FIDELITY INVESTMENT TRUST, 485BPOS, 1999-12-27

FIDELITY INVESTMENT TRUST
485BPOS, 1999-12-27

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT (No. 2-90649)
UNDER THE SECURITIES ACT OF 1933 [X]

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 79 [X]

and

REGISTRATION STATEMENT (No. 811-4008)
UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

Amendment No. 79 [X]

Fidelity Investment Trust
(Exact Name of Registrant as Specified in Charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number: 617-563-7000

Eric D. Roiter, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)

It is proposed that this filing will become effective

( ) immediately upon filing pursuant to paragraph (b).
(X) on (December 29, 1999) pursuant to paragraph (b).
( ) 60 days after filing pursuant to paragraph (a)(1).
( ) on ( ) pursuant to paragraph (a)(1) of Rule 485.
( ) 75 days after filing pursuant to paragraph (a)(2).
( ) on ( ) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

( ) this post-effective amendment designates a new effective date
for a previously filed post-effective amendment.

Like securities of all mutual funds, these securities have
not been approved or disapproved by the Securities
and Exchange Commission, and the Securities and
Exchange Commission has not determined if this
prospectus is accurate or complete. Any
representation to the contrary is a criminal offense.

FIDELITY'S
BROADLY DIVERSIFIED INTERNATIONAL EQUITY
FUNDS

Fund Number TRADING SYMBOL

Fidelity Global Balanced Fund 334 FGBLX

Fidelity International Growth 305 FIGRX
& Income Fund

Fidelity Diversified 325 FDIVX
International Fund

Fidelity International Value 335 FIVFX
Fund

Fidelity Overseas Fund 094 FOSFX

Fidelity Worldwide Fund 318 FWWFX

PROSPECTUS

DECEMBER 29, 1999

(FIDELITY_LOGO_GRAPHIC)(registered trademark)
82 DEVONSHIRE STREET, BOSTON, MA 02109

CONTENTS

FUND SUMMARY 2 INVESTMENT SUMMARY

5 PERFORMANCE

11 FEE TABLE

FUND BASICS 14 INVESTMENT DETAILS

16 VALUING SHARES

SHAREHOLDER INFORMATION 16 BUYING AND SELLING SHARES

24 EXCHANGING SHARES

24 ACCOUNT FEATURES AND POLICIES

27 DIVIDENDS AND CAPITAL GAIN
DISTRIBUTIONS

27 TAX CONSEQUENCES

FUND SERVICES 28 FUND MANAGEMENT

29 FUND DISTRIBUTION

APPENDIX 29 FINANCIAL HIGHLIGHTS

FUND SUMMARY

INVESTMENT SUMMARY

INVESTMENT OBJECTIVE

GLOBAL BALANCED FUND seeks income and capital growth
consis tent with reasonable risk.

PRINCIPAL INVESTMENT STRATEGIES

Fidelity Management & Research Company (FMR)'s principal investment
strategies include:

(small solid bullet) Investing in equity and debt securities,
including lower-quality debt securities issued anywhere in the
world.

(small solid bullet) Investing at least 25% of the fund's total
assets in fixed-income senior securities (including debt securities
and preferred stock.)

(small solid bullet) Allocating investments across countries and
regions considering the size of the market in each country and region
relative to the size of the world market as a whole.

(small solid bullet) Analyzing an issuer using fundamental factors
and evaluating each security's current price relative to estimated
long-term value to select investments.

PRINCIPAL INVESTMENT RISKS

The fund is subject to the following principal investment
risks:

(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.

(small solid bullet) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.

(small solid bullet) PREPAYMENT. The ability of an issuer of a debt
security to repay principal prior to a security's maturity can cause
greater price volatility if interest rates change.

(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently from
the value of the market as a whole. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.

An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.

When you sell your shares of the fund, they could be worth more or
less than what you paid for them.

INVESTMENT OBJECTIVE

INTERNATIONAL GROWTH & INCOME FUND seeks capital growth and current
income, consistent with reasonable investment risk.

PRINCIPAL INVESTMENT STRATEGIES

Fidelity Management & Research Company (FMR)'s principal investment
strategies include:

(small solid bullet) Normally investing at least 65% of total
assets in foreign securities.

(small solid bullet) Normally investing a majority of the
fund's assets in common stocks with a focus on those that pay current
dividends and show potential for capital appreciation.

(small solid bullet) Potentially investing in debt securities,
including lower-quality debt securities.

(small solid bullet) Allocating investments across countries and
regions considering the size of the market in each country and region
relative to the size of the international market as a whole.

(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.

PRINCIPAL INVESTMENT RISKS

The fund is subject to the following principal investment risks:

(small solid bullet) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.

An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.

When you sell your shares of the fund, they could be worth more or
less than what you paid for them.

INVESTMENT OBJECTIVE

DIVERSIFIED INTERNATIONAL FUND seeks capital growth.

PRINCIPAL INVESTMENT STRATEGIES

Fidelity Management & Research Company (FMR)'s principal
investment strategies include:

(small solid bullet) Normally investing at least 65% of total
assets in foreign securities.

(small solid bullet) Normally investing primarily in common
stocks.

(small solid bullet) Allocating investments across countries and
regions considering the size of the market in each country and region
relative to the size of the international market as a whole.

(small solid bullet) Using computer-aided, quantitative analysis of
historical earnings, dividend yield, earnings per share and other
factors supported by fundamental analysis to select investments.

PRINCIPAL INVESTMENT RISKS

The fund is subject to the following principal investment risks:

(small solid bullet) QUANTITATIVE INVESTING. Securities selected using
quantitative analysis can perform differently from the market
as a whole as a result of the factors used in the analysis, the weight
placed on each factor, and changes in the factors' historical trends.

An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.

When you sell your shares of the fund, they could be worth more or
less than what you paid for them.

INVESTMENT OBJECTIVE

INTERNATIONAL VALUE FUND seeks long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES

Fidelity Management & Research Company (FMR)'s principal
investment strategies include:

(small solid bullet) Normally investing at least 65% of total
assets in foreign securities.

(small solid bullet) Normally investing primarily in common
stocks.

(small solid bullet) Investing in securities of companies that FMR
believes are undervalued in the marketplace or possess valuable
assets (st ocks of these companies are often called "value"
stocks).

(small solid bullet) Allocating investments across countries and
regions considering the size of the market in each country and region
relative to the size of the international market as a whole.

(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.

PRINCIPAL INVESTMENT RISKS

The fund is subject to the following principal investment risks:

(small solid bullet) "VALUE" INVESTING. "Value" stocks can perform
differently from the market as a whole and other types of stocks and
can continue to be undervalued by the market for long periods of time.

An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.

When you sell your shares of the fund, they could be worth more or
less than what you paid for them.

INVESTMENT OBJECTIVE

OVERSEAS FUND seeks long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES

Fidelity Management & Research Company (FMR)'s principal
investment strategies include:

(small solid bullet) Normally investing at least 65% of total
assets in foreign securities.

(small solid bullet) Normally investing primarily in common
stocks.

(small solid bullet) Allocating investments across countries and
regions considering the size of the market in each country and region
relative to the size of the international market as a whole.

(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.

PRINCIPAL INVESTMENT RISKS

The fund is subject to the following principal investment risks:

An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.

When you sell your shares of the fund, they could be worth more or
less than what you paid for them.

INVESTMENT OBJECTIVE

WORLDWIDE FUND seeks growth of capital.

PRINCIPAL INVESTMENT STRATEGIES

Fidelity Management & Research Company (FMR)'s principal
investment strategies include:

(small solid bullet) Investing in securities issued anywhere in the
world.

(small solid bullet) Normally investing primarily in common
stocks.

(small solid bullet) Allocating investments across countries and
regions considering the size of the market in each country and region
relative to the size of the world market as a whole.

(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.

PRINCIPAL INVESTMENT RISKS

The fund is subject to the following principal investment risks:

An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.

When you sell your shares of the fund, they could be worth more or
less than what you paid for them.

PERFORMANCE

The following information illustrates the changes in each
fund 's performance from year to year and compares each
fund 's performance to the performance of a market index and an
average of the performance of similar funds over various periods of
time. Global Balanced also compares its performance to the
performance of an additional index over various periods of time.
Returns are based on past results and are not an indication of future
performance.

YEAR-BY-YEAR RETURN S

GLOBAL BALANCED

Calendar Years 1994 1995 1996 1997 1998

-11.46% 11.51% 7.75% 12.52% 17.75%

</TABLE>

Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: -11.46
Row: 7, Col: 1, Value: 11.51
Row: 8, Col: 1, Value: 7.75
Row: 9, Col: 1, Value: 12.52
Row: 10, Col: 1, Value: 17.75

DURING THE PERIODS SHOWN IN THE CHART FOR GLOBAL BALANCED, THE
HIGHEST RETURN FOR A QUARTER WAS 13.25% (QUARTER ENDING
DECEMBER 31, 1998 ) AND THE LOWEST RETURN FOR A QUARTER WAS
-7.42% (QUARTER ENDING SEPTEMBER 30, 1998 ).

THE YEAR-TO-DATE RETURN AS OF SEPTEMBER 30, 1999 FOR GLOBAL
BALANCED WAS 7.67%.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERNATIONAL GROWTH & INCOME

Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

19.12% -3.23% 8.04% -3.34% 35.08% -2.87% 12.23% 12.69% 7.12% 9.98%

</TABLE>

Percentage (%)
Row: 1, Col: 1, Value: 19.12
Row: 2, Col: 1, Value: -3.23
Row: 3, Col: 1, Value: 8.039999999999999
Row: 4, Col: 1, Value: -3.34
Row: 5, Col: 1, Value: 35.08
Row: 6, Col: 1, Value: -2.87
Row: 7, Col: 1, Value: 12.23
Row: 8, Col: 1, Value: 12.69
Row: 9, Col: 1, Value: 7.119999999999999
Row: 10, Col: 1, Value: 9.98

D URING THE PERIODS SHOWN IN THE CHART FOR INTERNATIONAL GROWTH &
INCOME, THE HIGHEST RETURN FOR A QUARTER WAS 16.48% (QUARTER
ENDING DECEMBER 31, 1998 ) AND THE LOWEST RETURN FOR A QUARTER
WAS -17.41% (QUARTER ENDING SEPTEMBER 30, 1998).

THE YEAR-TO-DATE RETURN AS OF SEPTEMBER 30, 1999 FOR
I NTERNATIONAL GROWTH & INCOME WAS 18.79%.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DIVERSIFIED INTERNATIONAL

Calendar Years 1992 1993 1994 1995 1996 1997 1998

-13.81% 36.67% 1.09% 17.97% 20.02% 13.72% 14.39%

</TABLE>

Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: -13.81
Row: 5, Col: 1, Value: 36.67
Row: 6, Col: 1, Value: 1.09
Row: 7, Col: 1, Value: 17.97
Row: 8, Col: 1, Value: 20.02
Row: 9, Col: 1, Value: 13.72
Row: 10, Col: 1, Value: 14.39

DURING THE PERIODS SHOWN IN THE CHART FOR DIVERSIFIED
INTERNATIONAL, THE HIGHEST RETURN FOR A QUARTER WAS 15.25%
(QUARTER ENDING DECEMBER 31, 1998 ) AND THE LOWEST RETURN FOR A
QUARTER WAS -14.48% (QUARTER ENDING SEPTEMBER 30,
1998 ).

