Fidelity® Worldwide Fund

  • Symbol: FWWFX
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Summary

Morningstar® Snapshot*

AS OF 03/31/2014; MORNINGSTAR CATEGORY: World Stock
Returns 4 out of 5, Above Average Returns
LOWAVGHIGH
Expenses 2 out of 5, Below Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

*All data provided by Morningstar. Please click on each indicator above to learn more about comparison groups and methodology.

Performance

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AS OF 3/31/2014 ; *YTD AS OF 4/15/2014
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* -3.90% 1 Yr +22.36% 3 Yr +11.61% 5 Yr +20.12% 10 Yr +8.47%

Hypothetical Growth of $10,000

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AS OF 03/31/2014; MORNINGSTAR CATEGORY: World Stock
Shows growth of hypothetical $10,000 investment in Fidelity® Worldwide Fund compared to MSCI World (Net MA),World Stock over the selected time period
Fidelity® Worldwide Fund
World Stock

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Manager(s)

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Stephen DuFour since 10/1/2007 William Kennedy since 1/1/2006

Fund Overview

Objective

Seeks growth of capital.

Strategy

Investing in securities issued anywhere in the world. Normally investing primarily in common stocks.

Risk

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.

Additional Disclosures

A mutual fund registered under Fidelity Investment Trust, and managed by Fidelity Management & Research Company. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

Details

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Morningstar Category World Stock
Fund Inception 5/30/1990
NAV
4/15/2014
$23.66
Exp Ratio (Gross)Glossary definition opens in new window.
12/30/2013
1.11%
($11.10 per $1000)
Exp Ratio (Net)Glossary definition opens in new window.
12/30/2013
1.11%
($11.10 per $1000)
Redemption Fee 1.00%
Redemption Period 30 days
Minimum to Invest 5 $2,500.00
Turnover Rate
10/31/2013
161%
Net Assets ($M)
3/31/2014
$1,614.11
12 Month Low-High
3/31/2014
$21.55 - $25.98

Top 10 Holdings

6 More Information
AS OF 3/31/2014
Top 10 Holdings
MCGRAW HILL FINANCIAL INC
MASTERCARD INC CL A
GOOGLE INC CL A
BANK OF AMERICA CORPORATION
ACTAVIS PLC
ADOBE SYSTEMS INC
CABOT OIL & GAS CORP
AMERIPRISE FINANCIAL INC
VISA INC CL A
CUMMINS INC
% of Total Portfolio 26.57%
out of 249 holdings

Quarter-End Average Annual Total Returns

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AS OF 3/31/2014; *FUND INCEPTION 5/30/1990

EXPENSE RATIO (GROSS):Glossary definition opens in new window.
1.11% AS OF 12/30/2013
1 Yr 3 Yr 5 Yr 10 Yr Life of Fund*
Before TaxesGlossary definition opens in new window.
Fidelity® Worldwide Fund 22.36% 11.61% 20.12% 8.47% 8.15%
After Taxes on DistributionsGlossary definition opens in new window.
Fidelity® Worldwide Fund 19.28% 10.58% 19.43% 7.60% 7.13%
After taxes on distributions and sale of fund sharesGlossary definition opens in new window.
Fidelity® Worldwide Fund 13.72% 8.81% 16.33% 6.88% 6.65%

Read more about after-tax returns.

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Performance & Risk

Average Annual Total Returns

7, 3, 2 More Information
AS OF 3/31/2014; *FUND INCEPTION 5/30/1990
1 Yr 3 Yr 5 Yr 10 Yr Life of Fund*
Fidelity® Worldwide Fund 22.36% 11.61% 20.12% 8.47% 8.15%
MSCI World (Net MA) 19.54% 10.68% 18.75% 7.25% 7.04%
World Stock 18.45% 9.31% 18.38% 7.29% --
Rank in Morningstar Category 21% 21% 23% 29% --
# of Funds in Morningstar Category 1066 804 642 323 --

