SUPPLEMENT TO FIDELITY'S BROADLY DIVERSIFIED
INTERNATIONAL EQUITY FUNDS
FIDELITY INTERNATIONAL GROWTH & INCOME FUND,
FIDELITY DIVERSIFIED INTERNATIONAL FUND,
FIDELITY INTERNATIONAL VALUE FUND,
FIDELITY OVERSEAS FUND AND FIDELITY WORLDWIDE FUND
FUNDS OF FIDELITY INVESTMENT TRUST
DECEMBER 30, 1998
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "EXPOSURE TO FOREIGN MARKETS" IN THE "INVESTMENT POLICIES AND
LIMITATIONS" SECTION ON PAGE 8.
It is anticipated that in most cases the best available market for
foreign securities will be on an exchange or in over-the-counter (OTC)
markets located outside of the United States. Foreign stock markets,
while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some
foreign issuers may be less liquid and more volatile than securities
of comparable U.S. issuers. Foreign security trading, settlement and
custodial practices (including those involving securities settlement
where fund assets may be released prior to receipt of payment) are
often less developed than those in U.S. markets, and may result in
increased risk or substantial delays in the event of a failed trade or
the insolvency of, or breach of duty by, a foreign broker-dealer,
securities depository or foreign subcustodian. For example, many
foreign countries are less prepared than the United States to properly
process and calculate information related to dates from and after
January 1, 2000. As a result, some foreign markets, brokers, banks or
securities depositories could experience at least temporary
disruptions, which could result in difficulty buying and selling
securities in certain foreign markets and pricing foreign investments,
and foreign issuers could fail to pay timely dividends, interest or
principal. In addition, the costs associated with foreign investments,
including withholding taxes, brokerage commissions and custodial
costs, are generally higher than with U.S. investments.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 49.
*EDWARD C. JOHNSON 3d (68), Trustee and President, is Chairman, Chief
Executive Officer and a Director of FMR Corp.; a Director and Chairman
of the Board and of the Executive Committee of FMR; Chairman and a
Director of Fidelity Investments Money Management, Inc.(1998),
Fidelity Management & Research (U.K.) Inc., and Fidelity Management &
Research (Far East) Inc. Abigail Johnson, Member of the Advisory Board
of Fidelity Investment Trust, is Mr. Johnson's daughter.
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 49.
ABIGAIL P. JOHNSON (36), Member of the Advisory Board of Fidelity
Investment Trust (1999), is Vice President of certain Equity Funds
(1997), and is a Director of FMR Corp.(1994). Before assuming her
current responsibilities, Ms. Johnson managed a number of Fidelity
Funds. Edward C. Johnson 3d, Trustee and President of the Funds, is
Ms. Johnson's father.
THE FOLLOWING INFORMATION REPLACES THE "COMPENSATION TABLE" FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION ON PAGE 52.
The following table sets forth information describing the compensation
of each Trustee and Member of the Advisory Board of each fund for his
or her services for the fiscal year ended October 31, 1998 or calendar
year ended December 31, 1997, as applicable.
