximum offering price per share (100/94.25 of $26.37) | | $ 27.98 |
Class T:
Net Asset Value and redemption price per share ($14,110,781 ÷ 538,206 shares) | | $ 26.22 |
| | |
Maximum offering price per share (100/96.50 of $26.22) | | $ 27.17 |
Class B:
Net Asset Value and offering price per share ($652,497 ÷ 25,126 shares)A | | $ 25.97 |
| | |
Class C:
Net Asset Value and offering price per share ($15,880,929 ÷ 617,814 shares)A | | $ 25.71 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,011,882,966 ÷ 37,889,913 shares) | | $ 26.71 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($74,658,576 ÷ 2,797,161 shares) | | $ 26.69 |
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, 2014 |
| | |
Investment Income | | |
Dividends (including $64,973 earned from other affiliated issuers) | | $ 11,124,580 |
Interest | | 98,763 |
Income from Fidelity Central Funds | | 252,738 |
Income before foreign taxes withheld | | 11,476,081 |
Less foreign taxes withheld | | (763,986) |
Total income | | 10,712,095 |
| | |
Expenses | | |
Management fee
Basic fee | $ 5,155,237 | |
Performance adjustment | 194,161 | |
Transfer agent fees | 1,354,160 | |
Distribution and service plan fees | 149,816 | |
Accounting and security lending fees | 279,652 | |
Custodian fees and expenses | 169,607 | |
Independent trustees' compensation | 2,353 | |
Registration fees | 75,669 | |
Audit | 77,643 | |
Legal | 6,373 | |
Miscellaneous | 35,519 | |
Total expenses before reductions | 7,500,190 | |
Expense reductions | (11,975) | 7,488,215 |
Net investment income (loss) | | 3,223,880 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 199,331,576 | |
Other affiliated issuers | 5,640,625 | |
Foreign currency transactions | (232,695) | |
Total net realized gain (loss) | | 204,739,506 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (174,617,139) | |
Assets and liabilities in foreign currencies | 28,413 | |
Total change in net unrealized appreciation (depreciation) | | (174,588,726) |
Net gain (loss) | | 30,150,780 |
Net increase (decrease) in net assets resulting from operations | | $ 33,374,660 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,223,880 | $ 4,434,071 |
Net realized gain (loss) | 204,739,506 | 66,068,952 |
Change in net unrealized appreciation (depreciation) | (174,588,726) | 198,875,293 |
Net increase (decrease) in net assets resulting
from operations | 33,374,660 | 269,378,316 |
Distributions to shareholders from net investment income | (4,012,677) | (4,769,550) |
Distributions to shareholders from net realized gain | (26,257,450) | (11,754,787) |
Total distributions | (30,270,127) | (16,524,337) |
Share transactions - net increase (decrease) | (7,053,323) | 162,217,941 |
Redemption fees | 222,461 | 119,206 |
Total increase (decrease) in net assets | (3,726,329) | 415,191,126 |
| | |
Net Assets | | |
Beginning of period | 1,148,439,126 | 733,248,000 |
End of period (including undistributed net investment income of $3,217,327 and undistributed net investment income of $4,006,124, respectively) | $ 1,144,712,797 | $ 1,148,439,126 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.34 | $ 19.74 | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .06 | .06 | .10 | .03 | .06 |
Net realized and unrealized gain (loss) | .65 | 6.94 | 1.09 | (.88) | 3.51 | 5.31 |
Total from investment operations | .68 | 7.00 | 1.15 | (.78) | 3.54 | 5.37 |
Distributions from net investment income | (.05) | (.07) | (.11) | (.02) | (.06) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.65) | (.40) | (.38) | (.68) | (.40) | - |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | - I | - I |
Net asset value, end of period | $ 26.37 | $ 26.34 | $ 19.74 | $ 18.97 | $ 20.42 | $ 17.28 |