THE YEAR-TO-DATE RETURN AS OF SEPTEMBER 30, 1999 FOR
DIVERSIFIED INTERNATIONA L WAS 15.52%.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERNATIONAL VALUE

Calendar Years 1995 1996 1997 1998

13.90% 9.59% 7.85% 11.74%

</TABLE>

Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: 13.9
Row: 8, Col: 1, Value: 9.59
Row: 9, Col: 1, Value: 7.85
Row: 10, Col: 1, Value: 11.74

DURING THE PERIODS SHOWN IN THE CHART FOR INTERNATIONAL VALUE, THE
HIGHEST RETURN FOR A QUARTER WAS 19.44% (QUARTER ENDING
DECEMBER 31, 1998 ) AND THE LOWEST RETURN FOR A QUARTER WAS
-19.36% (QUARTER ENDING SEPTEMBER 30, 1998 ) .

THE YEAR-TO-DATE RETURN AS OF SEPTEMBER 30, 1999 FOR
INTERNATIONAL VALUE WAS 17.80%.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OVERSEAS

Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

16.93% -6.60% 8.61% -11.46% 40.05% 1.27% 9.06% 13.10% 10.92% 12.84%

</TABLE>

Percentage (%)
Row: 1, Col: 1, Value: 16.93
Row: 2, Col: 1, Value: -6.6
Row: 3, Col: 1, Value: 8.609999999999999
Row: 4, Col: 1, Value: -11.46
Row: 5, Col: 1, Value: 40.05
Row: 6, Col: 1, Value: 1.27
Row: 7, Col: 1, Value: 9.060000000000001
Row: 8, Col: 1, Value: 13.1
Row: 9, Col: 1, Value: 10.92
Row: 10, Col: 1, Value: 12.84

DURING THE PERIODS SHOWN IN THE CHART FOR OVERSEAS, THE HIGHEST
RETURN FOR A QUARTER WAS 17.91% (QUARTER ENDING DECEMBER
31, 1998 ) AND THE LOWEST RETURN FOR A QUARTER WAS -17.40%
(QUARTER ENDING SEPTEMBER 30, 1998 ).

THE YEAR-TO-DATE RETURN AS OF SEPTEMBER 30, 1999 FOR
OVERSEAS WAS 14.26%.

WORLDWIDE

Calendar Years 1991 1992 1993 1994 1995 1996 1997 1998

7.88% 6.21% 36.55% 2.96% 7.19% 18.72% 12.08% 7.18%

</TABLE>

Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: 7.88
Row: 4, Col: 1, Value: 6.21
Row: 5, Col: 1, Value: 36.55
Row: 6, Col: 1, Value: 2.96
Row: 7, Col: 1, Value: 7.19
Row: 8, Col: 1, Value: 18.72
Row: 9, Col: 1, Value: 12.08
Row: 10, Col: 1, Value: 7.18

DURING THE PER IODS SHOWN IN THE CHART FOR WORLDWIDE, THE HIGHEST
RETURN FOR A QUARTER WAS 16.85% (QUARTER ENDING DECEMBER
31, 1998 ) AND THE LOWEST RETURN FOR A QUARTER WAS -21.22%
(QUARTER ENDING SEPTEMBER 30, 1998).

THE YEAR-TO-DATE RETURN AS OF SEPTEMBER 30, 1999 FOR
WORLDWIDE WAS 8.65%.

AVERAGE ANNUAL RETURNS

For the periods ended Past 1 year Past 5 years Past 10 years/Life of fund
December 31, 1998

GLOBAL BALANCED 17.75% 7.10% 11.82%A

Morgan Stanley CapitaI Int'l. 24.34% 15.68% 16.95%A
World Index

SB World Gov't. Bond Index, 15.30% 7.85% n/a
Unhedged

Lipper Global Flexible Port. 10.61% 9.71% n/a
Funds Average

INTERNATIONAL GROWTH & INCOME 9.98% 7.67% 8.94%

Morgan Stanley Capital 20.27% 9.29% 5.59%
International EAFE Index

Lipper International Funds 13.02% 7.69% 8.98%
Average

DIVERSIFIED INTERNATIONAL 14.39% 13.24% 11.94%B

Morgan Stanley Capital 20.27% 9.29% 9.24%B
International EAFE Index

Morgan Stanley Capital 27.02% 11.69% 11.44%B
International GDP-Weighted
EAFE Index

Lipper International Funds 13.02% 7.69% n/a
Average

INTERNATIONAL VALUE 11.74% n/a 9.73%C

Morgan Stanley Capital 20.27% n/a 8.18%C
International EAFE Index

Lipper International Funds 13.02% n/a n/a
Average

OVERSEAS 12.84% 9.35% 8.68%

Morgan Stanley Capital 20.27% 9.29% 5.59%
International EAFE Index

Lipper International Funds 13.02% 7.69% 8.98%
Average

WORLDWIDE 7.18% 9.50% 9.56%D

Morgan Stanley Capital 24.34% 15.68% 11.38%D
International World Index

Lipper Global Funds Average 14.34% 11.98% n/a

</TABLE>

A FROM FEBRUARY 1, 1993.

B FROM DECEMBER 27, 1991.

C FROM NOVEMBER 1, 1994.

D FROM MAY 30, 1990.

If FMR had not reimbursed certain fund expenses during these periods,
International Growth & Income's, Diversified International's, and
Worldwide's returns would have been lower.

Going forward, Diversified International's performance will be
compared to the Morgan Stanley Capital International Europe,
Australasia, and Far East (EAFE) Index rather than the Morgan Stanley
Capital International GDP-weighted Europe, Australasia, and Far East
Index. Changing Diversified International's benchmark to the Morgan
Stanley Capital International EAFE Index will align the fund's
benchmark with that of other broadly diversified international funds
in its competitive universe.

Morgan Stanley Capital International Europe, Australasia and Far East
(EAFE) Index (cap-weighted) is a market capitalization-weighted index
that is designed to represent the performance of developed stock
markets outside the United States and Canada. As of December 31,
1998 , the cap-weighted index included over 1,000
equity securities of companies domiciled in 20 countries.

Morgan Stanley Capital International GDP-weighted Europe, Australasia
and Far East (EAFE) Index is a gross domestic product-weighted index
that is designed to represent the performance of developed stock
markets outside the United States and Canada. As of December 31,
1998 , the GDP-weighted index included over 1,000 equity
securities of companies domiciled in 20 countries.

Morgan Stanley Capital International World Index is a market
capitalization-weighted index that is designed to represent the
performance of developed stock markets throughout the world. As of
December 31, 1998 , the index included over 1,400 equity
securities of companies domiciled in 22 countries.

Salomon Brothers World Government Bond Index is a market
value-weighted index of debt issues traded in 14 world government bond
markets.

Each Lipper Funds Average reflects the performance (excluding sales
charges) of mutual funds with similar objectives.

FEE TABLE

The following table describes the fees and expenses that are incurred
when you buy, hold, or sell shares of a fund. The annual fund
operating expenses provided below for each fund do not reflect the
effect of any reduction of certain expenses during the period.

SHAREHOLDER F EES (PAID BY THE INVESTOR DIRECTLY)

Sales charge (load) on None
purchases and reinvested
distributions

Deferred sales charge (load) None
on redemptions

Annual account maintenance $12.00
fee (for accounts under
$2,500)

ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)

GLOBAL BALANCED Management fee 0.73%

Distribution and Service None
(12b-1) fee

Other expenses 0.47%

Total annual fund operating 1.20%
expenses

INTERNATIONAL GROWTH & INCOME Management fee 0.73%

Distribution and Service None
(12b-1) fee

Other expenses 0.40%

Total annual fund operating 1.13%
expenses

DIVERSIFIED INTERNATIONAL Management fee 0.83%

Distribution and Service None
(12b-1) fee

Other expenses 0.38%

Total annual fund operating 1.21%
expenses

INTERNATIONAL VALUE Management fee 0.83%

Distribution and Service None
(12b-1) fee

Other expenses 0.38%

Total annual fund operating 1.21%
expenses

OVERSEAS Management fee 0.92%

Distribution and Service None
(12b-1) fee

Other expenses 0.35%

Total annual fund operating 1.27%
expenses

WORLDWIDE Management fee 0.73%

Distribution and Service None
(12b-1) fee

Other expenses 0.39%

Total annual fund operating 1.12%
expenses

A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, through arrangements
with each fund's custodian and transfer agent, credits realized
as a result of uninvested cash balances are used to reduce custodian
and transfer agent expenses. Including these reductions, the total
f und o perating expenses would have been 1.19% for Global
Balanced, 1.10% for International Growth & Income, 1.18%
for Diversified International, 1.14% for International Value,
1.23% for Overseas, and 1.07% for Worldwide.

This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.

Let's say, hypothetically, that each fund's annual return is 5% and
that your shareholder fees and each fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years
indicated:

GLOBAL BALANCED 1 year $ 122

3 years $ 381

5 years $ 660

10 years $ 1,455

INTERNATIONAL GROWTH & INCOME 1 year $ 115

3 years $ 359

5 years $ 622

10 years $ 1,375

DIVERSIFIED INTERNATIONAL 1 year $ 123

3 years $ 384

5 years $ 665

10 years $ 1,466

INTERNATIONAL VALUE 1 year $ 123

3 years $ 384

5 years $ 665

10 years $ 1,466

OVERSEAS 1 year $ 129

3 years $ 403

5 years $ 697

10 years $ 1,534

WORLDWIDE 1 year $ 114

3 years $ 356

5 years $ 617

10 years $ 1,363

FUND BASICS

INVESTMENT DETAILS

INVESTMENT OBJECTIVE

GLOBAL BALANCED FUND seeks income and capital growth consistent
with reasonable risk.

PRINCIPAL INVESTMENT STRATEGIES

FMR invests the fund's assets in equity and debt securities,
including lower-quality debt securities, issued anywhere in the world,
including the United States. The proportions of the fund's assets
invested in each type of security vary based on FMR's interpretation
of economic conditions and underlying security values. However, FMR
always invests at least 25% of the fund's total assets in fixed-income
senior securities (including debt securities and preferred stock).

FMR normally diversifies the fund's investments across different
countries and regions. In allocating the fund's investments across
countries and regions, FMR will consider the size of the market in
each country and region relative to the size of the world market as a
whole.

In buying and selling securities for the fund, FMR generally
analyzes the issuer of a security using fundamental factors (e.g.,
growth potential, earnings estimates and management) and evaluates
each security's current price relative to its estimated long-term
value.

FMR may lend the fund's securities to broker-dealers or other
institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures
contracts, to increase or decrease the fund's exposure to changing
security prices, interest rates or other factors that affect security
values. If FMR's strategies do not work as intended, the fund may not
achieve its objective.

INVESTMENT OBJECTIVE

INTERNATIONAL GROWTH & INCOME FUND seeks capital growth and current
income, consistent with reasonable investment risk.

