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.
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 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.
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.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION 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 "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 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 HAS BEEN REMOVED FROM THE "TRUSTEES AND
OFFICERS" SECTION ON PAGE 35.
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.
THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 37.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Edward C. Johnson 3d** Abigail P. Johnson ** J. Gary Burkhead** Ralph F. Cox
FUND
Global BalancedB $ 0 $ 0 $ 0 $ 29
International Growth & IncomeB $ 0 $ 0 $ 0 $ 260
Diversified InternationalB $ 0 $ 0 $ 0 $ 725
Aggressive InternationalB $ 0 $ 0 $ 0 $ 128
OverseasB,C,D $ 0 $ 0 $ 0 $ 1,151
WorldwideB $ 0 $ 0 $ 0 $ 286
TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 0 $ 223,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION
FROM A Phyllis Burke Davis Robert M. Gates E. Bradley Jones **** Donald J. Kirk Ned C. Lautenbach***
FUND
Global BalancedB $ 28 $ 29 $ 29 $ 28 $ 2
International Growth & IncomeB $ 249 $ 258 $ 258 $ 256 $ 23
Diversified InternationalB $ 697 $ 721 $ 721 $ 716 $ 76
Aggressive InternationalB $ 123 $ 127 $ 127 $ 126 $ 11
OverseasB,C,D $ 1,104 $ 1,142 $ 1,142 $ 1,134 $ 99
WorldwideB $ 275 $ 284 $ 284 $ 282 $ 22
TOTAL COMPENSATION FROM THE $220,500 $223,500 $222,000 $226,500 $ 0
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION
FROM A Peter S. Lynch ** William O. McCoy Gerald C. McDonough Marvin L. Mann Robert C. Pozen **
FUND
Global BalancedB $ 0 $ 29 $ 35 $ 29 $ 0
International Growth & IncomeB $ 0 $ 258 $ 319 $ 258 $ 0
Diversified InternationalB $ 0 $ 721 $ 893 $ 721 $ 0
Aggressive InternationalB $ 0 $ 127 $ 157 $ 127 $ 0
OverseasB,C,D $ 0 $ 1,142 $ 1,413 $ 1,142 $ 0
WorldwideB $ 0 $ 284 $ 351 $ 284 $ 0
TOTAL COMPENSATION FROM THE $ 0 $223,500 $273,500 $220,500 $ 0
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Thomas R. Williams
FUND
Global BalancedB $ 28
International Growth & IncomeB $ 253
Diversified InternationalB $ 706
Aggressive InternationalB $ 125
OverseasB,C,D $ 1,119
WorldwideB $ 279
TOTAL COMPENSATION FROM THE $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, Ms. Johnson and Mr. Burkhead 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.
AS OF FEBRUARY 1, 2000, THE FOLLOWING INFORMATION FROM THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 37 HAS BEEN REMOVED.
RICHARD A. SILVER (52), 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 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.