Hypothetical Growth of $10,000

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AS OF 03/31/2014; MORNINGSTAR CATEGORY: World Stock
Fidelity® Worldwide Fund
World Stock
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund 12.24% 13.57% 17.42% 18.49% -40.24% 28.53% 17.04% -6.73% 18.76% 31.55% 0.32%
Benchmark 15.13% 9.87% 20.50% 9.40% -40.46% 30.55% 12.16% -5.19% 16.34% 27.18% 1.36%
Category 15.27% 11.61% 19.72% 11.28% -41.91% 35.27% 13.74% -7.93% 15.84% 25.19% 1.41%
+/- Benchmark -2.89% 3.70% -3.08% 9.09% 0.22% -2.02% 4.88% -1.54% 2.42% 4.37% -1.04%
+/- Category -3.03% 1.96% -2.30% 7.21% 1.67% -6.74% 3.30% 1.20% 2.92% 6.36% -1.09%

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Quarter-End Average Annual Total Returns

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AS OF 3/31/2014; *FUND INCEPTION 5/30/1990

EXPENSE RATIO (GROSS):Glossary definition opens in new window.
1.11% AS OF 12/30/2013
1 Yr 3 Yr 5 Yr 10 Yr Life of Fund*
Before TaxesGlossary definition opens in new window.
Fidelity® Worldwide Fund 22.36% 11.61% 20.12% 8.47% 8.15%
After Taxes on DistributionsGlossary definition opens in new window.
Fidelity® Worldwide Fund 19.28% 10.58% 19.43% 7.60% 7.13%
After taxes on distributions and sale of fund sharesGlossary definition opens in new window.
Fidelity® Worldwide Fund 13.72% 8.81% 16.33% 6.88% 6.65%

Read more about after-tax returns.

Cumulative Total Returns

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AS OF 3/31/2014; *YTD (DAILY) AS OF 4/15/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Fidelity® Worldwide Fund -3.90% 0.32% -3.36% 0.32% 9.22%
Fidelity® Worldwide Fund  (Load Adjusted) -- -- -4.33% -- --
MSCI World (Net MA) -- 1.36% 0.18% 1.36% 9.57%
World Stock -- 1.41% -0.15% 1.41% 8.92%

Fund Risk and Return

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AS OF 3/31/2014; MORNINGSTAR CATEGORY: World Stock

Risk

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.

Volatility Measures

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Beta 1.01
AS OF 3/31/2014

A measure of a portfolio's sensitivity to market movements (as represented by a benchmark index). The benchmark index, such as the S&P 500 or EAFE index, has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund's historical returns have fluctuated more (less) than the benchmark index. Beta is a more reliable measure of volatility when used in combination with a high R2 which indicates a high correlation between the movements in a fund's returns and movements in a benchmark index.

R2 0.95
AS OF 3/31/2014

A measurement of how closely the portfolio's performance correlates with the performance of a benchmark index, such as the S&P 500. R2 is a proportion which ranges between 0.00 and 1.00. An R2 of 1.00 indicates perfect correlation to the benchmark index, that is, all of the portfolio's fluctuations are explained by performance fluctuations of the index, while an R2 of 0.00 indicates no correlation. Therefore, the lower the R2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R2 value of less than 0.5 indicates that the Annualized Alpha and Beta are not reliable performance statistics.

Sharpe Ratio 0.83
AS OF 3/31/2014

The Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's excess returns (fund's average monthly returns minus the average monthly return of the Salomon Smith Barney 3-Month T-Bill Index) by the standard deviation of those returns. The higher the ratio, the better the fund's return per unit of risk.

Standard Deviation 14.55
AS OF 3/31/2014

Statistical measure of how much a return varies over an extended period of time. The more variable the returns, the larger the standard deviation. Investors may examine historical standard deviation in conjunction with historical returns to decide whether an investment's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time. Standard deviation is annualized. The returns used for this calculation are not load-adjusted.

Volatility measures are based on the variability of historical returns of the portfolio. In the case of annuity funds, this is before the effect of annuity charges. Relative Volatility, Beta, and R2 compare a portfolio's total return to those of a relevant market, represented by the benchmark index. Standard Deviation is calculated independent of an index.