PRINCIPAL INVESTMENT STRATEGIES

FMR normally invests at least 65% of the fund's total assets in
foreign securities. FMR normally invests a majority of the fund's
assets in common stocks with a focus on those that pay current
dividends and show potential for capital appreciation. However, FMR
may invest the fund's assets in debt securities, including
lower-quality debt securities, as well as equity securities that are
not currently paying dividends, but offer prospects for future income
or capital appreciation.

In buying and selling securities for the fund, FMR relies on
fundamental analysis of each issuer and its potential for success in
light of its current financial condition, its industry position, and
economic and market conditions. Factors considered include growth
potential, earnings estimates and management.

FMR may lend the fund's securities to broker-dealers or other
institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures
contracts, to increase or decrease the fund's exposure to changing
security prices or other factors that affect security values. If FMR's
strategies do not work as intended, the fund may not achieve its
objective.

INVESTMENT OBJECTIVE

DIVERSIFIED INTERNATIONAL FUND seeks capital growth.

PRINCIPAL INVESTMENT STRATEGIES

FMR normally invests at least 65% of the fund's total assets in
foreign securities. FMR normally invests the fund's assets primarily
in common stocks.

In buying and selling securities for the fund , FMR uses a
disciplined approach that involves computer-aided, quantitative
analysis supported by fundamental analysis. FMR's computer model
systematically reviews thousands of stocks, using data such as
historical earnings, dividend yield, earnings per share, and other
quantitative factors. Then, the issuers of potential investments are
analyzed further using fundamental factors such as growth potential,
earnings estimates and financial condition.

FMR may lend the fund's securities to broker-dealers or other
institutions to earn income for the fund.

INVESTMENT OBJECTIVE

INTERNATIONAL VALUE FUND seeks long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES

FMR normally invests at least 65% of the fund's total assets in
foreign securities. FMR normally invests the fund's assets primarily
in common stocks.

FMR focuses on securities of companies that it believes are
undervalued in the marketplace or possess valuable assets. The
stocks of these companies are often called "value" stocks.

FMR may lend the fund's securities to broker-dealers or other
institutions to earn income for the fund.

INVESTMENT OBJECTIVE

OVERSEAS FUND seeks long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES

FMR normally invests at least 65% of the fund's total assets in
foreign securities. FMR normally invests the fund's assets primarily
in common stocks.

FMR may lend the fund's securities to broker-dealers or other
institutions to earn income for the fund.

INVESTMENT OBJECTIVE

WORLDWIDE FUND seeks growth of capital.

PRINCIPAL INVESTMENT STRATEGIES

FMR invests the fund's assets in securities issued anywhere in the
world, including the United States. FMR normally invests the fund's
assets primarily in common stocks.

FMR may lend the fund's securities to broker-dealers or other
institutions to earn income for the fund.

DESCRIPTION OF PRINCIPAL SECURITY TYPES

EQUITY SECURITIES represent an ownership interest, or the right to
acquire an ownership interest, in an issuer. Different types of equity
securities provide different voting and dividend rights and priority
in the event of the bankruptcy of the issuer. Equity securities
include common stocks, preferred stocks, convertible securities and
warrants.

DEBT SECURITIES are used by issuers to borrow money. The issuer
usually pays a fixed, variable or floating rate of interest, and must
repay the amount borrowed at the maturity of the security. Some debt
securities, such as zero coupon bonds, do not pay current interest but
are sold at a discount from their face values. Debt securities include
corporate bonds, government securities, and mortgage and other
asset-backed securities.

PRINCIPAL INVESTMENT RISKS

The following factors can significantly affect a fund's performance:

STOCK MARKET VOLATILITY. The value of equity securities fluctuates in
response to issuer, political, market and economic developments. In
the short-term, equity prices can fluctuate dramatically in response
to these developments. Different parts of the market and different
types of equity securities can react differently to these
developments. For example, large cap stocks can react differently from
small cap stocks, and "growth" stocks can react differently from
"value" stocks. Issuer, political or economic developments can affect
a single issuer, issuers within an industry or economic sector or
geographic region, or the market as a whole.

INTEREST RATE CHANGES. Debt securities have varying levels of
sensitivity to changes in interest rates. In general, the price of a
debt security can fall when interest rates rise and can rise when
interest rates fall. Securities with longer maturities and mortgage
securities can be more sensitive to interest rate changes.

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 from the U.S. market.

Investing in emerging markets can involve risks in addition to
and greater than those generally associated with investing in more
developed foreign markets. The extent of economic development;
politi cal stability; market depth, infrastructure and
capitalization; and regulatory oversight can be less than in more
developed markets . Emerging market economies can be subject to
greater social, economic, regulatory and political uncertainties. All
of these factors can make emerging market securities more volatile and
potentially less liquid than securities issued in more developed
markets.

PREPAYMENT. Many types of debt securities, including mortgage
securities, are subject to prepayment risk. Prepayment occurs when the
issuer of a security can repay principal prior to the security's
maturity. Securities subject to prepayment can offer less potential
for gains during a declining interest rate environment and similar or
greater potential for loss in a rising interest rate environment. In
addition, the potential impact of prepayment features on the price of
a debt security can be difficult to predict and result in greater
volatility.

ISSUER-SPECIFIC CHANGES. Changes in the financial condition of an
issuer, changes in specific economic or political conditions that
affect a particular type of security or issuer, and changes in
general economic or political conditions can affect the credit quality
or value of an issuer's securities. The value of securities of
smaller, less well-known issuers can be more volatile than that of
larger issuers. Lower-quality debt securities (those of less than
investment-grade quality) tend to be more sensitive to these changes
than higher-quality debt securities.

Lower-quality debt securities involve greater risk of default or price
changes due to changes in the credit quality of the issuer. The value
of lower-quality debt securities often fluctuates in response to
company, political or economic developments and can decline
significantly over short periods of time or during periods of general
or regional economic difficulty.

"VALUE" INVESTING. "Value" stocks can react differently to issuer,
political, market and economic developments than the market as a whole
and other types of stocks. "Value" stocks tend to be inexpensive
relative to their earnings or assets compared to other types of
stocks. However, "value" stocks can continue to be inexpensive for
long periods of time and may not ever realize their full value.

QUANTITATIVE INVESTING. The value of securities selected using
quantitative analysis can react differently to issuer, political,
market and economic developments than the market as a whole or
securities selected using only fundamental analysis. The factors used
in quantitative analysis and the weight placed on those factors may
not be predictive of a security's value. In addition, factors that
affect a security's value can change over time and these changes may
not be reflected in the quantitative model.

In response to market, economic, political or other conditions, FMR
may temporarily use a different investment strategy for defensive
purposes. If FMR does so, different factors could affect a fund's
performance and the fund may not achieve its investment objective.

FUNDAMENTAL INVESTMENT POLICIES

The policies discussed below are fundamental, that is, subject to
change only by shareholder approval.

GLOBAL BALANCED FUND seeks income and capital growth consistent
with reasonable risk.

INTERNATIONAL GROWTH & INCOME FUND seeks capital growth and
current income, consistent with reasonable investment risk, by
investing principally in foreign securities.

DIVERSIFIED INTERNATIONAL FUND seeks capital growth by
investing primarily in equity securities of companies located anywhere
outside the U.S.

INTERNATIONAL VALUE FUND seeks long-term growth of capital.

OVERSEAS FUND seeks long-term growth of capital primarily through
investments in foreign securities.

WORLDWIDE FUND seeks growth of capital by investing in securities
issued anywhere in the world.

VALUING SHARES

Each fund is open for business each day the New York Stock Exchange
(NYSE) is open.

Each fund's net asset value per share (NAV) is the value of a single
share. Fidelity (registered trademark) normally calculates each
fund's NAV as of the close of business of the NYSE, normally 4:00 p.m.
Eastern time. However, NAV may be calculated earlier if trading on the
NYSE is restricted or as permitted by the Securities and Exchange
Commission (SEC). Each fund's assets are valued as of this time for
the purpose of computing the fund's NAV.

To the extent that each fund's assets are traded in other markets on
days when the NYSE is closed, the value of the fund's assets may be
affected on days when the fund is not open for business. In addition,
trading in some of a fund's assets may not occur on days when the fund
is open for business.

Each fund's assets are valued primarily on the basis of market
quotations. Certain short-term securities are valued on the basis of
amortized cost. If market quotations are not readily available for a
security or if a security's value has been materially affected by
events occurring after the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or
market), that security may be valued by another method that the Board
of Trustees believes accurately reflects fair value. A security's
valuation may differ depending on the method used for determining
value.

SHAREHOLDER INFORMATION

BUYING AND SELLING SHARES

GENERAL INFORMATION

Fidelity Investments (registered trademark) was established in
1946 to manage one of America's first mutual funds. Today, Fidelity is
the largest mutual fund company in the country, and is known as an
innovative provider of high-quality financial services to individuals
and institutions.

In addition to its mutual fund business, the company operates one of
America's leading discount brokerage firms, Fidelity Brokerage
Services, Inc. (FBSI). Fidelity is also a leader in providing
tax-advantaged retirement plans for individuals investing on their own
or through their employer.

For account, product and service information, please use the following
Web site and phone numbers :

(small solid bullet) For information over the Internet, visit
Fidelity's Web site at www.fidelity.com.

(small solid bullet) For accessing account information automatically
by phone, use Fidelity Automated Service Telephone (FAST SM) ,
1-800-544-5555.

(small solid bullet) For mutual fund and brokerage information,
exchanges, redemptions, and account assistance, 1-800-544-6666.

(small solid bullet) For retirement information,
1-800-544-4774.

(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired,
1-800-544-0118 (9:00 a.m. - 9:00 p.m. Eastern time).
Please use the following addresses:

BUYING SHARES

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

OVERNIGHT EXPRESS

Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048

SELLING SHARES

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

OVERNIGHT EXPRESS

Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75039- 5587

You may buy or sell shares of the funds through a retirement account
or an investment professional. If you invest through a retirement
account or an investment professional, the procedures for buying,
selling , and exchanging shares of a fund and the account
features and policies may differ. Additional fees may also apply to
your investment in a fund, including a transaction fee if you buy or
sell shares of the fund through a broker or other investment
professional.

Certain methods of contacting Fidelity, such as by telephone or
electronically, may be unavailable or delayed (for example, during
periods of unusual market activity). In addition, the level and type
of service available may be restricted based on criteria established
by Fidelity.

The different ways to set up (register) your account with Fidelity are
listed in the following table.

WAYS TO SET UP YOUR ACCOUNT

INDIVIDUAL OR JOINT TENANT

FOR YOUR GENERAL INVESTMENT NEEDS

RETIREMENT

FOR TAX-ADVANTAGED RETIREMENT SAVINGS

(solid bullet) TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)

(solid bullet) ROTH IRAS

(solid bullet) ROLLOVER IRAS

(solid bullet) 401(K) PLANS AND CERTAIN OTHER 401(A)-QUALIFIED PLANS

(solid bullet) KEOGH PLANS

(solid bullet) SIMPLE IRAS

(solid bullet) SIMPLIFIED EMPLOYEE PENSION PLANS (SEP-IRAS)

(solid bullet) SALARY REDUCTION SEP-IRAS (SARSEPS)

(solid bullet) 403(B) CUSTODIAL ACCOUNTS

(solid bullet) DEFERRED COMPENSATION PLANS (457 PLANS)

GIFTS OR TRANSFERS TO A MINOR (UGMA, UTMA)

TO INVEST FOR A CHILD'S EDUCATION OR OTHER FUTURE NEEDS

TRUST

FOR MONEY BEING INVESTED BY A TRUST

BUSINESS OR ORGANIZATION

FOR INVESTMENT NEEDS OF CORPORATIONS, ASSOCIATIONS, PARTNERSHIPS OR
OTHER GROUPS

BUYING SHARES

The price to buy one share of each fund is the fund's NAV. Each fund's
shares are sold without a sales charge.

