SUPPLEMENT TO
FIDELITY'S BROADLY DIVERSIFIED INTERNATIONAL EQUITY FUNDS
DECEMBER 29, 1999 PROSPECTUS
FIDELITY INTERNATIONAL VALUE FUND HAS BEEN RENAMED FIDELITY AGGRESSIVE
INTERNATIONAL FUND. ALL REFERENCES TO INTERNATIONAL VALUE FUND
THROUGHOUT THIS PROSPECTUS SHOULD BE REPLACED WITH AGGRESSIVE
INTERNATIONAL FUND.
On February 17, 2000, the funds' Board of Trustees authorized the
adoption of a redemption fee of 1.00% of the amount redeemed on shares
held less than 30 days that are redeemed after May 31, 2000.
The following information replaces the first three bullets, found
under the heading "Principal Investment Strategies" for International
Value Fund in the "Investment Summary" section on page P-4.
(small solid bullet) Normally investing at least 65% of total assets
in foreign securities, including securities of issuers located in
emerging markets.
(small solid bullet) Normally investing primarily in common stocks.
The following information replaces the similar information found under
the heading "Principal Investment Risks" for International Value Fund
in the "Investment Summary" section on page P-4.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets, particularly
emerging markets, can be more volatile than the U.S. market due to
increased risks of adverse issuer, political, regulatory, market or
economic developments and can perform differently from the U.S.
market. Emerging markets can be subject to greater social, economic,
regulatory and political uncertainties and can be extremely volatile.
The following information found under the heading "Principal
Investment Risks" for International Value Fund in the "Investment
Summary" section on page P-4 has been removed.
(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.
The following information replaces the similar information found in
the "Performance" section on page P-5.
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. Prior to February 11, 2000, Aggressive
International Fund operated under certain different investment
policies. Accordingly, the fund's historical performance may not
represent its current investment policies. Returns are based on past
results and are not an indication of future performance.
The following information replaces similar information found in the
"Fee Table" section on page P-9.
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Sales charge (load) on None
purchases and reinvested
distributions
Deferred sales charge (load) None
on redemptions
Redemption fee on shares 1.00%
held less than 30 days that
are redeemed after May 31,
2000 (as a % of amount
redeemed)
Annual account maintenance $12.00
fee (for accounts under
$2,500)
The following information replaces the first two paragraphs found
under the heading "Principal Investment Strategies" for International
Value Fund in the "Investment Details" section on page P-11.
FMR normally invests at least 65% of the fund's total assets in
foreign securities, including securities of issuers located in
emerging markets. FMR normally invests the fund's assets primarily in
common stocks.
The following information found under the heading "Principal
Investment Risks" in the "Investment Details" section on page P-12 has
been removed.
"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.
The following information replaces the first two paragraphs found
under the heading "Selling Shares" in the "Buying and Selling Selling
Shares" section on page P-17.
The price to sell one share of each fund is the fund's NAV, minus
the redemption fee (short-term trading fee), if applicable.
Each fund will deduct a short-term trading fee of 1.00% from the
redemption amount if you sell your shares after holding them less than
30 days. This fee is paid to the fund rather than Fidelity, and is
designed to offset the brokerage commissions, market impact, and other
costs associated with fluctuations in fund asset levels and cash flow
caused by short-term shareholder trading.
If you bought shares on different days, the shares you held longest
will be redeemed first for purposes of determining whether the
short-term trading fee applies. The short-term trading fee does not
apply to shares that were acquired through reinvestment of
distributions.
Your shares will be sold at the next NAV calculated after your
order is received in proper form, minus the short-term trading fee, if
applicable.
The following information replaces similar information found in the
"Account Features and Policies" section on page P-20.
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, minus the short-term trading fee, if
applicable, on the day your account is closed.
The following information supplements the information found under
the heading "Fund Management" in the "Fund Services" section on page
P-22.
Douglas Chase is manager of the U.S. equity portion of Worldwide,
which he has managed since September 1999. Previously, he managed
other Fidelity funds. Mr. Chase joined Fidelity as an equity analyst
in 1993 after receiving his MBA from the University of Michigan.