COMPENSATION TABLE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
AGGREGATE COMPENSATION FROM
A Edward C. Johnson 3d** Abigail J. Gary Burkhead** Ralph F. Cox Phyllis Burke Davis
FUND P. Johnson**
International Growth &
IncomeB $ 0 $ 0 $ 0 $ 363 $ 360
Diversified InternationalB $ 0 $ 0 $ 0 $ 432 $ 429
International ValueB $ 0 $ 0 $ 0 $ 658 $ 654
OverseasB,C,D $ 0 $ 0 $ 0 $ 1,417 $ 1,408
WorldwideB $ 0 $ 0 $ 0 $ 164 $ 162
TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 0 $ 214,500 $ 210,000
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
AGGREGATE COMPENSATION
FROM A Robert M. Gates*** E. Bradley Jones Donald J. Kirk Peter S. Lynch** William O. McCoy ****
FUND
International Growth &
IncomeB $ 365 $ 363 $ 369 $ 0 $ 365
Diversified InternationalB $ 435 $ 432 $ 440 $ 0 $ 435
International ValueB $ 664 $ 658 $ 673 $ 0 $ 664
OverseasB,C,D $ 1,428 $ 1,418 $ 1,445 $ 0 $ 1,428
WorldwideB $ 165 $ 164 $ 167 $ 0 $ 165
TOTAL COMPENSATION FROM
THE $ 176,000 $ 211,500 $ 211,500 $ 0 $ 214,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
AGGREGATE COMPENSATION FROM A Gerald C. McDonough Marvin L. Mann Robert C. Pozen** Thomas R. Williams
FUND
International Growth & IncomeB $ 450 $ 360 $ 0 $ 365
Diversified InternationalB $ 535 $ 429 $ 0 $ 435
International ValueB $ 816 $ 655 $ 0 $ 663
OverseasB,C,D $ 1,757 $ 1,408 $ 0 $ 1,427
WorldwideB $ 203 $ 163 $ 0 $ 165
TOTAL COMPENSATION FROM THE $ 264,500 $ 214,500 $ 0 $ 214,500
FUND COMPLEX*,A
</TABLE>
* Information is for the calendar year ended December 31, 1997 for 230
funds in the complex.
** Interested Trustees of the funds, Ms. Johnson and Mr. Burkhead are
compensated by FMR.
*** Mr. Gates was appointed to the Board of Trustees of Fidelity
Investment Trust effective March 1, 1997.
**** Mr. McCoy was appointed to the Board of Trustees Fidelity
Investment Trust effective January 1, 1997.
A Compensation figures include cash, amounts required to be deferred,
and may include amounts deferred at the election of Trustees. For the
calendar year ended December 31, 1997, the Trustees accrued required
deferred compensation from the funds as follows: Ralph F. Cox,
$75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $62,500; E.
Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy,
$75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and
Thomas R. Williams, $75,000. Certain of the non-interested Trustees
elected voluntarily to defer a portion of their compensation as
follows: Ralph F. Cox, $53,699; Marvin L. Mann, $53,699; and Thomas R.
Williams, $62,462.
B Compensation figures include cash, and may include amounts required
to be deferred and amounts deferred at the election of Trustees.
C The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $643; Phyllis Burke Davis, $643;
Robert M. Gates, $643; E. Bradley Jones, $643; Donald J. Kirk, $643;
William O. McCoy, $643; Gerald C. McDonough, $751; Marvin L. Mann,
$643; and Thomas R. Williams, $643.
D Certain of the non-interested Trustees' aggregate compensation from
a fund includes accrued voluntary deferred compensation as follows:
Ralph F. Cox, $546, Overseas Fund; Marvin L. Mann, $546, Overseas
Fund; William O. McCoy, $449, Overseas Fund; and Thomas R. Williams,
$546, Overseas Fund.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION UNDER THE
HEADING "AUDITOR" IN THE "DESCRIPTION OF THE TRUST" SECTION
ON P AGE 59:
AUDITOR. PricewaterhouseCoopers LLP, 160 Federal Street, Boston,
Massachusetts, serves as independent accountant for Fidelity
International Growth & Income Fund, Fidelity International Value Fund,
and Fidelity Overseas Fund. The auditor examines financial statements
for the funds and provides other audit, tax, and related ser vices.
PricewaterhouseCoopers LLP, 160 Federal Street, Boston, Massachusetts,
served as independent accountant for eac h f und for the most
recent fiscal period. The auditor examined financial statements for
the funds and provided other audit, tax, and related ser vices.
Effective February 18, 1999, Deloitte & Touche LLP, 125 Summer
Street, Boston, Massachusetts, serves as independent accountant for
Fidelity Diversified International Fund and Fidelity Worldwide Fund
for the next fiscal period. The auditor examines financial statements
for the funds and provides other audit, tax, and related services.