Your shares will be bought at the next NAV calculated after your
investment is received in proper form.

Short-term or excessive trading into and out of a fund may harm
performance by disrupting portfolio management strategies and by
increasing expenses. Accordingly, a fund may reject any purchase
orders, including exchanges, particularly from market timers or
investors who, in FMR's opinion, have a pattern of short-term or
excessive trading or whose trading has been or may be disruptive to
that fund. For these purposes, FMR may consider an investor's trading
history in that fund or other Fidelity funds, and accounts under
common ownership or control.

Each fund may stop offering shares completely or may offer shares only
on a limited basis, for a period of time or permanently.

When you place an order to buy shares, note the following:

(small solid bullet) All of your purchases must be made in U.S.
dollars and checks must be drawn on U.S. banks.

(small solid bullet) Fidelity does not accept cash.

(small solid bullet) When making a purchase with more than one check,
each check must have a value of at least $50.

(small solid bullet) Fidelity reserves the right to limit the number
of checks processed at one time.

(small solid bullet) If your check does not clear, your purchase will
be canceled and you could be liable for any losses or fees a fund or
Fidelity has incurred.

Certain financial institutions that have entered into sales agreements
with Fidelity Distributors Corporation (FDC) may enter confirmed
purchase orders on behalf of customers by phone, with payment to
follow no later than the time when a fund is priced on the following
business day. If payment is not received by that time, the order will
be canceled and the financial institution could be held liable for
resulting fees or losses.

MINIMUMS

TO OPEN AN ACCOUNT $2,500
For certain Fidelity retirement accountsA $500
TO ADD TO AN ACCOUNT $250
Through regular investment plans $100
MINIMUM BALANCE $2,000
For certain Fidelity retirement accountsA $500

A FIDELITY TRADITIONAL IRA, ROTH IRA, ROLLOVER IRA, SEP-IRA, AND KEOGH
ACCOUNTS.

These minimums may be lower for purchases through a Fidelity
GoalPlannerSM account in Worldwide. There is no minimum account
balance or initial or subsequent purchase minimum for investments
through Fidelity Portfolio Advisory Services SM, a qualified state
tuition program, certain Fidelity retirement accounts funded through
salary deduction, or accounts opened with the proceeds of
distributions from such retirement accounts. In addition, each fund
may waive or lower purchase minimums in other circumstances.

KEY INFORMATION

PHONE 1-800-544-6666 TO OPEN AN ACCOUNT

(small solid bullet) Exchange
from another Fidelity fund.
Call the phone number at left.

TO ADD TO AN ACCOUNT

(small solid bullet) Exchange
from another Fidelity fund.
Call the phone number at left.

(small solid bullet) Use
Fidelity Money
Line(registered trademark)
to transfer from your bank
account.

INTERNET WWW.FIDELITY.COM TO OPEN AN ACCOUNT

(small solid bullet) Complete
and sign the application.
Make your check payable to
the complete name of the
fund. Mail to the address
under "Mail" below.

TO ADD TO AN ACCOUNT

(small solid bullet) Exchange
from another Fidelity fund.

(small solid bullet) Use
Fidelity Money Line to
transfer from your bank
account.

TO ADD TO AN ACCOUNT

(small solid bullet) Make
your check payable to the
complete name of the fund.
Indicate your fund account
number on your check and
mail to the address at left.

(small solid bullet) Exchange
from another Fidelity fund.
Send a letter of instruction
to the address at left,
including your name, the
funds' names, the fund
account numbers, and the
dollar amount or number of
shares to be exchanged.

IN PERSON TO OPEN AN ACCOUNT

(small solid bullet) Bring
your application and check
to a Fidelity Investor
Center. Call 1-800-544-9797
for the center nearest you.

TO ADD TO AN ACCOUNT

(small solid bullet) Bring
your check to a Fidelity
Investor Center. Call
1-800-544-9797 for the
center nearest you.

WIRE TO OPEN AN ACCOUNT

(small solid bullet) Call
1-800-544-6666 to set up
your account and to arrange
a wire transaction.

(small solid bullet) Wire
within 24 hours to: Bankers
Trust Company, Bank Routing
# 021001033, Account #
00163053.

(small solid bullet) Specify
the complete name of the
fund and include your new
fund account number and your
name.

TO ADD TO AN ACCOUNT

(small solid bullet) Wire to:
Bankers Trust Company, Bank
Routing # 021001033, Account
# 00163053.

(small solid bullet) Specify
the complete name of the
fund and include your fund
account number and your name.

AUTOMATICALLY TO OPEN AN ACCOUNT

(small solid bullet) Not
available.

TO ADD TO AN ACCOUNT

(small solid bullet) Use
Fidelity Automatic Account
Builder(registered
trademark) or Direct Deposit.

(small solid bullet) Use
Fidelity Automatic Exchange
Service to exchange from a
Fidelity money market fund.

SELLING SHARES

The price to sell one share of each fund is the fund's NAV.

Your shares will be sold at the next NAV calculated after your order
is received in proper form.

Certain requests must include a signature guarantee. It is designed to
protect you and Fidelity from fraud. Your request must be made in
writing and include a signature guarantee if any of the following
situations apply:

(small solid bullet) You wish to sell more than $100,000 worth of
shares;

(small solid bullet) Your account registration has changed within the
last 15 or 30 days, depending on your account ;

(small solid bullet) The check is being mailed to a different address
than the one on your account (record address);

(small solid bullet) The check is being made payable to someone other
than the account owner; or

(small solid bullet) The redemption proceeds are being transferred
to a Fidelity account with a different registration.

You should be able to obtain a signature guarantee from a bank, broker
(including Fidelity Investor Centers), dealer, credit union (if
authorized under state law), securities exchange or association,
clearing agency, or savings association. A notary public cannot
provide a signature guarantee.

When you place an order to sell shares, note the following:

(small solid bullet) If you are selling some but not all of your
shares, leave at least $2,000 worth of shares in the account to keep
it open ($500 for retirement accounts), except accounts not subject to
account minimums.

(small solid bullet) Normally, Fidelity will process redemptions by
the next business day, but Fidelity may take up to seven days to
process redemptions if making immediate payment would adversely affect
a fund.

(small solid bullet) Redemption proceeds (other than exchanges) may be
delayed until money from prior purchases sufficient to cover your
redemption has been received and collected. This can take up to seven
business days after a purchase.

(small solid bullet) Redemptions may be suspended or payment dates
postponed when the NYSE is closed (other than weekends or holidays),
when trading on the NYSE is restricted, or as permitted by the SEC.

(small solid bullet) Redemption proceeds may be paid in securities or
other property rather than in cash if FMR determines it
is in the best interests of a fund.

(small solid bullet) You will not receive interest on amounts
represented by uncashed redemption checks.

(small solid bullet) Unless otherwise instructed, Fidelity will send a
check to the record address.

KEY INFORMATION

PHONE 1-800-544-6666 (small solid bullet) Call the
phone number at left to
initiate a wire transaction
or to request a check for
your redemption.

(small solid bullet) Use
Fidelity Money Line to
transfer to your bank account.

(small solid bullet) Exchange
to another Fidelity fund.
Call the phone number at left.

INTERNET WWW.FIDELITY.COM (small solid bullet) Exchange
to another Fidelity fund.

(small solid bullet) Use
Fidelity Money Line to
transfer to your bank account.

MAIL FIDELITY INVESTMENTS INDIVIDUAL, JOINT TENANT,
P.O. BOX 660602 DALLAS, TX SOLE PROPRIETORSHIP, UGMA,
75266-0602 UTMA

(small solid bullet) Send a
letter of instruction to the
address at left, including
your name, the fund's name,
your fund account number,
and the dollar amount or
number of shares to be sold.
The letter of instruction
must be signed by all
persons required to sign for
transactions, exactly as
their names appear on the
account.

RETIREMENT ACCOUNT

(small solid bullet) The
account owner should
complete a retirement
distribution form. Call
1-800-544-6666 to request one.

TRUST

(small solid bullet) Send a
letter of instruction to the
address at left, including
the trust's name, the fund's
name, the trust's fund
account number, and the
dollar amount or number of
shares to be sold. The
trustee must sign the letter
of instruction indicating
capacity as trustee. If the
trustee's name is not in the
account registration,
provide a copy of the trust
document certified within
the last 60 days.

BUSINESS OR ORGANIZATION

(small solid bullet) Send a
letter of instruction to the
address at left, including
the firm's name, the fund's
name, the firm's fund
account number, and the
dollar amount or number of
shares to be sold. At least
one person authorized by
corporate resolution to act
on the account must sign the
letter of instruction.

(small solid bullet) Include
a corporate resolution with
corporate seal or a
signature guarantee.

EXECUTOR, ADMINISTRATOR,
CONSERVATOR, GUARDIAN

(small solid bullet) Call
1-800-544-6666 for
instructions.

IN PERSON INDIVIDUAL, JOINT TENANT,
SOLE PROPRIETORSHIP, UGMA,
UTMA

(small solid bullet) Bring a
letter of instruction to a
Fidelity Investor Center.
Call 1-800-544-9797 for the
center nearest you. The
letter of instruction must
be signed by all persons
required to sign for
transactions, exactly as
their names appear on the
account.

RETIREMENT ACCOUNT

(small solid bullet) The
account owner should
complete a retirement
distribution form. Visit a
Fidelity Investor Center to
request one. Call
1-800-544-9797 for the
center nearest you.

TRUST

(small solid bullet) Bring a
letter of instruction to a
Fidelity Investor Center.
Call 1-800-544-9797 for the
center nearest you. The
trustee must sign the letter
of instruction indicating
capacity as trustee. If the
trustee's name is not in the
account registration,
provide a copy of the trust
document certified within
the last 60 days.

BUSINESS OR ORGANIZATION

(small solid bullet) Bring a
letter of instruction to a
Fidelity Investor Center.
Call 1-800-544-9797 for the
center nearest you. At least
one person authorized by
corporate resolution to act
on the account must sign the
letter of instruction.
(small solid bullet) Include
a corporate resolution with
corporate seal or a
signature guarantee.

EXECUTOR, ADMINISTRATOR,
CONSERVATOR, GUARDIAN

(small solid bullet) Visit a
Fidelity Investor Center for
instructions. Call
1-800-544-9797 for the
center nearest you.

AUTOMATICALLY (small solid bullet) Use
Personal Withdrawal Service
to set up periodic
redemptions from your account.

EXCHANGING SHARES

An exchange involves the redemption of all or a portion of the shares
of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares of a
fund for shares of other Fidelity funds.