Total Return B,C,D | 2.62% | 36.18% | 6.28% | (4.00)% | 20.85% | 45.09% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.52% A | 1.61% | 1.63% | 1.56% | 1.71% | 1.75% |
Expenses net of fee waivers, if any | 1.52% A | 1.61% | 1.63% | 1.55% | 1.65% | 1.65% |
Expenses net of all reductions | 1.52% A | 1.60% | 1.60% | 1.54% | 1.63% | 1.62% |
Net investment income (loss) | .25% A | .25% | .32% | .49% | .16% | .41% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 27,527 | $ 24,020 | $ 14,125 | $ 17,185 | $ 19,720 | $ 17,590 |
Portfolio turnover rate G | 155% A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.17 | $ 19.59 | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | - I | .01 | .05 | (.02) | .02 |
Net realized and unrealized gain (loss) | .65 | 6.90 | 1.08 | (.86) | 3.47 | 5.28 |
Total from investment operations | .65 | 6.90 | 1.09 | (.81) | 3.45 | 5.30 |
Distributions from net investment income | - | - | (.03) | - | (.02) | - |
Distributions from net realized gain | (.60) | (.32) | (.27) | (.63) | (.34) | - |
Total distributions | (.60) | (.32) | (.30) | (.63) | (.36) | - |
Redemption fees added to paid in capital E | - I | - I | - I | .01 | - I | - I |
Net asset value, end of period | $ 26.22 | $ 26.17 | $ 19.59 | $ 18.80 | $ 20.23 | $ 17.14 |
Total Return B,C,D | 2.52% | 35.80% | 5.97% | (4.18)% | 20.46% | 44.76% |
Ratios to Average Net Assets F,H | | | | | |
Expenses before reductions | 1.78% A | 1.87% | 1.88% | 1.82% | 1.97% | 2.00% |
Expenses net of fee waivers, if any | 1.78% A | 1.87% | 1.88% | 1.81% | 1.90% | 1.90% |
Expenses net of all reductions | 1.78% A | 1.85% | 1.85% | 1.79% | 1.88% | 1.86% |
Net investment income (loss) | (.01)% A | (.01)% | .07% | .24% | (.09)% | .16% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,111 | $ 13,530 | $ 9,262 | $ 13,744 | $ 16,092 | $ 15,760 |
Portfolio turnover rate G | 155% A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.87 | $ 19.22 | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | (.07) | (.11) | (.08) | (.05) | (.10) | (.04) |
Net realized and unrealized gain (loss) | .64 | 6.84 | 1.07 | (.85) | 3.39 | 5.17 |
Total from investment operations | .57 | 6.73 | .99 | (.90) | 3.29 | 5.13 |
Distributions from net realized gain | (.47) | (.08) | (.15) | (.52) | (.28) | - |
Redemption fees added to paid in capital E | -I | -I | -I | .01 | -I | -I |
Net asset value, end of period | $ 25.97 | $ 25.87 | $ 19.22 | $ 18.38 | $ 19.79 | $ 16.78 |
Total ReturnB,C,D | 2.23% | 35.14% | 5.45% | (4.68)% | 19.90% | 44.03% |
Ratios to Average Net AssetsF,H | | | | | |
Expenses before reductions | 2.30%A | 2.37% | 2.38% | 2.32% | 2.47% | 2.49% |
Expenses net of fee waivers, if any | 2.30%A | 2.36% | 2.38% | 2.30% | 2.40% | 2.40% |
Expenses net of all reductions | 2.30%A | 2.35% | 2.35% | 2.29% | 2.38% | 2.36% |
Net investment income (loss) | (.53)%A | (.51)% | (.43)% | (.26)% | (.59)% | (.33)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 652 | $ 795 | $ 790 | $ 2,067 | $ 3,457 | $ 3,601 |
Portfolio turnover rateG | 155%A | 54% | 68% | 47% | 66% | 81% |
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, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 25.68 | $ 19.18 | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 |
Income from Investment Operations | | | | | | |
Net investment income (loss)E | (.06) | (.11) | (.08) | (.04) | (.10) | (.04) |
Net realized and unrealized gain (loss) | .64 | 6.79 | 1.07 | (.85) | 3.40 | 5.19 |
Total from investment operations | .58 | 6.68 | .99 | (.89) | 3.30 | 5.15 |
Distributions from net realized gain | (.55) | (.18) | (.19) | (.59) | (.30) | - |
Redemption fees added to paid in capitalE | -I | -I | -I | .01 | -I | -I |
