0000024238-13-000054.txt : 20130823 0000024238-13-000054.hdr.sgml : 20130823 20130823151329 ACCESSION NUMBER: 0000024238-13-000054 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130823 DATE AS OF CHANGE: 20130823 EFFECTIVENESS DATE: 20130823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY HANOVER STREET TRUST CENTRAL INDEX KEY: 0000702533 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03466 FILM NUMBER: 131057641 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR SERIES III DATE OF NAME CHANGE: 19930630 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FRANKLIN STREET TRUST DATE OF NAME CHANGE: 19920819 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR EQUITY PORTFOLIO INCOME DATE OF NAME CHANGE: 19920703 0000702533 S000032745 Fidelity Emerging Markets Debt Central Fund C000101068 Fidelity Emerging Markets Debt Central Fund N-CSRS 1 main.htm

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 811-03466

Fidelity Hanover Street 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:

December 31

 

 

Date of reporting period:

June 30, 2013

Item 1. Reports to Stockholders

Fidelity® Emerging Markets Debt
Central Fund

Semiannual Report

June 30, 2013

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. © 2013 FMR LLC. All rights reserved.

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.

EMC-SANN-0813
1.926208.102

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2013 to June 30, 2013).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio
B

Beginning
Account Value
January 1, 2013

Ending
Account Value
June 30, 2013

Expenses Paid
During Period
*
January 1, 2013
to June 30, 2013

Actual

.0140%

$ 1,000.00

$ 942.70

$ .07

HypotheticalA

 

$ 1,000.00

$ 1,024.73

$ .07

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)

Top Five Countries as of June 30, 2013

(excluding cash equivalents)

% of fund's
net assets

% of fund's net assets
6 months ago

Venezuela

12.3

13.5

Mexico

7.8

6.7

Turkey

7.1

7.7

Argentina

6.8

6.1

Russia

6.1

6.5

Percentages are adjusted for the effect of open futures contracts, if applicable.

Top Five Holdings as of June 30, 2013

(by issuer, excluding cash equivalents)

% of fund's
net assets

% of fund's net assets
6 months ago

Turkish Republic

6.5

6.9

Petroleos de Venezuela SA

6.3

6.4

Venezuelan Republic

6.0

7.1

Russian Federation

5.4

5.8

Indonesian Republic

4.2

4.8

 

28.4

Asset Allocation (% of fund's net assets)

As of June 30, 2013

As of December 31, 2012

eee94125

Corporate Bonds 34.4%

 

eee94125

Corporate Bonds 33.0%

 

eee94128

Government
Obligations 60.5%

 

eee94128

Government
Obligations 60.5%

 

eee94131

Stocks 0.0%

 

eee94133

Stocks 0.0%

 

eee94135

Preferred Securities 1.3%

 

eee94135

Preferred Securities 0.9%

 

eee94138

Other Investments 0.9%

 

eee94138

Other Investments 0.8%

 

eee94141

Short-Term
Investments and
Net Other Assets (Liabilities) 2.9%

 

eee94141

Short-Term
Investments and
Net Other Assets (Liabilities) 4.8%

 

eee94144

Amount represents less than 0.1%

Semiannual Report


Investments June 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 34.4%

 

Principal Amount (d)

Value

Argentina - 1.7%

Aeropuertos Argentina 2000 SA 10.75% 12/1/20 (f)

$ 370,800

$ 341,136

Empresa Distribuidora y Comercializadora Norte SA 9.75% 10/25/22 (f)

425,000

207,188

Pan American Energy LLC 7.875% 5/7/21 (f)

185,000

178,063

Transportadora de Gas del Sur SA 7.875% 5/14/17 (f)

837,000

736,560

TOTAL ARGENTINA

1,462,947

Bailiwick of Jersey - 0.2%

Polyus Gold International Ltd. 5.625% 4/29/20 (f)

200,000

190,000

British Virgin Islands - 0.7%

Arcos Dorados Holdings, Inc. 10.25% 7/13/16 (f)

BRL

600,000

269,568

Gold Fields Orogen Holding BVI Ltd. 4.875% 10/7/20 (f)

200,000

164,000

Magnesita Finance Ltd. 8.625% (f)(g)