However, you should note the following policies and restrictions
governing exchanges:

(small solid bullet) The fund you are exchanging into must be
available for sale in your state.

(small solid bullet) You may exchange only between accounts that are
registered in the same name, address, and taxpayer identification
number.

(small solid bullet) Before exchanging into a fund, read its
prospectus.

(small solid bullet) Exchanges may have tax consequences for you.

(small solid bullet) Each fund may temporarily or permanently
terminate the exchange privilege of any investor who makes more than
four ex changes out of the fund per calendar year. Accounts under
common ownership or control will be counted together for purposes of
the four exchange limit.

(small solid bullet) The exchange limit may be modified for accounts
held by certain institutional retirement plans to conform to plan
exchange limits and Department of Labor regulations. See your plan
materials for further information.

(small solid bullet) Each fund may refuse exchange purchases by any
person or group if, in FMR's judgment, the fund would be unable to
invest the money effectively in accordance with its investment
objective and policies, or would otherwise potentially be adversely
affected.

The funds may terminate or modify the exchange privilege in the
future.

Other funds may have different exchange restrictions, and may impose
trading fees of up to 3.00% of the amount exchanged. Check each fund's
prospectus for details.

ACCOUNT FEATURES AND POLICIES

FEATURES

The following features are available to buy and sell shares of the
funds.

AUTOMATIC INVESTMENT AND WITHDRAWAL PROGRAMS. Fidelity offers
convenient services that let you automatically transfer money into
your account, between accounts, or out of your account. While
automatic investment programs do not guarantee a profit and will not
protect you against loss in a declining market, they can be an
excellent way to invest for retirement, a home, educational expenses,
and other long-term financial goals. Automatic withdrawal or exchange
programs can be a convenient way to provide a consistent income flow
or to move money between your investments.

FIDELITY AUTOMATIC ACCOUNT
BUILDER TO MOVE MONEY FROM
YOUR BANK ACCOUNT TO A
FIDELITY FUND.

MINIMUM FREQUENCY PROCEDURES

$100 Monthly or quarterly (small solid bullet) To set
up for a new account,
complete the appropriate
section on the fund
application.

(small solid bullet) To set
up for existing accounts,
call 1-800-544-6666 or visit
Fidelity's Web site for an
application.

(small solid bullet) To make
changes, call 1-800-544-6666
at least three business days
prior to your next scheduled
investment date.

DIRECT DEPOSIT TO SEND ALL OR
A PORTION OF YOUR PAYCHECK
OR GOVERNMENT CHECK TO A
FIDELITY FUND.A

MINIMUM FREQUENCY PROCEDURES

$100 Every pay period (small solid bullet) To set
up for a new account, check
the appropriate box on the
fund application.

(small solid bullet) To set
up for an existing account,
call 1-800-544-6666 or visit
Fidelity's Web site for an
authorization form.

(small solid bullet) To make
changes you will need a new
authorization form. Call
1-800-544-6666 or visit
Fidelity's Web site to
obtain one.

A BECAUSE THEIR SHARE PRICES
FLUCTUATE, THESE FUNDS MAY
NOT BE APPROPRIATE CHOICES
FOR DIRECT DEPOSIT OF YOUR
ENTIRE CHECK.

FIDELITY AUTOMATIC EXCHANGE
SERVICE TO MOVE MONEY FROM A
FIDELITY MONEY MARKET FUND
TO ANOTHER FIDELITY FUND.

MINIMUM FREQUENCY PROCEDURES

$100 Monthly, bimonthly, (small solid bullet) To set
quarterly, or annually up, call 1-800-544-6666
after both accounts are
opened.

(small solid bullet) To make
changes, call 1-800-544-6666
at least three business days
prior to your next scheduled
exchange date.

PERSONAL WITHDRAWAL SERVICE
TO SET UP PERIODIC
REDEMPTIONS FROM YOUR
ACCOUNT TO YOU OR TO YOUR
BANK ACCOUNT.

FREQUENCY PROCEDURES

Monthly (small solid bullet) To set
up, call 1-800-544-6666.

(small solid bullet) To make
changes, call Fidelity at
1-800-544-6666 at least
three business days prior to
your next scheduled
withdrawal date.

</TABLE>

OTHER FEATURES. The following other features are also available to buy
and sell shares of the funds.

WIRE

TO PURCHASE AND SELL SHARES VIA THE FEDERAL RESERVE WIRE SYSTEM.

(small solid bullet) You must sign up for the Wire feature before
using it. Complete the appropriate section on the application when
opening your account, or call 1-800-544-666 6 to add the feature
after your account is opened. Call 1-800-544- 6666 before your
first use to verify that this feature is set up on your account.

(small solid bullet) To sell shares by wire, you must designate the
U.S. commercial bank account(s) into which you wish the redemption
proceeds deposited.

FIDELITY MONEY LINE

TO TRANSFER MONEY BETWEEN YOUR BANK ACCOUNT AND YOUR FUND ACCOUNT.

(small solid bullet) You must sign up for the Money Line feature
before using it. Complete the appropriate section on the application
and then call 1-800-544- 6666 or visit Fidelity's Web site
before your first use to verify that this feature is set up on your
account.

(small solid bullet) Most transfers are complete within three business
days of your call.

(small solid bullet) Minimum purchase: $ 100

(small solid bullet) Maximum purchase: $100,000

FIDELITY ON-LINE XPRESS+(registered trademark)
TO MANAGE YOUR INVESTMENTS THROUGH YOUR PC.

CALL 1-800-544-0240 OR VISIT FIDELITY'S WEB SITE FOR MORE
INFORMATION.

(small solid bullet) For account balances and holdings;

(small solid bullet) To review recent account history;

(small solid bullet) For mutual fund and brokerage trading; and

(small solid bullet) For access to research and analysis tools.

FIDELIT Y ONLINE TRADING

TO ACCESS AND MANAGE YOUR ACCOUNT OVER THE INTERNET AT FIDELITY'S WEB
SITE.

(small solid bullet) For account balances and holdings;

(small solid bullet) To review recent account history;

(small solid bullet) To obtain quotes;

(small solid bullet) For mutual fund and brokerage trading; and

(small solid bullet) To access third-party research on companies,
stocks, mutual funds and the market.

F AST

TO ACCESS AND MANAGE YOUR ACCOUNT AUTOMATICALLY BY PHONE USING TOUCH
TONE OR SPEECH RECOGNITION.

CALL 1-800-544-5555.

(small solid bullet) For account balances and holdings;

(small solid bullet) For mutual fund and brokerage trading;

(small solid bullet) To obtain quotes;

(small solid bullet) To review orders and mutual fund activity; and

(small solid bullet) To change your personal identification number
(PIN).

POLICIES

The following policies apply to you as a shareholder.

STATEMENTS AND REPORTS that Fidelity sends to you include the
following:

(small solid bullet) Confirmation statements (after transactions
affecting your account balance except reinvestment of distributions in
the fund or another fund and certain transactions through automatic
investment or withdrawal programs).

(small solid bullet) Monthly or quarterly account statements
(detailing account balances and all transactions completed during the
prior month or quarter).

(small solid bullet) Financial reports (every six months).

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.

Electronic copies of most financial reports and prospectuses are
available at Fidelity's Web site. To participate in Fidelity's
electronic delivery program, call Fidelity or visit Fidelity's Web
site for more information.

You may initiate many TRANSACTIONS BY TELEPHONE OR ELECTRONICALLY.
Fidelity will not be responsible for any losses resulting from
unauthorized transactions if it follows reasonable security procedures
designed to verify the identity of the investor. Fidelity will request
personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity
recommends the use of an Internet browser with 128-bit encryption. You
should verify the accuracy of your confirmation statements immediately
after you receive them. If you do not want the ability to sell and
exchange by telephone, call Fidelity for instructions.

When you sign your ACCOUNT APPLICATION, you will be asked to certify
that your social security or taxpayer identification number is correct
and that you are not subject to 31% backup withholding for failing to
report income to the IRS. If you violate IRS regulations, the IRS can
require a fund to withhold 31% of your taxable distributions and
redemptions.

Fidelity may deduct an ANNUAL MAINTENANCE FEE of $12.00 from accounts
with a value of less than $2,500, subject to an annual maximum charge
of $24.00 per shareholder. It is expected that accounts will be valued
on the second Friday in November of each year. Accounts opened after
September 30 will not be subject to the fee for that year. The fee,
which is payable to Fidelity, is designed to offset in part the
relatively higher costs of servicing smaller accounts. This fee will
not be deducted from Fidelity brokerage accounts, retirement accounts
(except non-prototype retirement accounts), accounts using regular
investment plans, or if total assets with Fidelity exceed $30,000.
Eligibility for the $30,000 waiver is determined by aggregating
accounts with Fidelity maintained by Fidelity Service Company, Inc. or
FBSI which are registered under the same social security number or
which list the same social security number for the custodian of a
Uniform Gifts/Transfers to Minors Act account.

If your ACCOUNT BALANCE falls below $2,000 (except accounts not
subject to account minimums), you will be given 30 days' notice to
reestablish the minimum balance. If you do not increase your balance,
Fidelity may close your account and send the proceeds to you. Your
shares will be sold at the NAV on the day your account is closed.

Fidelity may charge a FEE FOR CERTAIN SERVICES, such as providing
historical account documents.

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Each fund earns dividends, interest, and other income from its
investments, and distributes this income (less expenses) to
shareholders as dividends. Each fund also realizes capital gains from
its investments, and distributes these gains (less any losses) to
shareholders as capital gain distributions.

Global Balanced normally pays dividends and capital gain
distributions in September and December.

Each of International Growth & Income, Diversified International,
International Value, Overseas, and Worldwide normally pays dividends
and capital gain distributions in December.

DISTRIBUTION OPTIONS

When you open an account, specify on your application how you want to
receive your distributions. The following options may be available for
each fund's distributions:

1. REINVESTMENT OPTION. Your dividends and capital gain distributions
will be automatically reinvested in additional shares of the fund. If
you do not indicate a choice on your application, you will be assigned
this option.

2. INCOME-EARNED OPTION. Your capital gain distributions will be
automatically reinvested in additional shares of the fund. Your
dividends will be paid in cash.

3. CASH OPTION. Your dividends and capital gain distributions will be
paid in cash.

4. DIRECTED DIVIDENDS(registered trademark) OPTION. Your dividends
will be automatically invested in shares of another identically
registered Fidelity fund. Your capital gain distributions will be
automatically invested in shares of another identically registered
Fidelity fund, automatically reinvested in additional shares of the
fund, or paid in cash.

Not all distribution options are available for every account. If the
option you prefer is not listed on your account application, or if you
want to change your current option, call Fidelity.

If you elect to receive distributions paid in cash by check and the
U.S. Postal Service does not deliver your checks, your distribution
option may be converted to the Reinvestment Option. You will not
receive interest on amounts represented by uncashed distribution
checks.

TAX CONSEQUENCES

As with any investment, your investment in a fund could have tax
consequences for you. If you are not investing through a
tax-advantaged retirement account, you should consider these tax
consequences.

TAXES ON DISTRIBUTIONS. Distributions you receive from each fund are
subject to federal income tax, and may also be subject to state or
local taxes.