Historical Fund Performance

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Current year's data as of: 3/31/2014
Year Total Returns Capital Gains Dividends Net Assets ($M)
2014 0.32% -- -- $1,614.11
2013 31.55% $1.979 $0.087 $1,564.15
2012 18.76% $0.08 $0.159 $1,113.69
2011 -6.73% -- $0.065 $1,075.39
2010 17.04% $0.046 $0.1 $1,169.74
2009 28.53% $0.015 $0.097 $1,059.48
2008 -40.24% -- $0.17 $875.11
2007 18.49% $2.38 $0.12 $1,696.97
2006 17.42% $2.66 $0.17 $1,376.76
2005 13.57% $1.04 $0.1 $1,278.48

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Characteristics and Attribution

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2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Ratings

Morningstar Ratings

AS OF 03/31/2014; MORNINGSTAR CATEGORY: World Stock
Overall
4 out of 5 stars
Out of 804 funds
3 Yr
4 out of 5 stars
Out of 804 funds
5 Yr
4 out of 5 stars
Out of 642 funds
10 Yr
4 out of 5 stars
Out of 323 funds

An overall rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Metrics as of the date stated. The number of funds in the World Stock category tracked by Morningstar was 804 for the 3 year period and Overall Ranking; 642 for the 5 year period; and 323 for the 10 year period. Please click on the question mark above for additional Morningstar information.

Past performance is no guarantee of future results.

Lipper Ranking

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AS OF 3/31/2014; LIPPER PEER GROUP: Global
1 Yr
#161 out of 887 funds
5 Yr
#90 out of 514 funds
10 Yr
#40 out of 249 funds

The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Past performance is no guarantee of future results.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Composition

Major Market Sectors for Equities

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AS OF 3/31/2014
Portfolio Weight MSCI World (Net MA)
Financials 20.43% 20.92%
Information Technology 18.91% 12.24%
Health Care 14.82% 11.68%
Consumer Discretionary 14.03% 11.94%
Industrials 12.80% 11.33%
Energy 5.90% 9.53%
Consumer Staples 4.07% 9.82%
Telecommunication Services 2.24% 3.54%
Materials 2.21% 5.74%
Utilities 0.08% 3.27%
Other 0.00% 0.00%

Top 10 Holdings

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AS OF 3/31/2014
MCGRAW HILL FINANCIAL INC
MASTERCARD INC CL A
GOOGLE INC CL A
BANK OF AMERICA CORPORATION
ACTAVIS PLC
ADOBE SYSTEMS INC
CABOT OIL & GAS CORP
AMERIPRISE FINANCIAL INC
VISA INC CL A
CUMMINS INC
% of Total Portfolio 26.57%
out of 249 holdings

Asset Allocation

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AS OF 3/31/2014
Fund
International Equities 43.83%
Developed Markets 40.64%
Emerging Markets 3.19%
Tax Advantaged Domiciles 0.00%
Domestic Equities 52.72%
Bonds 0.11%
Cash & Net Other Assets 3.34%

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the Portfolio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertible preferred stocks and stock index futures and options), Bond (all debt instruments, including investment grade, non-investment grade, non-rated securities and convertible bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivables and payables).

Portfolio Data

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Turnover Rate
161%
10/31/2013

Regional Diversification

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AS OF 3/31/2014
United States
56.05%
Europe
30.30%
Japan
7.34%
Emerging Markets
3.19%
Asia Pacific ex Japan
2.51%
Canada
0.61%
Other
0.00%

Country Diversification

6 More Information
AS OF 3/31/2014
USA
56.03%
Japan
7.34%
United Kingdom
6.86%
Ireland
4.70%
Germany
4.44%
France
3.60%
Switzerland
2.39%
Sweden
2.23%
Netherlands
1.84%
Spain
1.30%
Australia
1.09%
Belgium
1.01%

Currency Diversification

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AS OF 3/31/2014
US Dollar
60.91%
European Monetary Unit (Euro)
13.46%
Japanese Yen
7.34%
UK Pound
6.94%
Swiss Franc
2.39%
Swedish Krona
2.23%
Australian Dollar
1.38%
Hong Kong Dollar
1.08%
Danish Krone
0.71%
New Taiwan Dollar
0.65%
South African Rand
0.61%
Canadian Dollar
0.61%
Indian Rupee
0.58%
South Korean Won
0.47%
Singapore Dollar
0.21%
New Zealand Dollar
0.21%
Kenyan Shilling
0.16%
Philippine Peso
0.06%

Fund Facts

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Fiscal Year End
October
Fund Inception
5/30/1990
Net Assets ($M)
$1,614.11
3/31/2014
Fund Number
318
Fund Symbol
FWWFX
Order Cutoff Time
04:00 PM EST

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

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2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Fees and Distributions

Expenses & Fees

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1.11%
($11.10 per $1000)
12/30/2013
1.11%
($11.10 per $1000)
12/30/2013
Distribution and/or service fee(12b-1) Fees
0.00%
Short-Term Redemption Fee
1.00%
Short-Term Redemption Period
30 Days
Small Balance Fee 8

You can receive a prospectus from Fidelity by mail

See prospectus for more information on Fees, Expenses & Loads.