200,000

198,000

TOTAL BRITISH VIRGIN ISLANDS

631,568

Canada - 0.4%

Pacific Rubiales Energy Corp. 7.25% 12/12/21 (f)

345,000

365,700

Sino-Forest Corp. 6.25% 10/21/17 (c)(f)

420,000

0

TOTAL CANADA

365,700

Cayman Islands - 1.8%

Emerald Plantation Holdings Ltd. 6% 1/30/20 pay-in-kind (h)

72,807

41,885

Odebrecht Finance Ltd. 7.5% (f)(g)

700,000

693,000

Petrobras International Finance Co. Ltd.:

5.375% 1/27/21

230,000

231,080

6.875% 1/20/40

245,000

244,045

8.375% 12/10/18

325,000

384,556

TOTAL CAYMAN ISLANDS

1,594,566

El Salvador - 0.4%

Telemovil Finance Co. Ltd. 8% 10/1/17 (f)

350,000

370,125

Georgia - 0.7%

Georgia Bank Joint Stock Co. 7.75% 7/5/17 (f)

200,000

208,000

Georgian Oil & Gas Corp. 6.875% 5/16/17 (f)

200,000

199,000

JSC Georgian Railway 7.75% 7/11/22 (f)

200,000

216,000

TOTAL GEORGIA

623,000

Germany - 0.2%

Rearden G Holdings Eins GmbH 7.875% 3/30/20 (f)

175,000

178,500

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Hungary - 0.2%

Magyar Export-Import Bank 5.5% 2/12/18 (f)

$ 200,000

$ 197,500

Indonesia - 1.6%

PT Adaro Indonesia 7.625% 10/22/19 (f)

325,000

341,250

PT Gadjah Tunggal Tbk 7.75% 2/6/18 (f)

200,000

197,000

PT Pertamina Persero:

4.875% 5/3/22 (f)

200,000

191,500

5.25% 5/23/21 (f)

235,000

232,650

6% 5/3/42 (f)

200,000

187,000

6.5% 5/27/41 (f)

200,000

193,000

TOTAL INDONESIA

1,342,400

Ireland - 1.1%

Vimpel Communications OJSC 7.748% 2/2/21 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (f)

200,000

213,500

Vnesheconombank Via VEB Finance PLC:

6.8% 11/22/25 (f)

275,000

293,893

6.902% 7/9/20 (f)

365,000

400,588

TOTAL IRELAND

907,981

Kazakhstan - 1.7%

Kazagro National Management Holding JSC 4.625% 5/24/23 (f)

200,000

183,000

KazMunaiGaz National Co.:

4.4% 4/30/23 (f)

200,000

183,820

5.75% 4/30/43 (f)

200,000

176,600

KazMunaiGaz Finance Sub BV 7% 5/5/20 (f)

125,000

141,250

Zhaikmunai Finance BV 10.5% 10/19/15 (f)

400,000

419,600

Zhaikmunai International BV 7.125% 11/13/19 (f)

330,000

330,000

TOTAL KAZAKHSTAN

1,434,270

Luxembourg - 2.8%

Alrosa Finance SA 7.75% 11/3/20 (f)

200,000

214,000

Aquarius Investments Luxemburg 8.25% 2/18/16

200,000

208,000

EVRAZ Group SA:

6.5% 4/22/20 (f)

200,000

180,500

8.25% 11/10/15 (f)

500,000

527,500

9.5% 4/24/18 (Reg. S)

200,000

212,000

TMK Capital SA 7.75% 1/27/18

400,000

398,000

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Luxembourg - continued

Unicredit Luxembourg SA 5.1875% 10/13/15 (f)

$ 150,000

$ 153,000

Vimpel Communications 8.25% 5/23/16 (Reg. S) (Issued by UBS Luxembourg SA for Vimpel Communications)

510,000

555,900

TOTAL LUXEMBOURG

2,448,900

Mexico - 4.4%

Alestra SA de RL de CV 11.75% 8/11/14

110,000

118,800

Gruma S.A.B. de CV 7.75% (Reg. S) (g)

450,000

450,000

Petroleos Mexicanos:

3.5% 1/30/23 (f)