Net asset value, end of period | $ 25.71 | $ 25.68 | $ 19.18 | $ 18.38 | $ 19.85 | $ 16.85 |
Total ReturnB,C,D | 2.30% | 35.15% | 5.46% | (4.64)% | 19.86% | 44.02% |
Ratios to Average Net AssetsF,H | | | | | |
Expenses before reductions | 2.24%A | 2.33% | 2.38% | 2.27% | 2.42% | 2.49% |
Expenses net of fee waivers, if any | 2.23%A | 2.33% | 2.38% | 2.26% | 2.40% | 2.40% |
Expenses net of all reductions | 2.23%A | 2.32% | 2.35% | 2.24% | 2.37% | 2.36% |
Net investment income (loss) | (.46)%A | (.47)% | (.43)% | (.21)% | (.59)% | (.33)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,881 | $ 13,426 | $ 6,799 | $ 9,545 | $ 13,501 | $ 5,814 |
Portfolio turnover rateG | 155%A | 54% | 68% | 47% | 66% | 81% |
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 - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.67 | $ 19.99 | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 |
Income from Investment Operations | | | | | | |
Net investment income (loss)D | .07 | .12 | .11 | .17 | .07 | .08 |
Net realized and unrealized gain (loss) | .66 | 7.02 | 1.10 | (.89) | 3.53 | 5.37 |
Total from investment operations | .73 | 7.14 | 1.21 | (.72) | 3.60 | 5.45 |
Distributions from net investment income | (.09) | (.14) | (.18) | (.06) | (.08) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.69) | (.46)I | (.45) | (.72) | (.42) | - |
Redemption fees added to paid in capitalD | -H | -H | -H | .01 | -H | -H |
Net asset value, end of period | $ 26.71 | $ 26.67 | $ 19.99 | $ 19.23 | $ 20.66 | $ 17.48 |
Total ReturnB,C | 2.79% | 36.56% | 6.55% | (3.65)% | 21.02% | 45.30% |
Ratios to Average Net AssetsE,G | | | | | |
Expenses before reductions | 1.22%A | 1.33% | 1.35% | 1.26% | 1.44% | 1.48% |
Expenses net of fee waivers, if any | 1.22%A | 1.32% | 1.35% | 1.25% | 1.44% | 1.48% |
Expenses net of all reductions | 1.22%A | 1.31% | 1.33% | 1.23% | 1.42% | 1.44% |
Net investment income (loss) | .55%A | .53% | .59% | .80% | .37% | .58% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,011,883 | $ 1,029,629 | $ 692,769 | $ 856,692 | $ 808,478 | $ 669,035 |
Portfolio turnover rateF | 155%A | 54% | 68% | 47% | 66% | 81% |
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 $.46 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.327 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 26.67 | $ 20.00 | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 |
Income from Investment Operations | | | | | | |
Net investment income (loss)D | .09 | .16 | .13 | .18 | .09 | .09 |
Net realized and unrealized gain (loss) | .66 | 7.00 | 1.10 | (.89) | 3.53 | 5.37 |
Total from investment operations | .75 | 7.16 | 1.23 | (.71) | 3.62 | 5.46 |
Distributions from net investment income | (.13) | (.16) | (.20) | (.06) | (.09) | - |
Distributions from net realized gain | (.60) | (.33) | (.27) | (.66) | (.34) | - |
Total distributions | (.73) | (.49) | (.47) | (.72) | (.43) | - |
Redemption fees added to paid in capitalD | -H | -H | -H | .01 | -H | -H |
Net asset value, end of period | $ 26.69 | $ 26.67 | $ 20.00 | $ 19.24 | $ 20.66 | $ 17.47 |
Total ReturnB,C | 2.85% | 36.68% | 6.65% | (3.62)% | 21.15% | 45.46% |
Ratios to Average Net AssetsE,G | | | | | |
Expenses before reductions | 1.10%A | 1.20% | 1.25% | 1.22% | 1.34% | 1.45% |
Expenses net of fee waivers, if any | 1.10%A | 1.20% | 1.25% | 1.21% | 1.34% | 1.40% |
Expenses net of all reductions | 1.10%A | 1.18% | 1.22% | 1.19% | 1.31% | 1.37% |
Net investment income (loss) | .67%A | .66% | .70% | .84% | .47% | .66% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 74,659 | $ 67,038 | $ 9,503 | $ 15,752 | $ 8,231 | $ 2,696 |
Portfolio turnover rateF | 155%A | 54% | 68% | 47% | 66% | 81% |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2014