For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income
while , e ach fund's distributions of long-term capital
gains are taxable to you generally as capital gains.

If you buy shares when a fund has realized but not yet distributed
income or capital gains, you will be "buying a dividend" by paying the
full price for the shares and then receiving a portion of the price
back in the form of a taxable distribution.

Any taxable distributions you receive from a fund will normally be
taxable to you when you receive them, regardless of your distribution
option.

TAXES ON TRANSACTIONS. Your redemptions, including exchanges, may
result in a capital gain or loss for federal tax purposes. A capital
gain or loss on your investment in a fund generally is the
difference between the cost of your shares and the price you receive
when you sell them.

FUND SERVICES

FUND MANAGEMENT

Each fund is a mutual fund, an investment that pools shareholders'
money and invests it toward a specified goal.

FMR is each fund's manager.

As of March 25, 1999 , FMR had approximately $ 521.7
billion in discretionary assets under management.

As the manager, FMR is responsible for choosing each fund's
invest ments and handling its business affairs.

Affiliates assist FMR with foreign investments:

(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.), in London, England, serves as a sub-adviser for each fund. FMR
U.K. was organized in 1986 to provide investment research and advice
to FMR. Currently, FMR U.K. provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for each fund.

(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for each fund.

(small solid bullet) Fidelity Investment s Japan L imited
(FIJ), in Tokyo, Japan, serves as a sub-adviser for each
fund . As of September 28, 1999 , FIJ had approximately
$ 16.3 billion in discretionary assets under management.
Currently, FIJ provides investment research and advice on issuers
based outside the United States and may also provide investment
advisory services for each fund.

A fund could be adversely affected if the computer systems used by FMR
and other service providers do not properly process and calculate
date-related information from and after January 1, 2000. FMR has
advised each fund that it is actively working on necessary changes to
its computer systems and expects that its systems, and those of other
major service providers, will be modified prior to January 1, 2000.
However, there can be no assurance that there will be no adverse
impact on a fund.

Richard Mace is vice president and manager of Global Balanced and
Overseas, which he has managed since March 1996. He also manages
several other Fidelity funds. Since joining Fidelity in 1987, Mr. Mace
has worked as a manager and analyst.

William Bower is vice president and manager of International Growth
& Income, which he has managed since May 1998. Previously, he managed
another Fidelity fund. Mr. Bower joined Fidelity as an analyst in
1994, after receiving his MBA from the University of Michigan.

Greg Fraser is vice president and manager of Diversified
International, which he has managed since December 1991. Previously,
he also managed other Fidelity funds. Since joining Fidelity in 1986,
Mr. Fraser has worked as an equity analyst and portfolio manager.

Kevin McCarey is manager of International Value, which he has
managed since December 1999. He also manages other Fidelity funds.
Since joining Fidelity in 1986, Mr. McCarey has worked as an analyst
and manager.

Penny Dobkin is vice president and lead manager of Worldwide, which
she has managed since May 1990. She also manages the international
equity portion for this fund. Previously, she managed other Fidelity
funds. Ms. Dobkin joined Fidelity in 1980.

From time to time a manager, analyst, or other Fidelity employee
may express views regarding a particular company, security, industry,
or market sector. The views expressed by any such person are the views
of only that individual as of the time expressed and do not
necessarily represent the views of Fidelity or any other person in the
Fidelity organization. Any such views are subject to change at any
time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on
as investment advice and, because investment decisions for a Fidelity
fund are based on numerous factors, may not be relied on as an
indication of trading intent on behalf of any Fidelity fund.

Fidelity investment personnel may invest in securities for their own
investment accounts pursuant to a code of ethics that establishes
procedures for personal investing and restricts certain transactions.

Each fund pays a management fee to FMR. The management fee is
calculated and paid to FMR every month.

Fo r Global Balanced, International Growth & Income, and
Worldwide, the fee is calculated by adding a group fee rate to an
individual fund fee rate, dividing by twelve, and multiplying the
result by the fund's average net assets throughout the month.

For Diversified International, International Value, and
Overseas , the fee is determined by calculating a basic fee and
then applying a performance adjustment. The performance adjustment
either increases or decreases the management fee, depending on how
well International Value and Overseas ha ve performed relative
to the Morgan Stanley Capital International EAFE Index or
Diversified International has performed relative to a blend of the
performance of the Morgan Stanley Capital International GDP-Weighted
EAFE Index and the Morgan Stanley Capital International EAFE
Index.

For the period prior to August 1, 1999, Diversified International
compares its performance to the Morgan Stanley Capital International
GDP-Weighted EAFE Index. For the period beginning August 1, 1999,
Diversified International compares its performance to the Morgan
Stanley Capital International EAFE Index. Because the performance
adjustment is based on a rolling 36 - month measurement period,
during a transition period, Diversified International's performance
will be compared to a blended index return that reflects the
performance of the Morgan Stanley Capital International EAFE Index for
the portion of the 36 - month performance measurement period
beginning August 1, 1999 and the performance of the Morgan Stanley
Capital International GDP-Weighted EAFE Index for the remainder of the
measurement period. At the conclusion of the transition period, the
performance of the Morgan Stanley Capital International GDP-Weighted
EAFE Index will be eliminated from the performance adjustment
calculation, and the calculation will include only the performance of
the Morgan Stanley Capital International EAFE Index.

MANAGEMENT FEE = BASIC FEE +/- PERFORMANCE ADJUSTMENT

The basic fee is calculated by adding a group fee rate to an
individual fund fee rate, dividing by twelve, and multiplying the
result by a fund's average net assets throughout the month.

The group fee rate is based on the average net assets of all the
mutual funds advised by FMR. This rate cannot rise above 0.52%, and it
drops as total assets under management increase.

Fo r October 1999, the group fee rate was 0.2805 % for
Global Balanced, International Growth & Income, Diversified
International, International Value, Overseas, and Worldwide. The
individual fund fee rate is 0. 45% for Global Balanced,
International Growth & Income, Diversified International,
International Value, Overseas, and Worldwide.

The basic fee for Diversified International, International Value, and
Overseas for the fiscal year ended October 31, 1999 was
0.73 % , 0.73%, and 0.73 %, respectively, of the
fund's average net assets.

The performance adjustment rate is calculated monthly by comparing
over the performance period International Value's and
Overseas's performance to that of the Morgan Stanley Capital
International EAFE Index or Diversified International's performance
to that of a blend of the performance of the Morgan Stanley Capital
International GDP-Weighted EAFE Index and the Morgan Stanley Capital
International EAFE Index.

For Diversified International, International Value, and Overseas, the
performance period is the most recent 36-month period.

The performance adjustment rate is divided by twelve and multiplied by
the fund's average net assets throughout the month, and the resulting
dollar amount is then added to or subtracted from the basic fee. The
maximum annualized performance adjustment rate is
(plus/minus) 0.20% of the fund's average net assets over the
performance period.

The total management fee for the fiscal year ended October 31, 1999
was 0.73 % (annualized) of the fund's average net assets
for Global Balanced, 0.73 % of the fund's average net assets for
International Growth & Income, 0.83 % of the fund's average net
assets for Diversified International, 0.83 % of the fund's
average net assets for International Value, 0.92 % of the fund's
average net assets for Overseas, and 0.73 % of the fund's
average net assets for Worldwide.

FMR pays FMR U.K., FMR Far East and FIIA for providing sub-advisory
services, and FIIA in turn pays FIIA(U.K.)L. FMR or FMR Far East pays
FIJ for providing sub-advisory services.

FMR may, from time to time, agree to reimburse the funds for
management fees and other expenses above a specified limit. FMR
retains the ability to be repaid by a fund if expenses fall below the
specified limit prior to the end of the fiscal year. Reimbursement
arrangements, which may be discontinued by FMR at any time, can
decrease a fund's expenses and boost its performance.

FUND DISTRIBUTION

FDC distributes each fund's shares.

Each fund has adopted a Distribution and Service Plan pursuant to Rule
12b-1 under the Investment Company Act of 1940 that recognizes that
FMR may use its management fee revenues, as well as its past profits
or its resources from any other source, to pay FDC for expenses
incurred in connection with providing services intended to result in
the sale of fund shares and/or shareholder support services. FMR,
directly or through FDC, may pay intermediaries, such as banks,
broker-dealers and other service-providers, that provide those
services. Currently, the Board of Trustees of each fund has authorized
such payments.

To receive payments made pursuant to a Distribution and Service Plan,
intermediaries must sign the appropriate agreement with FDC in
advance.

FMR may allocate brokerage transactions in a manner that takes into
account the sale of shares of a fund, provided that the fund receives
brokerage services and commission rates comparable to those of other
broker-dealers.

No dealer, sales representative, or any other person has been
authorized to give any information or to make any representations,
other than those contained in this p rospectus and in the
related s tatement of a dditional i nformation
(SAI), in connection with the offer contained in this
p rospectus. If given or made, such other information or
representations must not be relied upon as having been authorized by
the funds or FDC. This p rospectus and the related SAI do not
constitute an offer by the funds or by FDC to sell shares of the
funds to or to buy shares of the funds from any person to whom it
is unlawful to make such offer.

APPENDIX

FINANCIAL HIGHLIGHTS

The financial highlights tables are intended to help you understand
each fund's financial history for the past 5 years. Certain
information reflects financial results for a single fund share. The
total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund (assuming
reinvestment of all dividends and distributions). This information has
been audited by PricewaterhouseCoopers LLP (for Global Balanced,
International Growth & Income, International Value, and Overseas) and
Deloitte & Touche LLP (1999 annual information only for Diversified
International and Worldwide), independent accountants, whose reports,
along with each fund's financial highlights and financial statements,
are included in each fund's annual report. Annual information prior to
1999 was audited by PricewaterhouseCoopers LLP.

GLOBAL BALANCED FUND

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Years ended July 31, 1999F 1999 1998 1997 1996 1995

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 18.02 $ 16.62 $ 15.45 $ 12.91 $ 12.40 $ 11.99
period

Income from Investment
Operations

Net investment income .08 D .31 D .30 D .31 D .31 .28

Net realized and unrealized .74 1.37 1.27 2.68 .25 .13
gain (loss)

Total from investment .82 1.68 1.57 2.99 .56 .41
operations

Less Distributions

From net investment income (.17) (.28) (.40) (.45) (.05) -

Net asset value, end of period $ 18.67 $ 18.02 $ 16.62 $ 15.45 $ 12.91 $ 12.40

TOTAL RETURN B, C 4.57% 10.39% 10.53% 23.93% 4.52% 3.42%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 97,468 $ 101,756 $ 94,961 $ 74,619 $ 87,785 $ 148,831
(000 omitted)

Ratio of expenses to average 1.20% A 1.32% 1.39% 1.51% 1.39% 1.34%
net assets

Ratio of expenses to average 1.19% A, E 1.30% E 1.37% E 1.49% E 1.36% E 1.33% E
net assets after expense
reductions

Ratio of net investment 1.74% A 1.83% 1.95% 2.28% 2.94% 4.68%
income to average net assets

Portfolio turnover rate 80% A 100% 81% 57% 189% 242%

</TABLE>

A ANNUALIZED

B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.

C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.

D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.

E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S
EXPENSES.