230,000

212,175

4.875% 1/24/22

260,000

263,900

5.5% 1/21/21

225,000

241,088

5.5% 6/27/44

360,000

324,900

5.5% 6/27/44 (f)

120,000

108,180

6% 3/5/20

225,000

248,625

6.5% 6/2/41

425,000

438,813

6.625% (f)(g)

685,000

696,988

8% 5/3/19

200,000

244,000

TV Azteca SA de CV 7.5% 5/25/18 (Reg. S)

400,000

421,000

TOTAL MEXICO

3,768,469

Netherlands - 3.8%

DTEK Finance BV 9.5% 4/28/15 (f)

125,000

126,750

GTB Finance BV 7.5% 5/19/16 (f)

200,000

208,000

HSBK (Europe) BV 7.25% 5/3/17 (f)

200,000

206,000

Indo Energy Finance BV 7% 5/7/18 (f)

450,000

441,000

Indosat Palapa Co. BV 7.375% 7/29/20 (f)

200,000

211,000

Intergas Finance BV 6.375% 5/14/17 (Reg. S)

125,000

134,375

JSC Kazkommertsbank BV 8% 11/3/15 (f)

175,000

172,375

Kazkommerts International BV 7.875% 4/7/14 (Reg. S)

190,000

190,000

KazMunaiGaz Finance Sub BV:

6.375% 4/9/21 (f)

200,000

216,000

9.125% 7/2/18 (f)

175,000

209,125

Listrindo Capital BV 6.95% 2/21/19 (f)

200,000

207,000

Majapahit Holding BV 7.75% 1/20/20 (f)

120,000

133,200

Metinvest BV 10.25% 5/20/15 (f)

325,000

333,125

Nord Gold NV 6.375% 5/7/18 (f)

200,000

170,000

Petrobras Global Finance BV 2.4141% 1/15/19 (h)

145,000

141,230

VimpelCom Holdings BV 5.2% 2/13/19 (f)

200,000

194,000

TOTAL NETHERLANDS

3,293,180

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Pakistan - 0.8%

Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (f)

$ 700,000

$ 696,500

Paraguay - 0.5%

BBVA Paraguay SA 9.75% 2/11/16 (f)

225,000

236,250

Telefonica Celular del Paraguay SA 6.75% 12/13/22 (f)

200,000

206,000

TOTAL PARAGUAY

442,250

Philippines - 0.7%

Development Bank of Philippines 8.375% (g)(h)

485,000

518,950

Power Sector Assets and Liabilities Management Corp. 7.39% 12/2/24 (f)

100,000

121,000

TOTAL PHILIPPINES

639,950

Russia - 0.7%

MTS International Funding Ltd. 8.625% 6/22/20 (f)

475,000

558,125

Turkey - 0.6%

Akbank T.A.S. 7.5% 2/5/18 (f)

TRY

300,000

142,324

Finansbank A/S 5.15% 11/1/17 (f)

400,000

388,000

TOTAL TURKEY

530,324

Ukraine - 0.4%

Naftogaz of Ukraine NJSC 9.5% 9/30/14

370,000

367,225

United Kingdom - 1.1%

Afren PLC 11.5% 2/1/16 (f)

200,000

220,000

Biz Finance PLC 8.375% 4/27/15 (Reg. S)

425,000

411,188

Shortline PLC 9.5% 5/21/18 (f)

200,000

182,500

The State Export-Import Bank of Ukraine JSC 5.7928% 2/9/16 (Issued by Credit Suisse First Boston International for The State Export-Import Bank of Ukraine JSC) (e)

175,000

147,875

TOTAL UNITED KINGDOM

961,563

United States of America - 1.6%

Pemex Project Funding Master Trust:

6.625% 6/15/35

650,000

689,000

6.625% 6/15/38

25,000

26,188

Severstal Columbus LLC 10.25% 2/15/18

280,000

296,100

Southern Copper Corp.:

6.75% 4/16/40

175,000

172,061

7.5% 7/27/35

200,000

213,980

TOTAL UNITED STATES OF AMERICA

1,397,329

Nonconvertible Bonds - continued

 

Principal Amount (d)

Value

Venezuela - 6.3%

Petroleos de Venezuela SA:

4.9% 10/28/14

$ 935,000

$ 874,225

5.375% 4/12/27

290,000

174,000

5.5% 4/12/37

135,000

77,963

8% 11/17/13

480,000

480,000

8.5% 11/2/17 (f)

2,265,000

2,061,150

9% 11/17/21 (Reg. S)

435,000

365,400

9.75% 5/17/35 (f)

595,000

470,050

12.75% 2/17/22 (f)

925,000

931,938

TOTAL VENEZUELA

5,434,726

TOTAL NONCONVERTIBLE BONDS

(Cost $29,828,133)


29,837,098

Government Obligations - 60.5%

 

Argentina - 5.1%

Argentine Republic:

discount (with partial capitalization through 12/31/13) 8.28% 12/31/33

463,861

259,762

7% 9/12/13

2,150,000

2,153,046

7% 10/3/15

1,250,000

1,059,375

City of Buenos Aires 12.5% 4/6/15 (f)

625,000

621,875

Provincia de Cordoba 12.375% 8/17/17 (f)

450,000

339,750

TOTAL ARGENTINA

4,433,808

Aruba - 0.2%

Aruba Government 4.625% 9/14/23 (f)

200,000

188,000

Azerbaijan - 0.2%

State Oil Co. of Azerbaijan Republic 4.75% 3/13/23 (Reg. S)

200,000

181,000

Bahamas (Nassau) - 0.3%

Bahamian Republic 6.95% 11/20/29 (f)

225,000

258,750

Barbados - 0.3%

Barbados Government:

7% 8/4/22 (f)

100,000

100,000

7.25% 12/15/21 (f)

128,000

129,280

TOTAL BARBADOS

229,280

Government Obligations - continued

 

Principal Amount (d)

Value

Belarus - 1.3%

Belarus Republic:

8.75% 8/3/15 (Reg. S)

$ 860,000

$ 855,700

8.95% 1/26/18

285,000

284,288

TOTAL BELARUS

1,139,988

Bolivia - 0.2%

Plurinational State of Bolivia 4.875% 10/29/22 (f)

200,000

185,000

Brazil - 3.1%

Brazilian Federative Republic:

5.625% 1/7/41

740,000

734,450

7.125% 1/20/37

450,000

538,875

8.25% 1/20/34

335,000

443,875

10.125% 5/15/27

285,000

443,888

12.25% 3/6/30

320,000

548,000

TOTAL BRAZIL

2,709,088

Colombia - 1.8%

Colombian Republic:

6.125% 1/18/41

315,000

349,650

7.375% 9/18/37

325,000

411,125

10.375% 1/28/33

450,000

694,575

11.75% 2/25/20

65,000

95,713

TOTAL COLOMBIA

1,551,063

Congo - 0.8%

Congo Republic 3% 6/30/29 (e)

772,730

656,820

Costa Rica - 0.4%

Costa Rican Republic:

4.25% 1/26/23 (f)

200,000

183,500

5.625% 4/30/43 (f)

200,000

184,000

TOTAL COSTA RICA

367,500

Croatia - 1.5%

Croatia Republic:

5.5% 4/4/23 (f)

200,000

194,000

6.25% 4/27/17 (f)

355,000

371,401

6.375% 3/24/21 (f)

250,000

260,925

6.625% 7/14/20 (f)

175,000

184,625

6.75% 11/5/19 (f)

300,000

320,226

TOTAL CROATIA

1,331,177

Government Obligations - continued

 

Principal Amount (d)

Value

Dominican Republic - 1.1%

Dominican Republic:

1.25% 8/30/24 (h)

$ 250,000

$ 225,000

5.875% 4/18/24 (f)

150,000

144,750

7.5% 5/6/21 (f)

325,000

349,375

9.04% 1/23/18 (f)

191,271

207,529

TOTAL DOMINICAN REPUBLIC

926,654

El Salvador - 0.3%

El Salvador Republic:

7.65% 6/15/35 (Reg. S)

125,000

121,250

8.25% 4/10/32 (Reg. S)

100,000

104,000

TOTAL EL SALVADOR

225,250

Guatemala - 0.4%

Guatemalan Republic:

4.875% 2/13/28 (f)

200,000

180,000

5.75% 6/6/22 (f)