1. Organization.
Fidelity® International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, International Small Cap 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
Semiannual Report
Notes to Financial Statements - continued
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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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.
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. ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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, 2014, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 futures transactions, 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 | $ 113,033,500 |
Gross unrealized depreciation | (50,727,427) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 62,306,073 |
| |
Tax cost | $ 1,106,943,436 |
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.
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Fiscal year of expiration | |
2017 | $ (30,539,357) |
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 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $884,573,783 and $898,956,876, 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 .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. 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 International Small Cap as compared to its benchmark index, the MSCI All Country World ex USA Small Cap Index, effective April 1, 2014 (the MSCI EAFE Small Cap Index prior to April 1, 2014), over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .88%
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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% | $ 32,966 | $ 942 |
Class T | .25% | .25% | 36,092 | 412 |
Class B | .75% | .25% | 3,789 | 2,855 |
Class C | .75% | .25% | 76,969 | 15,628 |
| | | $ 149,816 | $ 19,837 |
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 | $ 10,880 |
Class T | 2,596 |
Class B* | 584 |
Class C* | 1,102 |
| $ 15,162 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements - 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 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
Average
Net Assets* |
Class A | $ 36,611 | .28 |
Class T | 20,962 | .29 |
Class B | 1,160 | .31 |
Class C | 18,843 | .24 |
International Small Cap | 1,226,893 | .23 |
Institutional Class | 49,691 | .11 |
| $ 1,354,160 | |
* 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 $942 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 $1,117 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
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 $81,675. 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 $219,462, including $2,622 from securities loaned to FCM.
8. Expense Reductions.
The investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $11,975.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net investment income | | |
Class A | $ 48,211 | $ 53,369 |
International Small Cap | 3,601,145 | 4,638,246 |
Institutional Class | 363,321 | 77,935 |
Total | $ 4,012,677 | $ 4,769,550 |
Semiannual Report
Notes to Financial Statements - continued
9. Distributions to Shareholders - continued
| Six months ended
April 30,
2014 | Year ended
October 31,
2013 |
From net realized gain | | |
Class A | $ 564,345 | $ 235,834 |
Class T | 310,220 | 146,972 |
Class B | 14,343 | 3,106 |
Class C | 305,689 | 61,233 |
International Small Cap | 23,368,303 | 11,152,248 |
Institutional Class | 1,694,550 | 155,394 |
Total | $ 26,257,450 | $ 11,754,787 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Class A | | | | |
Shares sold | 244,401 | 398,633 | $ 6,439,599 | $ 9,321,444 |
Reinvestment of distributions | 22,103 | 13,843 | 571,356 | 269,801 |
Shares redeemed | (134,616) | (215,812) | (3,528,257) | (4,750,681) |
Net increase (decrease) | 131,888 | 196,664 | $ 3,482,698 | $ 4,840,564 |
Class T | | | | |
Shares sold | 86,535 | 141,247 | $ 2,260,266 | $ 3,379,516 |
Reinvestment of distributions | 11,686 | 7,380 | 300,676 | 143,239 |
Shares redeemed | (76,975) | (104,387) | (2,017,388) | (2,281,922) |
Net increase (decrease) | 21,246 | 44,240 | $ 543,554 | $ 1,240,833 |
Class B | | | | |
Shares sold | 2,495 | 4,525 | $ 63,966 | $ 108,233 |
Reinvestment of distributions | 538 | 157 | 13,734 | 3,023 |
Shares redeemed | (8,636) | (15,050) | (224,083) | (330,538) |
