Fidelity® Worldwide Fund

  • Symbol: FWWFX
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Summary

Morningstar® Snapshot*

AS OF 07/31/2014; 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

 2 More Information
AS OF 7/31/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* +2.80% 1 Yr +13.51% 3 Yr +11.87% 5 Yr +14.10% 10 Yr +9.08%
*AS OF 8/25/2014; Value is cumulative

Hypothetical Growth of $10,000

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AS OF 07/31/2014; 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
8/25/2014
$25.31
Glossary definition opens in new window.Exp Ratio (Gross)
8/1/2014
1.08%
($10.80 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
8/1/2014
1.08%
($10.80 per $1000)
Redemption Fee 1.00%
Redemption Period 30 days
Minimum to Invest 5 $2,500.00
Turnover Rate
4/30/2014
175%
Glossary definition opens in new window.Portfolio Net Assets ($M)
7/31/2014
$1,652.53
Glossary definition opens in new window.Share Class Net Assets ($M)
7/31/2014
$1,576.45
12 Month Low-High
7/31/2014
$23.12 - $25.98

Top 10 Holdings

 6 More Information
AS OF 6/30/2014
Top 10 Holdings

Quarter-End Average Annual Total Returns

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AS OF 6/30/2014; FUND INCEPTION 5/30/1990 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.08% AS OF 8/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity® Worldwide Fund 25.57% 12.62% 16.75% 8.97% 8.22%
Glossary definition opens in new window.After Taxes on Distributions
Fidelity® Worldwide Fund 22.42% 11.58% 16.08% 8.09% 7.21%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity® Worldwide Fund 15.47% 9.58% 13.42% 7.28% 6.71%

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 7/31/2014; FUND INCEPTION 5/30/1990
1 Yr 3 Yr 5 Yr 10 Yr Life
Fidelity® Worldwide Fund 13.51% 11.87% 14.10% 9.08% 8.03%
MSCI World (Net MA) 16.41% 12.35% 13.21% 7.85% 7.08%
World Stock 14.19% 10.38% 12.41% 7.89% --
Rank in Morningstar Category 55% 29% 21% 29% --
# of Funds in Morningstar Category 1100 828 682 335 --

Hypothetical Growth of $10,000

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AS OF 07/31/2014; 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% 0.41%
Benchmark 15.13% 9.89% 20.50% 9.42% -40.44% 30.55% 12.16% -5.19% 16.34% 27.18% 4.73%
Category 15.27% 11.61% 19.72% 11.28% -41.91% 35.27% 13.74% -7.93% 15.84% 25.19% 3.25%
+/- Benchmark -2.89% 3.68% -3.08% 9.07% 0.20% -2.02% 4.88% -1.54% 2.42% 4.37% -4.32%
+/- Category -3.03% 1.96% -2.30% 7.21% 1.67% -6.74% 3.30% 1.20% 2.92% 6.36% -2.84%

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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 6/30/2014; FUND INCEPTION 5/30/1990 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.08% AS OF 8/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity® Worldwide Fund 25.57% 12.62% 16.75% 8.97% 8.22%
Glossary definition opens in new window.After Taxes on Distributions
Fidelity® Worldwide Fund 22.42% 11.58% 16.08% 8.09% 7.21%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity® Worldwide Fund 15.47% 9.58% 13.42% 7.28% 6.71%

Read more about after-tax returns.

Cumulative Total Returns

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AS OF 7/31/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Fidelity® Worldwide Fund 2.80% 0.41% -3.36% 1.77% 2.23%
Fidelity® Worldwide Fund  (Load Adjusted) -- -- -4.33% -- --
MSCI World (Net MA) -- 4.73% -1.58% 2.24% 8.74%
World Stock -- 3.25% -2.35% 1.58% 6.87%
*AS OF 8/25/2014

Fund Risk and Return

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AS OF 7/31/2014; MORNINGSTAR CATEGORY: World Stock
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