200,000

200,000

TOTAL GUATEMALA

380,000

Hungary - 0.8%

Hungarian Republic:

4.125% 2/19/18

158,000

153,458

4.75% 2/3/15

205,000

208,075

7.625% 3/29/41

282,000

294,408

TOTAL HUNGARY

655,941

Indonesia - 3.3%

Indonesian Republic:

4.875% 5/5/21 (f)

500,000

512,500

5.25% 1/17/42 (f)

310,000

292,950

6.625% 2/17/37 (f)

275,000

297,000

7.75% 1/17/38 (f)

425,000

524,875

8.5% 10/12/35 (Reg. S)

450,000

589,500

11.625% 3/4/19 (f)

450,000

612,000

TOTAL INDONESIA

2,828,825

Iraq - 0.8%

Republic of Iraq 5.8% 1/15/28 (Reg. S)

800,000

656,000

Jordan - 0.2%

Jordanian Kingdom 3.875% 11/12/15

200,000

196,500

Latvia - 0.2%

Latvian Republic 2.75% 1/12/20 (f)

200,000

185,260

Government Obligations - continued

 

Principal Amount (d)

Value

Lebanon - 1.6%

Lebanese Republic:

4% 12/31/17

$ 711,000

$ 689,670

4.75% 11/2/16

155,000

150,350

5.15% 11/12/18

100,000

95,500

5.45% 11/28/19

290,000

263,900

6.375% 3/9/20

230,000

215,050

TOTAL LEBANON

1,414,470

Lithuania - 1.1%

Lithuanian Republic:

6.125% 3/9/21 (f)

320,000

356,659

6.625% 2/1/22 (f)

200,000

229,500

7.375% 2/11/20 (f)

325,000

385,938

TOTAL LITHUANIA

972,097

Mexico - 3.4%

United Mexican States:

4.75% 3/8/44

684,000

619,020

5.75% 10/12/2110

321,000

300,135

6.05% 1/11/40

736,000

809,600

6.75% 9/27/34

565,000

669,525

7.5% 4/8/33

200,000

255,500

8.3% 8/15/31

190,000

260,300

TOTAL MEXICO

2,914,080

Morocco - 0.2%

Moroccan Kingdom 4.25% 12/11/22 (f)

200,000

177,000

Netherlands - 0.3%

Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S)

250,000

256,875

Nigeria - 0.5%

Central Bank of Nigeria warrants 11/15/20 (a)(i)

250

44,448

Republic of Nigeria:

0% 10/10/13

NGN

8,000,000

47,430

0% 11/7/13

NGN

31,135,000

182,427

6.75% 1/28/21 (f)

150,000

156,750

TOTAL NIGERIA

431,055

Pakistan - 0.7%

Islamic Republic of Pakistan 7.125% 3/31/16 (f)

675,000

642,938

Government Obligations - continued

 

Principal Amount (d)

Value

Panama - 0.5%

Panamanian Republic:

4.3% 4/29/53

$ 200,000

$ 158,500

6.7% 1/26/36

110,000

127,875

8.875% 9/30/27

100,000

138,000

TOTAL PANAMA

424,375

Peru - 1.3%

Peruvian Republic:

4% 3/7/27 (e)

380,000

380,000

5.625% 11/18/50

125,000

126,563

6.55% 3/14/37

70,000

82,075

8.75% 11/21/33

400,000

580,000

TOTAL PERU

1,168,638

Philippines - 2.1%

Philippine Republic:

6.375% 1/15/32

100,000

118,000

7.75% 1/14/31

420,000

550,200

9.5% 2/2/30

430,000

642,850

10.625% 3/16/25

305,000

481,900

TOTAL PHILIPPINES

1,792,950

Poland - 0.2%

Polish Government 3% 3/17/23

180,000

162,900

Romania - 0.7%

Romanian Republic:

4.375% 8/22/23 (f)

208,000

196,040

6.75% 2/7/22 (f)

384,000

429,120

TOTAL ROMANIA

625,160

Russia - 5.4%

Russian Federation:

5.625% 4/4/42 (f)

200,000

207,500

7.5% 3/31/30 (Reg. S)

2,283,425

2,665,885

12.75% 6/24/28 (Reg. S)