Net increase (decrease) | (5,603) | (10,368) | $ (146,383) | $ (219,282) |
Class C | | | | |
Shares sold | 159,994 | 275,046 | $ 4,102,388 | $ 6,270,694 |
Reinvestment of distributions | 10,499 | 2,855 | 265,425 | 54,609 |
Shares redeemed | (75,418) | (109,571) | (1,937,255) | (2,419,306) |
Net increase (decrease) | 95,075 | 168,330 | $ 2,430,558 | $ 3,905,997 |
International Small Cap | | | | |
Shares sold | 4,920,791 | 11,248,438 | $ 131,112,287 | $ 266,912,412 |
Reinvestment of distributions | 988,313 | 770,505 | 25,844,387 | 15,163,539 |
Shares redeemed | (6,630,250) | (8,061,607) | (176,725,032) | (180,218,306) |
Net increase (decrease) | (721,146) | 3,957,336 | $ (19,768,358) | $ 101,857,645 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2014 | Year ended
October 31,
2013 | Six months ended April 30,
2014 | Year ended
October 31,
2013 |
Institutional Class | | | | |
Shares sold | 1,779,034 | 2,333,500 | $ 46,753,572 | $ 57,218,863 |
Reinvestment of distributions | 61,170 | 8,409 | 1,598,368 | 165,323 |
Shares redeemed | (1,556,440) | (303,629) | (41,947,332) | (6,792,002) |
Net increase (decrease) | 283,764 | 2,038,280 | $ 6,404,608 | $ 50,592,184 |
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 14% of the total outstanding shares of the Fund.
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2014, 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, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013. 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, 2014, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2014, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2014 and for the year ended October 31, 2013, and the financial highlights for the six months ended April 30, 2014 and for each of the five years in the period ended October 31, 2013, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 24, 2014
Semiannual Report
A special meeting of the fund's shareholders was held on March 18, 2014. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To approve a change in the performance adjustment index for the fund. |
| # of
Votes | % of
Votes |
Affirmative | 659,102,813.34 | 91.252 |
Against | 41,779,512.26 | 5.784 |
Abstain | 21,410,547.93 | 2.964 |
TOTAL | 722,292,873.53 | 100.000 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Fund
On November 13, 2013, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended management contract (the Amended Contract) for the fund and to submit the Amended Contract to shareholders for their approval, with the intention of differentiating the fund and increasing its appeal by including Canada and emerging markets within its target investment universe. If approved by shareholders, the Amended Contract will prospectively change the index used to calculate the fund's performance adjustment from the MSCI EAFE Small Cap Index (the Current Index), which represents non-U.S. small cap issuers across 21 developed market countries, excluding Canada, to the MSCI All Country World ex U.S. Small Cap Index (the Proposed Index), which represents non-U.S. small cap issuers across 22 developed market countries, including Canada, and 21 emerging market countries.
In considering whether to approve the Amended Contract for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of the Amended Contract is in the best interests of the fund and its shareholders and that the compensation payable under the Amended Contract is fair and reasonable. The Board, in reaching its determination to approve the Amended Contract, was aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity Management & Research Company (FMR), and the sub-advisers, including the backgrounds of the fund's investment personnel. The Board also considered the fund's investment objective, strategies, and related investment philosophy, and compared those to Fidelity's other international small cap offerings.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees took note of the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel, which it had reviewed in connection with its annual renewal of the fund's advisory contracts in July 2013. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading and risk management capabilities and resources, which are an integral part of the investment management process.