F THREE MONTHS ENDED OCTOBER 31, 1999.

INTERNATIONAL GROWTH & INCOME FUND

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Years ended October 31, 1999 1998 1997 1996 1995

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 19.75 $ 20.88 $ 19.09 $ 17.83 $ 17.54
period

Income from Investment
Operations

Net investment income .15 B .34 B .48 B, D .54 .54

Net realized and unrealized 6.84 (.22) 1.97 1.32 .28
gain (loss)

Total from investment 6.99 .12 2.45 1.86 .82
operations

Less Distributions

From net investment income (.09) (.37) (.29) (.60) (.21)

From net realized gain (.63) (.88) (.37) - (.32)

Total distributions (.72) (1.25) (.66) (.60) (.53)

Net asset value, end of period $ 26.02 $ 19.75 $ 20.88 $ 19.09 $ 17.83

TOTAL RETURN A 36.51% .55% 13.17% 10.66% 4.95%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,080,055 $ 817,765 $ 1,067,169 $ 1,007,076 $ 903,235
(000 omitted)

Ratio of expenses to average 1.13% 1.17% 1.17% 1.16% 1.18%
net assets

Ratio of expenses to average 1.10% C 1.13% C 1.15% C 1.14% C 1.18%
net assets after expense
reductions

Ratio of net investment .69% 1.62% 2.33% 2.76% 2.98%
income to average net assets

Portfolio turnover rate 94% 143% 70% 95% 141%

</TABLE>

A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.

B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.

C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S
EXPENSES.

D INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.05 PER SHARE.

DIVERSIFIED INTERNATIONAL FUND

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Years ended October 31, 1999 1998 1997 1996 1995

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 17.21 $ 16.57 $ 14.38 $ 12.73 $ 12.46
period

Income from Investment
Operations

Net investment income .18 B .26 B .24 B, C .15 .22

Net realized and unrealized 4.65 .98 2.46 2.13 .47
gain (loss)

Total from investment 4.83 1.24 2.70 2.28 .69
operations

Less Distributions

From net investment income (.23) (.19) (.15) (.22) (.03)

From net realized gain (.47) (.41) (.36) (.41) (.39)

Total distributions (.70) (.60) (.51) (.63) (.42)

Net asset value, end of period $ 21.34 $ 17.21 $ 16.57 $ 14.38 $ 12.73

TOTAL RETURN A 29.12% 7.72% 19.30% 18.66% 6.02%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 3,579,586 $ 1,944,815 $ 1,514,327 $ 665,492 $ 295,017
(000 omitted)

Ratio of expenses to average 1.21% 1.22% 1.25% 1.29% 1.13%
net assets

Ratio of expenses to average 1.18% D 1.19% D 1.23% D 1.27% D 1.12% D
net assets after expense
reductions

Ratio of net investment .94% 1.46% 1.49% 1.53% 1.55%
income to average net assets

Portfolio turnover rate 73% 95% 81% 94% 101%

</TABLE>

A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.

B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.

C INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.05 PER SHARE.

D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S
EXPENSES.

INTERNATIONAL VALUE FUND

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Years ended October 31, 1999 1998 1997 1996 1995 E

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 12.36 $ 12.47 $ 11.33 $ 10.63 $ 10.00
period

Income from Investment
Operations

Net investment income .11 B .09 B .13 B .16 C .11 B

Net realized and unrealized 4.26 .14 1.33 .85 .52
gain (loss)

Total from investment 4.37 .23 1.46 1.01 .63
operations

Less Distributions

From net investment income (.05) (.06) (.10) (.01) -

From net realized gain - (.28) (.22) (.30) -

Total distributions (.05) (.34) (.32) (.31) -

Net asset value, end of period $ 16.68 $ 12.36 $ 12.47 $ 11.33 $ 10.63

TOTAL RETURN A 35.47% 1.95% 13.20% 9.64% 6.30%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 535,941 $ 408,755 $ 402,747 $ 270,865 $ 56,828
(000 omitted)

Ratio of expenses to average 1.21% 1.23% 1.30% 1.28% 1.72%
net assets

Ratio of expenses to average 1.14% D 1.21% D 1.28% D 1.26% D 1.72%
net assets after expense
reductions

Ratio of net investment .75% .71% 1.03% 1.74% 1.08%
income to average net assets

Portfolio turnover rate 173% 137% 86% 71% 109%

</TABLE>

A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.

B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.

C INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.04 PER SHARE.

D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S
EXPENSES.

E FOR THE PERIOD NOVEMBER 1, 1994 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1995.

OVERSEAS FUND

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Years ended October 31, 1999 1998 1997 1996 1995

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 33.95 $ 34.12 $ 31.08 $ 28.57 $ 29.17
period

Income from Investment
Operations

Net investment income .32 B .29 B .43 B .48 C .31

Net realized and unrealized 9.28 1.22 4.61 2.72 (.44)
gain (loss)

Total from investment 9.60 1.51 5.04 3.20 (.13)
operations

Less Distributions

From net investment income (.20) (.34) (.37) (.34) (.02)

From net realized gain (.51) (1.34) (1.63) (.35) (.45)

Total distributions (.71) (1.68) (2.00) (.69) (.47)

Net asset value, end of period $ 42.84 $ 33.95 $ 34.12 $ 31.08 $ 28.57

TOTAL RETURN A 28.77% 4.60% 17.03% 11.41% (.34)%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 4,482,044 $ 3,603,342 $ 3,777,452 $ 3,114,625 $ 2,276,306
(000 omitted)

Ratio of expenses to average 1.27% 1.26% 1.23% 1.14% 1.05%
net assets

Ratio of expenses to average 1.23% D 1.24% D 1.20% D 1.12% D 1.05%
net assets after expense
reductions

Ratio of net investment .85% .82% 1.28% 1.74% 1.78%
income to average net assets

Portfolio turnover rate 85% 69% 68% 82% 49%

</TABLE>

A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.

B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.

C INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.08 PER SHARE.

D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S
EXPENSES.

WORLDWIDE FUND

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Years ended October 31, 1999 1998 1997 1996 1995

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 15.59 $ 17.27 $ 15.18 $ 13.32 $ 13.96
period

Income from Investment
Operations

Net investment income .08 B .16 B .21 B, D .22 .17

Net realized and unrealized 3.74 (.57) 2.43 1.79 (.08)
gain (loss)

Total from investment 3.82 (.41) 2.64 2.01 .09
operations

Less Distributions

From net investment income (.10) (.11) (.17) (.15) (.16)

From net realized gain (.44) (1.16) (.38) - (.57)

Total distributions (.54) (1.27) (.55) (.15) (.73)

Net asset value, end of period $ 18.87 $ 15.59 $ 17.27 $ 15.18 $ 13.32

TOTAL RETURN A 25.18% (2.38)% 17.95% 15.25% .95%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 980,835 $ 972,105 $ 1,161,191 $ 877,218 $ 659,045
(000 omitted)

Ratio of expenses to average 1.12% 1.15% 1.18% 1.19% 1.17%
net assets

Ratio of expenses to average 1.07% C 1.12% C 1.16% C 1.18% C 1.16% C
net assets after expense
reductions

Ratio of net investment .47% .91% 1.24% 1.71% 2.05%
income to average net assets

Portfolio turnover rate 164% 100% 85% 49% 70%

</TABLE>

A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.

B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.

C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S
EXPENSES.

D INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.06 PER SHARE.

You can obtain additional information about the funds. The funds' SAI
includes more detailed information about each fund and its
investments. The SAI is incorporated herein by reference (legally
forms a part of the prospectus). Each fund's annual and semi-annual
reports include a discussion of the fund's holdings and recent market
conditions and the fund's investment strategies that affected
performance.

For a free copy of any of these documents or to request other
information or ask questions about a fund, call Fidelity at
1-800-544-8544. In addition, you may visit Fidelity's Web site at
www.fidelity.com for a free copy of a prospectus or an annual or
semi-annual report or to request other information.

The SAI, the funds' annual and semi-annual reports and other related
materials are available on the SEC's Internet Web site
(http://www.sec.gov). You can obtain copies of this information upon
paying a duplicating fee, by writing the Public Reference Section of
the SEC, Washington, D.C. 20549-6009. You can also review and copy
information about the funds, including the funds' SAI, at the SEC's
Public Reference Room in Washington, D.C. Call 1-800-SEC-0330 for
information on the operation of the SEC's Public Reference Room.

INVESTMENT COMPANY ACT OF 1940, FILE NUMBER 811-4008

Fidelity Investments & (Pyramid) Design, Fidelity, Fidelity
Investments, Fidelity Money Line, Fidelity Automatic Account Builder,
Fidelity On-Line Xpress+, and Directed Dividends are registered
trademarks of FMR Corp.

FAST, Fidelity GoalPlanner, and Fidelity Portfolio Advisory
Services are service marks of FMR Corp.

1.702898.102 IBD-pro-1299

FIDELITY'S BROADLY DIVERSIFIED INTERNATIONAL EQUITY FUNDS
FIDELITY GLOBAL BALANCED FUND, 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

STATEMENT OF ADDITIONAL INFORMATION

DECEMBER 29, 1999

This s tatement of a dditional i nformation (SAI) is
not a prospectus. Portions of each fund's a nnual r eports
are incorporated herein. The a nnual r eports are supplied
with this SAI.

To obtain a free additional copy of the p rospectus, dated
December 29, 1999, or an a nnual r eport, please call
Fidelity(registered trademark) at 1-800-544-8544 or visit Fidelity's
Web site at www.fidelity.com.

TABLE OF CONTENTS PAGE

Investment Policies and 27
Limitations

Special Considerations 36
Regarding Canada

Special Considerations 36
Regarding Europe

Special Considerations 37
Regarding Japan

Special Considerations 37
Regarding Asia Pacific
Region (ex Japan)

Special Considerations 37
Regarding Latin America

Special Considerations 38
Regarding Russia

Special Considerations 38
Regarding Africa

Portfolio Transactions 39

Valuation 45

Performance 45

Additional Purchase, Exchange 62
and Redemption Information

Distributions and Taxes 62

Trustees and Officers 62

Control of Investment Advisers 66

Management Contracts 66

Distribution Services 73

Transfer and Service Agent 74
Agreements

Description of the Trust 75

Financial Statements 76

Appendix 76

IBD-ptb- 1299
1.538871.102

(fidelity_logo_graphic)(registered trademark)
82 Devonshire Street, Boston, MA 02109

INVESTMENT POLICIES AND LIMITATIONS

The following policies and limitations supplement those set forth in
the p rospectus. Unless otherwise noted, whenever an investment
policy or limitation states a maximum percentage of a fund's assets
that may be invested in any security or other asset, or sets forth a
policy regarding quality standards, such standard or percentage
limitation will be determined immediately after and as a result of the
fund's acquisition of such security or other asset. Accordingly, any
subsequent change in values, net assets, or other circumstances will
not be considered when determining whether the investment complies
with the fund's investment policies and limitations.

A fund's fundamental investment policies and limitations cannot
be changed without approval by a "majority of the outstanding voting
securities" (as defined in the Investment Company Act of 1940 (the
1940 Act)) of the fund. However, except for the fundamental investment
limitations listed below, the investment policies and limitations
described in this SAI are not fundamental and may be changed without
shareholder approval.