1,010,000

1,767,500

TOTAL RUSSIA

4,640,885

Serbia - 0.8%

Republic of Serbia:

4.875% 2/25/20 (f)

200,000

184,000

Government Obligations - continued

 

Principal Amount (d)

Value

Serbia - continued

Republic of Serbia: - continued

6.75% 11/1/24 (f)

$ 305,960

$ 302,901

7.25% 9/28/21 (f)

200,000

205,500

TOTAL SERBIA

692,401

Sri Lanka - 1.1%

Democratic Socialist Republic of Sri Lanka:

5.875% 7/25/22 (f)

200,000

188,000

6.25% 10/4/20 (f)

450,000

441,000

6.25% 7/27/21 (f)

200,000

196,000

7.4% 1/22/15 (f)

125,000

131,250

TOTAL SRI LANKA

956,250

Tanzania - 0.2%

Tanzania United Republic of 6.4499% 3/8/20 (h)

200,000

201,000

Turkey - 6.5%

Turkish Republic:

5.125% 3/25/22

220,000

226,050

5.625% 3/30/21

325,000

347,750

6% 1/14/41

445,000

448,338

6.25% 9/26/22

205,000

227,038

6.75% 4/3/18

400,000

450,000

6.75% 5/30/40

400,000

445,000

6.875% 3/17/36

645,000

722,400

7% 9/26/16

150,000

167,250

7% 3/11/19

200,000

229,500

7.25% 3/5/38

475,000

556,938

7.375% 2/5/25

650,000

776,750

7.5% 11/7/19

400,000

472,000

8% 2/14/34

140,000

175,700

11.875% 1/15/30

245,000

412,825

TOTAL TURKEY

5,657,539

Ukraine - 2.2%

Ukraine Financing of Infrastructure Projects State Enterprise 8.375% 11/3/17 (f)

400,000

368,500

Ukraine Government:

7.75% 9/23/20 (f)

300,000

273,000

7.8% 11/28/22 (f)

200,000

179,000

7.95% 6/4/14 (f)

440,000

436,700

Government Obligations - continued

 

Principal Amount (d)

Value

Ukraine - continued

Ukraine Government: - continued

7.95% 2/23/21 (f)

$ 300,000

$ 274,500

9.25% 7/24/17 (f)

400,000

398,520

TOTAL UKRAINE

1,930,220

United States of America - 1.0%

U.S. Treasury Bonds 2.75% 11/15/42

1,021,000

881,570

Uruguay - 0.6%

Uruguay Republic 7.875% 1/15/33 pay-in-kind

430,000

543,949

Venezuela - 6.0%

Venezuelan Republic:

oil recovery rights 4/15/20 (i)

5,800

149,350

6% 12/9/20

250,000

181,250

7% 3/31/38

175,000

115,938

8.5% 10/8/14

445,000

437,213

9% 5/7/23 (Reg. S)

920,000

759,000

9.25% 9/15/27

160,000

134,800

9.25% 5/7/28 (Reg. S)

340,000

273,700

9.375% 1/13/34

275,000

222,750

11.75% 10/21/26 (Reg. S)

590,000

554,600

11.95% 8/5/31 (Reg. S)

890,000

836,600

12.75% 8/23/22

1,050,000

1,068,375

13.625% 8/15/18

425,000

433,500

TOTAL VENEZUELA

5,167,076

Vietnam - 1.6%

Vietnamese Socialist Republic:

1.3125% 3/12/16 (h)

221,739

201,783

4% 3/12/28 (e)

1,081,667

876,150

6.875% 1/15/16 (f)

275,000

290,125

TOTAL VIETNAM

1,368,058

Zambia - 0.2%

Republic of Zambia 5.375% 9/20/22 (f)

200,000

177,000

TOTAL GOVERNMENT OBLIGATIONS

(Cost $52,050,675)


52,484,390

Common Stocks - 0.0%

Shares

Value

Cayman Islands - 0.0%

Emerald Plantation Holdings Ltd. (a)
(Cost $2)

65,161

$ 16,942

Sovereign Loan Participations - 0.9%

 

Principal Amount (d)

 

Indonesia - 0.9%

Indonesian Republic loan participation:

Goldman Sachs 1.1875% 12/14/19 (h)