Semiannual Report
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by FMR under the Amended Contract. The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is a part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services.
Investment Performance. In determining whether the Proposed Index is an appropriate index against which to measure the fund's investment performance, the Board considered that, subject to shareholder approval of the Amended Contract, FMR expects to increase the fund's exposure to investments in Canada and emerging markets. The Board noted that because the Proposed Index includes securities of issuers from Canada and emerging markets in addition to those of the same countries included in the Current Index, it will provide a more meaningful performance comparison for the fund going forward.
The Board considered the rolling 36-month returns of the fund's retail class compared to the rolling 36-month returns of the Current Index and the Proposed Index over the last three years ended September 30, 2013. The Board noted that the fund generally outperformed the Current Index and outperformed and underperformed the Proposed Index at different times over that period.
The Board compared the current weightings and characteristics of the Proposed Index to the Current Index. The Board also considered the performance of each index over the past ten calendar years and for the nine months ended September 30, 2013. The Board noted that the Proposed Index slightly outperformed the Current Index over the past 10 years. The Board recognized that past performance would have no impact on performance in the future and noted that historical performance differences between the Current and Proposed Index were primarily related to Canadian and emerging markets holdings.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund under the Amended Contract should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered that, because the change in the index used to calculate the fund's performance adjustment will be implemented prospectively, the future impact on management fees will depend solely on the fund's future performance relative to the Proposed Index. Nonetheless, the Board considered the management fee that the fund incurred under the current management contract (with the Current Index) for the 12-month period ended September 30, 2013, compared to the hypothetical management fee that the fund would have incurred if the Amended Contract (with the Proposed Index) had been in effect during that period. The Board noted that, under the current management contract, the fund's basic fee was increased by a positive performance adjustment of approximately 0.12% and that, if the Amended Contract had been in effect during the 12-month period ended September 30, 2013, the fund's basic fee would have increased by a positive performance adjustment of 0.16%. As a result, the fund's hypothetical management fee would have been 0.04% ($371,854) higher if the Amended Contract had been in effect during that period. The Board noted that the fund outperformed the Current Index and the Proposed Index over that period.
In its review, the Board noted that at its July 2013 meeting it received and considered materials relating to its review of total expenses for the fund in connection with its renewal of the fund's current advisory contracts. This information included Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. Because the fund's management fee impacts the fund's total expenses - and because the future impact on management fees will depend solely on the fund's future performance relative to the Proposed Index - the Board will next review the fund's total expenses compared to competitive fund median expenses in connection with its future renewal of the fund's advisory contracts.
Based on its review, the Board concluded that the fund's management fee was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. Because the Board was approving an arrangement under which the management fee that the fund pays FMR will depend solely on the fund's future performance relative to the Proposed Index, it did not consider data regarding the impact on Fidelity's costs of services, revenues, or profitability to be a significant factor in its decision. The Board noted that it considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders in connection with its annual renewal of the fund's advisory contracts in July 2013, and that the Board will consider Fidelity's costs of services and profitability in connection with its future renewal of the fund's advisory contracts.
Semiannual Report
Economies of Scale. The Board recognized that the fund's Amended Contract, like the current contract, incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under management increase, and for higher group fee rates as total fund assets under management decrease. FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as assets under management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board noted that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the fund, whether the fund has appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale in connection with its annual renewal of the fund's advisory contracts in July 2013, and that the Board will consider economies of scale In connection with its future renewal of the fund's advisory contracts.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the Amended Contract should be approved and submitted to shareholders for their approval.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
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
Custodian
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
AISCI-USAN-0614
1.800646.110
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 25, 2014 |
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 25, 2014 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | June 25, 2014 |
