SUPPLEMENT TO FIDELITY'S BROADLY DIVERSIFIED INTERNATIONAL EQUITY
FUNDS
DECEMBER 30, 1998 PROSPECTUS
SHAREHOLDER MEETING. On or about July 14, 1999, a meeting of
the shareholders of Fidelity Investment Trust: Fidelity Diversified
International Fund will be held to approve a proposal to amend the
fund's management contract. Shareholders of record on May 24, 1999 are
entitled to vote at the meeting. The proposed management contract
amendments include a proposal to prospectively change the index used
to calculate the fund's performance adjustment from the current index
to the Morgan Stanley Capital International Europe, Australasia, and
Far East Index (Capitalization-weighted). The proposed management
contract also allows FMR and the trust, on behalf of the fund, to
modify the management contract subject to the requirements of the
Investment Company Act of 1940.
For more detailed information concerning the proposal under
consideration, please contact Fidelity at 1-800-544-8888 to request a
free copy of the proxy statement.
The following information replaces similar information found under the
heading "Principal Investment Risks" in the "Investment Details"
section on page P-11.
FOREIGN EXPOSURE. Foreign securities, foreign currencies, and
securities issued by U.S. entities with substantial foreign operations
can involve additional risks relating to political, economic or
regulatory conditions in foreign countries. These risks include
fluctuations in foreign currencies; withholding or other taxes;
trading, settlement, custodial and other operational risks; and the
less stringent investor protection and disclosure standards of some
foreign markets. 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, which could result in
difficulty pricing foreign investments and failure by foreign issuers
to pay timely dividends, interest or principal. All of these factors
can make foreign investments, especially those in emerging markets,
more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently than the U.S.
market.
The following information replaces similar information found under the
heading "Policies" in the "Account Features and Policies" section on
page P-18.
To reduce expenses, only one copy of most financial reports and
prospectuses will be mailed to your household, even if you have more
than one account in a fund. Call Fidelity at 1-800-544-8544 if you
need additional copies of financial reports or prospectuses.