INVESTMENT LIMITATIONS OF GLOBAL BALANCED FUND

THE FOLLOWING ARE THE FUND'S FUNDAMENTAL INVESTMENT LIMITATIONS
SET FORTH IN THEIR ENTIRETY. THE FUND MAY NOT:

(1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities, or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;

(2) issue senior securities, except in connection with the
insurance program established by the fund pursuant to an exemptive
order issued by the Securities and Exchange Commission or as otherwise
permitted under the Investment Company Act of 1940;

(3) borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within
three days (not including Sundays and holidays) to the extent
necessary to comply with the 33 1/3% limitation;

(4) underwrite securities issued by others, except to the extent
that the fund may be considered an underwriter within the meaning of
the Securities Act of 1933 in the disposition of restricted
securities;

(5) purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. government or any of its agencies or
instrumentalities) if, as a result, more than 25% of the fund's total
assets would be invested in the securities of companies whose
principal business activities are in the same industry;

(6) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);

(7) purchase or sell physical commodities unless acquired as a
result of ownership of securities or other instruments (but this shall
not prevent the fund from purchasing or selling options and futures
contracts or from investing in securities or other instruments backed
by physical commodities); or

(8) lend any security or make any other loan if, as a result, more
than 33 1/3% of its total assets would be lent to other parties, but
this limitation does not apply to purchases of debt securities or to
repurchase agreements.

(9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company with substantially the
same fundamental investment objective, policies, and limitations as
the fund.

THE FOLLOWING INVESTMENT LIMITATIONS ARE NOT FUNDAMENTAL AND
MAY BE CHANGED WITHOUT SHAREHOLDER APPROVAL.

(i) The fund does not currently intend to sell securities short,
unless it owns or has the right to obtain securities equivalent in
kind and amount to the securities sold short, and provided that
transactions in futures contracts and options are not deemed to
constitute selling securities short.

(ii) The fund does not currently intend to purchase securities on
margin, except that the fund may obtain such short-term credits as are
necessary for the clearance of transactions, and provided that margin
payments in connection with futures contracts and options on futures
contracts shall not constitute purchasing securities on margin.

(iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).

(iv) The fund does not currently intend to purchase any security
if, as a result, more than 15% of its net assets would be invested in
securities that are deemed to be illiquid because they are subject to
legal or contractual restrictions on resale or because they cannot be
sold or disposed of in the ordinary course of business at
approximately the prices at which they are valued.

(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 15% of
the fund's net assets) to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)

(vi) The fund does not currently intend to invest all of its assets
in the securities of a single open-end management investment company
with substantially the same fundamental investment objective,
policies, and limitations as the fund.

With respect to limitation (iv), if through a change in values, net
assets, or other circumstances, the fund were in a position where more
than 15% of its net assets were invested in illiquid securities, it
would consider appropriate steps to protect liquidity.

For the fund's limitations on futures and options transactions, see
the section entitled "Limitations on Futures and Options Transactions"
on page 57.

INVESTMENT LIMITATIONS OF INTERNATIONAL GROWTH & INCOME FUND

THE FOLLOWING ARE THE FUND'S FUNDAMENTAL INVESTMENT LIMITATIONS SET
FORTH IN THEIR ENTIRETY. THE FUND MAY NOT:

(2) issue senior securities, except in connection with the insurance
program established by the fund pursuant to an exemptive order issued
by the Securities and Exchange Commission or as otherwise permitted
under the Investment Company Act of 1940;

(3) borrow money, except that the fund may borrow money for temporary
or emergency purposes (not for leveraging or investment) in an amount
not exceeding 33 1/3% of its total assets (including the amount
borrowed) less liabilities (other than borrowings). Any borrowings
that come to exceed this amount will be reduced within three days (not
including Sundays and holidays) to the extent necessary to comply with
the 33 1/3% limitation;

(4) underwrite securities issued by others (except to the extent that
the fund may be deemed to be an underwriter within the meaning of the
Securities Act of 1933 in the disposition of restricted securities);

(5) purchase the securities of any issuer (other than obligations
issued or guaranteed by the government of the United States or its
agencies or instrumentalities, or by foreign governments or their
political subdivisions, or by supranational organizations) if, as a
result, more than 25% of the fund's total assets (taken at current
value) would be invested in the securities of issuers having their
principal business activities in the same industry;

(7) purchase or sell physical commodities unless acquired as a result
of ownership of securities or other instruments (but this shall not
prevent the fund from purchasing or selling options and futures
contracts or from investing in securities or other instruments backed
by physical commodities); or

(8) lend any security or make any other loan if, as a result, more
than 33 1/3% of its total assets would be lent to other parties (but
this limitation does not apply to purchases of debt securities or to
repurchase agreements).

(9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.

THE FOLLOWING INVESTMENT LIMITATIONS ARE NOT FUNDAMENTAL AND MAY BE
CHANGED WITHOUT SHAREHOLDER APPROVAL.

(iv) The fund does not currently intend to purchase any security if,
as a result, more than 15% of its net assets would be invested in
securities that are deemed to be illiquid because they are subject to
legal or contractual restrictions on resale or because they cannot be
sold or disposed of in the ordinary course of business at
approximately the prices at which they are valued.

(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 15%
of the fund's net assets) to a registered investment company or
portfolio for which FMR or an affiliate serves as investment
adviser or (b) acquiring loans, loan participations, or other forms of
direct debt instruments and, in connection therewith, assuming any
associated unfunded commitments of the sellers. (This limitation does
not apply to purchases of debt securities or to repurchase
agreements).

(vi) The fund does not currently intend to invest all of its assets in
the securities of a single open-end management investment company
managed by Fidelity Management & Research Company or an affiliate or
successor with substantially the same fundamental investment
objective, policies, and limitations as the fund.

With respect to limitation (iv), if through a change in values, net
assets, or other circumstances, the fund were in a position where more
than 15% of its net assets was invested in illiquid securities, it
would consider appropriate steps to protect liquidity.

For the fund's limitations on futures and options transactions, see
the section entitled "Limitations on Futures and Options Transactions"
on page 58.

For purposes of investing at least 65% of the fund's total assets
in foreign securities, FMR interprets "total assets" to exclude
collateral received for securities lending transactions.

INVESTMENT LIMITATIONS OF DIVERSIFIED INTERNATIONAL FUND

THE FOLLOWING ARE THE FUND'S FUNDAMENTAL INVESTMENT LIMITATIONS SET
FORTH IN THEIR ENTIRETY. THE FUND MAY NOT:

(1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;

(2) issue senior securities, except in connection with the insurance
program established by the fund pursuant to an exemptive order issued
by the Securities and Exchange Commission or as otherwise permitted
under the Investment Company Act of 1940;

(3) borrow money, except that the fund may borrow money for temporary
or emergency purposes (not for leveraging or investment) in an amount
not exceeding 33 1/3% of its total assets (including the amount
borrowed) less liabilities (other than borrowings). Any borrowings
that come to exceed this amount will be reduced within three days (not
including Sundays and holidays) to the extent necessary to comply with
the 33 1/3% limitation;

(4) underwrite securities issued by others, except to the extent that
the fund may be considered an underwriter within the meaning of the
Securities Act of 1933 in the disposition of restricted securities;

(7) purchase or sell physical commodities unless acquired as a result
of ownership of securities or other instruments (but this shall not
prevent the fund from purchasing or selling options and futures
contracts or from investing in securities or other instruments backed
by physical commodities); or

(9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.

THE FOLLOWING INVESTMENT LIMITATIONS ARE NOT FUNDAMENTAL AND MAY BE
CHANGED WITHOUT SHAREHOLDER APPROVAL.

(iv) The fund does not currently intend to purchase any security if,
as a result, more than 15% of its net assets would be invested in
securities that are deemed to be illiquid because they are subject to
legal or contractual restrictions on resale or because they cannot be
sold or disposed of in the ordinary course of business at
approximately the prices at which they are valued.

(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to
1 5% of the fund's net assets) to a registered investment company
or portfolio for which FMR or an affiliate serves as investment
adviser or (b) acquiring loans, loan participations, or other forms of
direct debt instruments and, in connection therewith, assuming any
associated unfunded commitments to the sellers. (This limitation does
not apply to purchases of debt securities or to repurchase
agreements.)

For the fund's limitations on futures and options transactions, see
the section entitled "Limitations on Futures and Options Transactions"
on page 59.

The fund intends to comply with the requirements of Section
12(d)(1)(G)(i)(IV) of the 1940 Act.

For purposes of investing at least 65% of the fund's total assets
in foreign securities, FMR interprets "total assets" to exclude
collateral received for securities lending transactions.

INVESTMENT LIMITATIONS OF INTERNATIONAL VALUE FUND

THE FOLLOWING ARE THE FUND'S FUNDAMENTAL INVESTMENT LIMITATIONS SET
FORTH IN THEIR ENTIRETY. THE FUND MAY NOT:

(1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;

(2) issue senior securities, except in connection with the insurance
program established by the fund pursuant to an exemptive order issued
by the Securities and Exchange Commission or as otherwise permitted
under the Investment Company Act of 1940;

(3) borrow money, except that the fund may borrow money for temporary
or emergency purposes (not for leveraging or investment) in an amount
not exceeding 33 1/3% of its total assets (including the amount
borrowed) less liabilities (other than borrowings). Any borrowings
that come to exceed this amount will be reduced within three days (not
including Sundays and holidays) to the extent necessary to comply with
the 33 1/3% limitation;

(4) underwrite securities issued by others except to the extent that
the fund may be considered an underwriter within the meaning of the
Securities Act of 1933 in the disposition of restricted securities;

(7) purchase or sell physical commodities unless acquired as a result
of ownership of securities or other instruments (but this shall not
prevent the fund from purchasing or selling options and futures
contracts or from investing in securities or other instruments backed
by physical commodities); or

(9) The fund may, not withstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company with substantially the
same fundamental investment objectives, policies, and limitations as
the fund.

THE FOLLOWING INVESTMENT LIMITATIONS ARE NOT FUNDAMENTAL AND MAY BE
CHANGED WITHOUT SHAREHOLDER APPROVAL.

(iv) The fund does not currently intend to purchase any security if,
as a result, more than 15% of its net assets would be invested in
securities that are deemed to be illiquid because they are subject to
legal or contractual restrictions on resale or because they cannot be
sold or disposed of in the ordinary course of business at
approximately the prices at which they are valued.

(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 15%
of the fund's net assets) to a registered investment company or
portfolio for which FMR or an affiliate serves as investment adviser
or (b) acquiring loans, loan participations, or other forms of direct
debt instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements).

(vi) The fund does not currently intend to invest all of its assets in
the securities of a single open-end management investment company with
substantially the same fundamental investment objective, policies, and
limitations as the fund.

For the fund's limitations on futures and options transactions, see
the section entitled "Limitations on Futures and Options Transactions"
on page 60.

For purposes of investing at least 65% of the fund's total assets
in foreign securities, FMR interprets "total assets" to exclude
collateral received for securities lending transactions.

INVESTMENT LIMITATIONS OF OVERSEAS FUND