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 1.02
AS OF 7/31/2014

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 0.93
AS OF 7/31/2014

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 0.85
AS OF 7/31/2014

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 14.48
AS OF 7/31/2014

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: 7/31/2014
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2014 0.41% -- -- $1,576.45
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 07/31/2014; MORNINGSTAR CATEGORY: World Stock
Overall
4 out of 5 stars
Out of 828 funds
3 Yr
4 out of 5 stars
Out of 828 funds
5 Yr
4 out of 5 stars
Out of 682 funds
10 Yr
4 out of 5 stars
Out of 335 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 828 for the 3 year period and Overall Ranking; 682 for the 5 year period; and 335 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 7/31/2014; LIPPER PEER GROUP: Global
1 Yr
#465 out of 906 funds
5 Yr
#83 out of 537 funds
10 Yr
#42 out of 253 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 6/30/2014
Portfolio Weight MSCI World (Net MA)
Information Technology 17.06% 12.28%
Financials 15.80% 20.64%
Industrials 14.53% 11.15%
Health Care 13.09% 11.69%
Energy 12.98% 10.11%
Consumer Discretionary 10.20% 11.87%
Consumer Staples 6.57% 9.72%
Materials 2.97% 5.72%
Utilities 2.54% 3.35%
Telecommunication Services 2.37% 3.47%
Other 0.00% 0.00%

Asset Allocation

 6 More Information
AS OF 6/30/2014
Fund
International Equities 44.21%
Developed Markets 41.26%
Emerging Markets 2.95%
Tax Advantaged Domiciles 0.00%
Domestic Equities 54.95%
Bonds 0.11%
Cash & Net Other Assets 0.73%
Additional Allocations
AS OF 6/30/2014
Futures, Options, and Swaps 1.06%
FX Forwards -0.21%

"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).

Top 10 Holdings

 6 More Information
AS OF 6/30/2014

Regional Diversification

 6 More Information
AS OF 6/30/2014
United States
55.67%
Europe
28.76%
Japan
7.34%
Asia Pacific ex Japan
3.62%
Emerging Markets
2.95%
Canada
1.66%
Other
0.00%

Country Diversification

 6 More Information
AS OF 6/30/2014
USA
55.68%
United Kingdom
7.98%
Japan
7.34%
Germany
4.18%
France
3.19%
Ireland
3.04%
Switzerland
2.60%
Sweden
2.15%
Canada
1.66%
Australia
1.51%
Netherlands
1.35%
Spain
1.34%
Denmark
1.13%
Hong Kong
1.10%

Currency Diversification

 6 More Information
AS OF 6/30/2014
US Dollar
59.00%
European Monetary Unit (Euro)
12.10%
UK Pound
8.08%
Japanese Yen
7.40%
Swiss Franc
2.41%
Swedish Krona
2.15%
Canadian Dollar
1.66%
Australian Dollar
1.66%
Hong Kong Dollar
1.31%
Danish Krone
1.13%
Indian Rupee
0.85%
New Taiwan Dollar
0.69%
South Korean Won
0.50%
New Zealand Dollar
0.32%
Singapore Dollar
0.30%
South African Rand
0.23%
Kenyan Shilling
0.15%
Philippine Peso
0.06%

Fund Facts

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Fiscal Year End
October
Fund Inception
5/30/1990
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.

Browse Our Proxy Voting Results

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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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1.08%
($10.80 per $1000)
8/1/2014
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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Initial Investment
$2,500.00
Additional Investment
$0.00
Initial IRA Investment
$2,500.00
Additional IRA Investment
$0.00
Initial Group Retirement Investment 5
$500.00
Additional Group Retirement Investment
$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 7/31/2014
NAV
$25.31
8/25/2014
12 Month Low-High
$23.12 - $25.98
Monthly Low-High
$24.72 - $25.89
On 7/31/2014
$24.72

Price History By Month

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Actual Values: Jul. 2014 to Jul. 2013

Close Low High
Jul $24.72 $24.72 $25.89
Jun $25.58 $25.02 $25.63
May $24.97 $24.19 $24.97
Apr $24.29 $23.58 $24.98
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

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.