Minimums

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Regular Initial Investment 5
$2,500.00
IRA Initial Investment
$2,500.00
Regular/IRA Additional Investments
$0.00
Required Balance
$2,000.00

Features

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Retirement Accounts
yes
Check Writing
no
Direct Deposit
yes
Automatic Account Builder
yes
Max Exchange Redemptions in a Year
yes
Simple IRA
yes

Distribution

Dividend History

Date Per Share Amount Reinvestment Price
12/06/13 $0.087 $23.65
12/07/12 $0.159 $20.02
12/02/11 $0.065 $17.48
12/30/10 $0.022 $18.65

Capital Gains History

Date Per Share Amount Reinvestment Price
12/06/13 $1.979 $23.65
12/07/12 $0.08 $20.02
12/03/10 $0.046 $18.28
12/04/09 $0.015 $16.00

Pricing

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AS OF 3/31/2014
NAV
$23.66
4/15/2014
12 Month Low-High
$21.55 - $25.98
Monthly Low-High
$24.36 - $25.67
On 3/31/2014
$24.70

Price History By Month

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Actual Values: Mar. 2014 to Mar. 2013

Close Low High
Mar $24.70 $24.36 $25.67
Feb $25.56 $23.65 $25.62
Jan $24.18 $23.93 $25.13
Dec $24.62 $23.39 $25.91
Nov $25.98 $24.91 $25.98
Oct $25.41 $23.99 $25.68
Sep $24.59 $23.46 $24.95
Aug $23.12 $23.12 $24.18
Jul $23.68 $22.49 $23.81
Jun $22.15 $21.57 $22.87
May $22.76 $22.36 $23.52
Apr $22.58 $21.55 $22.58
Mar $21.95 $21.37 $22.07

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Analysis

Fourth Quarter 2013 Summary

Overview

  • Fidelity® Worldwide Fund is a diversified global equity fund that seeks growth of capital.
  • Worldwide Fund employs a growth-at-a-reasonable-price (GARP) approach to select investments. In particular, we seek companies with durable competitive positions, high and consistent profitability, a high return on capital, solid free-cash-flow generation and management teams whose interests are aligned with those of shareholders.
  • We strive to uncover these companies through in-depth fundamental analysis, working in concert with Fidelity's global research team.
  • For the fourth quarter ending December 31, 2013, Fidelity Worldwide Fund returned 8.87%, outperforming the MSCI® World Index, which returned 8.09%.
  • While this review mainly outlines drivers for the past quarter, our buy and sell decisions are typically based on the longer-term prospects for stocks and not on short time periods.

Drivers of Fund Performance:

  • Security selection was positive in seven of the 10 economic sectors during the quarter, with the strongest relative gains coming in financials and information technology.
  • A large overweighting in shares of McGraw Hill Financial, a financial information services provider, helped fuel gains in the financials sector. The company's share price rose steadily in the fourth quarter, buoyed by better-than-expected third-quarter results. The positive surprise was driven by gains in non-ratings segments such as indices, which were boosted by asset growth in exchange-traded funds.
  • In the information technology sector, an overweighting in Google was a large contributor. Shares of the technology giant soared to an all-time high in October, after the Internet search giant reported a 36% jump in third-quarter profits, which beat expectations. The strong financial results were primarily driven by a surge in mobile and video advertising. The company's decline in average advertising prices was more than offset by a larger number of users clicking on advertisements.
  • Long-time holding MasterCard, a large overweighting in the fund, also contributed to relative returns. MasterCard solidly beat analysts' third-quarter earnings estimates and provided a positive outlook on the global recovery. The payment processor saw strong volume growth in all geographies, including cross-border and intra-Europe transactions, where there had been some doubts about the strength of the European recovery. Management reiterated guidance for double-digit revenue growth and greater than 20% earnings-per-share growth for 2013-2015, which kept investors bullish on the stock.
  • Despite strong security selection in information technology, our decision not to own Apple detracted from relative performance. Shares of the tech giant rose more than 15% during the quarter, getting a boost from strong iPhone® smartphone sales and better-than-expected earnings. The company also benefited from the purchase of 3D motion-sensor technology firm PrimeSense, as well as a deal with the world's largest wireless carrier by subscribers, China Mobile, to offer iPhone® smartphones on its network by January 2014.
  • The weakest stock selection by a wide margin came in the energy sector, where a large overweighting in Pioneer Natural Resources was the single biggest detractor from the fund's relative performance. Shares of this independent oil /gas exploration & production company modestly declined during the quarter, as the company reported mixed financial results for the third quarter. Reported earnings were below analysts' estimates, largely due to lower-than-expected oil and natural gas production and higher-than-expected expenses. The company's third-quarter production guidance miss was primarily attributable to increased pad drilling in the Eagle Ford area, which caused delays in operationalizing new wells.
  • On a regional basis, security selection was positive in every region except emerging markets (EM). A variety of small EM positions in automakers, telecommunications companies, banks, and internet search firms accounted for most of the underperformance.

End of Quarter Positioning:

  • With regard to overall portfolio construction and risk management, the fund's positioning was driven by our bottom-up stock selection process.While sector exposures tended to be a byproduct of this stock-by-stock approach, they also reflected where we found attractive opportunities on a sector basis and, alternatively, where we possibly saw risk or a lack of opportunity.
  • We believed economies around the world are experiencing modest growth at best, but the quantity and quality of companies that meet our investment criteria remained high. We were seeing a number of exciting multiyear investable themes as market correlations have declined.
  • The fund substantially increased its exposure to the information technology and industrials sectors at the expense of materials, financials, health care, and energy.
  • Overall, the fund was constructive on Europe and Japan. We topped up our exposure in Japan early in the fourth quarter and sold Nordic banks in favor of continental European banks. We also trimmed positions in U.S.-based Citigroup and Blackstone during the review period.
  • After reducing emerging-markets exposure two quarters ago, we maintained a high threshold for adding new EM positions, given the high likelihood of increasing U.S. interest rates that could disproportionately hurt EM consumer stocks. The fund ultimately found opportunity in select Chinese asset managers and modestly added to a couple of EM-domiciled internet stocks benefiting from strong secular growth tailwinds.
  • The fund continued to work to identify multiyear investable themes, which included biotechnology, domestic energy and electronic payments. Within biotechnology, the fund was positioned to benefit from a number of companies with exciting, newly launched products that could result in substantial earnings increases. The fund also was heavily invested in money-center banks, which were trading at depressed valuations and posting above-market earnings growth through a combination of renewed loan growth, lower expenses and reduced loan-loss accruals.
  • We tried to positioned the fund to outperform in a modest-growth environment. If the growth outlook changes, we plan to adjust the holdings within the fund.
Finally, we remain committed to a disciplined investment process in pursuit of strong long-term results for our shareholders.

Fund Manager(s)

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Stephen DuFour since 10/1/2007 William Kennedy since 1/1/2006

Strategy & Objective

Objective

Seeks growth of capital.

Strategy

Investing in securities issued anywhere in the world. Normally investing primarily in common stocks.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information.

2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results. This chart is not intended to imply any future performance of the investment product.

5. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and Non-Fidelity Prototype Retirement accounts are $500 or higher. There is no minimum for additional investments in any type of Fidelity fund you already own.

6. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten holdings do not include money market instruments or futures contracts, if any. Depository receipts are normally combined with the underlying security. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment option reports its holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section in addition to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component equals (or rounds to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.

7. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

8. Fidelity may deduct a small balance maintenance fee of $12.00 from a fund balance with a value less than $2,000. Fund positions opened after September 30 will not be subject to the fee for that calendar year. This fee will not be deducted from fund positions opened after January 1 of that calendar year if those positions use regular investment plans. Refer to the fund prospectus for details.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.