$ 638,889

581,389

1.1875% 12/14/19 (h)

178,448

162,388

TOTAL SOVEREIGN LOAN PARTICIPATIONS

(Cost $779,566)


743,777

Preferred Securities - 1.3%

 

 

 

 

Brazil - 0.8%

Cosan Overseas Ltd. 8.25% (g)

160,000

165,245

Globo Comunicacoes e Participacoes SA 6.25% (e)(f)(g)

450,000

471,306

TOTAL BRAZIL

636,551

Cayman Islands - 0.3%

CSN Islands XII Corp. 7% (Reg. S) (g)

300,000

271,957

India - 0.2%

Reliance Industries Ltd. 5.875% (f)(g)

200,000

179,252

TOTAL PREFERRED SECURITIES

(Cost $1,149,580)


1,087,760

Money Market Funds - 4.7%

Shares

 

Fidelity Cash Central Fund, 0.13% (b)
(Cost $4,103,269)

4,103,269


4,103,269

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $87,911,225)

88,273,236

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(1,582,373)

NET ASSETS - 100%

$ 86,690,863

Currency Abbreviations

BRL

-

Brazilian real

NGN

-

Nigerian naira

TRY

-

Turkish Lira

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) Non-income producing - Security is in default.

(d) Amount is stated in United States dollars unless otherwise noted.

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(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 $34,036,316 or 39.3% of net assets.

(g) Security is perpetual in nature with no stated maturity date.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) Quantity represents share amount.

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

$ 2,032

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 June 30, 2013, 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:

Materials

$ 16,942

$ 16,942

$ -

$ -

Corporate Bonds

29,837,098

-

29,837,098

-

Government Obligations

52,484,390

-

52,059,942

424,448

Sovereign Loan Participations

743,777

-

-

743,777

Preferred Securities

1,087,760

-

1,087,760

-

Money Market Funds

4,103,269

4,103,269

-

-

Total Investments in Securities:

$ 88,273,236

$ 4,120,211

$ 82,984,800

$ 1,168,225

Valuation Inputs at Reporting Date:

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:

Beginning Balance

$ 1,276,075

Total Realized Gain (Loss)

4,848

Total Unrealized Gain (Loss)

164,379

Cost of Purchases

47,875

Proceeds of Sales

(396,538)

Amortization/Accretion

4,386

Transfers in to Level 3

67,200

Transfers out of Level 3

-

Ending Balance

$ 1,168,225

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2013

$ 164,379

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations

1.0%

AAA,AA,A

1.4%

BBB

39.1%

BB

16.1%

B

24.7%

CCC,CC,C

3.4%

Not Rated

11.2%

Equities

0.2%

Short-Term Investments and Net Other Assets

2.9%

 

100.0%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

  

June 30, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $83,807,956)

$ 84,169,967

 

Fidelity Central Funds (cost $4,103,269)

4,103,269

 

Total Investments (cost $87,911,225)

 

$ 88,273,236

Cash

 

78,613

Receivable for investments sold

812,618

Receivable for fund shares sold

5,104

Interest receivable

1,617,909

Distributions receivable from Fidelity Central Funds

377

Total assets

90,787,857

 

 

 

Liabilities

Payable for investments purchased

$ 91,065

Payable for fund shares redeemed

4,002,441

Other payables and accrued expenses

3,488

Total liabilities

4,096,994

 

 

 

Net Assets

$ 86,690,863

Net Assets consist of:

 

Paid in capital

$ 83,590,417

Undistributed net investment income

982,573

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

1,754,196

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

363,677

Net Assets, for 8,495,680 shares outstanding

$ 86,690,863

Net Asset Value, offering price and redemption price per share ($86,690,863 ÷ 8,495,680 shares)

$ 10.20

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

  

Six months ended June 30, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 48,125

Interest

 

3,337,318

Income from Fidelity Central Funds

 

2,032

Total income

 

3,387,475

 

 

 

Expenses

Custodian fees and expenses

$ 7,273

Independent trustees' compensation

328

Total expenses before reductions

7,601

Expense reductions

(450)

7,151

Net investment income (loss)

3,380,324

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

1,800,702

Foreign currency transactions

(3,106)