SUPPLEMENT TO FIDELITY'S BROADLY DIVERSIFIED
INTERNATIONAL EQUITY FUNDS
FIDELITY GLOBAL BALANCED FUND,
FIDELITY INTERNATIONAL GROWTH & INCOME FUND,
FIDELITY DIVERSIFIED INTERNATIONAL FUND,
FIDELITY AGGRESSIVE INTERNATIONAL FUND,
FIDELITY OVERSEAS FUND AND FIDELITY WORLDWIDE FUND
FUNDS OF FIDELITY INVESTMENT TRUST
DECEMBER 29, 1999
STATEMENT OF ADDITIONAL INFORMATION
FIDELITY INTERNATIONAL VALUE FUND HAS BEEN RENAMED FIDELITY AGGRESSIVE
INTERNATIONAL FUND. ALL REFERENCES TO INTERNATIONAL VALUE FUND
THROUGHOUT THIS SAI SHOULD BE REPLACED WITH AGGRESSIVE INTERNATIONAL
FUND.
ON FEBRUARY 17, 2000, THE FUNDS' BOARD OF TRUSTEES AUTHORIZED THE
ADOPTION OF A REDEMPTION FEE OF 1.00% OF THE AMOUNT REDEEMED ON SHARES
HELD LESS THAN 30 DAYS THAT ARE REDEEMED AFTER MAY 31, 2000.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
SUBHEADING "INVESTMENT LIMITATIONS OF INTERNATIONAL VALUE FUND" IN THE
"INVESTMENT POLICIES AND LIMITATIONS"SECTION ON PAGE 6.
For purposes of normally investing at least 65% of the fund's total
assets in foreign securities, including securities of issuers located
in emerging markets, FMR interprets "total assets" to exclude
collateral received for securities lending transactions.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
THE HEADING "RETURN CALCULATIONS" IN THE "PERFORMANCE" SECTION ON PAGE
26.
In addition to average annual returns, a fund may quote unaveraged
or cumulative returns reflecting the simple change in value of an
investment over a stated period. Average annual and cumulative returns
may be quoted as a percentage or as a dollar amount, and may be
calculated for a single investment, a series of investments, or a
series of redemptions, over any time period. Returns may be broken
down into their components of income and capital (including capital
gains and changes in share price) in order to illustrate the
relationship of these factors and their contributions to return.
Returns may be quoted on a before-tax or after-tax basis. Returns may
or may not include the effect of a fund's short-term trading fee, or
small account fee. Excluding a fund's short-term trading fee, or small
account fee from a return calculation produces a higher return figure.
Returns, yields, if applicable, and other performance information may
be quoted numerically or in a table, graph, or similar
illustration.
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND
UNDER THE HEADING "HISTORICAL FUND RESULTS" IN THE "PERFORMANCE"
SECTION ON PAGE 27.
Returns do not include the effect of the funds' 1.00% short-term
trading fee, applicable to shares held less than 30 days that are
redeemed after May 31, 2000.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
THE HEADING "GLOBAL BALANCED" IN THE "PERFORMANCE" SECTION ON PAGE
28.
Explanatory Notes: With an initial investment of $10,000 in Global
Balanced on February 1, 1993, the net amount invested in fund shares
was $10,000. The cost of the initial investment ($10,000) together
with the aggregate cost of reinvested dividends and capital gain
distributions for the period covered (their cash value at the time
they were reinvested) amounted to $12,134. If distributions had not
been reinvested, the amount of distributions earned from the fund over
time would have been smaller, and cash payments for the period would
have amounted to $1,700 for dividends and $290 for capital gain
distributions. The figures in the table do not include the effect of
the fund's 1.00% short-term trading fee, applicable to shares held
less than 30 days and redeemed after May 31, 2000.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
THE HEADING "INTERNATIONAL GROWTH & INCOME" IN THE "PERFORMANCE"
SECTION ON PAGE 28.
Explanatory Notes: With an initial investment of $10,000 in
International Growth & Income on November 1, 1989, the net amount
invested in fund shares was $10,000. The cost of the initial
investment ($10,000) together with the aggregate cost of reinvested
dividends and capital gain distributions for the period covered (their
cash value at the time they were reinvested) amounted to $14,414. If
distributions had not been reinvested, the amount of distributions
earned from the fund over time would have been smaller, and cash
payments for the period would have amounted to $1,935 for dividends
and $1,911 for capital gain distributions. The figures in the table do
not include the effect of the fund's 2% sales charge (which was in
effect during the period January 1, 1991 through June 1, 1994). The
figures in the table do not include the effect of the fund's 1.00%
short-term trading fee, applicable to shares held less than 30 days
and redeemed after May 31, 2000.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
THE HEADING "DIVERSIFIED INTERNATIONAL" IN THE "PERFORMANCE" SECTION
ON PAGE 29.