Commentary

Second Quarter 2014 Summary

Overview

  • Fidelity® Worldwide Fund is a diversified global equity fund that seeks growth of capital.
  • The 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 three months ending June 30, 2014, Fidelity Worldwide Fund returned 3.56%, trailing the 4.98% advance of the MSCI World Index.
  • 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 detracted from performance versus the MSCI index, led by stock picks in the U.S. and Europe. Country allocations, currency selection and a small cash position also each modestly hampered relative results, as did seven out of 10 economic sectors. The most significant disappointment came from an overweighting within information technology in the software & services segment.
  • The fund had modest bias toward U.S. stocks over non-U.S. assets. Because some of the fund's largest individual positions were U.S. stocks, they tended to have the biggest impact on relative performance.
  • In terms of individual detractors, our biggest shortfall came from not owning consumer technology leader and index component Apple in the technology hardware & equipment group. We did not see new products in the company's pipeline that we thought would drive superior revenue growth; however, the stock rose 20% in the quarter, as strong iPhone® smartphone sales helped drive better-than-expected earnings. News of a stock split, increased quarterly dividend and significant upward revision to the company's share-buyback plan also helped.
  • Health care and consumer discretionary further hindered relative performance. In health care, an out-of-index stake in Intercept Pharmaceuticals hurt the most. Its shares fell after the development-stage biopharmaceutical company conducted a secondary stock offering and then as investors awaited additional trial data. Intercept's shares have been particularly susceptible to market noise and analyst commentary regarding the approval process for its experimental cirrhosis and hepatitis treatments. In consumer discretionary, off-price apparel and home furnishings company TJX Companies saw its shares decline after reporting weaker-than-expected revenue growth for its first fiscal quarter, forecasting second-quarter earnings below expectations and reducing its fiscal-year earnings outlook. The company attributed its poor results to the negative impact of foreign-exchange rates and lackluster apparel sales.
  • An additional disappointment was Bank of America. Its shares fell after the company announced first-quarter earnings that were worse than consensus estimates, hurt by slower-than-expected balance-sheet growth. Investors believed slower growth could hinder expansion of the company's net interest margin - the difference between interest earned (on loans, for example) and interest paid (for example, on deposits) - and potentially pressure its full-year earnings estimates. Ongoing regulatory issues and a decline in interest rates - rather than the expected increase - also weighed on the banks, making the industry one of the weakest performers in the index for the quarter. We eliminated Bank of America from the portfolio because we thought the stock would take longer than we originally expected to reach our price target.
  • By contrast, stock picks in the Asia Pacific region helped relative performance, as did security selection in the industrials sector.
  • Within industrials, the biggest boost came from transportation and was largely driven by an out-of-index investment in American Airlines Group, which was formed from the merger between American Airlines and US Airways. The stock climbed after the company reported first-quarter earnings that beat analysts' estimates - thanks to improved industry pricing and lower-than-expected costs - and also forecast capacity growth for 2014.
  • Other individual contributors included Illumina, a leader in the gene-sequencing market. Shares of this out-of-index position rose more than 20% for the quarter, as increased demand for its products drove strong revenue growth. Investors remained optimistic about the company's commercial growth opportunities, given growing interest in personalized medicine and expectations that as the costs of gene sequencing come down the technology will become more broadly available.
  • Elsewhere, an out-of-index stake in Zebra Technologies, a leading manufacturer of barcode printing devices and radio frequency identification (RFID) technology, rewarded shareholders. The stock was propelled higher by first-quarter earnings and revenues that beat expectations and news in April that Zebra would acquire the barcode division of Motorola Solutions, increasing its share of the mobile barcode business.

End-of-Quarter Positioning:

The fund's biggest overweightings at quarter end were in information technology, industrials and energy.

In information technology, we trimmed our overall stake, but kept a sizable overweighting with additions to the semiconductors & semiconductor equipment company group and reductions in software & services.

The fund's stake in industrials increased, in part as stocks in the transportation segment appreciated. Within transportation, the fund focused on U.S. airlines and railroads, both of which benefited from improved industry trends.

One of the biggest changes in the quarter was a substantial increase in the fund's exposure to energy, where new technologies in hydraulic fracturing ("fracking") are increasing production from new wells and expected additions to pipeline capacity stand to benefit pricing.

To fund these purchases, we substantially reduced the allocation to financials, which became a sizable underweighting by quarter end. We also cut back in consumer discretionary, which moved from an overweighting to an underweighting.

In terms of country allocations, the fund continued to have a small position and overweighting in emerging markets. Economic growth in many of these developing markets has slowed but still remains stronger than in many developed countries and should accelerate as the middle class expands. We remain selective, however, avoiding or limiting exposure to countries such as China, Russia and Brazil.

The fund had an underweighting at period end in the Asia Pacific region, principally in Australia, where many materials companies are based. It also had below-index exposure to the U.K., including to some of the big oil and pharmaceuticals companies there, as well as to Canada.

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.