Total net realized gain (loss)

 

1,797,596

Change in net unrealized appreciation (depreciation) on:

Investment securities

(10,929,231)

Assets and liabilities in foreign currencies

1,520

Total change in net unrealized appreciation (depreciation)

 

(10,927,711)

Net gain (loss)

(9,130,115)

Net increase (decrease) in net assets resulting from operations

$ (5,749,791)

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 June 30, 2013
(Unaudited)

Year ended
December 31, 2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 3,380,324

$ 7,891,279

Net realized gain (loss)

1,797,596

1,486,854

Change in net unrealized appreciation (depreciation)

(10,927,711)

12,069,741

Net increase (decrease) in net assets resulting
from operations

(5,749,791)

21,447,874

Distributions to shareholders from net investment income

(3,106,312)

(7,226,736)

Distributions to shareholders from net realized gain

(581,326)

(1,239,068)

Total distributions

(3,687,638)

(8,465,804)

Share transactions
Proceeds from sales of shares

3,685,154

10,476,141

Reinvestment of distributions

3,683,524

8,465,803

Cost of shares redeemed

(25,440,709)

(29,260,423)

Net increase (decrease) in net assets resulting from share transactions

(18,072,031)

(10,318,479)

Total increase (decrease) in net assets

(27,509,460)

2,663,591

 

 

 

Net Assets

Beginning of period

114,200,323

111,536,732

End of period (including undistributed net investment income of $982,573 and undistributed net investment income of $708,561, respectively)

$ 86,690,863

$ 114,200,323

Other Information

Shares

Sold

335,468

995,186

Issued in reinvestment of distributions

338,669

788,977

Redeemed

(2,367,926)

(2,774,521)

Net increase (decrease)

(1,693,789)

(990,358)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

 

Six months ended June 30, 2013

Years ended December 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 11.21

$ 9.98

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .355

  .743

  .526

Net realized and unrealized gain (loss)

  (.951)

  1.287

  (.017)

Total from investment operations

  (.596)

  2.030

  .509

Distributions from net investment income

  (.353)

  (.680)

  (.489)

Distributions from net realized gain

  (.061)

  (.120)

  (.040)

Total distributions

  (.414)

  (.800)

  (.529)

Net asset value, end of period

$ 10.20

$ 11.21

$ 9.98

Total Return B, C

  (5.73)%

  20.99%

  5.18%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .01% A

  .01%

  .02% A

Expenses net of fee waivers, if any

  .01% A

  .01%

  .02% A

Expenses net of all reductions

  .01% A

  .01%

  .02% A

Net investment income (loss)

  6.51% A

  6.99%

  6.61% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 86,691

$ 114,200

$ 111,537

Portfolio turnover rate F

  45% A

  49%

  55% 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 For the period March 17, 2011 (commencement of operations) to December 31, 2011.

H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Notes to Financial Statements

For the period ended June 30, 2013 (Unaudited)

1. Organization.

Fidelity® Emerging Markets Debt Central Fund (the Fund) is a non-diversified fund of Fidelity Hanover Street 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. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds).

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 FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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 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:

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. For corporate bonds, foreign government and government agency obligations, preferred securities, U.S. government and government agency obligations and sovereign loan participations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy. 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by 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.

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 June 30, 2013, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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 other Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, 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. Temporary book-tax differences 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 foreign currency transactions, market discount, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 3,671,330

Gross unrealized depreciation

(2,586,315)

Net unrealized appreciation (depreciation) on securities and other investments

$ 1,085,015

 

 

Tax cost

$ 87,188,221

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.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation, or may be made directly to a borrower. The Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these loans. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $19,002,886 and $35,787,411, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR Co., Inc. (FMRC), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with FMRC, FMR pays FMRC a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Expense Reductions.

FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $328.

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 $122.

7. 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, mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the Fund.

8. Credit Risk.

The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

Semiannual Report

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 Hastings Street 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 Hanover Street 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 Hanover Street Trust

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 23, 2013

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:

August 23, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 23, 2013

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Hanover Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 23, 2013

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Hanover Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 23, 2013

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

EX-99.906 CERT 3 ex906.htm

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity Hanover Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: August 23, 2013

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

Dated: August 23, 2013

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

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