Explanatory Notes: With an initial investment of $10,000 in
Diversified International on December 27, 1991, the net amount
invested in fund shares was $10,000. The cost of the initial
investment ($10,000) together with the aggregate cost of reinvested
dividends and capital gain distributions for the period covered (their
cash value at the time they were reinvested) amounted to $13,405. If
distributions had not been reinvested, the amount of distributions
earned from the fund over time would have been smaller, and cash
payments for the period would have amounted to $930 for dividends and
$2,140 for capital gain distributions. The figures in the table do not
include the effect of the fund's 1.00% short-term trading fee,
applicable to shares held less than 30 days and redeemed after May 31,
2000.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
THE HEADING "INTERNATIONAL VALUE" IN THE "PERFORMANCE" SECTION ON PAGE
29.
Explanatory Notes: With an initial investment of $10,000 in
Aggressive International on November 1, 1994, the net amount invested
in fund shares was $10,000. The cost of the initial investment
($10,000) together with the aggregate cost of reinvested dividends and
capital gain distributions for the period covered (their cash value at
the time they were reinvested) amounted to $11,053. If distributions
had not been reinvested, the amount of distributions earned from the
fund over time would have been smaller, and cash payments for the
period would have amounted to $220 for dividends and $800 for capital
gain distributions. Prior to February 11, 2000, Aggressive
International Fund operated under certain different investment
policies. Accordingly, the fund's historical performance may not
represent its current investment policies. The figures in the table
do not include the effect of the fund's 1.00% short-term trading fee,
applicable to shares held less than 30 days and redeemed after May 31,
2000.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
THE HEADING"OVERSEAS" IN THE "PERFORMANCE" SECTION ON PAGE 30.
Explanatory Notes: With an initial investment of $10,000 in
Overseas on November 1, 1989, the net amount invested in fund shares
was $10,000. The cost of the initial investment ($10,000) together
with the aggregate cost of reinvested dividends and capital gain
distributions for the period covered (their cash value at the time
they were reinvested) amounted to $16,207. If distributions had not
been reinvested, the amount of distributions earned from the fund over
time would have been smaller, and cash payments for the period would
have amounted to $1,312 for dividends and $3,605 for capital gain
distributions. The figures in the table do not include the effect of
the fund's 3% sales charge, which was waived through June 30, 1995 and
eliminated as of July 1, 1995. Prior to May 1994, the fund imposed a
3% sales charge, which is no longer in effect and is not included in
the figures above. The figures in the table do not include the effect
of the fund's 1.00% short-term trading fee, applicable to shares held
less than 30 days and redeemed after May 31, 2000.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
THE HEADING "WORLDWIDE" IN THE "PERFORMANCE" SECTION ON PAGE 30.
Explanatory Notes: With an initial investment of $10,000 in
Worldwide on May 30, 1990, the net amount invested in fund shares was
$10,000. The cost of the initial investment ($10,000) together with
the aggregate cost of reinvested dividends and capital gain
distributions for the period covered (their cash value at the time
they were reinvested) amounted to $14,483. If distributions had not
been reinvested, the amount of distributions earned from the fund over
time would have been smaller, and cash payments for the period would
have amounted to $1,140 for dividends and $2,790 for capital gain
distributions. The figures in the table do not include the effect of
the fund's 1.00% short-term trading fee, applicable to shares held
less than 30 days and redeemed after May 31, 2000.
THE FOLLOWING INFORMATION SUPPLEMENTS SIMILAR INFORMATION FOUND UNDER
THE HEADING "PERFORMANCE COMPARISONS" IN THE "PERFORMANCE" SECTION ON
PAGE 32.
Global Balanced may compare its performance to that of the Fidelity
Global Balanced Composite Index which is a hypothetical representation
of the performance of the fund's general investment categories and
uses a weighting of 60% equity and 40% bond. The following indexes are
used to calculate the Fidelity Global Balanced Composite Index: Morgan
Stanley Capital International World Index for the equity category and
the Salomon Brothers World Government Bond Index for the bond
category. The index weightings of the Fidelity Global Balanced
Composite Index are rebalanced monthly.
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. Effective
October 1, 1998, the country of Malaysia was removed from this index.
The index returns reflect the inclusion of Malaysia prior to October
1, 1998.
SALOMON BROTHERS WORLD GOVERNMENT BOND INDEX is a market
value-weighted index of debt issues traded in 14 world government bond
markets. Issues included in the Index have fixed-rate coupons and
maturities of one year or more.
THE FOLLOWING INFORMATION FROM THE "TRUSTEES AND OFFICERS" SECTION
ON PAGE 35 HAS BEEN REMOVED.
J. GARY BURKHEAD (58), Member of the Advisory Board (1997), is Vice
Chairman and a Member of the Board of Directors of FMR Corp. (1997)
and President of Fidelity Personal Investments and Brokerage Group
(1997). Previously, Mr. Burkhead served as President of Fidelity
Management & Research Company.
THE FOLLOWING INFORMATION FROM THE "TRUSTEES AND OFFICERS" SECTION ON
PAGE 35 HAS BEEN REMOVED.
E. BRADLEY JONES (71), Trustee. Prior to his retirement in 1984, Mr.
Jones was Chairman and Chief Executive Officer of LTV Steel Company.
He is a Director of TRW Inc. (automotive, space, defense, and
information technology), CSX Corporation (freight transportation),
Birmingham Steel Corporation (producer of steel and steel products),
and RPM, Inc. (manufacturer of chemical products), and he previously
served as a Director of NACCO Industries, Inc. (mining and
manufacturing, 1985-1995), Hyster-Yale Materials Handling, Inc.
(1985-1995), and Cleveland-Cliffs Inc (mining, 1985-1997), and as a
Trustee of First Union Real Estate Investments (1986-1997). In
addition, he serves as a Trustee of the Cleveland Clinic Foundation,
where he has also been a member of the Executive Committee as well as
Chairman of the Board and President, a Trustee of University School
(Cleveland), and a Trustee of Cleveland Clinic Florida.
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION ON PAGE 35.
NED C. LAUTENBACH (55), Trustee (2000), has been a partner of Clayton,
Dubilier & Rice, Inc. (private equity investment firm) since September
1998. Mr. Lautenbach was Senior Vice President of IBM Corporation from
1992 until his retirement in July 1998. From 1993 to 1995 he was
Chairman of IBM World Trade Corporation. He also was a member of IBM's
Corporate Executive Committee from 1994 to July 1998. He is a Director
of PPG Industries Inc. (glass, coating and chemical manufacturer),
Dynatech Corporation (global communications equipment), Eaton
Corporation (global manufacturer of highly engineered products) and
ChoicePoint Inc. (data identification, retrieval, storage, and
analysis).
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION ON PAGE 36.
MARIA F. DWYER (41), Deputy Treasurer (2000), is Deputy Treasurer of
the Fidelity funds and is a Vice President (1999) and an employee
(1996) of FMR. Prior to joining Fidelity, Ms. Dwyer served as Director
of Compliance for MFS Investment Management.
AS OF FEBRUARY 1, 2000, THE FOLLOWING INFORMATION FROM THE "TRUSTEES
AND OFFICERS" SECTION ON PAGE 37 HAS BEEN REMOVED.
RICHARD A. SILVER (53), Treasurer (1997), is Treasurer of the Fidelity
funds and is an employee of FMR (1997). Before joining FMR, Mr. Silver
served as Executive Vice President, Fund Accounting & Administration
at First Data Investor Services Group, Inc. (1996-1997). Prior to
1996, Mr. Silver was Senior Vice President and Chief Financial Officer
at The Colonial Group, Inc. Mr. Silver also served as Chairman of the
Accounting/Treasurer's Committee of the Investment Company Institute
(1987-1993).
AS OF FEBRUARY 1, 2000, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN THE "TRUSTEES AND OFFICERS" SECTION ON PAGE 37.
ROBERT A. DWIGHT (41),Treasurer (2000), is Treasurer of the Fidelity
funds and is an employee of FMR. Prior to becoming Treasurer of the
Fidelity funds, he served as President of Fidelity Accounting and
Custody Services (FACS). Before joining Fidelity, Mr. Dwight was
Senior Vice President of fund accounting operations for The Boston
Company.
THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 37.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION
FROM A Edward C. Johnson 3d** Abigail P. Johnson ** Ralph F. Cox Phyllis Burke Davis Robert M. Gates
FUND
Global BalancedB $ 0 $ 0 $ 29 $ 28 $ 29
International Growth & IncomeB $ 0 $ 0 $ 260 $ 249 $ 258
Diversified InternationalB $ 0 $ 0 $ 725 $ 697 $ 721
Aggressive InternationalB $ 0 $ 0 $ 128 $ 123 $ 127
OverseasB,C,D $ 0 $ 0 $ 1,151 $ 1,104 $ 1,142
WorldwideB $ 0 $ 0 $ 286 $ 275 $ 284
TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 223,500 $220,500 $223,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION
FROM A E. Bradley Jones **** Donald J. Kirk Ned C. Lautenbach*** Peter S. Lynch ** William O. McCoy
FUND
Global BalancedB $ 29 $ 28 $ 2 $ 0 $ 29
International Growth & IncomeB $ 258 $ 256 $ 23 $ 0 $ 258
Diversified InternationalB $ 721 $ 716 $ 76 $ 0 $ 721
Aggressive InternationalB $ 127 $ 126 $ 11 $ 0 $ 127
OverseasB,C,D $ 1,142 $ 1,134 $ 99 $ 0 $ 1,142
WorldwideB $ 284 $ 282 $ 22 $ 0 $ 284
TOTAL COMPENSATION FROM THE $222,000 $226,500 $ 0 $ 0 $223,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Gerald C. McDonough Marvin L. Mann Robert C. Pozen ** Thomas R. Williams
FUND
Global BalancedB $ 35 $ 29 $ 0 $ 28
International Growth & IncomeB $ 319 $ 258 $ 0 $ 253
Diversified InternationalB $ 893 $ 721 $ 0 $ 706
Aggressive InternationalB $ 157 $ 127 $ 0 $ 125
OverseasB,C,D $ 1,413 $ 1,142 $ 0 $ 1,119
WorldwideB $ 351 $ 284 $ 0 $ 279
TOTAL COMPENSATION FROM THE $273,500 $220,500 $ 0 $223,500
FUND COMPLEX*,A
</TABLE>
* Information is for the calendar year ended December 31, 1998 for 237
funds in the complex.
** Interested Trustees of the funds, and Ms. Johnson are compensated
by FMR.
*** During the period from October 14, 1999 through December 31, 1999,
Mr. Lautenbach served as a Member of the Advisory Board. Effective
January 1, 2000, Mr. Lautenbach serves as a Member of the Board of
Trustees.
**** Mr. Jones served on the Board of Trustees through December 31,
1999.
A Compensation figures include cash, amounts required to be deferred,
and may include amounts deferred at the election of Trustees. For the
calendar year ended December 31, 1998, the Trustees accrued required
deferred compensation from the funds as follows: Ralph F. Cox,
$75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $75,000; E.
Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy,
$75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and
Thomas R. Williams, $75,000. Certain of the non-interested Trustees
elected voluntarily to defer a portion of their compensation as
follows: Ralph F. Cox, $55,039; Marvin L. Mann, $55,039; Thomas R.
Williams, $63,433; and William O. McCoy, $55,039.
B Compensation figures include cash, and may include amounts required
to be deferred and amounts deferred at the election of Trustees.
C The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $532; Phyllis Burke Davis, $532;
Robert M. Gates, $532; E. Bradley Jones, $532; Donald J. Kirk, $532;
William O. McCoy, $532; Gerald C. McDonough, $621; Marvin L. Mann,
$532; and Thomas R. Williams, $532.
D Certain of the non-interested Trustees' aggregate compensation from
a fund includes accrued voluntary deferred compensation as follows:
Ralph F. Cox, $445, Overseas Fund; Marvin L. Mann, $77, Overseas Fund;
William O. McCoy, $445, Overseas Fund; and Thomas R. Williams, $445,
Overseas Fund.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"DESCRIPTION OF THE TRUST " SECTION ON PAGE 45.
AUDITOR. PricewaterhouseCoopers LLP, 160 Federal Street, Boston,
Massachusetts, serves as independent accountant for Global Balanced,
International Growth & Income, and Overseas. PricewaterhouseCoopers
LLP, 160 Federal Street, Boston, Massachusetts, served as independent
accountant for Aggressive International for the fiscal period ended
October 31, 1999. The auditor examines financial statements for the
funds and provides other audit, tax, and related services.
Deloitte & Touche LLP, 200 Berkeley Street, Boston, Massachusetts,
serves as independent accountant for Diversified International and
Worldwide. Effective January 20, 2000, Deloitte & Touche LLP, 200
Berkeley Street, Boston, Massachusetts, serves as independent
accountant for Aggressive International for the fiscal period ending
October 31, 2000. The auditor examines financial statements for the
funds and provides other audit, tax, and related services.
